If you want to join the NFT revolution, then the chances are that you’ll need to use an NFT marketplace. So we’ve prepared this handy guide that explains what an NFT marketplace is, what you can trade there, and why everyone is getting involved with buying and selling NFTs. So keep reading and see how you can get started in using an NFT marketplace.
What is an NFT marketplace?
An NFT marketplace is simply an online marketplace where you can buy, sell or trade NFT tokens. It gives creators a direct way to sell their non-fungible assets such as artwork, and customers can purchase these assets by using a cryptocurrency.
Anyone can sign up to an NFT marketplace and from here you can link your crypto wallet with the marketplace and start trading. The marketplace will commonly feature listings of all of the different kinds of NFTs such as art, collectibles, domain names, music, photography, sports trading cards and so on.
You will normally be given a chance to buy or sell NFT either at a fixed price or as a kind of auction. If you’ve purchased an NFT, you can then store it as part of your collection and it basically means that you have exclusive ownership of the unique digital asset.
Bear in mind that NFT marketplaces will impose fees for each NFT that you buy or sell. There will also be a royalty fee paid to the NFT creator each time that the digital asset is traded.
A quick look into the NFT meaning
Before we get into ranking and rating the different kinds of NFT marketplaces, it’s worth making sure that you understand the basic NFT meaning. An NFT is a non-fungible token which is a digital asset stored on the blockchain. This could be anything from a gaming avatar to an artwork, a video or even a tweet.
Having an NFT means that you have direct ownership of the asset. So that even if lots of people are able to see, use or even copy your digital asset, you still have the fundamental ownership.
The fact that an NFT is non-fungible means that, unlike a cryptocurrency such as Bitcoin or a regular currency like the US dollar, it is unique. The NFT has no direct value, but instead, its value is entirely based on demand. This means that an NFT for a piece of digital artwork could be completely worthless if nobody else wants it, or it could be the subject of a bidding war on an NFT marketplace and end up being worth millions. One thing’s for certain, and that’s that NFTs are here to stay and chances are that we’ll all be using an NFT marketplace sooner or later.
Which is the best NFT marketplace?
There have been literally dozens of NFT marketplaces that have emerged in recent years, and we can expect many more to be launched in the future. Here is just a handful of quality NFT marketplaces to check out:
- OpenSea: Easily the world’s largest NFT marketplace. This contains the full range of digital assets and artefacts ranging from sports trading cards to entire virtual worlds. The OpenSea marketplace takes place on the Ethereum blockchain.
- Rarible: A hugely popular NFT marketplace for creators, Rarible is also on the Ethereum blockchain, but has its own RARI cryptocurrency. It provides creators with an easy way to list assets that could range from complex digital artwork to a simple meme.
- Decentraland: This is an entire virtual world that lets you trade NFTs and you’ll also get a say in how Decentraland actually operates on the Ethereum blockchain. It features an impressive range of digital assets, and what’s best is that you can even trade properties and lands within the Decentraland virtual world itself.
- The Sandbox: This is another virtual world, almost Decentraland’s closest rival in the crypto gaming space. You are able to make your own NFTs and sell them both in and outside the game. They are also transferable from Ethereum to the Polygon blockchain and beyond.
- Blur: While Blur NFT Marketplace has only been around since 2022, it has surpassed OpenSea in sales volume, which is incredible. Blur operates on the Ethereum blockchain and also has its own native token with multiple airdrops for investors.
- Magic Eden: This NFT marketplace is built on the Solana blockchain, Ethereum’s rival. The collections are a little different and potentially more niche in some respects. Solana has lower gas fees when selling and buying NFTs, so it is good to keep this in mind.
- Binance NFT Marketplace: Binance is one of the largest exchanges and also has its own blockchain where NFTs are released. There are new staking services where you can earn rewards on your NFTs. Currently, there are The Sandbox and Ape staking. Also, users are treated to low fees via the marketplace, something other marketplaces are unable to offer.
- NBA Top Shot: This marketplace caters specifically for basketball fans. Many sports have really adopted Web3, as seen with the Sorare crypto card game and the crypto minigames released for the FIFA World Cup in Qatar in 2022. Here, you can purchase NFTs of your favorite NBA moments from the history of the franchise.
- Nifty Gateway: If you are after more upscale NFT releases, then Nifty Gateway has just that. Crypto exchange, Gemini, now owns Nifty giving them more backing in the space. It is described as “the premier NFT marketplace for beginners, experts, and everyone in-between.”
- Gamestop NFT Marketplace: Built by Immutable X, an Ethereum Layer 2 blockchain solution, Gamestop has jumped onto Web3 with their own NFT marketplaces. At the moment, the platform is only in its beta phase, with smaller projects making up the platform’s catalog. However, expect big things to come!
How do you use an NFT marketplace?
The good news is that it’s very easy to get started at an NFT marketplace. Here is a quick checklist of what you need to do to start trading NFTs.
- Get a wallet: The first thing that you’ll need to do is to get a crypto wallet. Most NFT marketplaces will have a shortlist of recommended crypto wallets for you to download, or you could simply connect with your pre-existing wallet. Bear in mind that the wallet will need to be able to operate with the Ethereum blockchain to trade NFTs.
- Get your cryptos: Once you’ve got your crypto wallet set up, it’s just a matter of getting the digital currency from a cryptocurrency exchange. Again, you’ll probably be buying Ether coins to trade at most NFT marketplaces.
- Browse and start trading: Now the fun begins as you’ll get to browse all of the digital assets available on the NFT marketplace. Once you’ve connected your wallet, you’ll be able to customise your profile with your username, photograph and so on. You’ll instantly be able to buy an NFT instantly for a fixed price or put in a bid on an NFT auction.
How to pick your perfect NFT marketplace
The majority of NFT marketplaces will offer thousands of digital assets and they will work in roughly a similar manner. It’s worth doing a little research into the NFT marketplace beforehand as different sites might prioritise certain kinds of assets like collectibles or gaming avatars above other assets. Plus we should note the fact that different NFT marketplaces will charge different fees for each time that you buy or sell a digital asset.
Conclusion – Your guide to NFT marketplaces
NFT marketplaces are where you buy, sell and trade digital assets. They are a massive part of the crypto gaming community and they are also of interest for anyone in the realms of anything from digital art to sports trading cards. We’ve shown you that it’s pretty easy to use an NFT marketplace and they offer you a safe and simple way to collect your digital assets. So get your crypto wallet and start trading your NFTs.
FAQ
What is NFT minting?
NFT data is placed into its own block onto the blockchain and it is recorded there forever along with the owner, or registered wallet.
There are fees involved with NFT minting. As we mentioned above Solana has less gas fees than that of Ethereum, despite Ethereum being the most popular blockchain for NFTs and NFT minting.
Can I make my own NFTs?
You can sell your NFTs on a number of platforms as shown above, and you can promote it via social media creating cool content that will engage your audience. We also recommend creating a Discord server!
Is selling NFTs lucrative?
NFT trading volumes have been slowly rising since 2022’s bear market so who knows, we may see some prices similar to that of the bull run in 2020 and 2021.
What is the safest way to store my NFTs?
This is where you need to store your NFTs on a hardware wallet such as a Ledger Wallet. Thanks to state of the art security, you are 100% protected from hackers leaving your NFTs and crypto assets safe. For how much some NFTs and crypto cost, the price of a Ledger wallet is miniscule and offers certainty when buying, selling and transferring digital assets over the blockchain.