In the world of cryptocurrency, there are a number of different types of digital assets. One such type is called an NFT (non-fungible token). These unique tokens can be used to authenticate ownership of digital assets like artworks, music, videos, virtual land plots and even pets.
NFT Marketplaces are built on specific blockchains. Even with pricey gas fees, Ethereum still prevails as the top NFT ecosystem. Solana, Flow, Polygon, Tezos, Binance Smart Chain, etc however are heating up the NFT Marketplaces. Security, gas fees, speed, and impact on the environment by the blockchain should be considered when choosing the right NFT marketplace.
The crypto world currently awaits the move of the Ethereum blockchain from Proof of Work (POW) to Proof of Stake (POS), known as Ethereum 2.0. Ethereum 2.0 could significantly reduce the gas fees and environmental impact within the Ethereum ecosystem which could completely alter the future of NFT Marketplaces.
We will take a look at 10 of the top NFT marketplaces that you can use to buy, sell, or trade your NFTs. Keep in mind that this is not a comprehensive list, but it should give you a good idea of where to start if you are interested in exploring the world of NFTs. Here is a look at the top 10 NFL marketplaces… which one holds the next 100x NFT?
OpenSea was the first NFT marketplace and still reigns as the market leader. Open Sea is a peer to peer marketplace built on the Ethereum ecosystem. Cross-blockchain support is now available to buy, sell, trade and mint your NFTs on Ethereum, Polygon and Klatyn.
There is no cost to create your own Open Sea marketplace, however Open Sea does take a modest 2.5% of each smart contract, aka sale. Sellers may set up a 10% royalty fee, for each time the NFT sells on the Open Sea Marketplace. Most popular NFT collections on Open Sea are Crypto Punks, Bored Apes Yacht Club, and Decentraland Land Plots.
The core currencies on OpenSea are ETH, USDC, and DAI, however they also accept over 150 other payment tokens.
SuperRare is a peer to peer NFT marketplace of a small number of handpicked artists on the Ethereum Blockchain. “Instagram meets Christie’s” is the term coined to best to describe the marketplace as they focus on creating unique, one-of-one collectible NFT art.
SuperRare is the first marketplace to create a decentralized social network with community curation for artists to showcase their work. The buyer pays a 3% transaction fee for each sale. There is also a 15% commission on each primary sale, however the artist may also set up a 10% royalty on secondary sales.
$RARE is the ERC-20 token created by Super Rare to aid in the transfer of ownership of Super Rare to the community in the form of a DAO.
SuperRare only accepts payments made in ETH.
Solanart is the second largest NFT marketplace built on the Solana blockchain. This open marketplace benefits from the Solana ecosystem with the ability to mint NFTs with near zero gas fees and fast transactions speeds. A 3% transaction fee is taken from each transaction and the creator may set their own chosen creators fee, aka royalty. Solanart has a few Ethereum NFT inspired NFTs, such as Sol Punks and Degenerate Ape Academy, along with an abundance of their own unique NFTs.
As Solarnart is in the Solana ecosystem, payments are made with the native Solana blockchain currency SOL.
Rarible is a multichain marketplace, meaning you can choose which audience you would like to reach, the carbon footprint of the blockchain and the fees you are willing to pay. Rarible currently supports Ethereum, Flow and Tezos, with plans to integrate additional blockchains in the future. A 2.5% transaction fee of primary sales is taken of both the buyer and the seller’s fees. This NFt Marketplace has free minting options and no listing requirements. Similar to Super Rare, Rariable created $RARI, an ERC-721 token behind the Rariable Protocol DAO. Every week Raribable rewards buyers and sellers by distributing $RARI tokens just for using their platform.
If the Rariable NFT is listed at a fixed price you can choose to pay with crypto, based on the correct blockchain or with a credit card. Currently, the capacity to use a credit card to participate in the auctions is not available at this time.
Solsea is an open NFT marketplace also on the Solana blockchain. This is the first NFT marketplace that allows creators to embed copyright licenses when they mint their NFTs. Artists on Solsea determine their own royalty fees.
SolSea was developed by the All-Art Protocol and recently launched a staking program, using AART tokens. The marketplace fee is 3% for each transaction, however by staking the AART tokens on SolSea, you can receive a tiered discount on the marketplace fee. The ability of staking the AART tokens may reduce the marketplace fee to as low as 1.8%.
Sellers on Solsea have the option to choose to list their NFTs in SOL and the stable-coins USDC and USDT.
Foundation is an invite-only NFT Marketplace on the Ethereum blockchain. Creators must be invited by a current member of Foundation that has sold at least one NFT on their platform. Collectors may join without an invitation.
The Foundation NFT platform is a new creative economy to bring digital creators, crypto natives, and collectors together to “move culture forward.” It was the first platform to introduce 3D NFTs, which are popular in augmented reality (AR) and 3D printing designs. A 15% service fee is collected on all sales. In secondary markets a 10% royalty is automatically sent.
Edward Snowden’s first NFT “Stay Free” was sold on the Foundation Marketplace for 2,224 ETH which was worth 5 million USD at that time.
Foundation Marketplace only accepts payments in ETH.
7. Nifty Gateway
Nifty Gateway is a centralized NFT Marketplace built on the Ethereum blockchain. By partnering with artists, brands, athletes and musicians, Nifty Gateway is able to produce ultra exclusive, high quality on-chain “Nifties.”
NFTs on the Nifty Gateway platform are stored in a Gemini secured wallet giving creators and collectors the ability to buy, sell and gift “Nifties” without gas fees. There is 5% transaction free with each sale and the artist may choose their own royalty fee. With the mission to make NFTs accessible to everyone, Nifty Gateway accepts fiat currency deposits.
Nifty Gateway accepts payments by debit card, credit card, gemini card balance and prepaid ETH.
Operated by the first DAO to run off NFTs instead of an ERC-20 token, the $MINT DAO relies on voting NFTs. $MINT holders may sell their voting NFTs on open marketplaces. Typical gas NFTs incur a 2.5% transaction fee, gasless NFTs incur a 5% transaction fee and Printable NFTs incur a 10% transaction fee. Creators may determine their own royalty fee in the secondary market.
Mintable accepts payments in ETH.
9. Magic Eden
Magic Eden is the largest NFT Marketplace on Solana. Creators must apply to list their NFTS on the platform. For each sale there is a 2% transaction fee and creators may set their own royalties in the secondary market. Being in the Solana ecosystem Magic Eden has lower gas fees than their Ethereum based competitors.
Magic Eden accepts payments in SOL.
LooksRare, an Ethereum blockchain NFT Marketplace, just launched this month. A community-first NFT Marketplace sold over $100 Millions in NFTs on their first day. Currently LooksRare is airdropping 120,000,000 of their native $LOOK token to eligible buyers and sellers.
The 2% transaction fee is distributed back to those staking their $LOOK tokens who support the LooksRare ecosystem. As of writing this article, $LOOK stakeholders could earn 964% APR, which most likely will not be sustainable in the long term.
LooksRare accepts payments in WETH and ETH.
Choosing the Right NFT Marketplace
The number of NFT Marketplaces is rapidly growing, with no end in sight. Here are a few emerging NFT Marketplaces to keep an eye on: Coinbase NFT, Associated Press NFT Marketplace, and Everbloom.
These are ten of the most popular non-fungible token marketplaces. When it comes to buying and selling your digital assets online, there is no shortage of options available — but which marketplace should you choose? Some things to consider while choosing an NFT Marketplace are blockchain availability, carbon footprint, fees, currencies accepted, security and quality of NFTs.
Use this list as a starting point when shopping around for the best place to buy and sell your rare items! Did we miss any that you think deserve recognition? Let us know in the comments below so we can include them in future posts!