NFT marketplaces are basically ecommerce platforms for trading of Non fungible tokens such as art, music, meme, tokenized texts and even domain names. Recently, NFTs have surged in value and a lot of investors have been throwing money into this booming space.
For investors interested in jumping in on the ride, it is important to know some of the best NFT marketplaces out there. While some are based on a particular niche, others are widespread.
WHAT TO LOOK OUT FOR IN NFT MARKETPLACES
Different marketplaces have different selling points and different business models. Before using an NFT marketplace, an investor should make sure the marketplace suits his/ her needs. Some of the features to look out for in different NFT marketplaces are:
- NICHE: It is important to confirm a marketplace’s niche before listing your NFTs or trading there. A gaming NFT marketplace will most likely not help sell an ENS domain. It will be very difficult to sell a domain name on a marketplace known for selling gaming art works.
- CHECK IF IT’S A MULTI-VENDOR MARKETPLACE: Before using a marketplace, you should check to see if it is an open market where everyone can list their arts. An example of an open marketplace is opensea and it is the biggest NFT marketplace in the world.
- WALLET COMPATIBILITY: Since most NFT marketplaces only require users to connect their wallets in order to trade NFTS, users should make sure that a particular NFT marketplace is compatible with the wallet they use before going further with it.
- COMPATIBLE NETWORK: Before using a marketplace, investors need to check the marketplace’s compatible network. Some NFT marketplaces are compatible with Ethereum or Polygon like opensea while some are compatible with BSC like the binance NFT marketplace.
- PAYMENT TOKENS: Different NFT marketplace’s accept different tokens for payment. Some even have their own token that can be used for transactions on the platform. Generally, different marketplace’s use different tokens and investors can choose a marketplace that makes use of their preferred tokens.
TOP FIVE NFT MARKETPLACES TO CHECK OUT
Our top five NFT marketplace picks are;
Opensea is the overall leader in the NFT space. It is the world’s first and largest NFT marketplace which allows artistes and creators to sell a variety of NFTs such as art, music, collectibles, trading cards, domain names and many others. As an industry leader, opensea allows users to also create their own NFT through a process known as minting.
It supports more than 150 payment tokens and is available on the Ethereum and Polygon networks.
2. AXIE MARKETPLACE
Axie NFTs are minted on the Ethreum network and as such can be bought and sold on different marketplaces.
Rarible is another notable NFT marketplace similar to opensea. It supports buy and sell of arts, collectibles, photographs and many others just like opensea. It is deployed on the Ethereum network but unlike opensea, users have to buy and sell NFTs using the marketplace’s token, RARI.
Rarible launched in 2020 and has become one of the biggest NFT marketplaces.
4. SUPER RARE
Similar to Rarible, SuperRare is also building a marketplace for digital creators. The marketplace includes art, videos, and 3D images, but collectors can purchase artwork using Ethereum.
SuperRare recently announced its own token of the same name based on the Ethereum blockchain. The tokens will be used to find and curate new talent for the marketplace. Like Rarible, SuperRare NFTs can also be bought and sold on OpenSea.
Mintable aims to be an open marketplace similar to OpenSea. To participate in trading NFTs on the mintable’s marketplace, Ethereum is needed. The platform also supports minting of NFTs for creators of all types (from photographers to musicians) who want to sell their works as digital assets.
An aspiring NFT collector or creator will need to purchase Ethereum from a crypto exchange first, then connect their wallet to Mintable to facilitate bidding and buying on the marketplace.