You must have heard about NFTs being sold for millions online. Beeple’s “Everyday” was sold for $69 Million while NFT collection “The Merge” was sold for whooping $91 Million. While these insane NFT prices are exception, NFTs have become a means to sell their art online for millions of artists globally. This articles aims to help you understand top NFT marketplaces and how to create and sell NFTs at these marketplaces.
Are NFTs worth the hype?
Yes. Don’t believe us, have a look at the chart below. NFT trading volume hit an all time high of $1.8 Billion in August 2021. Despite bear market large brands like Gucci, Nike etc have heavily invested in the NFT space. Big celebrities like Messi, NBA sports stars, Marshmallow etc. also have entered the space.
Today the interest in NFTs globally is at its peak among content creators. Rising adoption of metaverse is further expected to increase NFT industry.
Best NFT marketplaces to create and sell your NFTs
1. OpenSea
Launched in 2017, OpenSea is the largest NFT marketplaces popular today. OpenSea hosts several popular genres of NFTs, such as art, photography, sports collectibles, music, trading cards, and virtual worlds. The main cryptocurrencies on OpenSea include Ethereum (ETH/WETH), SOL, AVAX, USDC, and DAI. On the positive side, OpenSea is seen as user-friendly for newbies. One can set up an account without incurring charges within minutes and start browsing NFTs quickly.
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Artists can also create their NFTs on this platform. Concerning costs, OpenSea asks you to pay a fee equivalent to 2.5% of every transaction. You must also pay the gas fee for executing NFT transactions with Ethereum. Gas fees are transaction fees paid to miners.
If someone is looking to avoid the gas fee, they can buy and sell NFTs with Polygon. But for this, you must ensure that the NFT item of interest displays the Polygon logo.
Steps to create an OpenSea account
- Buy a digital currency (ETH)
- Install a crypto wallet.
- Connect to OpenSea and create your profile.
2. Rarible
Rarible is a multichain marketplace, which means you can buy, mint and sell NFTs on multiple blockchains. The NFT marketplace currently supports Ethereum, Polygon, Solana, Flow and Tezos, although it is planning to integrate more blockchains in the near future. Rarible takes 1% on the buyer side and 1% on the seller side from every sale happening on the marketplace.
One attractive feature of this platform is that it allows you to buy NFTs with a credit card in 190-plus countries. Another exciting aspect of Rarible is that the NFT marketplace has its own native token, RARI.
Thus, instead of having in-house management to decide everything, Rarible allows RARI holders to vote on company decisions such as changes in company policies, etc.
Nevertheless, last year, Rarible talked about a partnership with Adobe to make it simpler to verify and protect the metadata for digital content, including NFTs. Rarible follows a decentralized approach and could be the best NFT marketplace for those that want access to an extensive network with concrete connections.
Rarible’s integration with Immutable X
Earlier, gamers had to pay Ethereum gas fees every time they exchanged items, collected some loot, or traded with another player. However, Rarible has solved that problem by integrating Immutable X into its platform. Immutable X is a Layer-2 platform that enables NFT gaming on Ethereum. Besides, when users trade Immutable X NFTs on Rarible, they are eligible for Trading Rewards – up to $IMX.
Why should you use Tezos on Rarible?
As a proof-of-stake blockchain, Tezos has low fees, high performance, and a smaller carbon footprint than proof-of-work blockchains. This has attracted an energetic set of diverse NFT artists, collectors, and creators to the community.
Steps to mint and sell NFTs on Rarible?
- Once you mint your NFT on Rarible and click the “sell” button, you will see three below listed options:
- Fixed price: Fix a price for your NFT that anyone can buy at.
- Timed auction: Your NFT will be sold to the highest bidder. You can fix exact starting and ending times along with a minimum price to fetch a reasonable price.
- Open auction: This shows your NFT as “open for bids.”
3. SuperRare
SuperRare is the digital art market run by the Ethereum network and uses Ether for all transactions. The platform allows users to collect and trade unique, single-edition digital artworks. SuperRare charges a flat 3% transaction fee for all purchases, paid by the buyer.
There is a 15% commission for primary sales, where the creators receive 85%. For secondary sales, creators receive a 10% commission (royalty).
SuperRare is a peer-to-peer (P2P) marketplace for ERC-721 NFTs built on Ethereum. The platform does not accept “meme style” NFTs and is highly selective with NFT submissions. SuperRare could be of great use for someone interested in high-end NFT artwork, especially pieces with a more classical style.
4. NBA Top Shot
If you are a big fan of basketball, the NBA Top Shot marketplace allows you to purchase NFTs of memorable events in basketball history. Users can buy video clips, play highlights, and art for both the NBA as well as the WNBA. However, some of these Moments are expensive.
In February last year, a video clip of LeBron James dunking a basketball was sold for $208,000. Once purchased, buyers have exclusive rights to these video clips.
Users can buy Moment NFTs using credit/debit cards or with select cryptocurrencies, like Bitcoin, Ethereum, Bitcoin Cash, DAI, or USDC. Fees are added to the purchase price, regardless of whether you buy an iconic moment using a credit card or cryptocurrency. The platform is famous for buying and selling digital collectible cards featuring videos of memorable NBA “moments.”
NBA Top Shot reviews
Overall, the platform has good reviews from different online sources. Launched in 2020, the platform runs on Dapper Labs’ Flow Blockchain. For every single sale made on the Top Shot marketplace, a 5% fee is applicable. For instance, when a Moment NFT listed at $10.00 is sold, the seller will receive $9.50 to their Dapper Balance. There is no fee for listing and delisting a moment on the Marketplace. The NBA Top Shot allows you to own, sell, and trade official digital collectibles of the NBA and WNBA’s most incredible plays & players.
5. Nifty Gateway
Nifty Gateway is a premier NFT art marketplace famous for hosting high-quality, expensive NFT sales; this included the sale of digital artist Pak’s “The Merge” for $91.8 million. The platform mainly focuses on artwork from celebrities and top artists. To encourage demand, Nifty Gateway employs an “open editions” system. When a new type of NFT comes out, you can only buy editions for only limited time. Nifty Gateway hosts Ethereum-based NFTs.
This Marketplace allows users to make purchases with their credit cards. Nifty Gateway can be for you if you want to invest significantly in NFTs and want a ticket to higher-end options.
Moreover, one big difference that sets Nifty Gateway apart from other marketplaces is that NFTs on Nifty Gateway are stored in a secured wallet run by Gemini’s state-of-the-art custody technology. Thus, it enables collectors to move work on the platform (buy, sell, gift) without the cost and hassle of gas fees.
Payment Options
You can choose – a debit card, credit card, Gemini Balance, or prepaid ETH- all without the hassle of signing transactions and calculating gas fees.
No Gas Fees
The custodial nature of Nifty Gateway helps movement without having to process a transaction on the blockchain, which is equivalent to no gas fees, saving our collectors a lot of hassle and money.
NFT FAQs
What are NFTs?
Non-fungible tokens (NFT) are unique digital art representing real-life objects like art, painting, music, in-game items, and videos that cannot be copied and give the original creators a sense of ownership. These crypto assets exist on the blockchain, which certifies the authenticity and ownership of each piece of art.
What are NFT marketplaces?
An NFT marketplace is an online platform where artists can buy and sell NFTs. These marketplaces enable digital collectors to create and trade their tokens representing ownership of unique items (both tangible and intangible items). These marketplaces mean the same to NFTs as Amazon means to Goods.
Pre-requisites to create and sell NFTs
It is to be noted that listing and creating NFTs on an NFT marketplace platform will cost you a blockchain network fee. The fee differs based on the blockchain-based system you opt to use. Things you should have in order to use an NFT marketplace.
- A crypto wallet (your wallet should be compatible with the blockchain network that supports the NFTs you want to purchase)
- Adequate coins in the wallet
- A user account on selected marketplace.
How to sell NFT in a marketplace?
- Select the right NFT marketplace: There are dozens of marketplaces, and most of them deal with certain types of digital assets only. At present, OpenSea is considered the largest and most diverse market of NFTs.
- Link your crypto wallet
- List your NFT for sale
- Promote your NFT on different social media platforms to make it visible to potential buyers.
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