Review of the Best NFT Marketplaces

Today, NFT marketplaces serve as gateways to the NFT industry. Therefore, they are absolutely necessary if you are interested in buying or selling blockchain-based digital assets including art, music, or other assets. Think of NFT marketplaces as the anchor to the emerging NFT sector, responsible for facilitating the millions of dollars of trades executed daily. They can also be used to mint NFTs. Therefore, it is not a matter of whether or not you will ever need an NFT marketplace, but a question of which one you should opt for.

Choosing an NFT Marketplace

Before choosing an NFT marketplace, you must understand that they usually focus on a specific niche. This means you will find platforms that focus on digital art, in-game assets, or other niches. It is good to know what you are looking for before picking out an NFT marketplace. Another thing you need to consider is the number of users using the marketplace. It is vital to choose a marketplace that has a lot of people who are actively using it, as it would increase the liquidity and volume of NFT trades. Also, having more activity means you are likely to find competitive prices. Finally, you need to know the infrastructure, network and governance setup of the marketplace and how it impacts the way you access both the NFT market and your NFTs. This is something that might be difficult to determine if you are new to crypto. You need to find out if the marketplace is centralized or decentralized, which network is it running on etc.

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Centralized marketplaces often operate as the middlemen between users and the NFT market, while decentralized options enable more direct access to the market. Also, centralized NFT marketplaces store NFTs on behalf of users. In contrast, decentralized alternatives let users have more control over their assets. Another thing you need to know is the blockchain network of the marketplace as well as payment options available to purchase NFTs. Last but not least, due diligence is a must, since there are plenty of scammers within the crypto space. Thus, it is vital to assess how safe your digital assets and personal information are on the platform, and what security measures the platform has in place to prevent fraud.

Let us go over a few top NFT marketplaces that exist today.

OpenSea

Currently, this protocol is considered the largest NFT marketplace in terms of volume. It was launched in 2017 with over 600,000 users and has processed over $10 billion worth of NFTs. Unlike most NFT marketplaces that exist today, OpenSea is quite easy to understand. You only need a few clicks to unlock NFT minting solutions and a vast NFT economy. Most importantly, it is a decentralized marketplace.

Rarible

Like OpenSea, Rarible runs a decentralized network and has taken a step further to introduce a community-focused governance system anchored by an ERC20 token called RARI. This protocol has processed over $270 million in NFTs so far. The team behind the protocol has managed to assemble the right tools for users to navigate the NFT marketplace. Also, the platform supports multiple blockchains such as Ethereum, Flow and Tezos, which allows users to mint, buy, and sell NFTs from other blockchains.

Nifty Gateway

There are not many NFT marketplaces out there that can boast the exclusivity offered by this protocol. The platform serves as a hub for buying and selling exclusive digital arts. The platform places great emphasis on authenticity and creativity, where only verified digital artists are allowed to mint and list NFTs on Nifty Gateway. This significantly reduces the chances of buying fake digital art on the platform.

SuperRare

This platform is considered a high-end variant of Rarible and OpenSea since it features digital arts vetted by the community before they can be listed on the website. This means the platform may be lacking in volume and trading activity when compared with the other alternatives. However, it makes up for it in its exclusivity. This makes the platform an ideal place to engage with an NFT community that understands the importance of authenticity and exclusiveness.

NBA Top Shot

This platform focuses on monetizing NBA short video basketball highlights or moments. These short clips are tokenized on the blockchain and sold to fans and collectors worldwide. Think of it as trading cards that exist on the blockchain. What makes this platform quite appealing to many users is that you can buy “moments” using fiat.

Mintable

This is an Ethereum based network that focuses on enabling easy-to-use services for NFTs across four categories, including art, videos, music and collectibles. The protocol allows creators to enjoy gas-free minting services. Also, it utilizes a decentralized governance system with its DAO anchored with an ERC721 token. By owning its NFTs, you get to have a say in its governance.