Non-fungible tokens (NFTs) are amassing massive popularity in the cryptocurrency industry and beyond in traditional finance. NFTs are now used in art, gaming, legal systems, etc.
The popularity of NFTs exploded in 2021. At the time, collections like the Beeple NFT sold at an auction held by Christie’s for a staggering $69 million. Since then, traders, enthusiasts, and collectors have hopped into the NFT craze, spending millions of dollars in collections like CryptoPunks and the Bored Ape Yacht Club (BAYC).
However, very few know the intricacies of NFTs and where to buy these digital art pieces. This article will explore the top NFT marketplaces that can be used to buy and sell digital assets.
Below are the top ten NFT marketplaces you should consider using to trade these digital assets:
Blur – Best NFT Marketplace For Pro Traders
Blur is the top NFT marketplace for pro traders. It is ideal for traders who are already conversant with the NFT space. The Blur NFT marketplace came into the limelight recently, setting itself apart from the rest by being owned by the community.
The Blur NFT marketplace has trading volumes of over $10 billion. In the last 30 days, trading volumes hit $454 million, according to DappRadar, making it the largest NFT marketplace.
The popularity of Blur soared following a lack of competing NFT marketplace aggregators. This trading platform has become popular with creator royalties and features like low fees, fast speed, NFT analytics, etc.
Unlike the other NFT marketplaces highlighted on this list, Blur is designed for professional NFT traders. Most NFTs on this platform are attributed to whales (traders with high trading volumes).
The Blur NFT aggregator platform also integrates NFTs from other marketplaces into its interface. The marketplace has a unique target audience and features that traders can use to improve their experience.
Pros
- It has high speeds, enabling traders to execute trades faster than other marketplaces
- It offers a zero-fee marketplace structure
- It has an optional creator royalty program
- It offers NFT analytics and charts to help traders make informed decisions
- It provides community incentives and airdrops
Cons
- Blur targets professional NFT traders and might not be ideal for beginners
Magic Eden – Best NFT Marketplace for Solana NFTs
If you are looking for the top NFT marketplace for NFTs created on the Solana blockchain, you should consider Magic Eden. Solana, popularly known as the Ethereum rival, has become a significant hub for NFTs such as DeGods and y00ts.
While Magic Eden initially launched as an NFT marketplace on Solana, it has expanded to support NFTs created on other chains such as Ethereum, Polygon, and Bitcoin Ordinals.
Magic Eden is focused on bringing together NFT creators, artists, and enthusiasts from multiple blockchains. It has various features available to NFT creators, users, and developers, including charts.
Magic Eden suits beginners and experts, unlike the Blur NFT marketplace, which targets professional traders. It has an intuitive user interface, which makes buying and selling NFTs on the platform easy.
Pros
- It has a user-friendly interface
- It charges a low transaction fee of only 2%
- Listing an NFT on the marketplace does not cost anything
- It has an option creator royalty program for buyers
- The Magic Eden Launchpad allows creators to launch projects without technical know-how
Cons
- It lacks diverse Web3 products and services that might appeal to more seasoned traders
OpenSea – Best Peer-to-Peer NFT Marketplace
OpenSea ranks as the best peer-to-peer NFT marketplace. It is also the third-largest NFT marketplace by monthly trading volumes. According to DappRadar, OpenSea’s trading volumes in the last 30 days hit $90.5 million.
OpenSea used to be the largest NFT marketplace, central to the 2021 NFT hype. In 2021 alone, OpenSea clocked volumes of over $14 billion. However, its popularity has been waning following the rise of rival platforms like Blur and Magic Eden.
Nevertheless, OpenSea still ranks among the top NFT marketplaces. Signing up on this marketplace is an easy process. Moreover, once a trader has connected their wallet, they can buy NFTs easily by following simple steps.
Given that OpenSea has been around for years, it has many features. It also supports NFTs created across multiple blockchains, including Ethereum, Polygon, Avalanche, Solana, Base, etc.
Pros
- It offers the most extensive range of NFT collections available in the market
- It provides a high level of security
- It supports a wide range of payment options
- It comes with a mobile app for Android and iOS users
- It supports many Web3 products and services
Cons
- OpenSea has suffered a security exploit in the past
- Its features appeal to seasoned NFT traders
Rarible – Best Community-owned NFT Marketplace
The other top 10 NFT marketplace on this list is Rarible. Rarible ranks as a community-owned NFT platform used to display digital art and collectibles. Rarible is now ranking as the 19th largest NFT platform by trading volumes.
Data from DappRadar shows that Rarible has around $714,000 worth of trading volumes in the last 30 days. Like the other NFT marketplaces, Rarible allows NFT enthusiasts to purchase a wide range of digital assets. The sellers can also create multiple NFTs from one image.
Rarible also comes with a user-friendly interface. Those still new to the NFT market can easily buy and sell NFTs. Like OpenSea, this platform also ensures that you will feel at home despite your experience in the digital asset space.
Rarible also comes with a native token known as RARI. Those with the RARI token can submit and vote on different proposals, such as the trading fees, new features to be rolled out on the platform, and governance proposals.
The Rarible NFT marketplace comes with a lot of features for buyers. It comes with a filter function that allows buyers to explore the list of artists and influencers. Creators also have a chance to build close relationships with communities. The aggregator also enables users to purchase NFTs listed on the platform.
Pros
- It supports multiple blockchain networks
- It comes with an NFT aggregator supporting seamless trading
- It supports Android and iOS applications
- Buyers and sellers share in the trading fees
Cons
- Rarible has limited NFT options compared to rival platforms
OKX NFT Marketplace – Best NFT Marketplace For Multichain Support
The OKX NFT marketplace is also among the top NFT marketplaces. One of the unique features of this platform is the ability to support NFTs created across multiple blockchain networks.
This marketplace is also focused on improved liquidity. It aggregates trades from other leading NFT platforms such as OpenSea, Magic Eden, and LooksRare.
The process of buying an NFT from this marketplace is also easy. As a buyer, you must search for the NFT you want to purchase and place your order. It also supports many payment options, allowing you to settle your purchase in fiat currency or digital assets.
The other feature of the OKX NFT marketplace is that it comes with a Launchpad. The marketplace works with artists, developers, and partners to give them access to exclusive drops. This offering appeals to NFT clients looking for unique assets.
OKX is also one of the fastest-growing NFT marketplaces. Data from DappRadar shows that the trading volumes in the platform hit $92 million, ranking it as the fourth-largest NFT marketplace after Blur, OpenSea, and Magic Eden.
Pros
- It comes with a user-friendly interface that appeals to beginners.
- It has a launchpad supporting new NFT releases
- It has high liquidity, given the trading volumes in the last 30 days
- It supports purchases in both cryptocurrencies and fiat currency
Cons
- The trading fees might be on the higher end compared to other marketplaces
LooksRare – Best NFT Marketplace for Ethereum NFTs
The other top NFT marketplace that one should consider using to trade digital collectibles created on Ethereum is LooksRare. This platform has set itself apart from the competition by focusing on boosting community involvement. Data from DappRadar shows that all-time trading volumes on the platform hit $4.86 billion.
This NFT marketplace has achieved dominance in the industry by focusing on Ethereum NFTs. The Ethereum blockchain is the largest hub for decentralized applications. As such, LooksRare is working to ensure users can access all the top NFTs on the Ethereum network.
The LooksRare NFT marketplace also features unique offerings, such as a user-friendly interface that makes the platform beginner-friendly. The absence of high trading fees has also made this platform appeal to beginners and experts alike.
Using this NFT platform to buy and sell NFTs is also straightforward. The only thing that a trader needs is to search for an NFT on the “Explore” section of the marketplace. Moreover, if a user is unsure about the asset they want to buy, LooksRare makes it easy for them by ranking all the NFTs in terms of price, trading volumes, etc.
Pros
- It comes with a simple and easy-to-use interface
- LooksRare charges relatively low fees compared to other NFT marketplaces
- It pays much attention to decentralization
- Users can secure staking rewards by staking $LOOKS tokens
Cons
- It only supports NFTs created on the Ethereum blockchain
SuperRare – Best NFT Marketplace for Art Collectors
If you are looking for an NFT platform you can use to buy and sell unique art, you should consider SuperRare. This NFT platform is well-equipped to support crypto art and music NFTs, a unique niche in the industry.
SuperRare is also focused on exclusivity and authenticity. Creators on the platform have to apply, and once it is accepted, they are invited to the platform. One needs an outstanding portfolio and social media presence for one’s art to feature on the platform.
SuperRare also supports the NFTs created on the Ethereum blockchain. Therefore, if you are looking for art supported across multiple blockchains, there might be better choices than this platform. Moreover, some creators may not be accepted on this platform and opt for a more general marketplace such as OpenSea.
Pros
- It comes with a user-friendly interface
- It provides access to educational materials
- It comes with a tailored gallery experience
- The artwork offered on the platform is high-profile and of good quality
- It provides the best customer support through live chats
Cons
- It only supports NFTs created on Ethereum
- Only verified artists can create on the platform
Binance NFT – Best NFT Marketplace with Exclusive Collaborations
The other NFT marketplace we have on this list is Binance NFT. Binance NFT is an NFT marketplace attributed to the largest cryptocurrency exchange, Binance. Besides being a new entrant in the space, it ranks among the NFT trading platforms with the most liquidity.
The Binance NFT marketplace runs on the BNB Chain, which is scalable and cost-friendly. Therefore, this platform’s NFTs created and sold benefit from fast speeds and low costs. Binance NFT charges a 1% fee on each transaction. This fee is significantly lower compared to some of the leading NFT marketplaces.
The other benefit of Binance NFT is that it has secured some of the best collaborations in the industry. For instance, Binance works alongside football star Cristiano Ronaldo to release a series of NFT collections targeting football fans.
The other big benefit of Binance NFT is that it is an easy-to-use platform. Those new to the NFT space do not have to worry about the intricate details of buying and selling NFTs. Binance has various NFT educational resources that help novice NFT collectors learn about the industry.
Pros
- It is easy to use
- Users benefit from high-value collaborations
- It charges low fees
- It comes with educational resources for new NFT traders
Cons
- It has a limited collection of NFTs
NBA Top Shot – Best NFT Marketplace for Sports NFTs
You should consider the NBA Top Shot platform if you are looking for an NFT marketplace that is ideal for sports NFTs. This marketplace features a series of digital trading cards with NBA video highlight clips. The NFT will be sent to your blockchain wallet once you buy a clip of your favorite NBA moment.
Dapper Labs created the NBA Top Shot NFT marketplace. The company has been working effortlessly to increase the efficiency of this platform and guarantee it will appeal to users fond of basketball games.
Using the NBA Top Shot platform is also relatively easy. The only thing that you will need to do is link your Google account to Dapper Labs. You will then get a request to provide your phone number, which will help the SMS authentication process.
If you want to buy an NFT on this top shot NFT marketplace, you can easily make payments through various payment options. NBA Top Shot supports payments with existing crypto wallets, Dapper balances, and credit cards.
Pros
- It supports a wide range of payment options
- It is an easy-to-use platform
- It appeals to sports fans
- It has decent liquidity
Cons
- NBA Top Shot is limited to NFTs of NBA game clips
Nifty Gateway – Best NFT Marketplace for Celebrity NFTs
The other top NFT marketplace in this list is Nifty Gateway. It is the best choice for those looking for NFTs for their favorite celebrities, influencers, and brands. Nifty Gateway came to the limelight in 2021 after brokering the Beeple CROSSROAD NFT for $6.6 million.
This platform, which has the backing of the Gemini cryptocurrency exchange, offers access to a vast range of NFT drops, with the support of artists such as Eminem, Grimes, and The Weeknd. The platform also lists curated collections, verified artists, and unverified artists.
Getting started on this NFT platform is relatively easy. After registering on the site, a user can link a credit card or send crypto assets to a deposit wallet to fund their account. With these funds, the process of buying NFTs will be straightforward.
Pros
- It attracts high-profile buyers and sellers
- It lists exclusive collectibles
- It supports payments in fiat currency
- It comes with an Android or iOS app
- It offers live customer service
Cons
- It only supports NFTs created on the Ethereum blockchain
Factors to Consider When Choosing an NFT Marketplace
When choosing between top NFT marketplaces, you might be spoilt for choice. Therefore, narrowing down your choices by considering several factors is vital. The factors to consider when choosing an NFT marketplace include the following:
Fees and Commissions
The fees and commissions charged on an NFT marketplace are the first factor to consider. You should go with a marketplace with low and transparent fees and commissions. Such marketplaces will ensure you have the best payment method.
User Interface
The user interface and experience you will have in a marketplace are other things to consider. The best NFT marketplace should have a friendly design, navigation, and user interface. It also offers ratings, reviews, and rankings.
Security
You should also have the security of an NFT marketplace in mind. You should go with a marketplace that has a high level of security and reputation. An NFT marketplace with robust security measures should safeguard your personal and financial details.
Trading Volumes
The trading volumes on an NFT marketplace are an indicator of liquidity. One should assess an NFT marketplace’s liquidity and trading volumes before choosing. A good marketplace should have high trading volumes, showing ample liquidity and interest from buyers and sellers.
Features
You should also assess the features and tools offered on an NFT marketplace. The top NFT marketplaces provide tools such as charts, analytics, advanced search options, and customizable features to improve the overall user experience.
In Summary – Top 10 NFT Marketplaces
The NFT market has witnessed considerable growth over the years. This growth has also led to the sprouting of NFT marketplaces that traders use to buy and sell NFT assets.
There are many NFT marketplaces, each with unique features and services. When choosing an NFT marketplace to work with, it is crucial to evaluate factors such as the fees charged, user experience, tools provided, security, and liquidity.
After getting an ideal NFT marketplace, you should research the NFT market and ensure you are buying NFTs with market demand. Like cryptocurrencies, NFTs will witness high volatility, and you should do your due diligence to get one that best suits your needs.
FAQs
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What is an NFT marketplace?
An NFT marketplace is a platform where one can buy and sell NFTs. It operates like a traditional marketplace where buyers and sellers converge to trade art, music, clips, plots of land, or other digital assets created using blockchain.
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How do NFT marketplaces work?
An NFT marketplace works by bringing NFT enthusiasts together. The working process for NFT marketplaces differs from one place to another. However, before using any platform, you will have to pay fees.
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Are NFT marketplaces secure?
One of the crucial factors to consider when choosing an NFT marketplace is security. A good NFT marketplace should secure your details. You should check if a marketplace has a history of hacking attacks to determine its profitability.
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Are there any fees associated with using NFT marketplaces?
NFT marketplaces charge a fee to buy and sell NFTs on the platform. The fee paid varies from one NFT platform to another.
