Non-fungible tokens are unique tokens (that represent valuable assets) and aren’t divisible in the same way as Cryptocurrencies. CryptoKitties and CryptoCelebrities were the first examples of non-fungible tokens (NFTs).
Whilst there were several marketplaces for NFTs on the Ethereum Network based on the ERC721 standard, the CryptoKitties craze caused many people to try and get into NFTs and search for new NFT marketplaces to trade their collectibles.
NFT marketplaces are quickly becoming the preferred way to sell and collect crypto-related digital assets. In fact, NFTs have taken off so fast that many digital items have sold in millions. If you’re thinking about how you can take advantage of this new craze, here are 10 of the best NFT marketplaces that are currently active in 2022.
The OpenSea beta, which was released in December 2017, was the first open marketplace for any NFT on the Ethereum blockchain. Every transaction on the site is charged a 2.5% fee by OpenSea. Royalty rates can be set as high as 10%.
If you’re a first-time Ethereum user, you’ll have to pay One-Time Fees for specific transactions that are required to allow transactions between your Crypto Wallet and the platform.
MetaMask, Coinbase Wallet, WalletConnect, Fortmatic, Kaikas, Bitski, and Venly are a few wallets supported by OpenSea. The platform is good for collectors willing to buy and sell a variety of NFTs, and newbies in the NFT world.
Many platforms charge users fees to make NFTs, which are free on OpenSea. The marketplace offers some of the lowest commission rates for buying and selling NFTs. On OpenSea, Cryptocurrency is the only way to pay, thus you’ll need a cryptocurrency wallet to sell and buy NFTs.
You might also be interested in reading:
2. Axie Marketplace
Axie Infinity is a Sky Mavis-created NFT-based online trading and battle video game that uses Axie Infinity Shards (AXS) and Smooth Love Potion (SLP), both Ethereum-based cryptocurrencies. Users can earn AXS or SLP in the game, which can be then converted to ETH.
One of the key differences between Axie and a typical game is the potential to create complex player-owned economies and reward players who achieve high levels of skill. Users can have fun and work toward ambitious goals while also earning potential resources with actual monetary value, thanks to an open economic framework and demand from other players.
Players can shop for Axies, lands, and other assets on the Axie Marketplace. The MetaMask Wallet and Trust Wallet could be used on the platform. Ronin (a sidechain) is now the platform upon which Axie’s operations and transactions are conducted, which requires the use of a Ronin wallet.
Desktop and smartphone versions of the game are available with the opportunity to make a lot of money with Cryptocurrency. The game requires you to buy three Axies to start. Only Ethereum and Axie Infinity are accepted as payment methods on the platform.
CryptoPunks are collectible NFTs with 10,000 distinct 24×24 pixel digital art characters available. The name was inspired by the characters’ punk flair. There are also some unique zombies, apes, and extraterrestrial figures in the collection.
CryptoPunks is one of the first NFTs, being launched in November 2017 followed by CryptoKitties. Using the code on the Ethereum blockchain, anybody can check the legality and ownership of each CryptoPunk. You can use Metamask Wallet to buy and sell NFTs.
You might also be interested in reading:
4. NBA Top Shot
The NBA Top Shot Marketplace allows users to trade, buy, and sell Top Shot Moments, which are official video highlights of basketball games. Dapper Labs developed the platform, which has the NBA’s and NBA Players’ Association’s official endorsement.
The NBA Top Shot platform has generated over $205 million in sales since its introduction in October 2020, bringing comparisons to the Bitcoin phenomenon. Several people have already shared their stories of winning large sums of money through the NBA Top Shot, with several “moments” valued at more than $100,000.
NBA Top Shot is based on the Flow Blockchain, and each instant is secured by the blockchain, making each one unique. The NBA and the NBPA have licensed each NFT on the platform.
Every sale in the NBA Top Shot marketplace is subject to a 5% fee. There are no fees associated with listing and removing a moment from the platform.
You can use credit or debit cards to make purchases on NBA Top Shot Marketplace. Cryptocurrencies can be accessed using a wallet of your choice.
The presence of different NFTs linked with each NBA Top Shot moment confirms that the assets in question are genuine and owned by the NBA. In order to purchase the number of packs that are dropped on the platform, you’ll need a bit of luck to land important Top Shot moments. Issues have been observed with buying and selling packs, as well as unstable servers and a sluggish website.
SuperRare was founded in 2018 and mints, transacts, and verifies NFTs on the network using the Ethereum Blockchain. It’s a curated platform, meaning that only approved creators can create NFTs on the platform. A network artist creates each piece of art, which is then tokenized as a crypto-collectible digital asset.
A 3% transaction fee is charged on all transactions made on the site, which is paid by the buyer. A 15% marketplace fee is charged on primary sales, which is significant for NFT markets but low when compared to real art galleries, and a 10% royalty is charged on secondary sales.
The wallets MetaMask, Fortmatic, and WalletConnect are all supported by SuperRare. The sole Cryptocurrency accepted as a payment option is Ether (ETH).
Rarible, a multi-chain NFT marketplace with 1.6 million users and integrations with Ethereum, Flow, and Tezos, was founded in 2020. Digital art, collectibles, music and video NFTs, domain names, metaverse lands, wearables, and more are all traded on the platform!
The platform also includes the Rarible Protocol, a public, DAO-governed collection of open-source tools for developers and companies to create their own NFT projects and deploy customized NFT stores. MetaMask, Rainbow, Coinbase, Fortmatic, Portis are Wallets supported by Rarible.
For every sale, Rarible collects 2.5% from both the buyer and the seller. Rarible gives artists the option of receiving royalties of up to 50% in the future.
If this is your first NFT on the platform, you must pay the network fees to allow Rarible to communicate with your Wallet and to execute the Mint function (The Mint function is used to upload your file to the InterPlanetary File System and the Ethereum Blockchain).
In the future, transaction fees will be charged for the creation of more NFTs, but the amount may vary (depending on network congestion). If you choose the Free Minting option available on the platform, the fees to mint your NFT will be funded by the buyer, but your NFTs will be added to the Rarible collection. You must pay fees if you want your NFTs to be included in your collection.
The Foundation NFT Marketplace, launched in February 2021, takes a new approach to build an artist community on the platform. After selling their first NFT, an artist is given the option of using Creator Invites to invite other artists to join the platform due to which fraudsters cannot easily have access to the platform.
In a primary sale, the artist receives 85% of the proceeds. The original creator receives a 10% royalty for a secondary sale. The Metamask Wallet is supported by the Foundation NFT Marketplace. You can sign up for free or get invited for free, but selling or reselling NFTs are chargeable activities.
8. Nifty Gateway
Duncan and Griffin Cock Foster launched Nifty Gateway, a digital art online auction portal for NFT art, in 2018 (eventually acquired by the Winklevoss twins). This platform allows creators to decide on their own royalties rates.
Collectors on NiftyGateway do not have to pay for gas to make or buy NFTs. Users can also withdraw their NFT for free to an external wallet at any time. Nifty Gateway takes a 5% + 30 cents commission on secondary sales to cover card processing fees.
Gas prices for transferring NFTs onto Nifty Gateway would be the responsibility of the collectors. Metamask is supported by Nifty Gateway. On Nifty Gateway, you can buy NFTs with credit cards.
Decentraland is a virtual reality platform built on the Ethereum blockchain that allows users to claim virtual land as their own (on a blockchain-based parcel ledger).
Virtual land is a digital asset that is non-fungible, transferable, and limited. It’s possible to get it by purchasing MANA (Decentraland currency). MANA can also be used to make in-person purchases of digital goods and services.
Decentraland may be viewed on a PC or Mac using Chrome or Firefox, and it can be used on several computers if your digital wallet is installed on each one.
Transactions on Decentraland Marketplace are subject to a 2.50% MANA burn fee (burned MANA tokens are removed from circulation).
Moving MANA might be very costly due to high Gas Fees. It’s difficult for new individuals to join since it’s difficult to figure out how to receive MANA, fund your wallet, and buy expensive gas prices.
Mintable is a collection of Smart Contracts that work together to allow non-programmers to create digital things on the blockchain without knowing how to code or program. The site also offers a variety of paid services, including:
- The artwork listing is made popular among the entire Minatble community on social media platforms such as Twitter, Instagram Stories, and Discord.
- A tweet, an Instagram story, and a Discord shoutout to promote the artwork’s listing.
- Assistance to involve news outlets to carry a press release regarding the NFTs and the blockchain store.
Normal items have a transaction rate of 2.5%, gasless items have a transaction rate of 5 percent, and printed items have a transaction rate of 10%. NFTs are simple to buy, sell, and produce on this platform.
Choosing Marketplaces to get into NFTs is not difficult, but planning for them could perplex many people. NFTs like other financial assets need proper planning for their smooth transfer to Beneficiaries after the owner’s death or sudden incapacitation.
Digital Assets are often overlooked when it comes to Estate Planning but whether personal or financial, these digital footprints create your Digital Legacy which should be preserved and passed down to your family members once you’re no longer able to handle them. With Clocr, you can opt for a Digital Estate Plan which is an efficient way to protect all your Digital Assets at once!