Alright, so by now you probably know what an NFT is (congratulations!) and now you’re looking for the best NFT marketplace. And I don’t know if you’ve been following, but it seems like there’s been a new marketplace popping up every other day. Ultimately, choosing the best NFT marketplace to fit your needs largely depends on one big factor:
ARE YOU A COLLECTOR (BUYER)? OR ARE YOU A CREATOR (SELLER)?
A great NFT platform is one that connects like-minded collectors and creators. And I’ve broken each NFT marketplace based on the types of NFTs they promote, advantages to buying and selling, and much more. So strap in, make sure you have your NFT wallet ready to go, and let’s get into the best NFT marketplaces of 2022.
What is the best NFT Marketplace for Collectors & Creators?
If there’s a specific NFT Marketplace you want to check out, here’s my complete list below.
The Ultimate List of NFT Marketplaces
Best NFT Marketplaces for Collectors:
If you’re looking an aspiring NFT collector, then the marketplace you choose really depends on what type of NFT you’re looking for. See below for a breakdown of NFT Marketplaces for buyers.
Best NFT Marketplaces for Creators
If you’re a creator then the platform depends on what you are NFT selling and if it requires an invite or not. If you need more information on developing an NFT, you can read more here.
This is the world’s LARGEST NFT marketplace. Even Christie’s partnered with them late last year. It uses Ethereum as its cryptocurrency..
Essentially, it’s a large aggregate of NFT’s. You can see NFT’s from other marketplaces like Rarible here as well.
Wallets Supported: Coinbase Wallet, MetaMask, TrustWallet, Portis, Formatic/Magic, Arkane, Authereum, Bitski, Dapper, Kaikas, OperaTouch, Torus, WalletConnect, WalletLink
Community: Free Open Access (Anyone can sell without approval or a central authority)
Safety Purchasing Features:
- Blue verification icon for high-profile NFT’s that have been vetted by their safety team.
- Warning icon for items that come from mintable marketplaces like “Rarible” so that you can prevent from being scammed
- Transaction Fee: 2.5%
- No service fee for buyers.
- No gas fees for Highest Bid Auction sales
- Minting: You pay the minting fees when you sell your NFT
- Fixed Price listings (pick a price, currency, and expiration)
- Declining-Price Listings (Choose start price, end price, duration)
- Highest Bid Auctions (Pick a reserve price and duration, highest bidder as long as it’s over your reserve price), NO GAS FEES
- Can list from other marketplaces as long as it’s in your wallet
- Accepts 241 payment options
- You can bundle NFTs (up to 30)
- Set royalties up to 10%
- Multiple owners: Unable to split revenues
OpenSea is the largest marketplace with low transaction fees. It’s the Amazon of NFT’s.
Rarible is quickly gaining traction among digital artists and becoming one of the leading NFT marketplaces out there. It uses it’s own cryptocurrency called RARI which is controlled by the community. Unlike OpenSea which is a large aggregate of NFT’s, Rarible allows you to mint your own NFT, and doesn’t display any NFT’s outside of it’s own marketplace. It’s audience is truly geared towards the those buying and selling digital arts.
Wallets Supported: MetaMask, Coinbase, Rainbow Wallet, Fortmatic
Supported Blockchains: Ethereum (most popular, high carbon foot prit), Flow (popular with sports), and Tezos (low cost, great for starting artists)
Community: Great for beginning artists.
- ONLY accepts Ether (ETH)
- 2.5% transaction fee from buyer and seller
- Minting Fees: You typically need to pay upfront gas costs to mint your NFT, or you can choose an option to not pay a fee and the buyer covers the fees.
- To start your own collection, you need to pay a fee. If you chose the “free minting” option, your NFT will become part of Rarible’s collections.
- Fixed Sell: Place it at a set price for buyers
- Timed Auction: Choose start/end times, and minimum set price to sell to the highest bidder.
- Open Auction: Open for bids with no set time.
Rarible is a great NFT platform for emerging artists and have a large collection for buyers.
An NFT market for gamers? The video game Axie Infinity is a game where it’s players breed, groom, and then play their digital pets called Axies. Now, there is an Axie Marketplace, where you can sell and purchase these Axies.
How it Works: Players typically need 3 axies to play and battle the game, but these axies can range from $10 to thousands of dollars based on the features of the Axie. It typically has a high up front cost of around $1000 to have three good Axie’s to begin with.
- Axie Scholarship: New strategy where Axie holders let new players borrow their Axie for a percentage of the proceeds.
Wallets Supported: MetaMask, will also need to download the Ronin Wallet Extension
Axie Marketplace has revolutionized the gaming industry by allowing digital creators to utilizing NFTs in the gaming space. This is one of the ultimate NFT platforms for gamers.
So if a game can get into the NFT platform business, why can’t the NBA? Well, they thought the same thing, which is why they created one of the top NFT marketplaces for those looking to collect sport memorabilia.
How it Works: NBA TopShot ogger what they have branded as NFT “Moments”. This could be your favorite player or teams highlights, stats, or video court highlight. I really think of these as the digital version of old school baseball cards.
- Guaranteed Authenticity: This protects you from scammers, so you know you are purchasing the real deal.
- 5 Tiers: Common, Fandom, Rare, Legendary, and Ultimate
- Badges: These are icons or ‘badges’ that they attach to each NFT to help describe it. For instance, a Top Shot Debut badge signifies a player’s first moment.
- Packs: These are collections of NFT moments you can purchase.
- Purchase Options: You can purchase these through debit/credit card, Dapper currency,
Wallets Supported: Use a wallet to pay in bitcoin, ether, DAI, or USDC.
If you’re an NBA fan, this is going to be the top NFT marketplace to get all your NBA NFT token and memorabilia.
I want you to picture the Louvre. Now the Guggenheim. How about the National Gallery. Now if you were to take some of the best art galleries in the world, and digitize them, you would get SuperRare. This is an NFT marketplace that is carefully curated to feature digital fine art from the world’s top artists.
How it Works: SuperRare prides itself in curating the most sought out digital artists. Every single piece is a single edition which significantly adds to the value of each NFT, so you won’t find multiple copies.
- Badge System: Badges are given to it’s users once they’ve hit certain achievements.
- Cryptocurrency: Ether
- Small amount of artists are hand picked
- 3% Transaction Fee paid for by the buyer
- Service charge on primary sales are 15%, secondary sales are 10%.
Wallets Supported: WalletCollect, MetaMask, Fortmatic
The NFT Market for those looking for carefully curated digital artwork, and you’ll pay handsomely for it.
Nifty Gateway shares many similarities with SuperRare, by curating high end art. Where they differ is that they have the privilege of working on a secured wallet powered by Gemini. This means no gas prices. It boasts lots of high end artists like Kenny Scharf and Cey Adams.
How it Works: Nifty Gateway has created a high bar for artists to enter the platform, thereby, curating great digital assets.
- Creators can choose their royalty fees
- Pay through debit/credit card, ETH, or Gemini balance
- NO GAS FEES
Wallets Supported: MetaMask
Nifty Gateway is another great platform for those looking to purchase high-end digital art.
Foundation Marketplace claims to be at the center of creativity in the NFT universe. The collections are similar to SuperRare and Nifty Gateway in that it is not an open marketplace as creators have to be invited. It has quickly become one of the largest NFT marketplaces in a short amount of time, with one of it’s more famous sells featuring the Nyan Cat.
How it Works: In order to be an artist here, you have to be invited by a current member.
- Creators get 85% of primary sale, then 10% on subsequent sales.
- NFT’s are posted, if a bid occurs, a 24 hour countdown begins.
- Includes images, videos, art
Wallets Supported: MetaMask
Foundation is a marketplace geared towards collecting and curating creative digital artwork, centered around the artist.
ThetaDrop got its start from launching the World Poker Tour NFT’s. They incorporate live streaming of their auctions to increase engagement, and also ties in with television and cable.
How it Works: Theta is driven by the Theta Network, which is as a proof-of-stake model. This is a much greener way to go. They have some major names like Katy Perry to promote their marketplace.
Wallets Supported: USD or TFuel
Blockchain: Theta Network
If you are interesting in the entertainment industry and a green blockchain, Theta is for you.
LooksRare is the newest NFT Marketplace to date, recently launching on January 10th. It’s an open access NFT platform, and aims to be community-driven by offering rewards for its users in the form on LOOK tokens.
How it Works: Think of this platform similar to OpenSea. Transaction fees are competitive at only 2%.
Wallets Supported: Wallet Connect, 100+ wallets
This platform is in direct competition with OpenSea, and will attract its users with rewards and lower transaction fee.
10. Binance NFT Marketplace
You probably already know Binance, the popular crypto exchange where you can buy and sell crypto. And now they’ve released a new NFT marketplace for traders. One of the coolest things they do is sell “mystery boxes”. You pay a price, and the box guarantees one NFT, which may be rare or even super rare. These NFTs are often some type of digital art. Although it’s on the Binance chain, you can purchase NFTs with BNB, BUSD, or ETH.
How It Works: When you buy and sell digital assets on this platform, you will only face a 1% transaction fee, making this one of the most affordable of the many NFT marketplaces.
Blockchain: Binance (BNB) chain.
Royalties: 1% to the original creator
Binance NFT Marketplace is great place to buy and sell digital assets if you’re looking for a marketplace with low fees on the BNB blockchain.
You probably already know DraftKings. It’s a popular platform where you can bet your old school fiat currency on sport games. Well, get your crypto wallet ready because they’ve now launched their very own NFT marketplace for sport fans everywhere.
Similar to NBA TopShots, you’ll find digital artworks of college basketball and iconic sport players. They even go as far as to have premiere NFTs with digital autographs from the sport players themselves.
If you’re an avid sports fan, DraftKings is going to be one of the best places to get your sport related NFTs.
What is an NFT Marketplace?
An NFT Marketplace is a platform used to buy, sell, or create NFT’s (Non Fungible Tokens). These tokens represent ownership of a digital asset that is unique and is backed by blockchain technology.
Okay, eyes still may be rolling to the back of your head. Let’s try a translated version.
An NFT Marketplace is like any other platform (Amazon, Etsy) where its users buy and sell things. But in this case, they are buying and selling NFT’s using a digital currency.
Okay, so what exactly is an NFT or Non Fungible Token?
An NFT (Non Fungible Token) is a UNIQUE token that represents ownership of a digital asset, that cannot be replicated. This digital asset can be anything, from a digital photo, video, GIF, you name it.
When you buy or sell an NFT, the transaction is recorded and authenticated on a digital ledger or “blockchain”.
See? That’s not that difficult to understand.
If you’re still trying to wrap your head around the NFT world, maybe these examples will help:
1900’s: The Mona Lisa. There are millions of EXACT replicas, but does that mean they all have the same value? Of course not, because in the end, there’s only one Mona Lisa painted by Leonardo DaVinci himself. Rare and exquisite paintings are bought and sold by different auction houses like Christie’s or Sotheby’s, who are responsible for authenticating and recoding the transaction. These are typically bought with banks and national currencies.
2020’s: A digital asset is created and it could be literally anything, from a photo, video clip, or a video game collectible. An NFT is then created for this digital asset (almost think of this like it’s “paper document”) via a blockchain (typically Ethereum) to represent ownership. This is unique, there can only be one owner, and all transactions related to this NFT is documented and secured via the blockchain (think of the blockchain like a public bank). Creators and collectors then buy and sell these NFT’s, or the ownership rights of the digital asset, on an NFT marketplace.
Now that we’ve got that settled, what are the best NFT marketplaces? Well, that depends on if you are a collector or creator.
If you’re a CREATOR, you may want to go where there’s less fees or maybe a larger market of buyers.
If you’re a COLLECTOR, maybe you’re interested in a specific collection or want a large marketplace of options.
How Do I Choose an NFT marketplace?
- Marketplace Culture: What type of NFTs does that marketplace offer? If you’re looking to buy or sell NFTs of a certain kind, whether that is digital art, photography, or sports, you ‘ll want to make sure the marketplace you’re looking at is focused on that type of NFT.
- Fees: What are the fees associated with using the marketplace? If you’re spending top dollar on an NFT, those fees and gas prices can really stack up. Choose one with lower fees and on your preferred blockchain so you don’t lose too much money.
- Community: Does the marketplace have a strong community of users who are active and engaged? How well known is the digital art your interested in? This is important if you’re planning on holding onto an NFT to sell later. A large community increases the value of your digital asset.
- Crypto Wallet: If you’re buying an NFT, you’ll need to make sure that the wallet that you use is supported. Next, you’re going to want to make sure you have the correct crypto in your crypto wallet (typically it’s Ether, but there are many different types).
These are just a few of the factors you should consider when choosing an NFT marketplace, but ultimately the most important factor is that you love the piece you are buying.
Is there another NFT platform not mentioned in this list?
The ones we discussed above wrap up much of the most well-known NFT Marketplaces. There are still plenty that are emerging that I did not include on this list such as Decentraland, BakerSwap, Atomic Market, and Solanart. It seems like everyday there’s a new boutique NFT marketplace making their grand debut. I’ll be sure to continually update this list as other NFT marketplaces emerge.