- What are the best NFT marketplaces?
- Where can I sell my NFT?
- Where can I purchase NFT?
With the NFT craze taking over the world, I have brought to you the best NFT marketplaces where digital assets can be bought or sold most simplistically.
NFT has evolved as a very prominent way of owning digital assets. Therefore, we can see whole new marketplaces established solely for buying and selling digital assets.
If you are new to the NFT space, I would suggest you check our NFT Beginner’s Guide.
Now, understanding you already have understood what NFTs are and what they offer in terms of digital ownership, I have brought you the best NFT marketplaces to buy or sell the digital assets.
So, let us dive in and start with our options.
Best NFT Marketplaces:
OpenSea is a decentralized platform for digital goods, including collectibles, gaming items, digital art, and other digital assets that are backed by a blockchain like Ethereum. Not only this, but OpenSea is also the digital asset aggregator and places digital assets available on other marketplaces.
It is one of the largest NFT marketplaces with an average 24-hour trade volume of approximately USD 3 – 5 million.
OpenSea was founded in NYC in 2017 by Devin Finzer and Alex Atallah and has been a pioneer in the NFT space since then. Recently, the organization scored an investment of USD 23 million to push its vision to new heights.
Trading on OpenSea happens through a smart contract, meaning that no central authority ever holds custody of your items. Instead, users store items in their wallet of choice – whether that’s a mobile wallet like Coinbase Wallet or Opera Touch or an in-browser chrome extension like MetaMask. This offers transparency, security and provides better recognition for the creator’s work, thanks to the immutability of the trade.
OpenSea is known as a decentralized app (dApp), an interface to connect users to the blockchain. Advantages of using OpenSea include enabling the NFT creator, say a digital artist, to receive royalties in proportion to the value of the token.
OpenSea utilizes Ethereum blockchain standard ERC721 and ERC1155 to ensure that the users and NFT creators do genuinely own the items they trade. The company has now started work on supporting the Flow and Polygon blockchains.
OpenSea charges a transaction fee of 2.5% from the seller in addition to the gas fee charged for minting the token. Please note that no transaction fee is charged from the buyer of a token on OpenSea.
Further, due to the increasing gas fee of the Ethereum blockchain, OpenSea has announced a plan to integrate an Ethereum scaling solution. The marketplace recently announced that it will be adding support for trading via decentralized protocol Immutable X. According to OpenSea, the technology will provide instant trade confirmation, increased scalability, and zero gas fees.
Hopefully, in the near future, the platform will be able to get rid of the substantially high gas fee.
In addition to the marketplace, OpenSea provides the largest repository of educational content related to NFTs.
Rarible is the first community-owned NFT marketplace where you can create (“mint”), buy, and sell digital collectibles. The project is based in Moscow founded by Alex Salnikov and Alexei Falin in early 2020.
Any user can access the marketplace to create and display their artwork. Users can also collect the art pieces displayed by purchasing them in Ethereum tokens. It is a non-custodial marketplace and hence you are completely in possession of your tokens. The platform also offers Intellectual property (IP) rights to a user through Proof of Provenance.
At the time of creating this list of best NFT Marketplaces, the average volume traded in 24 hours is approximately USD 1.5 million. The fee charged by Rarible is 2.5% each from the buyer and from the seller in addition to the gas fee charged from the seller for minting the token.
The ultimate objective of Rarible is to convert the platform into a DAO (Decentralised Autonomous Organisation), where all decisions will be taken by the platform users. For this, the RARI token will play an important role.
RARI Token – The governance token of the Rarible platform
RARI is the first governance token in the NFT space. As Rarible is growing in numbers and expanding its presence in the market, it is taking a shift towards becoming a fully decentralized autonomous organization. Thus, the RARI token acts as a governance token for the Rarible platform and it enables holders of RARI to vote for any platform upgrades and participate in curation and moderation.
The rights that will be enjoyed by the RARI token-holders over the platform are as follows:
- Voting on the system upgrade
- Moderating creators on the platform
- Curating featured artwork
Tokenomics of RARI Token
The total supply of the RARI token is 25 million with a circulating supply of 24.98 million. Thus, from the supply point of view, there is no possibility of further dilution in the value of the token. The coin has a market cap of USD 753 million with a 24-hour trading volume of USD 11 million.
Rari Token is available on the following exchanges:
SuperRare is a digital art gallery that deals with unique, single edition digital artworks. Each artwork is authentically created by an artist in the network and tokenized as a crypto-collectible digital item that you can own and trade.
Basis SuperRare collecting is inherently social. Since digital collectibles have a transparent record of ownership, they’re perfect for a social environment. The social layer can make it easier to assess value and another context around items in the marketplace.
The platform is built on the Ethereum blockchain and a standard ERC 721 token is offered against all digital arts. As the art is completely unique, the fee charged by SuperRare is on a higher side. A transaction fee of 3% is charged from the buyers. However, the transaction fee for sellers is a whopping 15% (which is inclusive of the gallery exhibition fee). Obviously, all these fees are in addition to the gas fee for minting the token on the platform. Further, on a secondary sale (each secondary transaction) of digital art, SuperRare pays 10% of the transaction value as royalty to the original creator of the NFT. The average 24-hour volume on the platform is USD 0.5 million.
The platform is in the early stages and isn’t fully deployed yet. Consequently, it currently sources art from a few handpicked artists. Interested artists can apply through the website. SuperRare has recently raised USD 9 million from investors to further develop the platform and relaunch it by next year.
If you wanna buy or sell your NFTs and process payment through your debit or credit card, then Nifty Gateway should be your choice. Nifty Gateway is a blockchain-based platform to access some of today’s most sought-after fine art and collectibles—from artists like Cey Adams, Kenny Scharf, Jon Burgerman, and Trevor Jones to popular crypto-game collectibles like CryptoKitties. Each collection opens at a specific time (a drop), and is only available for a limited time.
Nifty Gateway was founded by Cock Foster brothers (Duncan Cock Foster and Griffin Cock Foster) in 2018. Later the company was taken over by Gemini LLC, a cryptocurrency exchange website with twin owners and founders, the Winklevoss brothers (Tyler Winklevoss and Cameron Winklevoss).
Nifty Gateway describes that their vision is to team up with top artists and brands to create collections of “limited edition, high-quality Nifties”, that are only available at the Nifty Gateway platform and nowhere else.
The marketplace is a centralized one. However, the good feature of the platform is that users can buy NFTs using fiat, and sellers can withdraw their earnings to their credit or debit cards. However, PayPal is not yet available on the platform. Currently, withdrawal to bank accounts is only available to US banks. Other users will need to withdraw to a Gemini account.
The fee charged by Nifty Gateway is 5% plus 30 cents in addition to the gas fee. Further, on secondary sale, an additional 10% fee is charged and the same is paid to the original creator as a royalty.
Foundation is another NFT platform for artists and collectors to sell, purchase, list for auction, make offers, and bid on digital art represented on a non-fungible Ethereum-based token. Foundation is also a smart contract-based non-custodial platform that does not have access to your private keys.
In addition to the gas fees, the foundation platform charges a transaction fee of 15% from the seller. The platform does not allow transactions in fiat money and thus a crypto wallet must be connected before a transaction.
Recently, the platform has seen immense growth in the number of sales and trade volume. The average 24-hour trade volume is USD 0.3 million.
Mintable is one of the first platforms that allows gasless minting (although normal minting is also possible). Mintable has incorporated layer 2 solutions of Immutable X that allow it to mint NFTs without any upfront gas fee. By this, the creator can remain on the Ethereum platform and save on the huge gas fee payable to the Ethereum miner. Immutable X solves all three issues of the NFT scaling trilemma: accessibility, scalability without compromising user custody and true decentralization. The same layer 2 solutions will be incorporated on OpenSea in the near future.
The transaction fee on mintable is as follows:
- 2.5% on normal items
- 5% on gasless items
- 10% on printable series
7. Enjin Efinity (upcoming marketplace)
Enjin was founded in 2009, and it shifted to focus on NFTs in 2017, and it hopes to compete against Ethereum as the key platform for game-based tokens. One of its advantages is a more eco-friendly design, as Enjin has released a five-step plan to enable carbon-neutral NFTs by 2030. To date, the company has raised $37.8 million.
One of the problems of early blockchain cryptocurrencies such as Ethereum and Bitcoin is that they require lots of computing power to mine coins and verify authenticity, based on the “proof of work” design that required miners to solve complex computing puzzles. But Enjin is moving to “proof-of-stake,” where the blockchain verification depends on a smaller number of trusted computing partners to verify data. That method of verification doesn’t use as much energy.
Enjin already has an established marketplace for game-based tokens. However, it will be expanding into all dimensions of NFTs with its new project Efinity. Enjin has recently raised USD 18.9 million for the development of Efinity, a next-generation NFT blockchain made for games, apps, enterprises, and creators, built on Polkadot. Developed for Polkadot with Substrate development support by Parity Technologies, Efinity is a purpose-built blockchain for NFTs. Any NFT from any chain (e.g., Ethereum) can be moved to Efinity, supercharging it with many more features.
Efinity will enable NFTs to be utilized by virtually any industry, unlocking potentially trillions of dollars in currently illiquid and unique real-world and digital assets. Efinity is built on Polkadot, a next-generation, fully decentralized network that is solving the largest issues facing blockchains today: interoperability, scalability, speed, security, privacy, developability, and governance. Further, the transaction cost for NFTs is expected to be substantially lower than the Ethereum network.
To read more on Efinity, click here
Efinity Token (EFI) – the governance token for the Efinity marketplace
The Efinity parachain uses decentralized governance which will be regulated by its in-house governance token EFI. Anyone can submit a proposal, and EFI holders have the opportunity to vote on proposals and referendums.
The token will be used for all transaction fee payments on the Efinity network.
For the Efinity whitepaper, click here.
So, the above platforms summarise the best marketplaces available in the NFT space so far. Almost all the popular digital assets available in the market could be found on these NFT platforms. There are currently more than 50 NFT marketplaces available out of which some are asset-specific such as Enjin and Decentraland and some are generic like Opensea which offers almost anything in the form of a digital asset.
As a buyer of digital assets, you should always stay cautious as no platform can 100% ensure the authenticity of the artist. You are suggested to do your due diligence before investing in any such asset.
Please note that I am not a financial advisor and nothing discussed above is financial advice. Please DYOR before investing.
Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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