The NFT market has exploded in the last two years and now everybody seems to want in on it. And why not? It was worth more than $1 trillion dollars
in 2020! So, if you're looking to sell, invest or just take a closer look at the best NFT marketplace for a variety of NFTs, you’re in good hands.
NFTs have been around for nearly a decade now, but for most of that time they were viewed with an element of scepticism in many quarters. The world, however, has changed a lot since Colored Coins – arguably the original NFT – was launched in 2012.
Colored Coins were a massive leap, although limited as Bitcoin was never designed to be used in this way. But the genie out of the bottle. There was clearly a market for digital tokens. After several iterations, non-fungible tokens (NFTs) became big business.
What are NFTs?
NFTs essentially represent ownership of a unique digital asset and includes a range of media:
Basically, if there is a demand for it in digital format, there’s an NFT marketplace somewhere that is trading it. But which is the best NFT marketplace and how do you find one that deals in the digital asset that has grabbed your attention?
What is an NFT marketplace?
An NFT marketplace is a platform that enables users to buy, sell, and mint virtual assets. NFTs can be put up for auction or sold at a fixed price. NFTs are subject to smart contracts that store information about the asset and its ownership on blockchain which ensures there is a clear audit trail and that each digital asset is truly unique.
The best NFT marketplace overall - OpenSea
is the biggest and most widely known NFT marketplace. Indeed, it recorded $3.4 billion
worth of transactions in August of 2021. Opensea offers a huge range of digital assets and supports more than 150 different tokens. Joining and browsing is free and it has a simple interface that makes it easy to use. If you’re just getting started with NFTs, this is the place to go. As the leading NFT marketplace, you can be confident that it’s reliable and you’ll get a good idea of the extent of NFTs that are currently available. Seller fees are generally around 2.5%.
If you're creative, you can even ‘mint’ your own NFT to sell.
is similar to OpenSea in that you can find a whole bunch of NFTs on there. Art, music, videos and collectibles can be created and traded on Rarible but, whereas OpenSea supports multiple token types, to buy on Rarible, you need to have CRYPTO:RARI, the token that is unique to the platform. Rarible fees are 2.5% for both buyer and seller.
Best NFT marketplace for collectibles - SupeRare
Whether you’re buying or selling NFT art, SupeRare
is the place to be. With over 1400 artists selling work on the site and over $90m worth of sales to date, it is fast becoming recognised for the quality of artworks available.
The platform also offers support to artists to help them build a profile and promote their work. SupeRare charges a seller fee of 15% which is towards the top end of NFT seller fees, but the reputation of the site is such that you may be able to command a higher price here.
For buyers, it’s worth considering how that fee impacts on the price of the available artworks. But if you’re looking for art by the best current or emerging NFT artists, you need to be prepared to dig deep into your digital pocket. This is evidenced by the fact that SuperRare includes collectors who have purchased some of the highest-selling one-of-one art NFTs ever produced.
Best NFT marketplace for premium art NFTs – MakersPlace
This is a premium platform that prides itself on quality. While other NFT platforms encourage anybody to have a go at creating an NFT and sending it out into the big, wide digital world, MakersPlace is a little more discerning. From a buyers’ perspective, that enables you to purchase NFT art, safe in the knowledge that you’re not paying over the odds. If, on the other hand, you’re an NFT artist, you know you have an audience of astute buyers and investors to present your work to.
Best NFT marketplace for low fees – Binance
Newcomers to NFTs or those on a limited budget may want to test the waters with some of the more affordable options. Binance NFT Marketplace
is plugged into the entire Binance ecosystem. This is a recognized and robust platform that allows you to trade with confidence. You must have a Binance wallet and the platform is more about quantity and choice than quality and premium NFTs. That means you probably won’t unearth an NFT that will later be worth millions (although you never know). However, there are plenty of NFTs to choose from and transaction fees are set at 1% which is as low as you’re likely to find on any reputable platform.
Best NFT marketplace for sports trading cards – NBA Top Shot
NFTs look set to be the future of sports trading cards. And NBA Top Shot
is leading the way. These digital trading cards feature in-game video highlights of top NBA stars, making them far more appealing than traditional 2D cards.
NFT video clips have sold on the platform for up to $200,000, but the long-term profitability of investing in NFT sports trading cards are not yet known. If you’re an investor, this may not be your thing. But if you’re a fan of NBA and trading cards, NBA Top Shot is for you.
The NFT market is here to stay. Exactly what it’s future holds is not yet clear. But, as a trillion dollar industry, it’s safe to say that collecting and investing on NFTs is part of the future of art, collectibles and trading. As with all art, it’s wise to only pay what you can afford and what you think a piece is worth.
NFTs bring a whole new dimension to arts and collectibles that embraces the latest technology and suits the digital world we all now have access to. If you haven’t yet stepped into that world but are keen to check it out, these platforms make a good gateway according to your own preferences.