Various NFT marketplaces exist, each one with a unique emphasis. So, which NFT market is the most suitable for you?
NFTs or non-fungible tokens have shaped itself into a $40 billion industry. Everyone from the famous rap singer Eminem to the well-known footwear brand Nike is currently joining the bandwagon.
Regardless of the profits or the most recent additions to this everlasting digital asset, every aspiring investor has the same question: “where to buy NFTs?” As a result, we’re addressing the marketplaces where you can create, purchase, or buy an NFT.
NFT marketplaces allow you to invest in several digital assets, ranging from art to music and an entire virtual world. If you are a beginner, it’s always good to explore a few platforms before choosing the right one.
To help you get started, here are a few NFT marketplaces perfect for novice investors.
OpenSea is the leading NFT marketplace. Almost every bluechip is available for sale on OpenSea. You can buy NFTs predominately on Ethereum. However, it also supports the Polygon and Klaytn blockchains.
With its easy-to-navigate UI, OpenSea allows a seamless signing up and browsing experience free. It also helps creators and artists by providing a simple approach to creating their NFT via “minting” for free. However, it charges you a fee of 2.5% at the time of sales.
Rarible is an NFT marketplace that competes with OpenSea. It supports NFTs of all kinds. You may sell, buy, or even produce all sorts of music, movies, collectibles, art, and music on the site. It supports Ethereum, Tezos, and Flow. You can easily filter by Blockchain, sale type, art type, among other features.
3. Larva Labs
The NFT project CryptoPunks needs no introduction. The punk-faced graphic art, now worth millions of dollars, was originally distributed for free in 2017. Interestingly, the organization behind that, Larva Labs created its own NFT marketplace. It’s a good place to eye-balling the eye-watering price of bluechips like the CryptoOunks.
They’re currently working on several additional digital-based art projects and Ethereum dApps (blockchain-based application development) initiatives.
4. NBA Top Shot Marketplace
The NBA (National Basketball Association) and the Women’s NBA are the latest entrants to the NFT marketplace. Offering NFTs by the name of NBA Top Shot, this platform offers collectible moments in the form of game highlights and video clips.
Similar to Rarible’s, the NBA Top Shot Marketplace uses Dapper Labs’ Flow blockchain, creating a closed marketplace where you purchase and sell. You can also acquire art from the world’s leading basketball leagues at this marketplace. In terms of its operations, the website is simple, and you could begin your NFT journey relatively cheaply, assuming you enjoy basketball.
Backed by the billionaire Mark Cuban, Mintable aspires to create a comparable open marketplace, similar to OpenSea. Mintable is primarily devoted to art, gaming, and collectibles. It also explores other digital art forms.
However, the platform has limitations. You’ll need Ethereum to participate in the purchase and sales of NFTs on Mintable. The platform allows creators of all types (from singers to photographers) to mint their own NFTs.
6. Immutable X
Immutable X is a layer two NFT marketplace. There you can buy NF Ts, games, and other applications without paying gas or GWEI fees. The trades are also instantaneous and unlike other NFT marketplaces, are also carbon neutral.
It’s a good example of how to layer two solutions could potentially make it much easier and cheaper for casual NFT investors to pick up their first non-fungible token. However, as it’s a relatively new NFT marketplace, the selection of NFTs on immutable objects is still quite limited.
Read our Immutable X guide
Looksrare is a newer NFT marketplace, which launched in early 2022. To capture the attention of OpenSea users, the developers of this NFT marketplace airdropped $Looks tokens into the wallets of NFT buyers.
These airdrops translated into hundreds if not 1000s of dollars depending on a user’s purchase history.
You can also stake $looks on the marketplace and earn it by buying and selling NFTs. It’s aiming to become a serious OpenSea competitor. If that happens is open to debate.
8. Nifty Gateway
Nifty Gateway was founded in 2018. Today, it’s owned by the Winklevoss brothers. They’re better known as the founders of the cryptocurrency trading platform Gemini.
Nifty Gateway features curated and verified drops. It also claims lower gas fees than Open Sea. You can pay for NF Ts with Ethereum or by using your debit or credit card. It’s sold bluechip NFTS from artists like Beeple and projects like Bored Ape Yacht Club.
9. The Coinbase NFT Marketplace
Coinbase NFT marketplace will launch in 2022. Over one million people have signed up for the waitlist.
This NFT marketplace will make it easier for casual investors to buy their first NFT. That’s because Coinbase claims over 73 million customers worldwide.
Coinbase has also signed partnerships with many NFT projects on creators, including World of Women, Boss Beauties, and Rumble Kongz. It regularly announces new partnerships on Twitter
The Final Word on NFT Marketplaces
NFT marketplaces are your first step into the metaverse. So, before you invest, ensure that you have your overall strategies in place and a good time horizon.
As an NFT buyer, it’s best not to risk your entire portfolio on a platform you’re unfamiliar with. Instead, use one wallet for interacting with an NFT marketplace and another for cold storage.