The Best NFT Marketplaces

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Collecting NFTs (non-fungible tokens) seems to remain the main global fad over recent years. Essentially unrepeatable digital collectibles, NFTs represent a person’s ownership of some electronic creation, such as an in-game item, an image, a domain name, a meme, a GIF, a video, and more.

NFTs are non-fungible because every single token cannot be replaced with any other token. This renders NFTs different from traditional money and even cryptocurrencies where one US dollar is equal to another US dollar, or where one Bitcoin is equal to another Bitcoin.

Non-fungible tokens exist on an underlying blockchain, such as Ethereum or Solana. The powering blockchain assigns unique attributes (metadata) to NFTs and records all transactions with these tokens. Unique NFT attributes include the creation date, author, collection the item belongs to, seller, buyer, and many more. So, blockchain proves authenticity of each NFT.

These digital tokens can be distinguished from each other by a unique serial number stored on the blockchain, their token identifier (Token ID). The serial number works just like a barcode. This is a unique address that confirms that the token holder is the owner of a particular digital asset.

NFTs are tradable digital assets, and you can easily buy these exquisite tokens through a special online service. Websites that allow you to buy and sell non-fungible tokens are called NFT marketplaces. If you want to get started with NFT trading, collecting, or creating your own exclusive tokens, an NFT marketplace is the best launchpad.

What Are NFT Marketplaces?

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An NFT marketplace is an online platform with NFT offerings. Each NFT marketplace is built on top of a specific blockchain, although some instances can be compatible with multiple individual chains.

Some NFT markets specialize in a narrow niche, while others can embrace the large scope of NFT formats available in the industry.

Apart from trading, many NFT marketplaces will also come with special functionality, utilizing which, users can mint (create) their own digital collectibles and put them up immediately for sale on the same platform.

To access an NFT marketplace, a user needs to have a Web3 crypto wallet, and generally, every website will require a corresponding cryptocurrency for NFT purchases.

What is NFT Ranking?

NFT rarity ratings are a metric that quantifies the uniqueness of the characteristics of non-fungible tokens (NFTs) compared to other NFTs in the same collection. Each NFT consists of combinations of different traits that varyingly appear in other units of the same collection. If it is an NFT art collection, the varying traits will include facial expressions, clothing items, accessories, color schemes, and much more. If it is a crypto game, unique NFT traits will generally include characters with special skins, abilities, weapons, etc.

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Each item in an NFT collection can be assigned a numeric rarity rating that indicates the relative scarcity of the given NFT based on how infrequent its individual traits are when used in combination. The estimation of NFT rarity is generally built into NFT marketplaces to help owners and potential buyers better understand how unique each NFT is.

The Best NFT Marketplaces

OpenSea

OpenSea is, perhaps, the largest NFT marketplace in the industry as it has been around since 2017. The platform offers a great diversity of non-fungible tokens, including digital art works, domain names, in-game stuff, trading cards, collectibles, and more. Both ERC721 and ERC1155-type tokens can be found on this website. Also check out the Hector Network if you are interested in NFTs. Hector price is available at MEXC Global, where the coin is traded

Not only can users engage in NFT trading on OpenSea, but also craft their own exclusive creations, thanks to OpenSea’s minting tool. You do not need to have any programming skills to generate your own NFT collections – the platform is totally user-friendly. NFTs can be sold for a fixed price, through a declining price scheme, or an auction. 

Key Features:

  • Supported blockchains: Ethereum, Polygon, Klaytn, Solana, Arbitrum, Optimism, Avalanche, and BNB 
  • Supported payment methods: ETH/WETH, SOL, AVAX, USDC, BNB, DAI, credit cards
  • Fees: 2.5% of the sale price
  • NFT creation: yes

LooksRare

Launched only in December 2021, $Looks crypto is a new player to the game, yet this does not stop it from being one of the most popular NFT marketplaces out there. What makes the platform stand apart from the competition is the rewards paid to registered members for engaging in NFT trading. Apart from user incentivization, LooksRare is also known for offering some of the lowest fees in the industry.

When you buy or sell NFTs, the platform will reward you with LOOKS tokens, irrespective of the type of NFT collection you are dealing with. The reward size depends on the volume of trading a user performs on the platform (except for private sales that may take place). To top it off, the rewarded LOOKS tokens can be used for staking without leaving the site, which may help you maximize your passive earnings through LooksRare.

Key Features:

  • Supported blockchains: Ethereum
  • Supported payment methods: ETH/WETH, bank transfer, PayPal and debit/credit cards
  • Fees: 2%
  • NFT creation: LooksRare does not currently have this functionality

Magic Eden

Magic Eden is a popular cross-chain NFT marketplace that caters to the needs of both collectors and creators. The platform fully supports the Solana (SOL) and Polygon (MATIC) blockchains, and the project’s team is currently working on aggregating listings on the Ethereum (ETH) blockchain. To lure more customers to the platform, Magic Eden also offers crypto rewards. The reward size is based on a user’s activity: the more one trades, the more rewards they will get. And starting Jan 2023, Magic Eden will introduce a new dynamic fee structure that will reward active users based on levels, with discounts and cost savings. NFTs are sold both at a fixed price and via bidding (auctions). Thanks to Crossmint technology, users can buy NFTs in ETH, SOL or via credit cards on the platform.

Another distinctive feature of Magic Eden is its royalty-optional model. Royalties are available for buyers only. As a buyer, you can choose to pay full royalties, a small portion of it, or refrain from paying royalties at all. But by refusing to pay royalties, a buyer gets into the risk of losing out on utilities or perks provided by the NFT creator.

The platform also has Launchpad, a tool to mint and launch NFT collections

Key Features:

  • Supported blockchains: Solana, Polygon, Ethereum
  • Supported payment methods: crypto and credit cards
  • Fees: 2%
  • NFT creation: yes

Nifty Gateway

Nifty Gateway is known for being a distinct NFT marketplace because it primarily offers NFT creations from celebrities, big names, and brands. For this reason, digital collectibles (nifties) often come with an elevated price tag on this platform.

Nifty Gateway is run by Gemini, a reputable and highly secure crypto exchange service that is powered by the Ethereum blockchain. The project calls itself “an art curation NFT marketplace” because the platform allows creators to mint collections effortlessly, by streamlining all the technical aspects of generating and selling NFTs.

Apart from being a curated NFT marketplace, Nifty Gateway also lets users store the assets they purchase right on eternal wallets that are built in the platform. This means, collectors do not need to transfer their possessions to third-party NFT wallets (but they can easily do so if they want). Instead, Gemini stores the items for you. The service also enables royalties for creators. On Nifty Gateway, whenever your work is bought and sold, you will receive a percentage of the sales.

Key Features:

  • Supported blockchains: Ethereum
  • Supported payment methods: bank cards and Gemini accounts
  • Fees: 5%
  • NFT creation: yes

SuperRare

SuperRare is the electronic art marketplace and curated NFT launchpad on Ethereum. Using the platform, you can issue, collect, and trade scarce digital artworks. On SuperRare, every piece of art is a single-edition creation.

Here, art pieces are issued directly by the original author from their own unique wallet address. Every previous transaction, sale, and ownership of the art is forever recorded in the token’s history on the Ethereum blockchain. To transact, users will need ETH, a native cryptocurrency of the Ethereum chain.

It is not so easy to become an artist on SuperRare because the platform has a tricky acceptance process. Still, you can try your luck and submit an artist application form on their website, so you will get on SuperRare’ radar, and they might agree to display your collection. 

The project is known for offering collector and artist royalties, which allows different parties involved in shared ownership to benefit from the value accrual of NFTs.

Key Features:

  • Supported blockchains: Ethereum
  • Supported payment methods: ETH
  • Fees: 15% for artists and 3% for buyers
  • NFT creation: yes

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