So you couldn’t help but hear all the news about NFTs and wanted to get in on the action… Great! As everything is quickly moving onto the internet and NFT use cases increase due to increasingly widespread use and knowledge of blockchain technology, they are more than just a .JPEG, and are art, identities, gaming items, proof of ownership, and much more. That is why we believe NFTs are the future of technology, and widespread use is inevitable.
Unleash NFTs, our new real-time analytics NFT tracker embedded with Crunch DaVinci, Liquify, and Scour tools, can help you make informed decisions on what NFTs to buy and avoid, but there is more to NFT buying than just deciding which one to invest in, such as which platform to use.
There are many different platforms to buy and sell NFTs from, with each of them having different focuses and niches. Some platforms sell certain types of NFTs, only accept certain coins as payment, have different market sizes, are built on different blockchains, and etc. Here, we will give you the lowdown on the top NFT marketplaces to date. All currency will be represented in USD.
Considered the biggest and most popular marketplace, OpenSea holds the title of most registered creators, and is also considered by most to be the number one choice for NFT beginners. Some factors that contribute to their popularity is their versatility, as they accept more than 150 different payment tokens, and support several different file formats such as images, videos, and 3D files. OpenSea also has NFT keywords, making it easier to classify NFTs by relevance.
It is also important for creators to note is that it is quite expensive to execute the first contract, which costs between $70 — $300, but lowers down to $10 — $30 afterwards, as well as the usual 2.5% service fee taken by them.
However, with such a large user base, there is bound to be more competition. As there are so many registered creators, your NFT listings will not get as much attention and engagement as other smaller marketplaces.
Also one of the more popular ones, beginning in 2020, Rarible supports images, videos, and audio, and uses ERC721 its own token “RARI” that lets users make transactions. Aside from that, RARI has more utility such as governance, which allows users to have a decision on platform improvements, content curation, community member moderation and promotion.
Rarible also has an initial contract executive fee, but also charges a separate minting and listing fees for every piece of artwork you sell. That is why creators on Rarible are more likely to think twice before listing their works.
Rarible has also been in the news lately, as they have partnered with many big names such as Taco Bell, who listed their artwork on the platform, as well as Adobe, who help NFT creators and artists secure their work.
Most notably supported by billionaire celebrity businessman Mark Cuban, one of Mintable’s interesting features is their option to select the “traditional” minting method or the “gasless” method that allows creators to mint their NFTs for free. However, a downside to the gasless option is that their NFTs will not be shown in their wallet until it is bought by someone. Users selling through the gasless option have to pay a 5% service fee as opposed to the usual 2.5% instead of gas, which will be paid in ETH. Thus, creators will need to take into account their NFT price and sale volumes to see if the gasless method is right for them.
Moreover, Mintable aims to imitate OpenSea, so they are similar in many ways, including only supporting images, videos, and 3D files.
Possibly more well known by people outside of the NFT community, Nifty Gateway is most popularly known and used by celebrity NFT sales and collections. Some of the biggest and most expensive NFTs were sold through this platform, including Beeple’s record breaking “The First 5000 Days,” and Grimes’ “WarNymph Collection Vol. 1,” and many more. As they have a following of non-crypto savvy buyers, Nifty Gateway takes many different payments, including debit and credit cards.
Unfortunately, Nifty Gateway is rather a prestigious NFT marketplace, as creators can only mint their images, videos, gifs, and MP4 video files via application, so it is very difficult to join. You will also be charged a 20% service fee every time you sell, but maybe that’s just the price of being on the same platform as these celebrities.
Just like their name suggests, SuperRare is also a very prestigious platform like Nifty Gateway, open for creators by application only. To apply, you must submit your profile and portfolios, submit a 1 minute video for a self-introduction, which some people have reported taking over 2 months to review, which is what makes it so prestigious to be on it.
To make matters worse, SuperRare charges creators a commission fee of around 15%, and a 3% transaction fee for buyers, which are all taken in ETH. Again, if you feel like it’s worth it to stand on the same stage as artists like Beeple (who is a creator on SuperRare too), then feel free to send that application in!
As you can see, there are many different factors for considering a marketplace, so it would be very hard to choose one. There are a lot more NFT marketplaces out there than just these ones, so if you don’t believe any of them are right for you, don’t worry, there is bound to be one for you to help you reach your potential!
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NFT Information Center (Unleash NFTs), A real-time NFT analytics dashboard and portfolio tracker.
AI-Enhanced Safety Feature (SCOUR), An AI agent that acts as a watchdog to flag spoofing transactions that manipulates both volume and price of the assets in the NFT ecosystem.
Fair Price value estimation for an Asset(Liquify), A fair value estimation & analytics for Digital Assets (NFTs) using AI to empower the community to embrace and value their assets in real-time.
Digital Asset Forgery Detection System (Crunch Davinci), An AI model that flags forgeries, copycats and bootleg digital art contents thereby protecting the artists and their creations.