So you’re looking for the top marketplaces that are the safest and easiest way to trade NFTs (non-fungible tokens). Buying and selling digital art can look very different depending on which side of the coin you are on.
When you are buying NFTs, you will be looking for the top platforms that are simple to navigate, secure to trade on and contain popular projects and NFTs. On the other hand, as a creator looking to sell your NFT art, you will value a platform that is straightforward to use, cheap to sell on and if you create art in a certain niche (such as music NFTs) then you will want to look for a marketplace well suited to that.
These are factors that many are confronted with in the NFT space especially if you're a beginner to NFT platforms. We will clarify which NFT marketplace is best for purchasing and selling NFTs, but let's briefly recap on what a NFT marketplace is.
As we have covered in previous blog posts, NFTs are digital art pieces that are attached to a token that provide value to the owner. The person who owns this NFT has digital ownership of the art, the token and the value it unlocks. With the creation of so many NFTs it is only natural that a marketplace would develop to provide collectors with a simple and secure way to purchase NFTs. Naturally, once one marketplace pops up, many more begin to appear, each catering to specific differences and needs for both buyers and creators.
There are marketplaces that value supporting creators which they do through royalties and promotions, there are those that are for specific niches such as music NFTs, PFP (profile picture) collections or 1-of-1 digital collectibles. Then there are those that have prioritized the user experience and have made it seamless to purchase an NFT with just a few clicks. Choosing the right platform for your needs ensures you feel comfortable with your decision and gives you the best results for your time and effort.
Before completing a transaction on any marketplace you will need to have funds in your digital wallet and be prepared for gas fees. Gas fees are similar to a service charge on the platform and fluctuate depending on how many people are minting an NFT at once, and the currency you need for your wallet depends on the NFT you buy. After you have read this post, have browsed some marketplaces and have made your decision, you will need to connect your wallet to your marketplace of choice and add to your wallet the currency (or currencies) the marketplace typically uses.
A lot of popular NFT marketplaces run on the Ethereum blockchain network, meaning that you'll be adding Ethereum to your wallet. We will make sure to include which blockchain each marketplace runs on below so that you will be prepared for which cryptocurrency you will need before making a transaction.
To give you a ballpark of the price range of NFTs, you will need to prepare anything from $100 to $500 for an NFT which is a moderate amount to start with as they can go a lot higher than that depending on the reputation and value around that NFT. Now that you are aware of gas fees, how to ensure you have the correct type of crypto in your wallet and what you should roughly expect to pay, we can now find the best marketplace for you, whether you are a buyer or a seller.
NFT marketplaces have been thriving in the digital economy and have shown no signs of stopping. Remember that some marketplaces are more niche and cater to a particular type of NFT market, while others are more focused on providing most types of NFTs and make it super easy to purchase. Now here are the best places to buy and sell NFTs:
This is the most well known marketplace in the NFT space, has a very simple, user-friendly experience and sells almost every category of digital art and tokens.
OpenSea hosts over 80 million NFTs on its marketplace alone and because of the sheer amount and diversity available, OpenSea has one of the highest total trading volumes in the industry. For buyers, you can find everything from PFP collections, to music NFTs, unique 1-of-1 pieces and so much more.
OpenSea supports over 150 different cryptocurrencies which allows a wide range of crypto payments and can make it easier for potential buyers and sellers to do business on the platform. For sellers, this is the top marketplace to get your digital art seen by collectors as the amount of people that trust it and use it on a daily basis significantly increase the odds of your work being found and sold.
Rarible is one of the largest creator-focused NFT marketplaces in the space. Like OpenSea, Rarible has accumulated impressive numbers and is also a multichain NFT marketplace. Rarible supports Ethereum, Tezos, and Flow, with the Rarible team gradually adding even more integrations over time.
For creators and artists, this marketplace could be the one for you as it allows you to choose how you want to mint, giving you a lot of freedom and flexibility in that area. Moreover, an interesting feature of the Rarible marketplace is that it is also a DAO (Decentralized Autonomous Organization - a community led entity) meaning that its users can participate in the direction of the platform's decisions.
This is done through their Protocol DAO governance token ‘$RARI’ where users can vote on platform upgrades and modifications to the marketplace. This protocol mainly focuses on empowering creators as it equips them with the tools to have more control over the space in which they sell their work and (for some) make a living. In doing this, they attract more artists to their platform which ultimately draws more collectors to their platform.
This marketplace focuses specifically on exclusive, single-edition digital artwork so the artists you will find there are some of the most well-known and established artists in the NFT space. So for buyers this will generally involve a much higher price tag on the pieces available and they will also hold a lot more value.
For creators, SuperRare is not easily accessible to all NFT artists, it is an invite-only marketplace and those who are selected can sell their digital art on SuperRare amongst other marketplaces. So depending on your level of experience as a collector or creator, this could be the platform for you and if it is, you will definitely see major rewards from this platform. Due to its exclusivity the type of customers shopping on this site will be ready to drop big bucks on the art pieces they like and curate an impressive high value collection.
The mission of this platform is to be an NFT marketplace that is accessible to everyone and they have optimized their platform to reach this goal. In order to make it easier for both buyers and sellers in the NFT space, Nifty Gateway works as a custodial platform powered by Gemini, a cryptocurrency exchange.
Custodial technology means that there aren't any gas fees that go into transactions, and collectors can pay with credit cards, debit cards, or ETH (Ethereum). This distinguishes it from other platforms and makes the user experience for creators and collectors easier, cheaper and more accessible. Nifty Gateway also has an impressive track record of digital artworks that have been sold for millions. This increases its popularity in the space and makes it another well trusted platform that many in the NFT space flock to.
LooksRare is another great contender for NFT marketplaces especially for artists as this platform has a remarkable feature that allows creators to get paid instantly. This means that once an NFT transaction has been processed, creators receive their royalties the moment the sale happens. This is super helpful for artists as many other sites include a buffer of time until the artists get paid.
For buyers, LooksRare also has a way to reward you as well. Through their native token $LOOKS, users can earn rewards for participating in several ways such as earning from: staking, buying or selling NFTs, or providing liquidity. On top of that, this platform also does not have gas fees attached to purchasing NFTs which means you can save more of your money. This marketplace is one of the newer additions to the space but has grown incredibly fast for its innovative ways of incentivising collectors and creators.
Coinbase is known by many as a cryptocurrency exchange, however it has been expanding into the NFT space by launching its own marketplace. Coinbase’s NFT marketplace is well organized and simple to navigate. In the Shop section you can easily filter through and bid (yes it is possible to bid on NFTs) on the NFTs you like.
A cool feature on this platform is that it allows accounts to leave comments in the Drops section, which entails a social aspect. Because Coinbase is one of the largest crypto exchanges worldwide, with tens of millions of users, many beginner investors go to an exchange they are familiar with, making it a great option for buyers in terms of security.
From the list of NFT platforms we have shown you we hope you are that much closer to finding the right place for you, for both buyers and creators. It should be much clearer to you which marketplace is the best depending on your needs. Whether you are purchasing, trading, selling or simply browsing, the NFT space offers a fun, secure environment that is always evolving to meet your needs. With the aim of the overall Web3 space to suit the users, these platforms will only get better.