NFT refers to Non-fungible Tokens that are created by using a similar type of programming utilized in normal cryptocurrencies. Non-fungible Tokens let people own online collectibles such as music, artwork, and videos. NFT exists on blockchain technology that influences Bitcoins too. NFTs are unique and cannot be traded in an equivalent manner.

With the rise in popularity, the growth of the NFT market has jumped to about more than $40 billion in value. This information has been released by the Blockchain data company ChainAnalysis in its 2021 NFT Market Reports. Given below are some of the top-ranked and high-rated NFT marketplaces that will help to sell and buy these digital assets.

OpenSea
OpenSea was launched in 2017 and is considered one of the oldest and largest NFT Marketplaces that are active today. It hosts NFTs such as trading cards, music, art, photography, and virtual worlds. OpenSea uses Ethereum, Solana, and USDC as the cryptocurrencies. It cannot use flat currencies like dollars or euros.

OpenSea provides a user-friendly experience, and setting up a free account is also very easy. A fee equal to 2.5 % of transactions is charged by OpenSea and also requires gas fees to use Ethereum for NFT transactions. This gas fee is paid to miners. It is possible to avoid gas fees if the transaction of NFT is done using Polygon only if the item has the logo of Polygon on it.

OpenSea is one of the best options for beginners who want to start with a simple marketplace and want more than one option for NFTs.

Rariable
Rarible enables users to trade video game assets, collectibles, art, and NFTs. It can carry out its transactions with Flow, Tezos, and Ethereum. The fees that Rarible charges are 1% to the buyer and 1% to the seller. It is interesting to note that Rarible has its own native token called RARI rather than depending on other in-house management. The RARI holders have the right to give their opinions on company decisions.

Rarible worked together with Adobe in the year 2021 for easy verification and protection of digital content’s metadata that also included NFT. If you are looking for a vast network that has good connections, then Rarible is the best choice, as it also believes in decentralization.

NBA Top Shot
NBA Top Shot marketplace is inspired by the major basketball fans, and it lets the users buy NFTs that coincide with the greatest moments in the history of basketball. The fans can buy video clips, NBA and WNBA art, and play highlights. These clips are usually not very cheap. The slam dunk video of LeBron James was sold for $208,000 in February 2021.

This NFT Marketplace was built by the NBA, and they have exclusive rights over these video clips, and they are also a very respected organization. Like NBA Top Shot, other major companies have also built their NFT marketplaces, like DraftKings and Associated Press. GameShot has planned to launch its Marketplace by this year.

The moment NFTs can be bought with credit or debit cards or use Bitcoin, Bitcoin cash, DAI, USDC, or Ethereum. The gas fees are added to the purchase price.

Binance
Binance, who added another NFT Marketplace in 2021 is one of the greatest cryptocurrency exchanges. Binance enables users to own basic digital assets, but it charges very low fees. It uses only 1% of the trading fees and is a highly user-friendly platform as the exchange is built with similar technology.

Binance is a well-known platform in the crypto space and has its own Blockchain, which adds to its advantage.

Nifty Gateway
Nifty Gateway is famous for having exclusive and expensive sales. ‘The Merge’ by digital artist Pak was sold for about $91.8 million on this platform. The platform was used by Gemini, run by the Winklevoss twins in late 2019, and created news.

The main focus of Nifty Gateway is the artwork from top artists and celebrities. It uses open editions or limited editions to boost the demand for the platform. You can use your credit card to buy on this platform. So, if you want to make a large investment, this should be your best option.

SuperRare
SuperRare is also an expensive NFT art Marketplace that considers itself an art gallery. It is very selective with the NFT it presents to the users. They review the works before a sale, which earns the trust of investors about the quality.

SuperRare charges 15% for the first sale in the market, and the buyer pays 3% of this transaction. SuperRare provides artworks that are classic and ornamental.

Conclusion
The NFT marketplaces are the digital platforms that help in the buying and selling of NFTs. Each of these NFT Marketplaces has its own rules and operating system. So, you need to decide on the kind of NFTs you want and choose from these top marketplaces.

Posted Date: July 11, 2023