In this article we're going to explore some of the best NFT marketplaces out there - from markets on Solana to Ethereum and Tezos, you'll see why we chose these as the best.
We'll compare them on trade volume, gas fees, user base and security, and break them each down for you so you can pick the perfect marketplace to buy your next NFT.
What is an NFT Marketplace?
An NFT marketplace is an online platform that’s specifically for the creation, storage, buying, selling and trading of NFT tokens. NFT marketplaces are there to facilitate the trading, buying as well as selling of the growing NFT market which helps make connecting collectors and artists simple.
Key points about NFT marketplaces:
- An NFT marketplace is a platform that lets users make, view, list, and buy and sell NFTs online with different cryptocurrency assets (Ethereum, for example).
- Certain NFT marketplaces curate what digital artwork you see on your homepage according to your preferences the same way Instagram does while others just display NFTs for sale without taking your taste into account.
- Most NFT marketplaces let artists and digital creators choose whether they want to sell their NFTs at a fixed price or sell them via auction.
- Digital assets and digital artworks are the most popular types of NFTs sold on NFT marketplaces because of their collectibility and potential for price growth.
- Every single NFT sold at various NFT marketplaces is different and unique while being attached to a single, individual asset.
- OpenSea and Rarible are currently the most well-known NFT marketplaces in the NFT space but others are also growing in popularity at a respectable rate.
How Do NFT Marketplaces Work?
The above section was the basics of how NFT marketplaces work. This section goes into further detail and covers a few more complicated topics.
NFT marketplaces are two-sided marketplaces where you can either put your NFTs up for auction or up for sale at a fixed price, or buy NFTs from other sellers.
Auctioning NFTs to the highest bidder is the more popular method on most marketplaces since NFTs are limited and unique which means that sellers want to get as much as possible for them. Getting bidding wars going is a good way to raise the price as long as there’s demand for the NFT or the NFT collection.
What are the different kinds of NFT Marketplaces?
You can categorize NFT marketplaces by separating them into “general marketplaces” and “niche marketplaces”.
For example, OpenSea and Rarible are both general marketplaces that have a huge variety of different NFT types as well as collections for sale. Meanwhile, the Axie Marketplace is a platform where users can only buy and sell digital assets from Axie Infinity which makes them a niche NFT marketplace.
NFT Marketplace Costs & Fees
There are costs involved with NFTs and minting NFTs that artists as well as collectors need to be aware of. These costs can add up quickly and might make your life a living nightmare if you’re an artist on a budget trying to sell NFTs. NFT creators really need to be mindful of the costs involved when they create NFTs if they want to make a living off of selling NFTs.
Most of the costs you'll incur when buying, selling, or making NFTs comes from the gas fees involved with blockchain transactions. The gas fee is the fee that you need to pay to offset the computing power used by the network you’re using and is a requirement if you want to process transactions on the ETH blockchain.
While Ethereum (ETH) is the largest blockchain that supports NFTs, there are others that are coming up and are gaining popularity. Solana for instance is becoming a popular alternative because of the lower fees involved in comparison to Ethereum.
While digital art images are the most popular type of NFT for sale, other types like music files, videos and in-game items are also an option if you want to invest in NFTs. Virtual land in the metaverse is another type of NFT that might be an interesting option for you.
NFT Marketplace Wallets
Whether you’re a collector or an artist, if you want to get started in the world of NFTs, you’re going to want to get your own crypto wallet sooner rather than later. That being said, a lot of the more beginner-friendly NFT marketplaces don’t require you to have your own crypto wallet or digital wallet to get started.
Some NFT marketplaces will require that you use your own crypto wallet to fund your minting, others will only take a commission on the sale of your NFT once it’s purchased on the marketplace.
Some NFT marketplaces are decentralized while others like Binance NFT are not.
1) OpenSea: Best All Around NFT Marketplace
OpenSea is probably the most popular of all the NFT marketplaces online and one of the top NFT marketplaces of all time. It’s a great marketplace for both collectors and artists that’s simple enough for beginners while having enough choice and variety to keep veterans interested.
Collectors will be spoiled for choice since OpenSea has NFTs for sale that run the gauntlet from digital art to virtual worlds to trading cards to domain names all the way to sports memorabilia.
If you want to get started, all you need to do is to connect any OpenSea compatible wallet (like MetaMask) and you’re ready to go.
Artists have quite a few reasons to use OpenSea as their all-around NFT marketplace as well. One of the main selling points of OpenSea is that you don’t need to put any upfront funding to release your digital art projects since OpenSea takes fees from the backend after your NFTs are sold. OpenSea is also unique because it allows you to specify the amount of time you want your NFTs to be up for sale which can help build up hype for your NFTs.
How do gas fees work on Opensea?
OpenSea does not profit off gas fees but you must pay gas fees when dealing with NFTs on OpenSea.
You pay gas fees when you:
- Accept an offer.
- Transfer an NFT to someone else.
- Buy an NFT.
- Cancel an NFT listing.
- Cancel a bid
- Convert WETH back to ETH, and vice versa.
- Freeze your metadata.
- Bridge ETH or withdraw ETH to and from Polygon.
The maximum file size supported on OpenSea is 100MB.
You pay gas fees, fees to Opensea, and royalty commissions to artists
Ethereum (ETH/WETH), SOL, USDC, and DAI.
- OpenSea is the largest NFT marketplace online and probably the most popular with a huge user base.
- Has a huge range of NFT types available. Whether it’s NFT art, music or domain names like ENS, they have it on OpenSea.
- Supports numerous different types of payment tokens. OpenSea doesn’t just take Ethereum only.
- They take care of creators and artists who choose them. If you want to sell NFTs, OpenSea can be trusted for you to do business with.
2) Magic Eden: Best Solana NFT Marketplace
Magic Eden is the most popular Solana NFT marketplace and is the main marketplace for Solana based NFT collections.
Magic Eden which was founded back in 2021 gained popularity because of its focus on building a healthy community, its user-friendliness for both collectors as well as artists and the huge variety of Solana NFTs available on the platform.
Like other NFT marketplaces, collectors that are looking to buy digital assets can buy a variety of digital artworks from a host of different NFT collections on the Magic Eden marketplace. There’s admittedly not as much variety compared to bigger NFT marketplaces like OpenSea but Magic Eden and its collections are steadily growing as Solana is becoming more widely adopted.
Meanwhile, if you’re an NFT artist, Magic Eden is more than welcoming to you. The Solana-focused marketplace places a heavy emphasis on community and taking care of their artists. While they’re a growing marketplace and have less eyes on them in comparison to larger NFT marketplaces, Magic Eden does their best to make sure that your art is seen by as many potential buyers as possible.
Magic Eden Stats
The maximum file size supported by Magic Eden is 100MB.
Low SOL gas fees compared to ETH gas fees.
Magic Eden doesn’t charge any fees when listing an NFT on the platform. They only charge 2% on transaction fees.
Solana (SOL) and Ethereum (ETH).
- Low gas fees for buyers and collectors because of the use of Solana instead of ETH.
- Magic Eden is uniquely community focused which makes buyers and artists less likely to get scammed.
- Notably faster growth compared to other Solana NFT marketplaces which will benefit both buyers and artists but will especially help artists who choose to sell on Magic Eden.
- Wide variety of tools available to help artists who put their NFTs on Solana to help make selling easier which helps artists make more sales.
Right now, we recommend Rarible as your Tezos NFT marketplace. This is because it’s the most well-known of all the marketplaces that offer Tezos as an option and they have the most buyer protections as well as number of potential viewers on the platform.
Rarible lets NFT collectors buy NFTs that run the gamut from digital art pieces, to music, to Metaverse land and full on NFT games. Aside from Tezos, you can also make purchases on the various digital assets on Rarible using Ethereum, Flow as well as fiat currency using a credit card. Rarible collects a 2.5% fee on all transactions on the platform plus any gas fees which is incredibly reasonable.
Artists looking to sell their NFT art, music or any other type of NFT supported on Rarible will get many more eyes on their work compared to less well-known NFT marketplaces. Rarible has unique verification and protection methods to help artists protect their digital products compared to other marketplaces. It’s also a solid place for artists to make great connections in the art and NFT community.
The maximum file size supported on Rarible is 30MB.
Gas fees will depend on the token used on
the platform. Rarible charges a 1% commission for both the buyers and sellers on the platform.
Rarible (RARI), Tezos and Ethereum (ETH).
- Rarible is one of the largest NFT marketplaces out there which means that there are more potential customers for artists and more things to look at for digital artwork collectors.
- They're an NFT art marketplace that’s community-driven and beginner-friendly to both artists and collectors.
- Rarible charges low service fees and rewards activity on the marketplace with their own native token, $RARI.
- Artists can benefit from royalty fees that come from future NFT sales of the NFTs that they created.
4) Binance NFT - NFT Marketplace with Low Fees
If you’re looking for lower fees, Binance NFT is a solid choice if you want to get into the world of NFTs.
Binance is one of the most well-known crypto exchanges in the world and Binance NFT marketplace functions as a huge centralized NFT marketplace where you can buy digital collectibles such as art and even virtual land.
Binance NFT offers low fees for both collectors and artists. They charge a flat 1% trading fee and mainly use Ethereum but they support many other options as well. As mentioned above, there are many different kinds of NFTs available for sale at Binance NFT but there are also many different NFT creators selling their products in the marketplace that go from small indie artists all the way to world famous artists.
It’s not just collectors who should consider using Binance NFT; Artists should as well! Artists can benefit from the fact that Binance is a huge name that will attract numerous viewers to their art while also being protected and serviced by a trusted company. As mentioned above, both collectors and artists benefit from the low fees charged on Binance NFT.
Consider using Binance NFT if NOT being decentralized isn’t a dealbreaker for you and you’re looking for lower fees than regular NFT marketplaces.
Binance NFT stats
Binance NFT has a maximum file size of 50MB.
Binance NFT has not currently disclosed its trade volume.
Binance NFT charges a flat 1% trading fee.
Binance Coin (BNB).
- Binance is one of the biggest names in the crypto space and their NFT marketplace is going to have to stack up to their crypto exchange because they have a reputation to maintain.
- Surprisingly large numbers of NFT types and collections available for sale to collectors.
- Artists get unique benefits such as creators getting a 1% royalty charge from sellers, no listing charges for NFTs and low minting fee of 0.000001 BNB.
- Being a centralized marketplace means there’s more safety for buyers and sellers even if there’s less freedom.
Rarible is the marketplace that we’d recommend for beginners. Rarible is quick and easy to set up for beginner collectors as well as artists. Rarible is user-friendly and won’t confuse beginners who want to try things out while learning about the world of NFTs along the way.
Rarible is a great choice for artists who are looking to sell full collections or single works of art where any artist is allowed to mint and sell their own NFTs. Rarible charges notably low fees; they charge a transaction fee of 5% of your sale price which is split between both sellers and buyers by default.
On top of all this, when you list an NFT on Rarible, it’s also automatically put up on OpenSea. This is extremely convenient for artists who want as many eyes as possible on their art.
Magic Eden offers some of the lowest gas fee rates out there because it’s a Solana NFT marketplace. They currently only charge a 2% fee on all NFT transactions unless the individual NFT creator sets a royalty fee on top of that. Magic Eden doesn’t charge fees for making or canceling bids for NFT on the marketplace.s
OpenSea is one of the most trusted NFT marketplaces available online and is the best choice if you’re a collector looking to buy a digital asset or two. OpenSea is a user-friendly NFT marketplace that offers pretty much every type of NFT collectible available online for sale such as collectible art, domain names, videos, music and virtual land.
Verdict: Which of the best NFT marketplaces is best for you and your digital art needs?
The best NFT marketplace for you will depend on your own needs and preferences. For example, the best NFT marketplace for you will change drastically if you’re an aspiring NFT collector, a veteran art buyer, a world famous artist or an indie content creator.
That being said, OpenSea and Rarible stand out as the most well-rounded and beginner friendly NFT marketplaces out there. They’re both solid recommendations that will more than likely fulfill all your NFT needs whether you’re a beginner, a veteran, a buyer or an artist.
Do your own research and figure out what's best for you. Build up your knowledge about NFTs and the NFT market then jump right into your NFT marketplace of choice. Whether you're looking to invest in a digital asset or an artist trying their hand at selling NFTs, good luck!