NFT (Non-Fungible Token) marketplace is a decentralized marketplace for buying and selling virtual assets.
What is NFT?
NFT are non-fungible tokens, in short, they are different from each other. Just like in real life, one house is different from the other. One car is different from the other.
What is the difference between an NFT marketplace and a regular marketplace?
In a traditional marketplace when you want to buy a product you need to go to that specific shop, buy the product and then go home. In an NFT marketplace, you can buy an NFT from anywhere in the world without going to the store. You just need to have an internet connection and access to the platform. And not just that, you can trade it with anyone else on the platform or sell it back to the same platform.
How does NFT work?
We are creating a decentralized exchange for trading NFTs in an easy and secure manner with no setup fees and no middlemen. We believe in simple yet powerful products that make the user experience pleasant and enjoyable. You don’t need any special knowledge or skill set to use our website or platform. We are leveraging blockchain technology which allows us to remove all of the unnecessary processes most centralized exchanges have and make it as easy as possible for someone who has never invested in crypto before to use our platform.
The best NFT marketplaces to buy and sell your NFT tokens are:
1. OpenSea
OpenSea is undoubtedly one of the most popular NFT marketplaces on the web. It’s a place where you can buy, sell, and discover NFTs (and not only) without having to go through any middleman. By using OpenSea, you are directly interacting with whoever is selling the NFTs. This is what makes it so great because you get to cut out all of the fees that would have been charged by a third party.
You can directly purchase or sell any NFT that is listed on OpenSea for free – there are no fees to pay whatsoever. The only downside is that you can’t transfer your OWL tokens to another wallet (you have to claim them on OpenSea first) so you won’t be able to store your OWL elsewhere than on OpenSea itself at this point (but this is something that will change in the future).
All in all, if you want to buy and sell NFTs directly from their owners, OpenSea is a perfect place for that. It’s not only one of the best nft marketplace but also one of the most popular marketplaces of all time. You should definitely check it out if you want to trade NFTs and other non-fungible tokens.
2. Rare Bits
Rare Bits is probably one of the most promising NFT marketplaces right now. It’s an e-commerce platform – just like OpenSea – where you can buy and sell NFTs directly from their owners. However, it’s also a marketplace that allows you to sell your own NFTs if they are not listed on any marketplace yet, making it a good place to buy and sell OWL tokens as well as other NFTs. If you’re looking for a place where you can buy and sell your own NFTs, Rare Bits would be your best bet.
Rare Bits charges a 5% commission for every sale – but this percentage goes down to 2% if the seller creates an account on the platform (which is free). So if you want to sell your NFTs and not directly interact with their owners, it might be worth creating an account on Rare Bits as well. Even though it’s still in beta testing mode, Rare Bits already has a large user base so it’s definitely one of the best NFT marketplaces today.
3. CryptoKitties Market
CryptoKitties is one of the most popular blockchain games ever made and despite being created in 2017, it still has a very large user base today – so much so that it accounts for nearly 10% of Ethereum network traffic! This game actually helped popularize blockchain technology even more than Bitcoin did back in 2009/2010 when it was still new and mostly used by enthusiasts who knew what they were doing. CryptoKitties was made available through EtherDelta, which is one of the first decentralized exchanges ever created and helped bring blockchain technology to the masses in 2017/2018.
The creators of CryptoKitties decided to create their own marketplace after EtherDelta was taken down by its owner back in May 2018 – this was done because EtherDelta’s owner wanted to take part in a lawsuit against Ethereum rather than keep running his marketplace anymore. This means that CryptoKitties Market accounts for a large chunk of Ethereum network traffic as well – at least 8%, if not 10%! But it’s nowhere near as popular as OpenSea or Rare Bits because buying and selling furry virtual cats isn’t for everyone (I personally find them adorable but I know others who can’t stand them…). With all of these things said CryptoKitties Market is definitely one of the best NFT marketplaces out there right now!
4. Foundation
Foundation is the trendiest NFT marketplace for creating and trading all sorts of NFT art objects. It is righteously considered the best NFT marketplace for artists. It offers 1 of 1 pieces of art. The platform also operates on the Ethereum blockchain.
Foundation is a classic NFT auction platform. Its main peculiarity is that a person needs to be invited by another member to join this marketplace. The auction is held by analogy with the real public sale of goods. Anyone who has indicated a higher price within a certain time gets a piece of work.
Foundation is one of the best NFT marketplaces allowing photographers to demonstrate their art objects with the maximum audience engagement. This can be done by sharing the works on blogs and social networks. Authors can post their works for free. Foundation withholds up to 15% from the sale of every NFT. If an already purchased NFT is resold, the author additionally gets a 10% royalty.
5. SuperRare
SuperRare positions itself as a unique virtual art gallery. The platform operates on Ethereum. The main advantage is that it offers exclusive NFTs that cannot be found anywhere else. Each work is genuinely created. It is one of the best NFT marketplaces for fans of photography. Artists develop a specialized certificate to confirm their authorship.
The platform is fully appreciated by art collectors worldwide. Being a successful NFT platform, SuperRare continues developing. It is free to download an NFT there. SuperRare charges a 15% fee for the first successful deal. Moreover, this marketplace charges a 3% fee for each following NFT deal.
Conclusion
Buying and selling non-fungible tokens isn’t as simple as buying or selling any other cryptocurrency because there aren’t many places where you can do so – yet! But there are already several good marketplaces out there and more are being created every day so I expect more and more people will be buying and selling NFTs in the future. If you want to get started with all of this, my advice would be to check out OpenSea first since it is the most popular platform right now and will probably stay that way for a long time – this goes for both beginners as well as experts in the crypto world who are looking to buy or sell non-fungible tokens.