NFT has taken the world by storm and it’s gaining public attention, following Jack Dorsey (former Twitter CEO) selling his first-ever tweet as NFT for $2.9 million.
The incredible sales in digital art/assets is topnotch as NFT has aroused the interest of the masses to look into the space. However, the NFT marketplace is an essential tool for entering the NFT space.
- What Is NFT Marketplace
- Brief Explanation Of NFT
- Best NFT Marketplace
While a variety of artists are already conversant with NFT, making use of a mere NFT marketplace is uncalled-for. Hence, it’s crucial to utilize the best NFT marketplace that guarantees security and is widely used.
In this article, we will be discussing the best NFT marketplace to use for your NFT activities and you will also get to understand the meaning of the NFT marketplace if this is your first time hearing about it.
What Is NFT Marketplace?
NFT marketplace is a platform created and developed to serve as a medium for buying and selling digital assets.
It is developed to enable users to create and collect NFT on the platform, users can mint NFT on the platform and auction it for collectors to place a bid.
NFT marketplace enables users to discover a variety of NFTs collection by navigation through the platform, a user can go to this platform and buy a particular NFT, which will be credited to their wallet immediately after the transaction is being completed on the blockchain.
Simply put, the NFT marketplace is a platform created to enhance the adoption of NFT as it is considered the major center of connecting collectors and creators.
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Brief Explanation Of NFT
NFT is a digital item stored on the blockchain that represents a unique asset, it has a distinguishing feature that makes it “Non-fungible”.
It is a non-fungible token, which means it can not be interchanged with each other. NFT is used to tokenize a unique asset on the blockchain, which makes it verifiable and authenticated to eliminate duplication.
Best NFT Marketplace
According to the research conducted, below are a few lists of the best NFT marketplace to use in 2022.
OpenSea is one of the best NFT marketplaces, it is a digital marketplace on Ethereum blockchain that claims to be the first and largest marketplace in the world for non-fungible token and crypto collectible that enable buying, selling, and discovering limited digital items.
OpenSea allows users to create a customized marketplace on their domain which will be fully integrated into user projects. It also allows users to set a fee on the secondary sales of their items which enables the user to get a commission whenever an item is sold.
Moreover, OpenSea also provides a first-in-class platform that consists of an API, SDK, and developer tutorials for users to get acquainted with the knowledge of developing smart contracts and also to interact with NFT data.
OpenSea NFT marketplace has accommodated over 460.13k with $3.63B trading volume in the last 30 days.
LooksRare is an NFT marketplace created and developed on Ethereum blockchain that enables users to create, collect and discover NFT. LooksRare claims to be the community-first NFT marketplace that values community participation on the platform by actively rewarding creators and collectors on the platform.
This reward is distributed to users in the marketplace native token (LOOKS), a cryptocurrency minted on Ethereum blockchain. Users earn LOOKS tokens when they trade an NFT on LooksRare platform, the buyer and seller earn LOOKS for their trading volume except for private sales.
The LooksRare platform charge 2% fees on every trade on the marketplace and 100% of the fee is distributed to LOOKS stakers.
Although, users should use LookRare marketplace cautiously as its smart contract is yet to be verified.
Magic Eden marketplace is an NFT marketplace on the Solana blockchain.
Magic Eden claims to be the leading NFTs marketplace on the Solana blockchain that enables users to create, buy/sell and discover NFTs on the Solana blockchain.
It allows users to list their NFT at zero cost, it also takes a 2% fee only on every transaction.
Magic Eden is also developing an NFT launchpad, the aim is to help creators mint NFT collections with no technical know-how.
SuperRare is a peer-to-peer marketplace for digital collectibles, it is an NFT marketplace on Ethereum blockchain that allows the creation, collection, and trading of unique digital artwork
SupareRare enables users to create digital artwork in the network which is known as NFT, that is tokenized on the blockchain as crypto-collectible digital items to verify ownership and make it tradeable on the SuperRare marketplace.
It takes a trading fee of 3% which is paid by the buyer of the digital collectible.
Rarible is an NFT marketplace that is available for use in three different blockchains which are Ethereum, Flow, and Tezos.
It allows users to create, buy and sell NFT on the three blockchains. It has appealing features that allow multiple edition NFT and timed auction.
The marketplace comprises digital art, music and video NFTs, domain names, wearables, metaverse lands, etc.
It also had a sub-product named “Rarible Protocol”, which is a DAO (Decentralized Autonomous Organization) governed tool that allows developers to build their NFT project. It also has a governance token (RARI) minted on the Ethereum blockchain to enable power to belong to the community for decision-making in the ecosystem.
Furthermore, it currently has 1.6 million users with $274M in trading volume, the marketplace takes 2.5% on every trade.
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NFT marketplaces vary in terms of fees, blockchain network, digital art typical. You should only make use of the NFT marketplace that satisfy your need based on your preference.
If you’re a collector or creator, an NFT marketplace that’s widely used is not enough, but you should also analyze the platform security feature, the trading fee etc.
However, this article is not a recommendation to use any of the aforementioned NFT marketplaces as it is purposely for financial advice.