There has been no shortage of headlines this year when it comes to the NFT ecosystem. From Twitter integrating NFT avatars to its platform to Nirvana NFTs getting ready to be auctioned. No matter where you look, NFTs are probably part of the menu. If you are thinking about joining, you might be wondering what the top NFT marketplaces are.
With the craze still going strong, many crypto enthusiasts who have not joined it are starting to feel the allure. However, the rapid growth of the NFT space has given rise to a plethora of platforms and marketplaces, which might make choosing one more difficult. When you add to the mix the different networks that support NFTs, you get yourself a recipe for mass confusion.
One of the safest ways to venture into the world of NFTs is to go with one of the most popular NFT exchanges. After all, there are many reasons why they got so popular in the first place. To help you start (or continue) your journey, we have compiled a list of some of the top NFT marketplaces out there.
What Makes a Good NFT Marketplace?
Before taking a look at our choice of the top NFT marketplaces, we believe that it might be worth taking a look at what actually makes an NFT marketplace good. By doing so, we expect that you are able to evaluate any potential marketplace we have not listed. After all, what makes something “good” or “bad” is a matter of comparison in a space like this one.
Token Standard Support
While the blockchain space is becoming increasingly popular as it continues to grow, standardization is not the norm yet. As such, most networks that support NFTs have created their own token standards. This goes both for Fungible and Non-Fungible tokens, making it important for developers, artists, and buyers to have an idea of how they work.
In the case of Non-Fungible tokens, you are more likely to find that the big platforms support Ethereum’s NFT standards. However, other blockchains have seen an increasing demand for NFTs, which has resulted in new standards being supported. Cardano, Solana, and Binance Smart Chain are some examples of networks that have looked to capitalize on the NFT craze.
While the token standard is likely not to make a difference to many people, this remains an important aspect of a marketplace for creators. If you are one,make sure to do your research beforehand whether you opt to go with Ethereum (ERC 721, ERC1155, and ERC 994), Flow, BSC, Tezos (FA2), or other.
Blockchain and crypto were created around the idea of decentralization and trustless transactions. These two elements resulted in many privacy advocates embracing the technology due to the potential it has to make true privacy a reality. However, the increasing popularity of blockchain for centralized services brought privacy concerns back.
For better or for worse, most of the biggest NFT marketplaces are centralized platforms. As such, in some cases, you might be required to provide personal information and verify your identity. This is more frequent in the case of NFT creators, as this ensures the validity and authenticity of their creations, preventing scams.
Depending on your own values, priorities, and risk acceptance, you might want to take a close eye at the verification process the potential marketplace follows.
Incentives and Rewards
There are many ways in which an NFT marketplace can add value to your experience when using it. Of these, rewards and incentive programs are one of the most straightforward means to keep a community happy. With competition among platforms continuing to grow by the day, users like you have a lot to benefit from.
Most of the top NFT marketplaces will have programs that offer benefits like referral bonuses, discounts, preferential commission rates, drops, and much more. By taking advantage of these types of benefits, you will be sure to get more value from the NFT marketplace you choose to use. Make sure to check them out!
If you are not new to the blockchain world, you should already be familiar with what a crypto wallet is. If you are new, there are some great resources out there, like Binance Academy, that explain what a crypto wallet is in deeper detail. That being said, let us give you a quick summary.
A crypto wallet is a tool that stores your private keys, which in turn grant you access to your digital assets (NFTs, crypto, etc). These wallets can be an application you install on your computer or phone, a physical device you can take with you, or even a piece of paper with the data written on it. Without a crypto wallet, you won’t be able to store, buy, or sell NFTs.
There are a lot of available crypto wallets out there, with each of them offering different features and benefits to their users. As each wallet supports different networks and cryptocurrencies, you will most likely have multiple of them. This means that as your portfolio grows, so will the number of wallets you need to have and track.
The same is also true for NFTs, as the top NFT marketplaces offer different degrees of support for cryptocurrency wallets. If your current wallets are not supported by the marketplace you are planning to use, you have 2 options: create a new wallet or use another NFT marketplace. That being said, popular wallets like Metamask are widely supported, which means that if you use a popular wallet you are likely to be okay to go.
This is an obvious one: different marketplaces offer different features. When it comes to choosing the best marketplace, you need to ensure it offers all the features you are looking for at the moment. However, planning ahead is also a great idea: your interests and needs might expand, after all.
By features, we are referring to those that anyone would come to expect from a marketplace: advanced search, listings, integration with other platforms, ratings, support channels, and more. However, there are other features that are not so obvious and can change everything for a creator or a collector.
Features like price discovery, split royalties, token fractionalization, and more, will ensure that you have more ways to capitalize on your NFT journey. While you might not find yourself in the need of a certain feature right now, you might in the future. Having the feature you are looking for already supported is a great way to save time and effort!
As with any crypto platform, fees play an important role when it comes to determining the top NFT marketplace for your needs. Fees will vary depending on the role you are expecting to play in the NFT ecosystem. For example, if you are a creator, you might find that some NFT marketplaces can charge you for minting your NFTs while others don’t.
NFTs are a great means to invest your money at this time. Finding the lowest fees will increase your profit and make it easier for you to move into the NFT market. These fees will also depend greatly on the network you are planning to use, as gas is a huge consideration when launching a collection in networks like Ethereum. However, as we said before, there are more networks in the NFT ecosystem than ever before, which means there are a lot of options.
Top NFT Marketplaces
Now that we have discussed some of the aspects to consider when choosing the best NFT marketplace for you, it’s time to actually talk about them. We have chosen 8 platforms that we believe are some of the top NFT marketplaces out there. While you might disagree with some of our picks, this intends to be a list that most NFT enthusiasts can benefit from.
Now, and with no particular order, let’s get started!
Any list of the top NFT marketplaces has to mention OpenSea. Founded in 2017, this marketplace has become probably the biggest in the NFT space over the past years. With over 600k users and 2 million daily transactions, OpenSea has processed more than $10 billion in volume.
OpenSea was founded by Devid Finzer and Alex Atallah with the mission to build “the most accessible marketplace for buyers, sellers, and creators”. The marketplace has grown so big in the NFT ecosystem, that investors like Andreessen Horowitz, Coinbase, Blockchain Capital, and YCombinator have backed it financially and strategically. This list also includes names like Mark Cuban, 3Lau, Ben Silberman, Alexis Ohanian, Ashton Kutcher, and more.
If you are looking to buy or sell NFTs in categories like art, collectibles, music, photography, sports, virtual worlds, or domain names, OpenSea has you covered. With a vast collection in all of these categories, the marketplace is a favorite for collectors looking to acquire a variety of NFTs.
OpenSea is also known for how easy it is to use, which is a huge plus for any beginner. With a variety of resources and a vast knowledge base, you are likely to find whatever information you are looking for. If you are still unable to do so, the platform’s customer support team will provide top-notch service.
One of the major advantages creators have when using OpenSea is that they won’t need to pay a minting fee before selling. This is because NFTs created using the platform won’t be written into the blockchain until after the sale. However, an initialization fee is shared before creating any NFT, as this allows the platform to connect to your Ethereum wallet with the necessary permission. You can expect to pay a 2.5 % commission on any sale that takes place in the platform, which can be levied on the seller or buyer.
OpenSea supports 3 different networks: Ethereum, Polygon, and Klatyn. When it comes to supported cryptocurrencies, you will be able to choose between WETH, DAI, and USDC, as well as over 150 tokens.
Rarible is also widely considered one of the top NFT marketplaces by many people… and we agree with…