Non Fungible Tokens (NFTs) are a rage right now. They have started showing their potential and are attracting a huge number of investors. NFTs have shown how technology can penetrate into everything including the art. The popularity of NFTs has increased so much that the NFT market has climbed to more than INR 3 trillion in value, according to The 2021 NFT Market Report released by blockchain data company Chainalysis.
With the realization of how NFTs are creating a new way of business, and how they are creating a new opportunities for investment, NFT market places are becoming popular with every passing day. These are the platforms that are involved with listing, buying and selling of NFTs.
What are NFT marketplaces?
NFT marketplaces are the platforms where NFTs are bought and sold. These marketplaces are working upon block chain technology and hence keep the fool proof track of all the data related to the NFTs. The underlying technology of NFT marketplaces ensures easier verification of ownership and transfer of tokens among the owners.
NFT market places allow the content creators and the artists to reach out to the customers and get their work sold. These platforms have replaced physical auction houses and galleries, and given the creators a global reach.
There are some marketplaces, which offer you a facility of minting the NFTs also, apart from buying and selling them.
NFT market places may differ from each other in terms of their technology, specificity, NFT cryptos and transaction cost. There are many market places, but the most famous ones are discussed below;
This is undoubtedly the largest and the best NFT market place in the world. It is a universal market place as it deals with all kinds of NFTs like art, virtual worlds, sports, censorship-resistant domain names, collectibles, and trading cards.
Opensea marketplace supports Ethereum, Klatyn and Polygon blockchains and accepts more than 150 cryptocurrencies, which include Ethereum and Solana. It is pertinent to mention here that Opensea does not accept any fiat currencies.
This marketplace is very user friendly and setting up an account takes just a few minutes. After setting your account, you can easily browse through the NFTs available on the platform and you can even create your own NFTs using its minting tool.
When it comes to costs, Open sea takes a trading fee on every transaction at the rate of 2.5% of the total transaction value. You also need to pay the gas, which is a validation fee paid to the miners.
Opensea also gives users an option of avoiding the gas fee, if they use Polygon Blockchain for trading NFTs. However, the NFTs of interest, in this case will have to display the Polygon logo.
Open sea allows an NFT creator to set a royalty limit of up to 10%. Royalty is the amount that you get upon the reselling of your NFTs, every time they are sold in future.
The crypto wallets supported by Opensea are Metamask, Coinbase, Mintbase and Bitski, among others.
If you are a beginner and want a seamless experience of exploring the NFT world, then this marketplace is going to be of immense help to you.
This is the second most popular NFT marketplace that lets its users to buy and sell NFTs related to categories like art, photography, games, metaverses, music, domains, memes. It is designed to sell single peices of art as well as the collections.
The blockchains supported by the Rarible platform are Ethereum, Solana and Tezos and Polygon, and the cryptos supported by it are Ethereum, Polygon etc. It also supports the fiat currency, so you can make payments via your credit card also.
When it comes to the costs, Rarible charges you a trading fee per transaction to the tune of 2.5% of the transaction value, plus the gas fee.
Rarible allows an NFT creator to set a royalty of upto 50%. Here, it outshines the Opensea platform.
The crypto wallets supported by the Rarible marketplace are Metamask, Rainbow, Ledger and Coinbase among others.
The best thing about this platform is that it is community controlled. It has issued its own coin Rari, and its holders get to vote on the matters related to the company. So, it is truly decentralised.
Rarible has partnered with many comapanies of repute like Adobe, to ensure the uniqueness of its NFTs.
Mintable was founded in 2018 and is backed by Mark Cuban, an American Billionaire. It lets you buy, sell and mint NFTs and it deals with NFT categories related to Art, music, animation, games, video, media.
Mintable platform supports two blockchains which are Ethereum, Zilliqand Zilliqa and ImmutableX, and it supports only the Ethereum crypto. A good thing about Mintable is that it also supports US Dollars., which you can pay through your debit card as well as the credit card.
It only supports one cryptowallet and that is Metamask wallet.
When it comes to trading costs, it varies from one type of NFT to the another one. It is 2.5% of the transaction value for regular NFTs, 5% for gasless NFTs and 10% for printable NFTs. Clearly it charges more trading charges than the Opensea and Rarible marketplaces.
Talking about Royalties, Mintable has no upper limit. The creators can set any royalty limit as per their wish.
A notable feature about the Mintable marketplace is that it lets you check the cost of the NFTs in terms of both Ethereum and US Dollars.
Some appreciable things about Mintable are that it is very easy to use and visitors can visit the Mintable Academy to learn everything about NFTs. In addition, it also lets the user list NFTs for free using the gasless feature of the platform, for which you will have to use ImmutableX for minting the NFTs.
FAQs on NFT Marketplaces
As of now, the largest NFT marketplace is the Opensea. It is the best universal NFT marketplace and it deals with all kinds of NFTs. It is a very user freindly platform and gives a variety of ways through which you can make best use of this platform.
The gas fee on NFT marketplace is 2.5% of the transaction cost. This fee is necessary as it serves as the compensation for the miners who use a lot of computational and energy resources to validate the transactions on the block chain. It also keeps the wannabe NFT creators away from the business.
Mintable is one of the many NFT marketplaces, that is backed by a billionaire named Mark Cuban. Here you can buy, sell and list NFTs related to Art, music, animation, games, video, media.