interactivated blog

magento & ecommerce

Top 10 NFT Marketplaces You Need to Know About

Non-fungible tokens (NFTs) have become increasingly popular in recent years. An NFT is a unique item you can’t replace with anything else and can’t be traded or exchanged equivalently. These cryptographic assets exist on blockchains with unique codes. If you want in on the craze, the first place you need to visit is an NFT marketplace.

Since there are dozens of NFT marketplaces, it can be challenging to distinguish the right ones, especially if you’re new to this world. To help you make the best choice, we’ll discuss the top 10 NFT marketplaces you need to know about.

OpenSea

Established in 2017, OpenSea is currently the leading NFT marketplace. Here, users can mint, buy, and sell a vast range of NFTs. The digital tokens include digital art and collectibles, virtual worlds, trading cards, photographs, etc. OpenSea supports core currencies like Ethereum (ETH/WETH), USDC, DAI, and SOL. Keep in mind that it’s not possible to use non-crypto currencies like USD or EUR.

When it comes to trading, OpenSea takes 2.5% out of every NFT transaction’s final price. Other fees determined by NFT creators typically range from 2.5% to 10%.

What’s great about OpenSea is that it’s beginner-friendly. If you’ve never dealt with NFTs before, OpenSea is a great place to start.

SuperRare

SuperRare is one of the NFT marketplaces based on the Ethereum blockchain. This exclusive marketplace focuses on the art collection culture, and only a selected number of NFT artists can use it. Before something can be listed on SuperRare, it must pass through a thorough approval mechanism.

Many artists have to wait months to be accepted by the platform. Since the marketplace highlights the importance of reviewing the work before listing it for sale, investors can be confident they’re getting the highest quality.

SuperRare represents itself as an art gallery in the NFT world.

Since this is an exclusive marketplace, it’s much different from OpenSea, and it’s not the best option for beginners. Regarding trading, the transaction fee is around 15% for all primary sales. Plus, there’s a flat 3% transaction fee for every transaction.

Axie Marketplace

If you want to play the Axie Infinity crypto video game, you’ll need to learn more about Axie Marketplace. This is the game’s official marketplace where you can buy Axies, land, and other items featured in the game.

Axies are mythical digital pets bred and trained to fight in Axie Infinity. After winning a fight against another Axie, you earn coins and level up. In the game, Axies are considered NFTs, meaning you’re an owner of a specific pet. Before you start battling other Axies, you’ll have to buy at least three Axies from the Axie Marketplace.

The Axie Marketplace has unique tokens called Axie Shards. These tokens are built on the Ethereum blockchain and can be bought and sold on numerous NFT marketplaces.

It’s important to mention that the Axie Marketplace doesn’t have a buyer’s fee but charges a 5.25% fee to the seller.

Rarible

Rarible is yet another sizeable NFT marketplace, very similar to OpenSea. Here, you can find all kinds of art, collectibles, music, videos, etc. What makes it different from OpenSea is that if you want to buy or sell, you need to use the marketplace’s own token called a Rarible. Also, the marketplace supports three blockchain networks, including Ethereum, Tezos, and Flow.

Rarible features an optimized interface, making it easy to use even for beginners.

The marketplace charges a flat 2.5% fee for every transaction. Unlike many other platforms, Rarible allows transactions in fiat currencies so that users can pay for NFTs with their credit cards.

Nifty Gateway

Nifty Gateway

Nifty Gateway is another example of a curated NFT marketplace. The marketplace is owned by Gemini, a popular cryptocurrency exchange, custodian, and wallet. Many agree Nifty Gateway is one of the most accessible NFT marketplaces.

However, it’s important to mention that Nifty Gateway is custodial in nature, meaning that NFTs are stored in a Nifty wallet instead of the individual’s wallet. To put it simply, another party controls your private keys. While custodial wallets reduce personal responsibility, they require individuals to trust the third party that holds their funds. If you’re not comfortable with this, Nifty Gateway may not be the right NFT marketplace for you.

When it comes to transaction fees, Nifty Gateway charges quite a lot compared to other NFT marketplaces. There’s a 5% service fee and a 10% artist fee for every transaction. But since the marketplace focuses on artwork from top artists and celebrities, many consider the transaction fees worth it. Like Rarible, Nifty Gateway allows its users to make purchases with their credit cards.

Solanart

Solanart is based on the Solana blockchain, meaning the users can mint, purchase, and sell NFTs developed on that blockchain. Although the marketplace was launched in 2021, it’s quickly gained a reputation as one of the best platforms within the Solana ecosystem.

While anyone can become a collector on the marketplace, artists first need to apply for a creator account and go through an application process before they’re allowed to mint.

Solanart charges a flat 3% sales fee and allows the creators to customize their percentage.

NBA Top Shot

If you’re an NBA lover, the NBA Top Shot NFT marketplace is something you’ll need to check out. This marketplace allows basketball enthusiasts to sell and buy NBA-related NFTs.

On NBA Top Shot, you can buy play highlights, clips, and art from the National Basketball Association (NBA) and Women’s National Basketball Association (WNBA). This marketplace is closed, meaning you can only buy and sell using the Flow blockchain.

Since the NBA and Dapper Labs developed the marketplace, you can be 100% you’re dealing with a reputable organization. You can buy some of the NFTs for only a few dollars. Of course, the prices vary greatly depending on the item.

NBA Top Shot allows you to purchase NFTs with a debit or credit card or using select cryptocurrencies such as Bitcoin, DAI, Ethereum, etc.

LooksRare

LooksRare is an NFT marketplace that launched at the beginning of 2022. Although still new, many predict this marketplace will be a direct competitor to OpenSea. The marketplace has quickly become a favorite because it’s the first NFT marketplace that rewards all participants.

LooksRare has introduced its own cryptocurrency called $LOOKS. Users can win different awards by staking this cryptocurrency.

The platform has lower transaction fees than OpenSea: it takes 2% from every transaction, compared to OpenSea’s 2.5% per sale. Moreover, LooksRare enables its creators to customize their fees.

Foundation

Launched in 2021, Foundation is an NFT marketplace characterized by a simple design. All sales are based on Ethereum, and since its launch, the marketplace has sold more than $100 million in NFTs.

Foundation is an invite-only marketplace, meaning not all creators can access it. So, if you’re looking for a quick way to start creating NFTs, Foundation is probably not the best option.

This marketplace takes a 5% transaction fee off every final sale price, regardless of whether it’s primary or secondary. Moreover, creators receive an automatic 10% fee for secondary sales.

Decentraland

Decentraland is an NFT marketplace and a 3D virtual-reality world based on the Ethereum blockchain. Here, users can buy virtual properties, wearables, art, etc.

Besides purchasing different NFTs, you can create your own and sell them. Decentraland is different from other NFT marketplaces because its tokens have the same value as their real-world counterparts.

This NFT marketplace uses MANA as the native token for trading assets.

How to Choose the Right NFT Marketplace?

How to Choose the Right NFT Marketplace

The first thing to consider before choosing an NFT marketplace is the type of asset you want to purchase, sell, or trade. This can narrow down your options right from the start.

Then, think about the token standard. Every token has advantages and disadvantages, and you should choose the one that best matches your NFT application. Remember that some marketplaces support a wide range of tokens while others utilize only a specific one.

Another important factor when choosing the right NFT marketplace is the verification process. You want to ensure the marketplace you choose has a thorough vetting process that prevents hackers and scammers from joining.

Transaction fees are also something worth considering. Some NFT marketplaces offer more affordable fees, while others, mostly the high-end ones, charge much more.

Lastly, if you’re a beginner, you may want to start with a popular NFT marketplace that has a simple interface.

The Future Starts Now

If you want to start investing in digital assets, artwork, and collectibles, NFT marketplaces are the place to be. But, before you join in on the fun, be aware that the NFT industry is still new. The value of digital assets, much like physical art, is highly subjective and can fluctuate. Be careful when making a purchase, and always keep your investment strategy and net worth in mind.

By interactivated • on October 30, 2022

Contact Us
Get in touch with a specialist
THE NETHERLANDS (HQ)
Leonard Springerlaan 35, 9727 KB
Groningen (Netherlands)
+31 (0)50 711 9940
VAT: NL 852998521B01
Chamber of Commerce: 58348646
SPAIN
Calle Jabea 18, 29631,
Benalmádena Costa (Malaga)

* Required Fields