Top 4 Platforms for Buying and Selling NFTs

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By Tokenize Xchange
May 08, 2024

Did you know that the CryptoPunk NFT just had the third-most expensive sale this year, going for a whopping 4000 ETH, which is equivalent to a mind-blowing $12.41 million? The NFT trading market is still booming, and you definitely don’t want to miss out on this opportunity!

1. What is an NFT Marketplace? 

A non-fungible token (NFT) marketplace is a platform where users can create and trade NFT. 

Here’s a simplified overview of how an NFT marketplace works:

  • Creation: Creators mint their digital assets into NFTs by using a process that involves creating a unique token on a blockchain network. This process establishes the authenticity and ownership of the digital asset.
  • Sell: Once the NFT is created, the creator can list it for sale on an NFT marketplace. They set a price, choose any additional terms or royalties, and provide a description of the NFT.
  • Buy: Buyers can browse the NFT marketplace, discover NFTs they are interested in, and make a purchase using cryptocurrency. The transaction is immutably recorded on the blockchain, transferring ownership of the NFT to the buyer.
  • Ownership: The buyer now owns the NFT and has proof of ownership stored on the blockchain. They can choose to hold onto the NFT as an investment, resell it on the marketplace, or showcase it in their digital collection.

The marketplaces get a small transaction fee, some even incorporate smart contracts that automatically distribute royalties to the original creator whenever the NFT is resold in the future.

NFT marketplaces provide a space for creators and collectors to engage in the growing digital asset economy and participate in the brave new world of NFTs.

2. What makes an NFT marketplace exceptional?

Because everyone has their own subjective criteria for what makes a good marketplace, it’s hard to decide whether any platform is the “best”.

Most participants would agree that the best marketplace must be reputable, have a large and active community, and be user-friendly.

Some other people may prefer low fees or a wide selection of artists and artworks. 

For some people, the ideal is a relaxed NFT marketplace that has fewer regulatory requirements and is easy to participate in. They can buy and sell NFTs without having to go through a complicated verification process. This can be attractive for those who are new to the world of NFTs and are just starting to explore the market. 

But other people may like to trade on a secure marketplace because they are afraid of fraud and scams. Such marketplaces usually have more strict regulations and requirements, which aim to ensure the security and legitimacy of the transactions.

Furthermore, some qualities may be directly opposite of each other, such as a platform with high fees but excellent customer service and fast response or one with cheaper fees but hard to connect with customer service. 

In addition, creators and traders may have different preferences as well. Creators may prefer a marketplace that pays them royalties every time their NFT is resold, while traders may prioritize a lower transaction fee marketplace. 

Every type of marketplace has advantages and disadvantages. Thus, you should choose the marketplace that is most suitable for your needs: reputable, community, security, user-friendly, support team, NFT collection, platform liquidity, compatible payment method, reasonable transaction fee, reasonable trading speed, and so much more.

3. Top 4 platforms for buying and selling NFTs

3.1. OpenSea

OpenSea, established in 2017, is one of the most popular NFT platforms with over $20 billion in total sales

Features:

  • OpenSea has supported a huge NFT catalog, spanning art, music, photography, trading cards, and virtual worlds.
  • OpenSea accepts most popular cryptocurrencies, such as Ethereum, Solana, Polygon, Avalanche, and BNB. However, fiat currencies are not supported.
  • OpenSea prides itself on its user-friendly interface, making it particularly welcoming for newcomers. Registering for an account is swift and free, granting instant access to browse NFTs or even create them directly on the platform.

Cost: 

  • OpenSea takes 2.5% transaction fee per sale, with potential additional fees when listing items on Ethereum for the first time.

In summary, OpenSea presents a dependable option for novices seeking a hassle-free marketplace experience and a broad spectrum of NFT choices.

3.2. Rarible

Rarible, established in 2020, is the world-first community-controlled NFT marketplace. Features:

  • They created RARI as the platform’s native governance token.  If you have been trading on the site, you can claim your $Rari rewards. 
  • Rarible accepts many cryptocurrencies, such as Ethereum, Polygon, Tezos, and Immutable X. Rarible also accepts fiat currencies through credit cards. 
  • Can collect fees and royalties for sold NFTs. 
  • In 2021, Rarible partnered with Adobe to streamline the verification and protection of metadata for digital content, including NFTs.

Cost: 

  • Their transaction fee is 2.5% excluding gas fee.

Rarible stands out as an NFT marketplace with a broad network and strong connections, while maintaining a decentralized approach.

3.3. Elemint NFT Marketplace

Elemint NFT Marketplace is a new yet promising product, especially for creators. 

Features:

  • Other than the usual NFT marketplace features, Elemint includes many creator-centric features: custom royalty settings, a state-of-the-art asset custody system, and cost-effective minting methods so you can launch your projects with ease.
  • Elemint supports artists and brands to turn their works into NFTs quickly and hassle-free.
  • Elemint allows collectors to trade their items freely, launch authentic and unique digital works, and connect them through their integrated marketplace.

Cost:

  • The transaction fee on Elemint platform is 1 to 2%, depending on the transaction currency, making it ideal for newcomers to join in and explore.

3.4. NBA Top Shot

The NBA Top Shot project originated in 2019, spent most of 2020 in development, and rose to popularity with upwards of a million registered users in 2021.

For basketball enthusiasts, the NBA Top Shot marketplace is a perfect place that offers the opportunity to purchase NFTs depicting significant “moments” in the sport’s rich history.

Features: 

  • NBA game highlights are converted into in-game NFTs and can be owned, listed, and traded on the NBA Top Shot marketplace. They are classified into rare, legendary, fandom, and uncommon NFTs, preserving the essence of basketball history. 
  • NFTs can be exchanged for cryptocurrencies, fiat currency, or $Flow tokens. 
  • NFTs can still be sold or transferred to other addresses and markets.

Cost:

On NBA Top Shot, the cost is 5% of each NFT sale. But both listing and removal are free of charge.

Conclusion

NFTs are emerging as the next frontier of opportunity. Therefore, they are becoming increasingly popular and interesting for investors and creators alike. However, it is crucial to have enough knowledge and research to make the right investment decisions. So, take the time to prepare, choose the most suitable marketplace for yourself, and don’t miss out on this buzzing opportunity to start your future journey!

Disclaimer

Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.