An NFT marketplace is an excellent opportunity for selling and buying digital goods. These goods can range from games to music, to entire virtual worlds. Virtual worlds are blockchain-powered virtual realities where users can produce and exchange digital items, play games, and showcase NFTs in galleries. Almost any digital asset can be tokenised on a blockchain.
There are numerous NFT marketplaces to choose from, many of which have a niche or speciality. Before deciding on an NFT marketplace, you should consider the type of digital asset you wish to invest in.
The top 5 NFT marketplaces
Axie Infinity is a free-to-play game that runs on the Ethereum blockchain. This particular virtual universe is a player-owned economy. It allows users to own, buy, sell, and exchange materials earned through gaming and contributions to its ecosystem. Players buy NFTs of monsters to use in combat against each other. These monsters or ‘Axies’ can be traded for real money on the game’s marketplace. During gameplay, players can win SLP tokens, which they can also swap for money at an exchange.
However, you cannot play until you purchase the three Axie NFTs to form your first team. You can buy your Axies from the official Axie marketplace using your Ronin wallet, which you link to the game. Additionally, the cheapest Axie starts from $28, meaning that the initial investment is $84, which some might find offputting.
OpenSea is a leading NFT marketplace, that accepts over 150 different payment tokens. Using your Ethereum wallet, you can purchase and trade a range of NFTs. This includes domain names, digital art, and collectables. Without understanding blockchains or code, you can quickly make your NFT collection. You can purchase and sell NFTs on the secondary marketplace or develop your own unique NFT collections for sale on the main marketplace.
Although most competitors charge money to generate NFTs, this service is free.
The only fees on OpenSea are towards transactions, for which the company charges a 2.5% commission. The exchange fees are fortunately lower than most of its competitors, making it a preferred choice for NFT collectors. Customer safety is ensured by OpenSea as they are protected by smart contracts, which make it difficult for fraudulent transactions.
Nifty Gateway can be used to purchase and trade NFTs. It is an exclusive marketplace for music and art. Nifty Gateway differs from other marketplaces because it is a custodial platform. This means that NFTs on their platform are kept secure in a wallet powered by Gemini’s cutting-edge custody technology; users don’t store their NFTs in their own wallets, they are stored for them by Nifty Gateway.
Since the market is new compared to other competitors, it has yet to capture the rarest or most sought-after NFTs.
For all NFT sellers and creators, Binance NFT charges a flat 1% trading fee. The Binance NFT Marketplace is automatically linked to your user account and wallet on the Binance mobile app.
Users on Rarible can not only purchase and trade NFTs but also produce them. There is a lot of freedom given to Rarible’s users. They have a strong royalties scheme that lets creators profit from their sold NFTs indefinitely. You have the option to adjust the price of a previously made collectable at any moment for free. Additionally, you have the option to place a bid if you think the price of an item is too high. Rarible offers OpenSea integration that allows your listed NFT(s) to be viewed on the OpenSea platform.
Rarible also allows users to pay using a debit card, credit card, or Google Pay in addition to an ETH wallet. However, creating a wallet can be difficult.