beginner
Many people became interested in the NFT world, be it in-game items or works of art. Among them are collectors who saw a new era of digital art in NFTs and investors who could not miss a market growing by thousands of percent a year. Where do they buy these tokens, and what are the right steps? Let’s figure it out.
What Is an NFT Marketplace?
NFTs, or non-fungible tokens, are unique tokens (digital assets) that contain some digital content. It can be artwork, Internet memes, game cards, songs, video clips, photos…well, anything. So, the NFT marketplace is a digital platform for buying and selling NFTs.
Such platforms operate based on blockchain, for example, Ethereum, Solana, etc. Depending on which blockchain the marketplace is based on, the NFTs will be presented in the appropriate standard, e.g., ERC-721 for Ethereum.
Generally, tokens are an entry in a register within a blockchain. A distinctive feature of most tokens is the principle of fungibility. It means that any Ethereum token is equal to another one. But this is not the case with non-fungible tokens.
The principle of non-fungible tokens is built on the uniqueness of each. The similar landscapes of Claude Monet and Pierre-Auguste Renoir cannot be called the same artwork. As well as the songs of Rihanna and Beyonce, although they are definitely songs, are not at all the same.
Each of the NFTs is unique and exists in a single copy. It also cannot be divided. All information about its author, buyer, and operations is stored in the blockchain. In other words, an NFT is a digital certificate attached to a unique object (digital file), be it a song, a painting, or even a simple GIF file.
What Do You Need to Pay Attention to When Choosing an NFT Marketplace?
Since there is a great variety of NFT websites for every taste, you need to consider some features and characteristics before entering one.
- Pay attention to the lots that are for sale on the marketplace. You may be interested in real works of art by contemporary artists or just in comic art or musical works of celebs. In other words, NFT marketplaces have varying degrees of the items’ rarity.
- Check the daily turnover of the marketplace. If it is large, then it indicates high liquidity, as is the case with any crypto exchange.
- Find out what blockchain the marketplace is running on and what coins it accepts as payment for NFT art. Ethereum is the most widespread, but we advise you to double-check so that you can create an appropriate wallet and get the right crypto in advance. Check out the most reliable Ethereum wallets.
In fact, everything solely depends on which NFT you are interested in. Some marketplaces, for example, Axie Infinity, only offer creatures from their game in the form of NFTs. Other sites sell memes (for example, a GIF of Nyan cat). The choice is yours. And now, let’s explore the top NFT marketplaces with the highest liquidity.
OpenSea
- Built on Ethereum and Polygon.
OpenSea is the largest peer-to-peer NFT marketplace. It sells in-game items, collectibles, and cards, as well as artworks, music, videos, memes, and more. In other words, the platform offers a wide range of NFT items, so you can find whatever you want. To sign up for the platform, connect your MetaMask wallet. You can also use other options like Coinbase wallet, Formatic, and more.
This NFT project is very easy to use. If you want to buy an item, just choose it, place a bet, and wait until it’s accepted. Then, you will be automatically charged.
Besides purchasing items, you can also upload your own masterpiece by clicking the Create button. Just connect your wallet and wait for a precious buyer.
Magic Eden
- Based on the ETH and SOL blockchains
In just a few months since its launch in September 2021, Magic Eden has become the most popular NFT marketplace on the Solana network, with the highest number of users among SOL NFT markets. In terms of trading volume, it is currently the second-largest NFT platform, just behind OpenSea.
One of the reasons for its popularity is its ability to attract collectors looking for fresh and emerging NFT items. The Magic Eden Launchpad regularly hosts NFT mints, facilitating the connection between NFT collectors and creators. Initially, Magic Eden was solely focused on Solana-based NFTs, but it has since expanded to support Ethereum-based NFTs. It intends to integrate with other networks in the future.
Rarible
- Based on the Ethereum blockchain network
Similar to OpenSea, the Rarible NFT marketplace offers its customers various digital art and collectibles made by famous NFT artists. When using Rarible, you will need to buy the platform’s native token ‘RARI’ in order to purchase and sell on the marketplace. This differentiates it from other NFT marketplaces, such as OpenSea.
As it has been previously mentioned, you can also sign in using a variety of wallets, e.g., MetaMask, Coinbase wallet, MyEtherWallet, and more. Once you log in, you can use funds from your wallet to buy any item or even top up your crypto wallet using your bank card or account.
SuperRare
- Based on the Ethereum blockchain
SuperRare is one of the best NFT marketplaces currently available.
SuperRare is an alternative to Rarible but with a minimalistic user interface. The platform’s developers cooperate with artists and content creators closely. Moderators check and approve artworks before they can be listed.
The signing-up process is as easy as ABC: connect your MetaMask or Formatic wallet, create a username and a password, and you are all set to place some bids.
KnownOrigin
- Based on the Ethereum blockchain
The KnownOrigin marketplace aims to provide curated and gallery-like experiences similar to SuperRare. Here, art is presented as usual: no crazy GIFs, strange photos, or acid pictures — all in all, aesthetics is in its understanding.
The platform is easy to use: connect your MetaMask wallet and bid for an NFT of your choice!
PancakeSwap
- Based on Binance Smart Chain
PancakeSwap is a decentralized exchange platform that offers some NFT collections. It represents about 26,000 pics of the characters: Pancake bunnies, squad, etc., looking like 3D or pixelated creatures.
To buy an NFT, you should connect your MetaMask or Trust wallet, make a bid, and enjoy your experience!
MakersPlace
- Based on the Ethereum blockchain
MakersPlace is a real boutique among the NFT marketplaces: the platform sells exclusive collections of digital fine art. It was hosted by celebrities like T-Pain and Shakira. Moreover, on MakersPlace, a well-known NFT artist Beeple dropped an art collection and set the price of only one dollar for a piece.
You can easily sign in via Google or Facebook (sorry, Metaverse). After the registration process, you are offered to select five artists to follow. Then you are ready to make a bet and purchase the NFT item with ETH or even your credit card. However, you’ll become a rightful owner only after the curator’s approval.
Binance NFT Marketplace
- Based on Binance Smart Chain
As you have already understood from the title, this is the NFT marketplace created by Binance. The company works towards exclusive offerings and partnerships with celebrities of all ranks.
It’s super easy to use since you don’t need to create an account if you already have a Binance one. The purchasing process is simple: just bid on an item of your choice. You can pay for it using ETH, BNB, or BUSD, depending on which currency the creator indicated.
BakerySwap
- Based on Binance Smart Chain
BakerySwap was one of the first marketplaces created on the Binance Smart Chain basis. This one is a small but very up-and-coming platform.
You can sign in by connecting your MetaMask wallet. Please pay attention to the fact that you can buy NFTs only with BNB tokens here.
Solanart
- Based on the Solana blockchain
Solanart boomed after the Degenerate Ape Academy release. So, there is no wonder that it shows us hundreds of millions of dollars in trading volumes these days. Besides the Academy, the platform offers a limited selection of NFTs.
Create and connect a Solana wallet, like Solflare or Phantom, to sign in. To start the bidding process, you’ll need to top your balance up with some SOL tokens.
Foundation
- Based on the Ethereum blockchain
Having received the title of a creative playground for artists, Foundation is associated with really high-profile NFT sales. Here, Edward Snowden presented his first NFT collection, and a Nyan cat meme was sold.
Foundation is actually similar to any auction website. The registration process is quite common: you just need to connect your MetaMask wallet and place a bid.
Myth Market
- Based on the WAX blockchain
As a matter of fact, Myth Market is the father of five small NFT markets: GPK.Market, GoPepe.Market, Heroes.Market, KOGS.Market, and Shatner.Market. So, you need to enter a submarket to buy any NFT. The platform offers various trading cards, e.g., with William Shatner, a Canadian actor, or Pepe frog, a famous meme.
Since Myth Market is built on the WAX blockchain, the only way to buy these NFT cards is by connecting to the WAX wallet and paying in its tokens.
Nifty Gateway
- Based on the Ethereum blockchain
Nifty Gateway is a top NFT marketplace that enables influencers, celebrities, and established brands to produce exclusive digital items.
Nifty Gateway was acquired by the Gemini exchange platform in 2019. The marketplace became generally known in February 2021, when Beeple’s “Crossroad” was sold for a record $6.6 million at the time.
The platform is curated mindfully. It offers exquisite content, so Nifty Gateway can boast of such NFT authors as the Weeknd, Grimes, and Eminem.
The registration process is quite easy: your email address, name, username, and password are required. You can also link your profile to your Gemini exchange account. If you plan to sell NFTs on Nifty Gateway, you will be asked to verify your identity.
Axie Marketplace
- Based on the ETH blockchain
Axie Marketplace is a marketplace of the decentralized game Axie Infinity. The platform allows you to buy and sell in-game creatures. You can also create, breed, and sell new pets on the marketplace. To learn more about the Axie Infinity game, read our article on GameFi.
Axies are not only collectibles. You can also use them for in-game activities like battling against monsters and earning tokens on your wins.
To enter this NFT project, connect your MetaMask or Ronin wallet and buy three Axies for Ethereum coins.
CryptoPunks
- Based on the Ethereum blockchain
You might have heard about this one. CryptoPunk is a series of 10,000 randomly-generated characters looking like your profile picture in pixel aesthetics.
Initially, these characters were offered literally for nothing; in other words, they were free. But nowadays, the only way to get such a pic is to purchase it. Frankly speaking, it’s not affordable at all. The lowest price for one piece is about 100 ETH, and the most expensive one was sold for $530 million.
If you are rich enough to spend so much money on one NFT, here is a brief guide on how to do it. Just connect your MetaMask wallet to the platform, place a bid, and wait for the most trendy purchase.
What’s Next?
Once you have chosen an NFT trading platform, the next step is to evaluate which NFT to buy. With millions of NFT collections available, it’s essential to consider investing in NFTs with a strong community or artwork that personally appeals to you. It could also be a promising piece from an up-and-coming artist with the potential to increase in value. It is essential to avoid purchasing NFTs simply because an influencer promotes them, as this may turn out to be a poor investment.
After deciding on an NFT, the next step is to purchase it. The steps involved in buying an NFT differ depending on the platform. Typically, you need to set up a Web3 wallet or register on the NFT marketplace website and complete the KYC process. Then you can fund your wallet with the purchase amount or use a credit card if it’s supported by the platform.
Like cryptocurrencies, NFTs can be stored in a self-custody wallet. Although it’s common to use mobile or browser-native wallets for NFT storage, a hardware wallet offers the most secure experience. These devices typically store your assets offline and remove a common attack vector for hackers. Hardware wallets are recommended for investors putting significant sums into the NFT market. We have reviewed the best NFT wallets in this article.
If you’re inclined to sell your NFT, it’s important to read a guide on how to sell an NFT on your chosen NFT trading platform. This will help you avoid potential losses associated with listing NFTs for the wrong prices or other mishaps. It will also allow you to use the best withdrawal method to save on fees and get full value for each sale.
Choosing the Best NFT Marketplace: FAQ
Where is it better to buy NFTs?
OpenSea and Magic Eden are the most popular platforms, with a wide range of collections and support for several blockchains. Rarible, SuperRare, MakersPlace, and Nifty Gateway specialize in artwork and exclusive drops from influencers and popular artists. Binance and Coinbase’s NFT platforms provide centralized trading venues for investors.
Ultimately, the best NFT marketplace is the one that meets your specific needs as a creator or collector. Each platform has intrinsic advantages and disadvantages and can come in handy at different stages of your digital collectibles journey.
What NFT marketplace is the largest?
The largest NFT marketplace by trading volume is OpenSea.
OpenSea is the most popular NFT marketplace for several reasons. Firstly, it is one of the earliest NFT marketplaces: OpenSea has been around since 2017, which gave it a significant head start in terms of building a user base and establishing itself as a reputable platform.
Another reason for its popularity is its user-friendly interface and broad support of various blockchain networks, including Ethereum, Polygon, and Flow. This has made it easier for users to access a wide range of NFTs and has facilitated increased trading volume on the platform.
OpenSea has also been successful in attracting both established and emerging artists, musicians, and creators to the platform. This has helped to create a diverse range of NFT collections, ranging from rare artwork to collectible sports memorabilia and virtual real estate.
Finally, OpenSea has been at the forefront of introducing new features and functionalities to enhance the user experience. For instance, it was one of the first platforms to introduce instant bidding. Besides, it has been actively exploring the potential for integrating social media features into the platform.
Overall, OpenSea’s popularity can be attributed to its longevity, user-friendly interface, broad blockchain support, diverse NFT collections, and commitment to innovation.
What NFT is the most popular?
NFT by Bored Ape Yacht ClubThe most popular and expensive NFT collection that has ever been sold is Bored Ape Yacht Club. It is made of 10,000 digital assets. As part of the collection, the authors have created art with primates in different styles (and with various accessories). Tokens are built on the ERC-721 standard of the Ethereum network, so they are sold for ETH.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
