An NFT marketplace is a platform that enables you to buy and sell non-fungible tokens, which are one-of-a-kind digital assets. The unique characteristic of NFTs is that they are all different in terms of their value and properties. For instance, if you exchange one bitcoin for another, you neither gain nor lose anything as all BTC tokens are identical. NFTs are the exact opposite.
The great thing about NFTs is that anyone can create their digital asset, anything from a unique meme to a rare piece of art. These NFTs can then be sold on marketplaces such as Opensea, Nifty Gateway, and Rarible.
Choosing the Right NFT Marketplace
From Opensea to Nifty and Rarible, there are many feature-packed NFT marketplaces that you can choose from. However, being a new user, it’s vital to understand all the essential factors you must consider when deciding what NFT marketplace to choose.
For starters, you should know that not all NFT exchanges use the same token standards. While the first non-fungible token on Ethereum was ERC-721, many other token standards such as ERC-1155 quickly followed suit.
ERC-721 are NFT tokens, which also means that every token is different in terms of value. You can regard a token as a collectable, taking into consideration its uniqueness and rare properties. This is essentially what propels the core foundations of non-fungible tokens. Even though there are many token standards, such as BEP-115 and BEP-721, most traders in the NFT marketplace go with ERC-721.
The sudden and consistent growth of NFT markets has also increased impersonators and scammers. This is one of the most important reasons you must select a marketplace that offers an airtight creator verification process. There has been an unfortunate string of incidents where creators fell prey to scammers who steal and mint their work and sell them for exorbitant amounts of money, completely fooling many NFT buyers.
You see, converting artworks, videos, and other digital properties into NFTs isn’t that hard – and you can tokenize them on the blockchain. Impersonators convert these assets into tokens without the knowledge of the buyer and sell them online. This is why you must select a platform that has an excellent verification process.
NFT marketplaces like Opensea have become a significant part of impelling NFT trends. These marketplaces have granted users unparalleled access and flexibility to buying and selling non-fungible tokens. Moreover, they have also mitigated common problems associated with revenue streams and transactions for creators. In light of this, here are the top NFT marketplaces you should consider:
There is no argument that Opensea is the largest NFT marketplace offering a diverse variety of non-fungible tokens, including collectables, virtual worlds, censorship-resistant domains, and art. These digital assets are based on ERC721 and ERC1155 standards. You have the option to create your marketplace on the blockchain relying on the minting tool.
You can use the tool to create a whole collection of NFTs for free without writing any code. Moreover, if you are in the process of developing a smart contract for a unique digital item such as a game or collectable, you can add it to your Opensea marketplace.
Opensea is ideal for users interested in a marketplace that sells blockchain-based assets through a smart contract. Customer
support is available online, while you can also get help from the documentation. One of the significant advantages of using Opensea is that it offers a wide range of integrations, including Ethereum, MetaMask, Arkane, Coinbase Wallet, Dapper, Mintbase, and more.
Founded in 2018, Nifty Gateway is amongst the most trusted platforms for non-fungible tokens and a high-end marketplace for crypto assets. Moreover, you’d be excited to know that Nifty Gateway also collaborates with a variety of top brands worldwide, including prominent athletes and top NFT creators. Some top-notch artists that use Nifty include Mad Dog Jones, Genies, 3LAU, and Justin Roiland (co-creator of Rick and Morty).
One of the best advantages of Nifty Gateway is the fact it primarily focuses on artwork aesthetics. Prominent artists make nFTs on the marketplace. This, in turn, means the NFTs have the potential of becoming high-value collectables. So, one of the biggest draws of this platform is that it excels in abstract art – offering a vast amount of unique collections.
Another reason why Nifty has become so popular is due to its exclusivity. The platform thoroughly vets all its NFT creators and artists and handpicks only the best to join the marketplace. Its unique selling point is its swank. When you become a part of Nifty, you’re becoming a part of the cream of the crop, and this is why Nifty is the best possible choice if you’re looking to buy an NFT for long term investment.
Started in 2020, Rarible is an open-source NFT platform where you can sell, buy, and mint your digital IPs. You can exchange your NFTs on Rarible using Ethereum. The marketplace has a specific emphasis on virtual collectables as well as art assets. One of the biggest reasons behind its blooming popularity is that it offers simplified NFT mining. This appeals to users without a background in coding. It essentially provides very little barrier to entry for creators who want to sell their NFTs.
Some of the best advantages of Rarible include:
RARI regulation token
Rarible supports a variety of cryptocurrencies such as DAI, ETH, ATRI, WETH, etc. However, NFT creators are subject to a 2.5% fee on every sale. In addition, Rarible is also a trusted platform for royalties – which means artists and creators can share a percentage of profits from the secondary sale of their items.
Creating your own NFT marketplace has a multitude of benefits but to develop a reliable, stable, and secure platform, you are going to need professional assistance. It is recommended that you consult with different development agencies who have prior experience in creating custom NFT marketplaces. This will put you in a better position to identify the team of developers that fully understands your requirements and possesses the expertise and experience to deliver a reliable product.