The popularity of Non-Fungible Tokens (NFTs) has increased over the past few years with CryptoKitties being one of the pioneers. These pioneered NFTs created a whole new market where there were none before and brought attention to the upcoming boom in NFT speculation.
The NFT space is rapidly growing and if you want to get into NFTs, it is important to know the best NFT Marketplaces. For newcomers, making the right choice can be difficult, so here are the 15 NFT marketplaces to try out in 2022.
OpenSea was founded in December 2017 by Devin Finzer and Alex Atallah and was the first-ever NFT Marketplace on the Ethereum Blockchain. With more than 600,000 users and 80 million NFTs available on the platform, OpenSea is easy to use making it one of the choices usually opted for by beginners. Currently, OpenSea supports Ethereum, Polygon, and Klatyn Blockchains.
OpenSea takes 2.5% of every transaction that takes place on the platform. Royalty rates can be set up to 10%. Transaction fees on Ethereum are known as Gas fees. You need to pay for gas fees while sending Cryptocurrency to some other wallet or buying an NFT.
You need to pay One-Time Fees for some transactions that are needed to permit transactions between your Crypto Wallet and the platform if you’re a first-time Ethereum user. These One-Time Fees are of two types:
- Fees For Account Registration
Before listing an NFT on Ethereum(in case, you are selling NFT for the first time), a fee for account initialization needs to be paid. Depending on Ethereum network congestion, the cost of this account creation charge may fluctuate significantly.
Because you are enabling OpenSea and your wallet permission to transact and allowing OpenSea to access NFT products when future sales occur, it will be slightly more expensive than a regular Ethereum transaction.
- Fee For Approval Of A Token Or Contract
A one-time approval fee is needed to authorize transactions between an NFT collection contract (for instance, Bored Ape Yacht Club) and your wallet. For people listing an auction for the first time WETH (a type of ETH used for auctions) approval is also required. Using Cryptocurrencies like USDC or DAI requires Token Approval.
On the Ethereum Blockchain, you need to pay fees every time (Recurring Fees) if:
- You buy NFTs
- You cancel a listed NFT.
- You cancel a Bid.
- An offer is accepted.
- WETH is converted back to ETH, or vice versa.
- You transfer or gift NFTs to someone
- You freeze your metadata
- Transferring ETH to and from Polygon.
Some actions do not require you to pay gas fees, like:
- Making a fresh NFT.
- Putting an NFT up for auction (WETH is only required when accepting or making an offer).
- Lowering the cost of an NFT that you’ve listed.
- Putting together a collection.
An NFT can be listed at a fixed price.
Binance NFT has grown to become the world’s largest and fastest-growing centralized NFT marketplace, selling over 1 million NFTs and cooperating with over 800 developers since its launch in June 2021. There are 3 product lines available on the platform:
• Events: Through Events, you can purchase premium and limited-edition NFTs designed.
• NFT Marketplace: This is the place where you can make an NFT, buy NFTs, or put a bid on them.
• Mystery Box: A Mystery Box contains an NFT which is unknown to the buyer until they open it.
Binance NFT Marketplace has set a flat 1% trading fee. Sellers pay only a 1% royalty charge to the original creator of the NFT.
Binance NFT Marketplace supports WalletConnect, MetaMask, and Binance Chain Wallet.
3. Nifty Gateway
Duncan and Griffin Cock Foster founded Nifty Gateway in 2018 (later acquired by the Winklevoss twins), a digital art online auction site for NFT art. This platform allows creators to choose the royalty charges all by themselves.
On NiftyGateway, collectors do not have to pay Gas costs to make or buy NFTs. Also, users can withdraw their NFT to an external wallet for free at any time. To cover card processing fees, Nifty Gateway takes a 5% + 30 cents commission on secondary sales. Collectors will be responsible for Gas fees to transfer NFTs onto Nifty Gateway.
Nifty Gateway supports Metamask.
Rarible, founded in 2020, is a multi-chain NFT marketplace used by 1.6 million people and is integrated with Ethereum, Flow, and Tezos. The platform is open to the trading of digital art, collectibles, music and video NFTs, domain names, metaverse lands, wearables, and more!
Developers and enterprises can also develop their own NFT projects and deploy customized NFT stores on the platform through the Rarible Protocol, a public collection of open-source tools governed by the DAO.
Rarible takes 2.5% on the buyer side as well as on the seller side for every sale. If you’re creating your first NFT on the platform you need to pay fees to the network for:
- Authorizing your Wallet to interface with Rarible.
- Calling the Mint function which sends your file to the InterPlanetary File System (IPFS) and the Ethereum Blockchain.
- Transaction fees will be applicable for creating more NFTs in the future, but the amount will vary (depending on network congestion).
The fees to mint your NFT can be covered by the buyer if you choose the Free Minting option but it would add your NFTs to the Rarible collection. If you want your NFTs to be part of your collection then you need to pay charges.
Launched in February 2021, the Foundation NFT Marketplace opts for a unique way to create the artist community on the platform. After an artist has sold their first NFT, they get the option of Creator Invites through which they can invite other artists to join the platform.
In a primary sale, the artist gets 85% of the sale. For a secondary sale, the original creator gets a 10% royalty.
The Foundation NFT Marketplace supports the Metamask Wallet.
A marketplace for digital artworks, SuperRare offers unique, limited-edition works for sale. Based on Ethereum, it serves as a marketplace for non-fungible tokens (ERC-721 NFTs).
All purchases are charged with a 3% transaction fee. On primary sales, 15% of the sale is taken by the Marketplace while artists get 10% in royalties for secondary sales.
SuperRare supports MetaMask, Fortmatic, and WalletConnect Wallets.
Solanart is a fully functional NFT marketplace based on Solana (a blockchain). When a creator lists an NFT for sale, it is saved on the marketplace program’s Temporary Account and added to a database that saves the sale’s details. When someone buys the NFT, the program sends the SOL amount from the buyer to the seller before unlocking the NFT and sending it to the buyer.
Solanart charges a 3% Marketplace fee on the selling price of an NFT.
Decentraland is a virtual reality platform powered by the Ethereum blockchain where the users claim ownership of virtual land (on a blockchain-based parcel ledger). The virtual land is a non-fungible, transferable, and scarce digital asset. It may be obtained by purchasing MANA (an ERC20 token).
MANA can also be used to buy digital goods and services in real life. Decentraland can be accessed using Chrome or Firefox on a PC or Mac and can be operated on several computers as long as your digital wallet is installed on each one.
Decentraland Marketplace charges a 2.50% MANA burn fee for transactions. MANA tokens that have been burned will be removed from circulation. Users will be charged Gas fees when using the Tools in the virtual world.
Players can opt for the Metamask Wallet.
9. NBA Top Shot
NBA Top Shot is built on the Flow Blockchain, where NBA fans buy and sell Moment or NFTs of their favorite players and teams. The blockchain secures each moment, making every Moment unique. Each NFT on the platform is licensed by the NBA and NBPA.
The NBA Top Shot marketplace charges a 5% fee on every sale. No charges apply to list and remove a listed moment on the platform.
You can make transactions on NBA Top Shot Marketplace using credit or debit cards. Cryptocurrencies can be used through a Wallet you prefer.
10. Axie Infinity
Axie Infinity, which debuted in 2018, is a game universe populated by fascinating creatures known as Axies, which players can acquire as pets. Players fight, breed, collect, grow, and construct kingdoms for their Axies in order to win the game. Players can own, purchase, sell, and trade commodities gained in the game.
Gas fees at Axie Infinity are different for deposit and withdrawal of ETH, AXS, SLP, or USDC and keep on varying.
Users can opt for MetaMask and Trust Wallet. Axie’s operations and transactions are now taking place on Ronin (a side-chain), and a Ronin wallet is required to interact with it.
MakersPlace launched in 2016 is an NFT Marketplace that is invite-only to this date, but artists can fill out their creator application to use the platform. This NFT Marketplace is compatible with ERC-721 tokens and ERC-20 tokens (when wrapped with ERC-721 token).
Users pay the transaction fees associated with blockchain engagement. A 0.5% commission fee needs to be paid on validated 3rd party artworks sold on MakersPlace.
For MakersPlace native projects 15% commission fee is charged for primary sales and 2.5 % for secondary sales, with 10% going to creators as royalties. The terms of the contract for the platform on which the artwork was originally created are used to compute artist royalties.
Customers can buy digital creations with Ether using third-party wallets like MetaMask, Coinbase Wallet, or Trust Wallet.
Launched in April 2018, KnownOrigin divides the Primary and Secondary Marketplace where buyers can easily select their choice of artworks.
For Primary sales, KnownOrigin charges a 15% fee in marketplace commission. If many people have collaborated on an artwork, the fee is split between the participants. For Secondary sales, the seller gets 85% of the sale price while the original creator gets 12.5% in royalty while the platform gets 2.5% of the sale price.
You can use MetaMask, WalletConnect, Fortmatic, Portis, and Coinbase Wallet on KnownOrigin.
Mintable is a group of Smart Contracts that work together to allow regular people to manufacture digital objects on the blockchain without needing to know how to code or program. The platform also provides multiple paid services like:
- The listing of the artwork is shared with the entire community of Minatble present on social media like Twitter, Instagram Stories, or Discord.
- A Twitter Post, Instagram Story, and Discord shoutout to popularise the listing of the artwork.
- A press release about the NFTs and the blockchain store across hundreds of news websites.
The Transaction fees applied on normal items is 2.5%, on gasless items, it is 5%, and it is 10% on printable items.
Mintable supports Metamask.
BakerySwap launched in September 2020 is a Binance Smart Chain-based automated market maker and non-fungible token (NFT) marketplace. It is powered by BakeryToken (BAKE), a $6.35 cryptocurrency with a market cap of $1.2 billion.
BakerySwap charges a 0.30% fee on each trade.
BakerySwap supports Binance Chain Wallet, Metamask, WalletConnect.
15. Async Art
Async Art launched in February 2020, allows users to create, collect, and trade digital paintings divided into Layers that may be used to alter the overall image. The platform has seen over $11.4 million in bidding and $4.3 million in sales volume to this date.
When an artist sells a piece originally created with the Async Canvas tool, Async takes 10% of the sale and 1% of any secondary sales. Artists receive 10% royalties on secondary sales.
On Primary sales of limited edition artworks, the platform takes about 20-30% of the sale price. Artists receive royalties of about 10% on the resale of their artwork.
Transactions on Async Art can be easily done with the Metamask wallet.
A few years back, nobody could have predicted the kind of attention Digital Art or collectibles are getting and the ways digital artists are selling their artworks for huge amounts of Cryptocurrency and Fiat money. This new trend has helped many people gain financial assets of huge value but has brought a new concern as well.
Many people are still unaware or are rather confused about the suitable ways to secure and plan for these Digital Assets which could be easily lost or forgotten if the owner dies abruptly or becomes incapacitated.
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