The digital world has changed a lot thanks to blockchain technologies. The hype about both NFTs and cryptocurrencies is high in this era. Former is the item, and the latter denotes the currency you need to buy the item. So, you may have heard about both of them and are now aware of what to buy and what currency to use; then, you must know where to buy these things.
Purchasing NFTs and selling your digital assets- from your artworks to music to writings to any other asset in this virtual world is possible now, and the NFT market is the place. You can have a gateway to that world where thousands of trading are occurring in a single day. But which is the best NFT to buy?
There are many NFT markets, and some of them stay focused on a particular niche, and you can get access to whatever marketplace you choose. But now, how will you know which one to choose? Which is the best NFT marketplace for you? To help you, here we are providing a list of the five best NFT marketplaces to trade your NFTs.
Overview of NFT Marketplaces
Choosing the right marketplace for trading your NFTs is a critical task. You can’t just go anywhere to sell your NFTs. Let’s say if you’re a florist selling flowers, you will prefer a place near to church or any holy place rather than, let’s say, a school. It is because you can target your preferred audiences and know your sale will get triggered there. Just like that, you need to choose your marketplace wisely.
NFT markets work like any other physical market. Some of the platforms here offer the ability to burn your items to create scarcity in the digital market. It’s just like creating market demand artificially; it’s also quite observable in physical markets.
Though the NFT marketplaces or digital art marketplaces are pretty dynamic, categorizing the same is daunting. If broadly classified, it can be divided into two:
- Streamlined: Markets like OpenSea and Rarible support a wide range of NFTs and provide generic services to the sellers.
- Augmented: Markets like NBA’s Top Shop focus on only a specific niche. In this case, it is the basketball collectibles. Another example includes SuperRare, which focuses on visual art and provides extensive curation and recommendation services.
Consider Amazon and Apple’s official websites to help you grasp the difference between the two. Both sell Apple products, but Amazon has other products, from clothes to accessories to tech components. So, they cover a wide range of services. So, Amazon is the streamlined NFT market in the digital realm, and Apple’s official website is the augmented one.
Now you have understood several NFT markets and how they work, but the question remains, how do you choose the best NFT to buy? If you wish to sell your NFTs, here are the primary factors you should consider to select your place of operation.
- Select the digital asset type, as some markets work only in a particular niche.
- Check detailed information about the market and its price rates.
- Check its security and encryption policies.
- Check its digital wallet facilities
- Check public ratings about the platform.
Top 5 NFT Market Places for 2022
Here is the NFT marketplace List for you.
OpenSea
The OpenSea beta, launched in December 2017, is a peer-to-peer NFT Marketplace. It was the first open marketplace on the Ethereum blockchain for any NFT. OpenSea is now the largest general marketplace for user-owned digital objects, with the most categories and compatibility for various Blockchains.
Pros
- Suitable for collectors looking for a wide range of popular NFTs, traders interested in buying and selling a variety of NFTs, and people who want to learn more about digital collectibles but aren’t sure where to start.
- Smart contracts safeguard OpenSea, making fraudulent transactions practically impossible.
- Without prior knowledge of Blockchain or code, you may quickly establish your NFT collection. Furthermore, this service is free, whereas most competitors charge for NFT creation.
- For purchasing and selling NFTs, the platform has some of the lowest commission prices.
Cons
- Cryptocurrencies are the only way to pay on OpenSea, which makes Cryptocurrency Wallet a requirement to sell and purchase NFTs.
SuperRare
SuperRare was created in 2018 and uses an EthereumBlockchain to mint, transact, and verify NFTs on the network. It’s also a curated platform, which means that only approved authors are allowed to mint NFTs on it. Each artwork is made by a network artist and is tokenized as a digital asset that can be collected using Cryptocurrency.
All purchases on the site are subject to a 3% transaction fee, which the buyer pays. Direct sales (from a creator to a buyer) are subject to a 15% artist gallery commission, which is high for real NFT markets but cheap compared to real art galleries. Secondary sales(from one buyer to the next) are subject to a 10% royalty.
Pros
- Artists receive high royalties.
- The user interface is simple to use.
- Provides an alternative to a purchasing system.
Cons
- When compared to other digital art marketplaces, the commission is relatively high.
- Ether (ETH) is the only Cryptocurrency accepted as a payment method.
- On the Ethereum network, fees might be pretty high.
Jump.trade
The jump.trade market is the most recent addition to the market; Meta Cricket League was conceptualized and technically supported by Guardian Link, a very successful NFT launchpad platform.
With the help of StarkWare, the NFT launchpad successfully introduced a Zero Gas Fee Layer 2 for popular NFTs using Zero-Knowledge Rollup, also known as Zero-Knowledge Proofing, to bring the community of cricket enthusiasts onboard in unprecedented numbers. The Zero-Knowledge Rollup is a scaling function for Ethereum that is based on isolation.
Pros
- A growing platform in the sector of blockchain technologies and NFTs.
- Its P2E cricket platform builds up a community that is the first-ever attempt by any real NFT marketplace to cater the sports fans worldwide.
Cons
- Poor gender diversity is observed.
Rarible
Rarible is the NFT marketplace owned by the community, while the owners possess the ERC-20 RARI token. Active platform users that purchase or sell on the NFT marketplace receive the RARI token from Rarible. Every week, it delivers 75,000 RARI.
Pros
- It allows not only trading but minting as well.
- Ranks NFTs according to how rare the item is, so go crazy with your artwork to make it a rare one, and you’re good to go!
- You can be flexible with your prices; change the price of any item anytime.
- Allows paying from debit card, credit card, or net banking, along with ETH wallet.
- Suppose you don’t want to establish a new wallet. In that case, this feature enables you to link your current wallet, as long as it is one of the following: MyEtherWallet, Coinbase, Torus, Wallet Connect, Fortmatic, or Portis.
- Several verifications secure your artworks of yours.
- You can quickly build your community by connecting to several Rarible communities on Twitter, Instagram, Telegram, Discord, and Medium.
Cons
- You need to connect your wallet to access NFTs on Rarible; without a wallet, you can’t perform trading.
- It charges a 2.5% fee on each party’s transactions.
- Creating a wallet on Rarible is a daunting task.
Axie Infinity
Axie Infinity is NFT-based online trading and battle video game created by Sky Mavis in which Axie Infinity Shards (AXS) and Smooth Love Potion (SLP), both Ethereum-based Crypto tokens, are used. Users can earn AXS or SLP in the game, which can then get converted to the Ethereum blockchain’s ETH, which can be used as actual money.
Pros
- Potential to earn a substantial sum of Cryptocurrency.
- System of earning money by playing.
- Desktop and mobile versions are both available.
Cons
- The game has become expensive to play for newbies.
- Ethereum and Axie Infinity are the only acceptable payment options here.
- Charges on marketplace sales.
- Purchasing three Axies is required for the game.
What is the largest NFT marketplace?
Each of the NFT marketplaces differs from the others concerning the size, value, type of NFTs they are concerned about, and the audience they cater to. Each is unique, and to choose the best for yourself, you must understand some specific elements, as discussed above.
But if you want to know the largest NFT marketplace in 2022, according to customers’ reviews, it is OpenSea – The best NFT marketplace, a streamlined one, catering to a wide range of audiences, and simple functionality are the keys that made it preferable to the audiences.
It is user-friendly, offers free accounts to set up, and you can browse NFTs immediately and create your own. But you may ask which NFT marketplace is best for beginners? To sum up, OpenSea is a good alternative for newcomers who want as many NFT possibilities as possible and want to get started with a simple marketplace.
Conclusion
Now, you know what are the best NFT platforms and can easily choose the best for yourself as you have a NFT marketplace List for 2022. Keep note that finalizes your market only when you’re entirely sure about it. NFTs are your digital assets, and therefore, it’s up to you how you will use them and secure them for future generations. Not only for your lifetime, but you also have to plan for your digital assets after death.
To ensure that the Digital Assets you leave behind are handled well, a Digital Will is a good option for transferring your Digital Asset ownership to your family members. Making a will doesn’t have perfect timing and is also very easy. So, create your will at the earliest, and don’t forget to list your NFTs in the digital asset section.
