Top NFT Marketplaces. How to Find the Best for Your Needs?
The market for NFTs is legendary: only here can you take a selfie, mint it, and sell it for quadruple digits. Or millions. Never in humankind’s history did so little stand between your and millionairedom. But where to do it?
Before you proceed, we have to warn you that
- this isn’t investment advice
- people lose money even on Cryptopunks,
- only a small number of NFTs get sold, and
- cybercrime numbers are growing exponentially.
There’s a lot to gain here, but also a lot of risk. Which is why you have to get everything right, and that includes choosing a good NFT marketplace.
OpenSea: most democratic
OpenSea is one of the largest and most well-known NFT marketplaces in the world. It provides users with a wide selection of digital assets, ranging from gaming items to artwork and collectibles. The platform allows users to buy, sell, and trade NFTs in a secure and transparent environment, which is also very easy to use.
Interface transparency and simplicity are the key features of next-generation crypto systems, so if you’re seeing intuitive and relatable design, the chances are, you’re in the right place.
The platform also features a number of tools and services, such as ratings and reviews that help buyers make informed decisions. The platform is entirely built on smart contracts and atomic transactions (the so-called “minimal trust” UI), so payments are safe and easy. OpenSea also provides a dispute resolution system, so if any issues arise, there is a way to resolve them in an efficient manner.
Other remarkable things about OpenSea are a recent addition of functionality that allows listing your NFTs for free rather than paying exorbitant and unpredictable Ethereum gas fees known worldwide for sharking up your money before you know what’s going on.
The team behind OpenSea is also remarkable: Alex Atallah is a Stanford graduate who grew up in a family of a Colombian immigrant, and Devin Finzer is a computer science graduate with experience as a Google engineer.
OpenSea is also a platform of choice for hardcore crypto enthusiasts due to its lack of KYC.
Overall, OpenSea is an excellent choice for those looking for a secure and reliable platform for trading NFTs. Once again, in this business, if you want to evaluate the project, assess the team.
Binance NFT marketplace: most secure
If you claimed Binance is the biggest exchange in the world, you wouldn’t be far off.
Binance NFT marketplace is a platform where users can buy and sell NFTs, with a focus on tokenized artwork. Binance offers a wide selection of artwork from various artists, making it easy for users to find something that fits their taste. Additionally, Binance has partnered with some big names in the industry like Futurama and Jimmy Choo, which has helped expand their selection.
Sellers can easily list their artwork on the platform and set their own prices, giving them more control over their work and their profits. Furthermore, Binance takes a small percentage of the sale price, making it easy for sellers to earn more from their work. Binance Academy is just around the corner should you feel overwhelmed with questions, and there is also a live chat option (although if you’re stuck and looking for Binance support to get back to you, bring a book).
Notice that there is a KYC process, which, depending on your background in crypto, you may consider a blessing or a pitfall (but traditionally KYC systems are thought to be more secure).
If you’re into game NFTs, there’s definitely a place for you on Binance among Game Offering (IGO) enthusiasts.
Overall, Binance NFT is a great option for anyone looking to get into the NFT market. With its simple user interface and wide selection of artwork, buyers can easily find something that suits their needs.
Sellers can also benefit from the platform, as it offers low transaction fees and the ability to set their own prices. The biggest comfort here is that Binance is supposedly “too big to fail” (in a good way).
Rarible: most technologically advanced
While Binance is great for (supposably) safety and OpenSea is democratic in the sense that it doesn’t have much in terms of entry requirements, Rarible made this list for being quite technically phenomenal.
Rarible is one of the leading NFT marketplaces out there today. It is a decentralized marketplace built on Ethereum, allowing users to buy, sell, and trade their digital collectibles.
The platform also features its own token, RARI, which can be used to purchase NFTs, participate in governance decisions and facilitate transactions.
One of the most attractive selling points here is its ease of use. It’s user-friendly design allows for a seamless and smooth trading experience.
Not only that, but it has several features that make it stand out from the rest of the NFT marketplaces, like a keen interest in game NFTs and involvement with the famous Yearn Finance project (you may remember their token that outperformed Bitcoin, going from $3 to $43 000 in less than 2 months, and peaking at $93,435.53 in 2021).
Rarible offers interesting new functionality like trading tokenized insurance policies, and basing its platform on non-custodial ownership, making them unable to help themselves to the funds if they wanted to. Simplicity of usage and bountiful opportunities are always an irresistible combination.
Another great thing about Rarible is its unique marketplace mechanics. The platform uses an “open-bidding system”, which means that users are able to place bids on any listing they like. This adds an element of competition to the marketplace, driving prices higher and enabling sellers to benefit more.
Finally, Rarible is also very secure and reliable. All of your purchases are stored on the blockchain, ensuring that no one else can tamper with your data or access it without your permission.
The most interesting point here is Rarible’s attempt to move to a community-run system where governance is based on user decisions (even though it seems that will take some time). But it’s a nice thought.
All in all, Rarible is one of the most popular NFT marketplaces out there for the technical functionality it offers, and disarming simplicity.
Bonus material for enthusiastic readers: SuperRare, Magic Eden, Foundation, Blur
Not a mainstream fan? Here are a few more secluded marketplaces that also have their advantages (i.e. less popular platforms are less often targeted by hackers, so that could be your rationale):
- SuperRare: exclusive stuff, platform’s bar for quality is very high, thus more chances to come across something truly valuable
- Magic Eden is something of a new level in NFT Marketplace evolution. Add to that low gas fees and a surprisingly cute name, and the temptation to visit to collect an apple or two becomes irresistible. Warning! Snake sightings in this area (but that was a while ago).
- Foundation for art: an intuitive interface and 10% secondary sales soon made it a hotspot for NFT enthusiasts all around the world.
- Jack Dorsey’s Blur is your best choice if you’re after lightning-fast speeds and lower gas fees.
Alex Atallah Devin Finzer Jack Dorsey Binance Bitcoin Ethereum TRON