Why knowing your marketplace is important-
NFTs are digital assets traded through intelligent contracts via blockchains like Ethereum. For any NFT related activity, a platform is needed. This platform is called an NFT marketplace, which brings the artists(creators), collectors(investors), and traders together.
It is crucial to select the right marketplace for your NFTs dealing. For example, if you want to avoid high gas fees, Rarible is a better option than OpenSea. If you’re looking for a platform that accepts multiple cryptocurrencies, then OpenSea is a good choice as it accepts over 150 cryptocurrencies.
Those who are a bit skeptical of cryptocurrencies or are new to them can use Nifty Gateway to buy themselves an NFT. This is because it allows transactions via Fiat currency (currency issued by the country’s government).
It all boils down to the kind of NFTs you want to buy, trade, create, or are interested in and the type of cryptocurrency/ blockchain/ interface you are familiar with and comfortable with.
List of Marketplaces and their attributes.
One of the oldest, peer-to-peer marketplace for NFTs and rare digital assets, it hosts NFTs of every kind. For someone who is curious about the type of NFTs, OpenSea offers a wide range starting from Digital Art collectibles, to sports to Virtual Land and many more.
The only catch is the high gas and carbon fees that the users have to pay.
Launched 2 years after OpenSea, Rarible also provides a variety of NFTs and is community owned.
It lets you choose your Blockchain type, for example Ethereum has a high gas fee as compared to Tezos blockchain, so a user can work with Tezos to avoid paying higher fees.
Rarible uses Tezos, Ethereum and Flow blockchains- all of them have different functioning when it comes to contents and artists.
- Binance NFT
One of the largest marketplace, Binance has its own blockchain and is the one of the largest crypto exchanges in the world. For this reason, gas fees are super low- only 1 percent and is very secure.
Binance also allows the users having Binance tokens (BNB) to use ETH( Ethereum) and BUSD( Binance USD) in their biddings.
- Nifty Gateway.
This is the place where the most expensive and attention grabbing NFT pieces are sold. It is the place where The Merge was sold for a whopping 91.8 million dollars, making it the most expensive NFT till date (January 2022). Beeple’s enormously popular NFT- CROSSROAD was also sold here at 6.6 million dollars.
The Nifty platform is loved by celebrities and Twitter folks and is known for allowing the buyers to pay through fiat currency.
MakersPlace is the most promising platform to get your hands on rare, authentic and expensive digital artworks by the world’s best artists and creators.
Artists like Peter Mohrbacher, Robert Liefield( comic artist), and Damien Hirst etc. are a few of the most sought out artists.
They digitally sign on their art pieces and whoever buys them is the owner of the piece and the signature, giving them full ownership of that piece. Now even if someone copy the art piece or make a fake, they will never get the signed copy since it is stored in the blockchain,which is only accesible to the buyer and is also the proof of authenticity.
Researching everything before investing in an NFT is a wise decision, but overlooking Marketplaces is not. One should consider all the pros and cons of particular platforms before going ahead with their investments.