NFTs (Non-Fungible Tokens) are currently among the most sought-after digital assets. In the past few years, NFTs have become very popular. Their novelty, ease of creating, and appeal as collector’s items are key factors contributing to this popularity.
As we have covered in our previous articles on how to launch/buy NFTs, Let’s do a quick recap and focus on Top platforms for trading in NFTs (buy and sell) :
A quick recap on essential steps to starting trading in NFTs :
- Need Ethereum cryptocurrency: The most compatible cryptocurrency to get started.
- Crypto Wallet: Transfer your crypto to a crypto-linked wallet.
- Account in a marketplace: Register an account in a marketplace (i.e., OpenSea, Rarible, etc.). Different marketplaces have different registration processes. Accordingly, we need to connect the wallet to the account in a marketplace.
Now, let’s look at top NFT marketplaces to buy and sell NFTs. The marketplace list below is not exhaustive, but the objective is to cover important ones with some of their key characteristics.
- A leader in NFT trading, probably the oldest and most established market for NFTs. Also preferred by starters.
- It covers almost all digital assets and supports creators/artists to launch their NFTs.
- OpenSea marketplace supports around 100-150 different token payments
- OpenSea now supports Polygon cryptocurrency, which means that NFT traders will not pay any fees when making trades.
- Probably the second in line after OpenSea.
- However, this marketplace supports all kinds of NFTs, including artwork, videos, music, collectibles, etc. Still, it is more famous for rare media and sports.
- Community-owned platform and promotes the concept of decentralization
- Uses only its own token Rarible (RARI) for trading
- Partnered with some big brands and companies like Adobe, Taco Bell, etc.
- This marketplace is also known for its celebrity domination.
- Nifty Gateway holds the record of selling the most expensive NFT (till Feb 2022); ‘The Merge’ – an artwork sold @ USD 91.8 million and owned by approx. 29k owners.
- Due to its approach of having ‘open edition’ sales for a limited period, this marketplace leads to scarcity of NFTs in the secondary market, eventually making them more expensive.
- More user-friendly for new buyers who do not have crypto wallets, as one can use a credit card to buy NFTs.
- This platform’s USP is its Gallery View for NFTs.
- Includes a variety of digital assets and trading is primarily using Ethereum cryptocurrency
- Recently it came up with its token, which can be used to curate and find new talent.
- SuperRare is also said to be a club of elitists. With its sophisticated gallery view, it’s a place for serious artists.
- Another significant and upcoming marketplace for NFTs with fees as low as 1%
- Most of the other marketplaces are supported by the Ethereum blockchain. In contrast, Binance has its blockchain, hence seen as a more secure and future-ready marketplace.
- BNB – Binance tokens for trading will be more advantageous and effortless, though other cryptocurrencies are also supported.
- A foundation community-based marketplace run by artists and has a collection of exclusive and rare assets.
- Due to their exclusivity, NFTs are priced relatively higher than their average price.
- A quick, simple, and easy to use platform, it has sold more than $100-$120million of NFTs.
- Mark Cuban, American Entrepreneur, and billionaire, is the man standing behind this marketplace.
- A newcomer in the NFT marketplace aims to be as big as OpenSea.
- Boasts about its user-friendly platform
- This marketplace supports the minting of creators of all types who want to sell their work as digital assets.
- For trading on this marketplace, Ethereum is the only cryptocurrency.
Some other well-known marketplaces also include the following :
- Markers Place
- Async Art