You can own pieces of art, music, films, and other online items by using non-fungible tokens (NFTs). They are based on the cutting-edge technology known as blockchains, which powers cryptocurrencies like Bitcoin.
According to The 2021 NFT Market Report published by blockchain data company Chainalysis, the market for NFTs has grown to be worth more than $40 billion as their popularity has increased.
We’ll look at some NFT Marketplaces where you can trade these digital assets today.
Firstly, What is an NFT Marketplace?
A digital marketplace for purchasing and selling NFTs is known as an NFT marketplace. These platforms enable users to store, show, and sell their NFTs to other users in exchange for cryptocurrencies or cash. On some NFT marketplaces, users can mint their NFTs right there on the website.
The transfer of an NFT from one party to another is normally handled by the NFT marketplace in exchange for a charge.
Each NFT market works according to its own set of rules. Depending on the one you use, there may be different types of NFTs available, fees, payment methods, approved blockchains, and other rules.
How Do NFT Marketplaces Work?
You can browse all of the products they have for sale once you register with an NFT marketplace. You can also add a payment option, some of which enable you use a credit card and others which require you to attach a cryptocurrency wallet.
While some websites use an auction, others allow you to purchase NFTs directly for a set amount.
If the transaction is successfully completed, the NFT marketplace will log it on its blockchain, indicating the ownership shift.
Now Let’s look at 3 NFT Marketplaces:
Opensea
With its 2017 start, OpenSea is one of the oldest and most established NFT marketplaces still in operation. Numerous well-liked NFTs are hosted there, including those related to music, art, trading cards, photography, and virtual worlds.
Ethereum, Solana, and USDC are the three main cryptocurrencies utilized on OpenSea, while additional cryptocurrencies are available as payment choices. Just keep in mind that fiat currencies like dollars cannot be used.
OpenSea is incredibly beginner-friendly and you can set up an account in minutes.
Every transaction has a fee of 2.5 percent from OpenSea. In order to complete NFT transactions with Ethereum, you must also pay the gas fee. The transaction fees given to miners are called gas fees.
You can purchase and sell NFTs with Polygon if you want to save money on gas. However, you must make sure that the Polygon logo is visible on the relevant NFT item.
In conclusion, OpenSea is a good option for newcomers who want as many NFT options as possible and who want to get started with a simple marketplace.
Binance
In 2021, one of the biggest cryptocurrency exchanges, Binance, introduced an NFT market. The global cryptocurrency exchange is just one of the numerous business entities entering the NFT sector.
The fact that Binance NFT has extremely cheap fees is a significant benefit. The platform merely takes a 1% trade commission. Additionally, it is a user-friendly platform created with the same technologies and designs as its exchange.
Rarible
Users can purchase and sell artwork, collectibles, video game assets, and NFTs on Rarible. With Ethereum, Flow, and Tezos you may trade and make purchases on Rarible.
Every transaction on Rarible is subject to a fixed fee of 2.5 percent plus any applicable gas costs. The ability to purchase NFTs using a credit card and conduct transactions in fiat currencies is a convenient feature.
Rarible built its own native coin called RARI rather than letting internal management make all decisions. Owners of RARI may vote on corporate decisions, such as alterations to corporate policy.
Also, Rarible and Adobe established a cooperation in 2021 to simplify the verification and security of metadata for digital content, including NFTs.
Rarible might be the greatest NFT market for anyone who desire access to a vast network with strong connections. In addition, it continues to operate with a decentralized attitude.