Due to the increasing growth in NFT popularity and promising investment prospects, many investors are looking to venture into this new world. Always, the initial point to beginning any NFT-related investments is through selecting the right marketplace.
An NFT marketplace is simply a platform designed to facilitate the creation, buying, and selling of NFTs. However, with the many NFT marketplaces available today, it’s almost impossible for investors to know the best option. This guide lists the 7 best NFT marketplaces available in 2022 considering mainly the reputation, fees, and royalties.
Launched in 2017, Opensea quickly grew and became the largest and most trusted NFT marketplace. Opensea is often described as the world’s first marketplace designed particularly for crypto collectibles and NFT.
Out of all NFT marketplaces available today, Opensea supports the most NFTs in different chains, including Ethereum, Avalanche Solana, and Polygon. The main payment options are ETH, SOL, and USDC, and credit and debit cards.
The platform is quite user-friendly for beginners and experts in the NFT industry. Being the oldest NFT marketplace, it has gained a good reputation. Opensea supports over 14 wallets, 150 cryptos, and many NFTs.
Opensea sets a reasonable fee structure that accommodates minters and NFT traders. The average fee for all transactions is 2.5%. First-time sellers pay a one-time gas fee payment. Opensea creators can customize their commission at a maximum of 10%. When buying a fixed-price item, buyers must pay gas fees which can be avoided if you switch to Polygon.
The second-best NFT marketplace in the crypto landscape today is Rarible. This platform enabled anyone to purchase and sell collectibles, in-game assets, art, and NFTs. It has an excellent user interface making everything easy for beginners and experts.
Rarible has an in-built token called RARI, which helps in company governance. RARI holders can vote for decision-making related to the network. So, what are the best features of Rarible?
Rarible allows you to buy NFTs using a credit card; hence you can pay with fiat. Like Opensea, Rarible has multichain support, connecting to blockchains like Ethereum, Tezos, and Flow. Moreover, Rarible offers its services across over 190 countries; hence, almost everywhere in the globe, you can buy NFT. The platform supports wallets like Metamask and Coinbase.
Rarible has a flat charge of 2.5%, exclusive of gas charges depending on the blockchain. The gas charges for blockchain could increase depending on demand and supply. It cuts between 5% and 10% in every transaction as royalties to creators.
Binance NFT Marketplace
One of the largest networks in the crypto landscape Binance recently launched its very own native NFT marketplace. Binance entered the NFT space in 2021, introducing an NFT marketplace. Among its range of NFTs offered include gaming collectibles and artwork.
Having been launched under the umbrella of the Binance network, the NFT marketplace truly has an excellent reputation in the industry. Interestingly, Binance supports NFTs based on Ethereum and Binance smart chain, giving access to a wide range of tradable assets.
The network has an easy-to-use interface that you can easily navigate even if you are a rookie. At the moment, you can only pay for new NFT purchases using other crypto assets. When making payments, gas charges are needed.
The Binance NFT has meager transaction charges, as low as 1% trading fees. This 1% fee is the lowest compared to other NFT marketplaces like Opensea and Rarible.
Another NFT marketplace Superare is an excellent platform based on the Ethereum blockchain. The marketplace helps investors collect and trade unique digital assets. The platform defines itself as Instagram meets Christies, a way for culture, art, and collecting to interact on the web.
Unlike other marketplaces that accept different types of NFTs, Superare does not accept any meme-style NFTs. Superare is mainly defined as an art gallery.
Moreover, Superare is quite selective of the NFTs it lists. They take time to review any works before they are sold on the platform. As such, Superare primarily deals with high-end NFT artwork.
The platform charges a 15% fee every time you sell an NFT in the primary marketplace. It also charges a 3% fee for every transaction. This is quite expensive. The creators in the network enjoy a fixed 10% royalty from their works.
Being a moderated social NFT platform, Superare ensures you can get spam of unrelated content. Of the many NFT marketplaces available, Superare allows creators to post even nudity in their works.
Finally, Nifty Gateway takes a spot on this list. It’s one of the most popular NFT markets today, having supported several celebrities in creating and launching their digital assets. Famous artists Beeple and Grimes launched their NFTs by leveraging this gateway. Essentially, reports show that the Gemini crypto exchange backs the platform.
The marketplace is quite custodial, meaning your NFTs are stored with Gemini exchange and Nifty. However, because of this feature, the marketplace allows investors to make fiat NFT purchases quickly.
While offering excellent security for top-tier NFTs, the platform charges insane transaction fees, hitting 5%. Moreover, the network charges an additional thirty cents on top of the 5%. The royalties associated with the Nifty Gateway platform are 10%. So, in every transaction, 15% is deducted for fees and royalties.
Crypto.com NFT Marketplace
Another crypto exchange platform, Crypto.com, provided NFT investors with one of the best marketplaces. Crypto.com, as an exchange platform, has garnered a massive followership of about 10 million people. As such, the NFT marketplace joined the market with an already established follower base.
The marketplace has been designed with utmost simplicity to allow anyone, rookie or expert, easy access to NFTs. When you sell your self-minted NFT for the first time, Crypto.com NFT charges a 1.99% fee. The royalties for creators in the Crypto.com network are currently set at 10%.
Like many other marketplaces, Crypto.com allows you to set a fixed price on your NFTs or leverage the auction system. If you set a fixed price, investors will be required to pay the amount you demand to purchase the NFT. When you follow the latter, investors will make their bids for the NFT, and you sell it to the most exciting bidder. As such, you could easily make more than when using a fixed price.
Magic Eden NFT Marketplace
For traders in the Solana network, Magic Eden is already shaping up to be a great platform to buy and sell NFTs. The platform has already recorded millions in sales despite being launched barely one year ago.
Magic Eden charges a 2% fee on every NFT sale on the platform. This is way lower than its other Solana-based competitor Solanart which charges 3%. As such, Magic Eden is generally more cost friendly for Solana-based NFT investors.
The most exciting aspect of Magic Eden is the complete lack of royalty charges to customers. In October 2022, customers in the network complained vastly about the royalties. Many customers stopped using Magic Eden’s services because of the royalties.
However, the network immediately reacted by revising its structure and setting a 0% royalty policy. In general, Magic Eden might be the most cost-friendly NFT platform. The biggest problem is that it’s only based on Solana.
This guide has looked into the 7 most popular NFT marketplaces investors can use to purchase those digital assets. The marketplaces above have great functionalities, including low fees and support for different payment methods. Some marketplaces like Binance and Nifty gateway are products of top crypto exchange platforms. But, all in all, they all offer excellent services.