The answer to the question ‘where to buy NFT’ or ‘where to sell NFT’ is pretty simple — on the marketplace. But which one to choose? Nowadays, there are a lot of them, and each is based on different blockchains and with various copyright requirements.
The main task of NFT platforms is the creation, purchase, and sale of tokens. Still, each NFT exchange has some of its own characteristics that need to be considered when choosing a specific platform. Here is a review of the most popular NFT marketplaces!
NBA Top Shot
NBA Top Shot is one of the most popular NFT projects, which runs on the FLOW blockchain and has its own $FLOW token. You can make money on this marketplace by buying and selling video clips of the National Basketball League games. To use the platform, you need to register an account first. The essence of the project is to buy cards and try to sell them later at a price higher than the purchase price.
There are four types of moments on the platform:
- Common — frequent moments that are inexpensive.
- Rare — these are rare cards priced from about a hundred dollars to tens of thousands, with a circulation of up to 5K units.
- Legendary — legendary moments priced up to $250,000
- Ultimate — not yet released cards, most likely, they will not have price restrictions, and they will be issued in a single copy or in quantities of several units.
Each video has a description that indicates the player’s name, the type of moment in basketball terminology, the release series, the card set’s name, and so on. Moments are bought in packs (drop) on the platform itself or on the marketplace, which acts as a secondary market. Packs rarely go on sale, and they sell out quickly, as their price is relatively low.
In principle, working on the NBA Top Shot marketplace is similar to the auctions held for gamers. According to reviews, a big problem for NBA Top Shot bidders is withdrawing earned money, even after passing mandatory verification. The commission for transactions on the marketplace is 5%.
Rarible is one of the popular NFT buying and selling projects. It is positioned as an open-source platform, like a DEX exchange, and a smart contract ensures the transaction’s execution. An important platform component is the native $RARI token, which allows you to vote and participate in decision-making in this network. At the same time, it is impossible to purchase $RARI tokens on the marketplace, and you need to participate in airdrops or liquidity mining.
The platform’s functionality is quite standard — file upload, placement for sale, purchase. Still, unlike other platforms, on Rarible, a seller can provide more detailed information about the item being sold, such as a fragment, and issue a token only when a user buys it. In addition, there is no moderation on the platform. To use the platform, you need to have an Ethereum network wallet like MetaMask.
Sorare is both a game on the Ethereum blockchain and an NFT platform where users can buy and sell cards with football players. To take part in the project, you need to create a team of 5 players, with which you will participate in various tournaments and championships. To a greater extent, this is a game, but you can use the platform solely for earning purposes.
There are five types of cards:
- Common. These are regular white cards. They are issued upon registration of a new user and as rewards at tournaments. They are of low value.
- Limited. It is a relatively new type of golden card with a maximum limit of 1000 units per season.
- Rare. A rare red card with a maximum limit of 100 units per season. They are much more expensive than usual — tens or hundreds of euros (if we are talking about images of goalkeepers).
- Super Rare. These are Super Rare blue cards with a maximum limit of 10 units per season. The cost of one reaches hundreds of euros. You can win it only in tournaments.
- Unique. These are special brown cards in a single copy. The cost of one is several thousand euros.
Cards are bought in packs of 5 units, and transactions are carried out through the Coinbase, Portis, or MetaMask wallet. Registration on the platform is carried out via email.
Gate.io’s NFT Magic Box is the first centralized trading platform that sells NFTs on the GateChain protocol. You can exhibit, sell, or buy digital art in the ‘Buy Now’ or ‘Auction’ mode on the platform. Some of the proceeds from Magic Box NFT sales go to the Gate.io NFT Art Foundation, which aims to support creators on the platform.
There are six subsections for tokens on the exchange. At the same time, selection, purchase, and sale are carried out in the Trading Market section — the coins used for transactions are BTC, GT, ETH, and USDT stablecoin. Magic Box supports the OpenPunks project, a community-driven NFT platform where a digital object can be generated for sale in the form of a token.
JuggerWORLD is a decentralized platform created within BSC Juggernaut (Binance Smart Chain). The NFT marketplace provides the option to create a profile, but this is not required. You can create a personal collection on the platform and issue one NFT token or a series of tokens.
The exchange also has a custom JuggerSWAP pool and a JuggerDRAW drawing engine. To work on JuggerWorld, you will need a wallet compatible with BEP-20 tokens such as MetaMask wallet, Binance Chain Wallet, and WalletConnect.
The Treasureland NFT platform runs on the Binance (BSC) blockchain but continues to support Ethereum and MATIC. Treasureland is a DEGO project that combines the functions of an NFT exchange and DeFi. To generate a token and buy or sell it, you need to connect a MetaMask, WalletConnect, Trust Wallet, MathWallet, TokenPocket, or similar wallet to the platform.
The project is considered one of the most efficient platforms for buying and selling art, collectibles, game items, and other assets. A feature of the project is NFT DEGO: when creating these tokens, you can lock a certain amount of ERC-20 or BEP-20 digital assets inside the token that it receives an additional value.
BakerySwap is an AMM DEX exchange on Binance Smart Chain and a decentralized platform focused on trading cryptocurrencies, not NFTs. Liquidity providers are rewarded in the form of $BAKE tokens plus receive a share of the trading fees on the platform and are eligible to take part in the project’s governance.
The ability to generate NFTs sell and buy tokens is additional, but the functionality is implemented very well, so the exchange is popular with authors and sellers/buyers. The exchange has pre-moderation of NFT content, while plagiarism is prohibited.
The peculiarity of the platform is that tokens can be used to earn $BAKE via staking. In addition, there is NFT Combo Meals, a way of earning which generates profit via farming. There are four types of combos — Basic, Regular, Luxury, Supreme, which can be used as a bid or sold on the NFT Supermarket section.
OpenSea is a decentralized NFT project and perhaps the most popular non-fungible token marketplace today. The platform does not require verification and registration, and all you need to do is connect a wallet. To make transactions, you also need to have ETH in your wallet.
On OpenSea, you can create artworks, sell them as NFTs at a fixed price or at auction, and buy NFTs — these are visual content tokens and game items, game territories, and even domain names. OpenSea issues ERC-721 or ERC-1155 format tokens. Thus, more than 300 different types of tokens can be put up for sale and bought on the exchange. Sorare, CryptoKitties, and Axie Infinity blockchain game items are also available for sale.
The peculiarity of the turnover on the exchange is that it is obligatory to carry out two transactions that require payment of a commission for GAS. The first transaction allows putting up tokens for sale. The second is to initiate a smart contract to gain access to the item being sold. Commission from each successful sale is 2.5% of the transaction.
Binance NFT Marketplace is one of the most popular and dynamically developing NFT platforms since it is based on the Binance Smart Chain. Thus, selling and buying non-fungible tokens on the platform is cheaper than on exchanges operating on the Ethereum network.
The main service is centralized, and there is also a decentralized app featured.market. You need to register, go through a verification process, and connect a wallet to use the platform.
A content creator on Binance can generate and put up for sale tokens at a fixed or auction price. When buying, the choice of tokens is carried out in the online store of tokens according to the NFT rating. A feature of Binance NFT is the Mystery box, where users can buy an unknown content token. You can find out the content only after purchasing it — it can be a unique, very expensive token, which can then be sold. Transactions on the platform are carried out in BNB, BUSD, or ETH cryptocurrencies. To generate a token, you will need BNB in your wallet.
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SuperRare is an NFT’ social collecting’ platform, meaning it puts up items for sale that are worthy of becoming a collector’s item. Therefore, the platform specializes in exclusive works by leading artists and other creative personalities. The NFT exchange operates on the Ethereum blockchain.
One of the main sections of the NFT exchange is the Community, where users chat with each other, buyers-collectors clarify information about authors, and artists monitor the situation on the NFT market. Market is an online store where users put up NFTs for sale, and Features is an information section about exhibitions or announcements of new projects.
The positioning of the platform implies that the author’s content exhibited on SuperRare should be sold exclusively on this exchange. On the first NFT token sale, the author enjoys 85% commission, and the platform receives 15%. From each sale, the author also receives a commission of 3%.
Mintable is an ERC-721 NFT token exchange that supports the Ethereum and Zilliqa blockchains. The trading platform is an online store positioned as a free NFT service, which anyone can join. The platform is relatively easy to manage and navigate. Here it is possible to sell the maximum number of tokens at the lowest prices.
The peculiarity of Mintable is that its authors do not need to pay a commission for GAS, although the service runs on Ethereum. You need to connect a wallet — MetaMask, Trust Wallet, or Rainbow to use the exchange. If you plan to buy tokens, then you also need to have a certain amount of ETH.
There is also an NFT University section which is quite useful as it explains what NFTs are and how to trade them. Therefore, the exchange is considered suitable for novice authors and buyers of non-fungible tokens.
The Sandbox is an NFT earning game. It is a classic multiplayer metaverse based on the Unity engine, where players build worlds using unique in-game items. Each world in the game belongs to one player — this was made possible thanks to NFT technology. Currently, to join the game, you need to pay about $100 and connect a wallet, for example, MetaMask. The Sandbox has a unique feature — a marketplace for game items, each of which is a non-fungible ERC-721 token.
To engage in trading, you should first register, log into your account, buy ETH and $SAND (in-game currency), go to the marketplace and buy the required items. A seller sets the price for an NFT object based on its uniqueness and rarity. The in-game currency can be paid for games and also be earned during the game.
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It’s pretty clear that the NFT sector continues to evolve, and currently, one can find a lot of promising projects. The popularity of non-fungible tokens will only grow in the coming years with many innovative apps for digitizing art, property rights, and collectibles.
What is the best NFT marketplace? Feel free to share your favorite ones in the comments below!