The Best NFT Marketplaces for 2021
Creators and collectors of digital art constantly think of the best NFT marketplace to buy and sell non-fungible tokens. While NFT fans can use numerous platforms to mint and exchange digital assets, not all platforms give users the best experience. Some of the best marketplaces for buying and selling NFTs in 2021 are highlighted below. These platforms are secure, provide a great user experience, and have high transaction volumes. However, users must consider a few factors before selecting which marketplace is best for them.
Factors to Consider When Selecting an NFT Marketplace
The type of currency accepted in a marketplace, the kind of digital art available for sale, and the fees required to mint and collect digital art are all factors an NFT fan must consider before choosing a marketplace.
1. Type of Currency: Different marketplaces have different offers. Some marketplaces allow users to buy and sell digital assets using fiat. However, the majority of NFT platforms only accept crypto assets. The currency used on the marketplace typically depends on the blockchain the platform functions on.
NFT marketplaces built on the Ethereum network accept ETH tokens for transactions, platforms based on the Solana network utilize SOL tokens as fees, and XTZ is the native token used on Tezos-based marketplaces. Interestingly, some marketplaces accept more than one type of crypto asset.
2. Type of NFT: Another factor that should be considered is the type of NFTs different marketplaces specializes in. It could be music, collectibles, digital art, sport, or games.
3. Gas or Transaction fees: NFT marketplaces utilize gas fees for transactions. These fees are deducted when minting or transferring an NFT art from one user to another. These fees vary depending on the platform. Usually, the gas fees on NFT projects built on the Ethereum blockchain are higher than those on other chains like Solana and Reef chain. Digital art traders can select a marketplace that suits their budget. From the trader’s perspective, gas fees play a role in determining the best NFT marketplace to trade on.
The Best NFT Marketplaces in 2021
Different marketplaces have different characteristics that make them suitable for NFT fans. Some of the best NFT marketplaces in 2021 have been selected, and their unique features are highlighted below.
OpenSea is one of the most famous marketplaces for trading digital assets. The platform permits users to mint and sell digital collectibles, artwork, domain names, and other virtual items. One factor that has attracted multitudes to this marketplace is the low gas fees required for minting digital tokens. OpenSea supports ERC-721 and ERC-1155 token standards.
Also, users can easily view items they have collected by clicking a button. It is also easy to view the prices NFTs have gone for in the past, so price evaluation is seamless. Anyone can create and sell NFTs on Opensea because of its excellent user interface and ease of use.
Rarible is a decentralized NFT marketplace. This gives the platform a slight edge over OpenSea, which is centralized. RARI is the governance token of the platform. Buyers and sellers of NFTs on Rarible get RARI tokens as an incentive for utilizing the marketplace.
NFT collectors can use Rarible to mint new NFTs, sell decorations, and put a snippet of their collection on display. The marketplace is perfect for art curation. Artists can customize their digital art and earn royalties every time art is sold or transferred from one wallet to another.
SuperRare was launched in 2018 and currently boasts over $90 million in NFT sales. SuperRare supports a crystalline record of ownership for digital art. The marketplace only works with a few digital artists with a proven track record of creating exceptional art. This makes the platform one of the best NFT marketplaces for trading digital art. There are tons of unique and high-quality artworks on the SuperRare. Although the marketplace is fantastic, its seller fee is relatively high. This puts off some sellers from using SuperRare.
Nifty Gateway is one of the best NFT marketplaces for creators to showcase their work. The marketplace became more popular in 2019 when Gemini acquired it, one of the largest exchanges in the world.
Nifty collaborates with top creators to release NFT drops to the public. They also allow users to buy NFTs with fiat currency. The platform is particular about quality, differentiating it from many other NFT marketplaces. Nifty Gateway guarantees everyone actual ownership of the digital arts purchased. Once an item is purchased, it belongs to the buyer, and it cannot be retrieved by anyone else, not even the creator.
Since the platform only partners with a few talented artists, low-quality artworks do not stand a chance in this marketplace. This benefits both the buyers and the sellers on the platform. The seller earns by dropping their limited digital arts while the buyers make money by reselling at a higher price. Nifty Gateway is also easy to use because of its multiple payment options. Users can purchase NFTs with their credit cards or crypto assets like Ethereum.
Foundation is one of the leading NFT marketplaces that supports art curation. The platform integrates both 2D and 3D digital art. Creators on Foundation have cumulatively earned a whopping sum of $120 million. The marketplace has hosted some famous arts like the Edward Snowden NFT, which sold for $5.4 million, and the Nyan cat artifact which sold for $500 thousand.
An invite is required to mint and sell NFTs on this platform, even if you already have an account. After joining, invited artists can now mint and sell their digital assets. Foundation purchases NFTs from creators; then an 85% commission goes to creators on primary sales while creators earn an additional 10% from secondary sales. Users can also invite fellow creators to join the platform.
The relatively low gas fees for transactions on the Solana blockchain have attracted a lot of crypto users to the network in the past year. As a result, NFT marketplaces like Solanart, built on the Solana blockchain, have seen a boom in users. Unique NFT collections like Degenerate Ape Academy and Unique Punks sold on Solanart have raked in hundreds of millions of dollars.
Gas fees on the Solanart market are paid with SOL and are usually very low or negligible. You can start buying and selling NFTs after connecting your NFT supported Solana wallet to the platform. The primary concern of the Solanart marketplace at the moment is its limited collection of digital art. However, more NFT based projects are coming up gradually. To keep up with a project of interest, you can join their community on Twitter.
KnownOrigin is an NFT marketplace that makes it easy for digital creators to authenticate, display and put up their digital arts for sale. They aim to empower digital creatives worldwide to monetize their works.
Users who wish to sell their art on this marketplace must create a profile page. Artists tokenize their digital artwork via this NFT marketplace. Once an item has been uploaded to the gallery, the artist controls the number of copies to be duplicated. Once all digital assets are sold, more copies will never be created again. The transparency of this platform is what makes it one of the best NFT marketplaces.
The transaction history is accessible to anyone, and it can be traced on the blockchain. An 85% commission goes to the artist for primary sales while 15% belongs to KnownOrigin. For secondary sales, 87% belongs to the seller, 10% belongs to the artist, and 3% belongs to the platform. Like many other NFT marketplaces, the digital currency used for transacting on KnownOrigin is ETH.
Unlike many other NFT marketplaces, Mintable presents users with two options to mint an NFT — the traditional and gasless method. The traditional method is similar to other NFT marketplaces where you pay some gas fee to mint the NFT. Meanwhile, you don’t pay any fee for the gasless method to mint the NFT.
The traditional method involves a transaction. This means that the NFT you want to mint will be immediately recorded to the blockchain. Gasless NFTs are not registered on the blockchain until it is sold or transferred. So you own it, it exists, and it has an identity, but it only exists as a representation on the Mintable platform. Thus, users can mint items and only pay the gas fee once the asset is sold or transferred.
An NFT can be viewed in a user’s profile after minting. The platform allows creators to decide whether to transfer copyright to the buyer or not. When copyright is transferred, the buyer can use the NFT art commercially or any other way he chooses.
Binance NFT Marketplace
Binance marketplace is currently one of the best NFT marketplaces owned by an exchange. The exchange partners with artists, creators, and crypto enthusiasts to create and sell NFTs. It features all forms of digital arts and collectibles.
To get an NFT account, you must have a regular Binance account. This will give you easy access to the Binance NFT marketplace. Buyers can use BNB or BUSD to purchase NFTs on the marketplace. Binance marketplace is centralized, and only a few selected artists can feature their art on the marketplace. Also, traders need complete identity verification to trade NFTs on the marketplace.
The NFT marketplace for AtomicHub was built on the WAX and EOS blockchain. For beginners, the platform suggests logging in using the WAX cloud wallet. WAX cloud wallet makes interaction with the WAX blockchain easy. The beauty of the WAX blockchain is its transaction fee which costs nothing or close to nothing.
Minting an NFT on the AtomicHub is very cheap. To mint NFTs on AtomicHub, you first have to create a collection. A collection could be compared to a brand—for example, a brand of sneakers such as Nike or Adidas. The next step after creating a collection is creating a schema. A schema is something like a snicker model like the Nike Air Jordan or the Nike AirForce 1, where each shoe model has its characteristics and attributes such as the lace color, sole color, and size. Similarly, NFTs that belong to the same schema have the same attributes, but different values of these attributes. After creating a schema, you can now mint your NFT and list it for sale.
Kalamint is an NFT marketplace built on the Tezos blockchain. Although Kalamint is relatively new and has a fewer collection of digital art, the marketplace is excellent for creating and selling NFTs. The native currency used for minting and selling digital art on the marketplace is XTZ.
The platform has a lot of incentives for NFT fans. NFT airdrops are usually done on the marketplace and raffle draws. Fans of digital art can subscribe to the platform’s social media handles to get recent info on NFT drops and raffle draws.
Digital Art Creation and Sales
Creating and listing digital art for sale is not as tricky as creating physical art. Since the user needs to pay gas fees for minting, a funded wallet is required. The basic steps needed in minting an NFT are listed below.
- Create a digital wallet — While many wallet options exist, many creators use the MetaMask wallet or Atomic Wallet.
- Fund the wallet with the required crypto-asset — This is usually Ethereum since many NFT marketplaces utilize Ethereum. Although, users should take note of the currency compatible with the marketplace being used before funding their wallet.
- Connect your crypto wallet to the platform — This can be done in a few clicks.
- Upload your digital art to the marketplace — Digital art could be a picture, music, video, or any other content compatible with the marketplace you are using.
- Customize your options and describe your asset — A creator is usually given the option to set a price for the digital token or list the item for auction. Many platforms also offer other customizable options.
- Pay the Minting Fee — The minting fee is deducted from the funds available in a creator’s wallet. Once the transaction is successful, the item will be available for sale on the marketplace.
Once your digital art has been listed on a marketplace, buyers can decide to make purchases on the spot or place a bid for the asset. Some platforms allow users to set a stop-limit order for digital assets. This enables users to benefit from the price fluctuations of digital assets.
While no particular platform can be singled out as the best NFT marketplace, all the marketplaces listed above are great for NFT lovers. Many crypto exchanges like Binance, Gemini, Gate.io, Kucoin, and Okex have recently integrated NFTs on their platforms. With the increasing rise in interest in this niche, it is expected that the digital asset market will keep growing exponentially. This will surely benefit NFT creators and collectors who are early adopters.