Non-fungible tokens (NFTs) are unique digital assets in the form of artwork, music, films, and other media that you can own and trade for profits. They exist on blockchains, the foundation for cryptocurrencies like bitcoin and ethereum.
According to “The 2021 NFT Market Report” published by blockchain data company Chainalysis, the increased demand for NFTs resulted in the growth of the NFTs market to over $40 billion in 2021. And despite the current crypto market conditions, it still managed to experience sustained growth so far.
As a result of the growing popularity of this asset class, the number of platforms offering NFT sales has increased significantly. With so many options available, it could be quite challenging to choose the right platform to buy and sell NFTs in 2023.
In this article, we’ve handpicked the best platforms to buy NFT, their pros and cons, and what makes them stand out among other NFT marketplaces.
What you’ll learn
What Is an NFT Marketplace?
How Do NFT Marketplaces Work?
The Best Platforms to Buy NFT
Tips for choosing an NFT marketplace
FAQs
What Is an NFT Marketplace?
An NFT marketplace is a digital platform that allows users to buy, sell, and trade non-fungible tokens (NFTs). NFTs represent ownership of a piece of digital material, such as a work of art, a piece of music, or a collectible.
Artists, musicians, and collectors can display and promote their digital assets on an NFT marketplace. With the blockchain ensuring the security and legitimacy of the transactions, the platform serves as a central hub where users can browse and buy NFTs. NFT marketplaces also provide tools that allow for the development and management of NFTs,
The NFT marketplaces’ democratization of the art industry is one of its main advantages. Without the aid of middlemen, musicians, and artists can connect with a global audience and sell their work directly to their fans.
Each NFT platform works according to its own set of rules. Depending on the one you use, there may be different types of NFTs available, fees, payment methods, approved blockchains, and other unique features.
Some NFT marketplaces allow you to create or mint your own NFT on their platform which attracts a blockchain network fee. The fee varies depending on which blockchain network you decide to use to create your NFT. For example, Ethereum is the largest network for buying, selling, and creating unique, digital items. But it has the most expensive network fees.
How Do NFT Marketplaces Work?
The first step in purchasing or selling an NFT on a marketplace is to register for an account on the platform. You can browse through all of the available NFTs for sale once you register successfully. Next, You can either upload a digital asset or purchase an already-existing NFT from another user. The digital asset uploaded is then created as an NFT, given a special ID, and kept on the blockchain. A buyer can trade or sell the object later on thanks to the unique traits of the NFT which also serves as proof of ownership.
The price of the NFT is decided by the creator and the NFT marketplace and is based on the digital asset’s rarity and uniqueness. Users have the option of bidding on NFTs in an auction-style system or buying the asset outright. Since ether is the most widely utilized cryptocurrency for NFT transactions, the buyer must make payment in it.
After being purchased, the NFT can be exchanged for other NFTs or added to a digital collection. Like traditional collectibles, the value of NFTs is based on supply and demand because they are unique.
The Best Platforms to Buy NFT
Opensea is one of the biggest NFT platforms in the world. It provides a variety of unique digital assets, such as artwork, collectibles, and even in-game items. The platform includes an intuitive user experience that makes it simple for users to browse, find, and buy NFTs. OpenSea is a fantastic option for both buyers and sellers because it offers powerful tools for NFT creators to list and sell their works.
Many popular NFTs are listed there, including those related to art, music, photography, trading cards, and virtual worlds. And the core cryptocurrencies you can use on OpenSea are Ethereum (ETH/WETH), SOL, AVAX, USDC, BNB, and DAI.
Pros:
Numerous NFT options
User-friendly interface
Powerful tools for NFT creators
Simple NFT minting
Cons:
Excessive transaction costs
Insufficient mobile support
Frequent scams
Types of NFTs:
Art, collectibles, domain names, music, photography, sports, trading cards, utility, and virtual worlds.
Fees:
2.5% per transaction
Supported Blockchains:
Ethereum, Polygon, Klatyn, Solana
Supported Wallets:
Over 10 NFT wallets including Metamask, Coinbase Wallet, and Trust Wallet.
Rarible is a fair and open decentralized marketplace for NFT creators and buyers. The marketplace provides a broad selection of NFTs, including artwork, collectibles, and even digital real estate. For artists and collectors who want more control over their sales, Rarible is a great option because it enables NFT creators to establish their own prices and manage their sales.
Users can purchase and sell NFTs, video game assets, collectibles, and art on Rarible.
An interesting aspect of Rarible is that rather than solely allowing the team to decide on company strategies, it created its own native token called RARI, which lets holders vote on company decisions like company policy changes.
Pros:
Decentralized system
NFTs come in a wide variety
Creators can control pricing and sales.
Supports a variety of blockchains
Multiple wallet integration
Gas-free minting
Validation of the Creator and the Collector
Cons:
Interface is less user-friendly.
Insufficient mobile support
Fees on credit cards can increase.
Several NFTs are unavailable.
No deliberate anti-phishing protections
No mandated KYC check
Types of NFTs:
Art, photography, gaming, metaverse, and others
Fees:
2.5% trading fee
Supported Blockchains:
Ethereum, Flow, Tezos, Polygon
Supported Wallets:
Almost 20 different wallets including Metamask, Ledger, and Coinbase
Payment Methods:
Cryptocurrencies and credit card
SuperRare is a premium NFT marke
tplace that specializes in limited-edition, exclusive NFTs by well-known artists and creators. The platform makes it easy for buyers to find and buy rare and unique digital assets by providing a well-curated collection of NFTs. SuperRare is a fantastic option for dedicated collectors because it offers comprehensive information about each NFT, including provenance and history.
Buyers can have greater confidence in the quality of the NFTs here because SuperRare spends so much time examining it before it is made available for purchase and doesn’t accept “meme style” NFTs. When an NFT is first sold on the primary market, SuperRate charges 15% as payment for their services. The buyer additionally pays a fixed price of 3% of each transaction.
If you’re searching for high-end NFT artwork, especially more classical pieces, SuperRare can be a great option for you.
Pros:
Unique, premium NFTs
Informational details for each NFT
Carefully chosen NFTs
Curated list of artists
Partners with the traditional art world
Guaranteed royalty payments
Cons:
Limited NFT options in comparison to other platforms
More expensive
Only runs on the Ethereum network
Not suitable for first-time NFT traders
Types of NFTs:
Art
Fees:
3% fee on all purchases, plus gas fees. Gallery receives a 15% commission on the first sale.
BLockchain:
Ethereum
Supported Wallets:
MetaMask, Fortmatic, and Wallet Connect
Payment Methods
Ethereum only
Nifty Gateway is a celebrity-backed NFT marketplace. It sells limited-edition NFT drops from well-known brands and celebrities. The platform is well-known for its quick, in-demand NFT sales and has already hosted popular releases from artists like Grimes and the NBA. Users may easily find and buy NFTs thanks to Nifty Gateway’s user-friendly design.
Digital artist Pak’s “The Merge,” which sold for $91.8 million, was one of the pricey and exclusive NFT sales held at Nifty Gateway. When Gemini, which is run by the Winklevoss twins, Cameron and Tyler Winklevoss, acquired the site in late 2019, it gained media attention.
The primary focus of this marketplace is art, particularly works by well-known artists and celebrities. The “open editions” system is used by Nifty Gateway to increase demand. You can only purchase editions of new NFTs for a certain period once they are released.
It is possible to use a credit card to make purchases on this platform. If you’re hoping to invest significantly in NFTs and need access to premium NFTs, Nifty Gateway might be the best option for you.
Pros:
NFTs with celebrity endorsement User-friendly interface
High-demand, faster NFT sales
Custodial wallet option
Reduced (or no) gas fees
Accepts credit and debit cards
Cons:
A small variety of NFTs
Not beginner friendly
Lack of fee transparency
Only supports NFTs built on Ethereum blockchain
Limited types of NFTs
Slow customer support
Types of NFTs:
Art
Fees:
2.5% listing fee
Supported Blockchain
Ethereum
Supported Wallets
MetaMask
Payment Methods
Credit and debit card, Ethereum, Gemini account
In 2021, one of the biggest cryptocurrency exchanges, Binance, introduced an NFT marketplace. The typical digital assets featured on other big platforms, including artwork, games, and collectibles, are available on Binance NFT.
The fact that Binance NFT has extremely low transaction fees is a significant benefit. Only 1% is charged for each trade on the platform. Additionally, it has a user-friendly interface created with the same technologies and designs as it’s crypto exchange.
Binance has an advantage over other major players in the cryptocurrency market since it operates on its own blockchain. Users have the option of buying single digital items or mystery boxes filled with different curated collections. A “premium” and “standard” collection listing are also available on the platform. While NFTs from the regular collection are created by everyday users, the premium collections contain limited releases by well-known influencers.
Pros:
Beginner-friendly
Adequate liquidity
Deposits and withdrawals in fiat currency
Modern resources for authors to market collections
Supports diversity by allowing all users to mint and list NFTs
Cons:
Does not include a list of the most widely used mainstream NFT collections.
Requires KYC verification, which is often not necessary elsewhere.
Types of NFTs:
Collectibles, gaming, art, music, photography, collectibles, sports, virtual worlds
Fees:
1% flat fee
Supported Blockchain
Ethereum, BNB Chain
Payment Methods
Fiat, BNB, BUSD, and ETH.
Tips for choosing an NFT marketplace
First, keep in mind that an NFT (non-fungible token) simply represents asset ownership. You should first decide the type of digital asset you’re interested in buying, selling, or creating before selecting an NFT marketplace. Narrowing your interests is a good place to start because just about anything digital can be tokenized on a blockchain like Ethereum, the most popular blockchain network for NFTs. Items like written word, videos, video games, art, collectibles items, and many more can be created as NFTs.
The kind of tokens supported by an ln NFT marketplace is another factor. Some enable a broad range of tokens. Others adopt a particular unique token and are closed platforms in nature. Make sure to fund your blockchain wallet with the appropriate cryptocurrency or token before creating an NFT marketplace account so that you can partake in the site’s activities. Once you’ve created an account, you’ll be asked to link your wallet to the NFT marketplace.
Additionally, find out what kind of security is in place in the platform to protect digital assets and whether it has ever experienced any security breaches before. Also, read reviews and do your research to ensure that the platform you choose is safe for you.
Conclusion
In 2023, there are numerous platforms from which to purchase NFTs. Your particular needs and preferences will determine which platform is best for you. Each platform has its own distinctive features and benefits. There is the right platform for you, regardless of your preferences for a large selection of NFTs, an easy-to-use interface, affordable fees, or a community-driven approach.
OpenSea is a fantastic option for you if you’re looking for a user-friendly platform with a wide variety of NFTs and powerful tools for creators. If you want a decentralized platform that gives creators more power, Rarible is a good option. And if you want a high-end and exclusive type of Nft that contains detailed information, SuperRare is a fantastic option for you.
Frequently Asked Questions
Which blockchain is best for NFT?
Ethereum is the best and most popular blockchain for NFT development for a few reasons. First, it’s the largest and most used blockchain after Bitcoin. Second, it supports smart contracts, allowing developers to create new applications on Ethereum. And finally, it has a huge and vibrant community of developers and users. Making it easy for new NFT projects to thrive.
What is the biggest NFT platform?
OpenSea is currently the top NFT marketplaces as of 2023. It allows users to trade a wide range of non-fungible tokens, including art, censorship-resistant domain names, virtual worlds, trading cards, sports, and collectibles
What makes an NFT so expensive?
Some of the reasons why some NFTs are expensive are due to rarity and scarcity. Each NFT available in a collection has a unique identity. And out of the collection, some NFTs could possess more rare traits than others, boosting their worth as demand increases. Some NFT collections are also released in small numbers, so once they’re all gone, their price will increase because there won’t be any more NFTs available for purchase in the marketplaces.