An NFT is a one-of-a-kind digital asset stored on a blockchain, providing irrefutable proof of ownership.
Its immutability, due to the nature of blockchain technology, adds uniqueness and rarity to NFTs, making them valuable assets.
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The advent of NFTs creates a wealth of opportunities for artists and digital creators. With NFTs, they can now sell their works directly to their audience, bypassing the need for intermediaries and agents, and receiving real money for their virtual creations.
What is an NFT marketplace?
The NFT marketplace is a specialized platform where artists and digital creators can showcase their work for sale to fans and collectors through bidding.
These websites have a similar look and feel to traditional e-commerce marketplaces, allowing users to sort NFTs by price, type, and author, or add their favorite pieces to a collection.
NFT marketplaces leverage blockchain technology to provide a secure and transparent transaction history, ensuring the authenticity of each token and the protection of its ownership.
By listing their artwork on NFT marketplaces, creators can increase their chances of selling NFTs and generating income not just from the initial sale, but also from every subsequent resale through royalty payments ranging from 5-10% of the price of the deal.
These payments are automatically directed to the creators through the blockchain.
In addition, the leading NFT marketplaces boast a strong community of loyal users and creators, fueling overall interest in non-fungible tokens.
Open discussions on NFTs accelerate the growth of the market, attracting new participants and fresh ideas.
Things you need before starting to sell your NFTs on an NFT marketplace.
The NFT market has grown exponentially in recent years, with the Ethereum blockchain being the catalyst for its expansion across multiple blockchains and numerous NFT marketplaces.
Given the variety of NFT marketplaces available, it can be difficult to understand the intricacies of the NFT ecosystem.
To simplify the process, we have compiled a list of the common requirements among the top NFT marketplaces for listing NFTs.
These requirements are a useful guide for anyone looking to navigate the complex and rapidly evolving world of NFTs:
1. A crypto wallet compatible with the NFT marketplace
When it comes to NFT marketplaces, it’s crucial to have a wallet compatible with the platform. Fortunately, many of the top NFT marketplaces support a variety of wallets.
Additionally, keep in mind that a crypto wallet serves not only as a transaction tool but also as a storage place for the keys to your assets. That’s why it’s so important to carefully select your wallet and take strong security measures, such as enabling two-factor authentication.
2. Cryptocurrency required by the NFT marketplace
Before you list NFTs or pay gas fees to mint them, make sure that your wallet is compatible with the NFT marketplace of your choice. Check which cryptocurrencies are supported by the marketplace and make sure to have adequate coins in your wallet. It’s crucial to choose a secure wallet and take necessary measures such as enabling two-factor authentication to protect your assets.
3. Create an account on the NFT marketplace
To participate in an NFT marketplace, you must first create an account. This requires linking your wallet to the platform for seamless transactions. However, it’s important to note that not all NFT marketplaces allow everyone to list and sell NFTs. To get listed, you’ll need to follow the specific process of the platform you’re interested in.
Once approved, you’ll be able to mint and sell your non-fungible tokens on the marketplace.
Best NFT Marketplaces Right Now
OpenSea, established in 2017, is the leading NFT marketplace for buying and selling digital assets. With over 27.6 million monthly visitors and a strong social media presence with 2.2 million Twitter followers and 200k Discord members, it is highly regarded in the NFT community.
OpenSea supports seven blockchain platforms, including Ethereum, Polygon, Solana, Arbitrum, Klaytn, Avalanche, and Optimism, and accepts multiple cryptocurrencies, including ETH, wETH, SOL, USDC, DAI, and APE, as well as credit and debit card payments through MoonPay.
The platform offers NFT creators a tool for minting their own digital assets and three listing options: fixed price, declining price, and auction. It also allows for editing of creator royalties and features a minimalist NFT creator’s page and a convenient Lazy minting function.
With its user-friendly interface, OpenSea makes it easy to create and sell NFTs even for people with no prior NFT experience. The platform charges a commission of 2.5% of the purchase price and a transaction fee for first-time listings, which can range from $5 to over $150.
Some of the most popular NFT projects on OpenSea include CryptoPunks, Bored Ape Yacht Club, Doodles, Art blocks, and Azuki. Despite the current NFT market slowdown, OpenSea remains the largest NFT market.
Magic Eden is an NFT marketplace launched in 2021 that supports both the Solana and Ethereum blockchains. It offers a variety of NFT categories including Art, Music, Virtual Worlds, Trading Cards, Gaming NFTs, Collectibles, Sports Assets, Membership NFTs, and more. The platform supports payment methods such as SOL, ETH, and Credit cards via Crossmint.
Magic Eden has a thriving community of over 2.2 million monthly visitors, including 350k Twitter followers, 4.2k YouTube subscribers, 22.7k Instagram followers, and 91k Discord members.
As a community-owned platform, Magic Eden was created by NFT enthusiasts with the goal of improving the NFT marketplace experience. It offers unique resources for NFT collectors and creators, including a handpicked list of upcoming Solana collections, partnership, and white-label marketplaces, and access to Eden Games, a hub for NFT games on the Solana blockchain.
One of Magic Eden’s standout features is its Launchpad, an exclusive platform for top-quality NFT projects. Only 3% of applications are accepted, and the Launchpad provides significant exposure, broad reach on Web3, easy minting, and dedicated development support.
Magic Eden also offers free NFT listings, a 2% sales fee, and the ability for creators to set their own royalty percentages. Buyers have the option to honor these royalties, which are paid directly to the creators after a sale.
Rarible is a community-owned, decentralized NFT marketplace that was initially built on the Ethereum blockchain, offering a trustless trading environment without the need for intermediaries. Launched in 2019, Rarible supports multiple blockchain networks, including Ethereum, Solana, Immutable X, Polygon, Flow, and Tezos, and offers a diverse range of NFT categories including Game Assets, Metaverse Lands, Music, Domain Names, Memes, Art, and Photography.
With over 1.5 million monthly visitors, Rarible has a thriving community, boasting 490k+ Twitter followers, 288k+ Instagram followers, and 55k+ Discord members.
Users and DAO members participate in a wide range of platform activities, from moderating and voting on upgrades to creating NFTs. Rarible has established partnerships with major companies like Adobe to ensure artists’ work is secured and exclusive NFTs are developed.
Rarible’s NFT marketplace makes it easy for anyone to create their own NFTs, without any prior artwork or a large deposit of cryptocurrency.
Creators can showcase their work to the public, with only those who buy the NFT being able to see the entire project. Rarible charges a 2.5% commission from both buyers and sellers, with the option for the seller to pay the entire fee.
This fee structure makes Rarible an attractive option for artists and creators who want to monetize their work on a trusted platform.
The platform accepts ETH, wETH, and debit and credit cards as payment methods, making it accessible and user-friendly. Whether you’re a seasoned NFT collector or just starting out, Rarible provides a streamlined and secure marketplace to buy, sell, and trade NFTs.
SuperRare is a cutting-edge platform for buying and selling non-fungible tokens (NFTs) built on the Ethereum blockchain. Launched in 2018, it specializes in the acquisition and sale of one-of-a-kind digital art, including videos and 3D artwork. SuperRare offers the ease of paying in ETH or wETH and attracts over 588,000 monthly visitors.
The platform has a large and active community, with 330,000 Twitter followers, 400,000 Instagram followers, 39,000 Discord members, and 3,000 YouTube subscribers.
SuperRare combines the features of a social network and a marketplace, creating an engaging atmosphere for artists and collectors. The platform is invitation-only, making it highly exclusive and allowing only the highest quality works of art to be showcased. To join, artists must complete an application form and submit a one-minute video showcasing their work and passion for NFTs.
SuperRare has a rigorous curation process that can take months or even a year for some artists to be accepted. But once you are a member, you are part of the SuperRare DAO and can participate in managing the platform and marketplace parameters.
The community is empowered by the $RARE token, which enables the curation, creation, and collection of NFT art through the platform.
SuperRare places a strong emphasis on exclusivity, allowing only 1/1 NFTs to be sold at auction. The platform charges a 3% commission on all transactions, with a 15% commission on the final sale price for primary sales and a 10% royalty reserved for creators on secondary sales.
If you want to be a part of a unique NFT experience, SuperRare is the platform for you!
JPG Store is a leading NFT marketplace built on the Cardano blockchain. It offers creators and collectors a smooth and user-friendly experience, leveraging the fast and scalable Cardano network.
The platform provides a Launchpad program to support NFT artists and designers in contributing to the Cardano community by creating NFT art. This program offers various benefits, such as technical assistance, mentorship, and marketing support.
JPG charges 2% on sales, excluding any additional fees like gas fees or smart contract costs. In addition, a royalty fee is taken from each sale for each collection.
The transaction fees for using JPG Store are: 1.5 ADA for inclusion of an asset in a smart contract, 1.2 ADA is returned upon delisting, and 0.25 ADA for updating the asset listing in the smart contract.
Some popular NFT projects on JPG Store include SpaceBudz, Pavia, Clay Nation, The Ape Society, and Chilled Kongs.
The platform boasts a community of over 50,000 Twitter followers and 39,000 Discord members, with monthly platform visitors exceeding 1.8 million.
Foundation is a leading NFT market that supports creators and collectors in the world of digital art. Launched in 2021, the platform supports the Ethereum blockchain and offers a wide range of NFT categories, including images, videos, and 3D artwork. The payment method on the Foundation platform is ETH.
With over 1.4 million monthly visitors, Foundation has established a strong community presence on social media with over 340,000 Twitter followers and 450,000 Instagram followers.
Foundation aims to create a new creator economy for artists and creators by providing a user-friendly and streamlined NFT experience.
The platform’s live auction operates differently from other NFT marketplaces, with a 24-hour countdown timer starting from the moment a bid meets the seller’s reserve price. If there’s a bid in the last 15 minutes of the auction, the timer goes back by 15 minutes.
On Foundation, artists earn 85% of the value of an NFT sold, with secondary sales earning a 10% royalty. Although the commission fee is higher than some other NFT marketplaces at 15%, NFTs on Foundation are, on average, priced higher and retain their value better.
To join the Foundation community, one must receive an invitation from a current artist, with each artist having only one invitation to give.
The commission fee for both primary and secondary sales on Foundation is 15%, with an additional 5% deducted from the final sale price.
For secondary sales, creators receive an automatic 10% royalty. Some of the top NFT artworks on Foundation include Beeple’s every day, Edward Snowden’s Stay Free, Beeple’s Ocean Front, Tpunk #3442, and Beeple’s Crossroad.
Founded in 2018, Nifty Gateway is a premium NFT marketplace managed by Gemini, a trusted and regulated cryptocurrency exchange. Unlike most NFT platforms, Nifty Gateway stores NFTs directly in Nifty accounts, held by Nifty Gateway and Gemini. This allows for easy conversion of NFTs into fiat currency through Gemini if necessary.
Nifty Gateway works with top artists and brands to offer exclusive collections of limited edition, high-quality NFTs known as Nifties. They simplify the process for creators by handling all technical aspects of creating and selling NTFs and providing technical support. To join the platform as a creator, one must apply and be accepted for a spot on their drop page.
The platform also offers open editions, where creators can mint unlimited editions of their work for a limited time, creating scarcity and a strong secondary market.
Nifty Gateway takes a 5% commission on each sale and a 10% artist fee from the final sale price of NFT transactions, making it one of the marketplaces with the highest fees.
Artists have control over their own secondary sales royalties.
Some of the top NFT artists on Nifty Gateway include Beeple, Pak, Daniel Arsham, and Grimes. The community has 259k+ Twitter followers, 338k+ Instagram followers, and 28k+ Discord members, with over 314k monthly visitors. Nifty Gateway supports ETH and credit card, as well as Gemini as payment methods.
The platform offers NFTs in the categories of Art, Collectibles, Social, Gaming, and Music.
NFT marketplaces alternatives
Shopify NFT marketplace
Shopify, the leading e-commerce platform for small business owners and entrepreneurs, has added NFT capabilities to its offerings.
With the growing popularity of Web3 and non-fungible tokens, Shopify has enabled businesses to create and sell NFTs directly from their online store.
The NFT buying process on Shopify is seamless and works similarly to traditional Web2 e-commerce websites.
Instagram NFT marketplace
The social media platform, Instagram, is set to revolutionize the world of NFTs with its latest addition.
At the Creator Week 2022 event, Meta (META) unveiled a new feature that allows users to create and sell digital collectibles, both on and off the Instagram platform.
This development allows creators to take advantage of the growing popularity of NFTs and monetize their digital assets.
Final Words
Maximizing your NFT’s potential starts with a solid marketing strategy and choosing the right marketplace. To get noticed in the growing NFT market, it’s important that your work stands out and is easily accessible to your audience.
Our guide on NFT marketing can help you develop effective marketing tactics while positioning your NFT on the right platform can increase its visibility.
Don’t miss the opportunity to launch a successful NFT project. Promote and educate others about the potential of NFTs and your unique offering.
Our comprehensive guide to crypto marketing can also help you increase the reach and impact of your blockchain project.
Don’t hesitate to explore the full potential of NFTs and blockchain marketing.
