Top NFT Marketplaces In February 2024: Non-fungible tokens (NFTs) let you own digital art, music, videos, and other online collectibles. They’re stored on blockchains, the same technology that powers cryptocurrencies like Bitcoin.
In 2021, the NFT market was worth over $40 billion, as stated in a report by Chainalysis. But now, it’s worth much less than that.
Even though NFTs have faced some problems, lots of investors still want them. Here are some popular places where you can buy and sell these digital assets.
Top NFT Marketplaces of February 2024
OpenSea has been around for a long time in the world of NFTs, starting in 2017. It’s been a popular place for selling all sorts of digital items like art, music, photos, trading cards, and virtual worlds.
You can use different cryptocurrencies like Ethereum, Solana, Polygon, Avalanche, and BNB to buy things on Open Sea. However, you can’t use regular money like dollars or euros.
Good news! OpenSea is easy to use if you’re new. You can make an account quickly and for free. Then, you can look at NFTs right away. You can also make your own NFTs there.
However, when you buy or sell something on Open Sea, they take 2.5% of the money from each transaction. And sometimes, there are extra fees when you first put something up for sale using Ethereum.
Basically, if you’re new to NFTs and want a simple marketplace with lots of options, OpenSea is a great place to start.
Rarible lets people buy and sell different things like art, collectibles, video game stuff, and NFTs. You can use Ethereum, Polygon, Tezos, or Immutable X to buy and sell on Rarible, but you’ll have to pay fees.
Here’s something cool about Rarible: Instead of bosses making all the decisions, they made a special coin called RARI. People who have RARI can vote on stuff like changing company rules.
In 2021, Rarible teamed up with Adobe to help verify and protect information about digital stuff, like NFTs.
If you want a big network with good connections, Rarible might be the top place to sell NFTs. Plus, it’s decentralized.
NBA Top Shot
If you really like basketball, you can use the NBA Top Shot marketplace to purchase special digital items called NFTs that capture memorable moments from basketball games. These items can include video clips, highlights, and artwork from both the NBA and the WNBA.
However, some of these moments can be quite expensive. For example, a video clip of LeBron James performing a slam dunk sold for $208,000 during the peak of the NFT market in February 2021.
The NBA made and runs this special online store for digital video clips, and only they can sell these clips. This means you can trust it because it’s from a big, well-known group.
You can buy these special video clip tokens using a credit or debit card or some types of digital money like Bitcoin, Ethereum, Bitcoin Cash, DAI, or USDC. Just remember, there’s a fee added to whatever you buy, whether you pay with a card or digital money.
In 2021, Binance, a big cryptocurrency trading website, started a place where people could buy and sell NFTs.
Binance NFT has things like art, game items, and collectibles, just like other popular sites.
Binance NFT has a big plus: it doesn’t charge much. It only takes 1% when you trade. Plus, it’s easy to use because it’s made like their regular exchange.
Nifty Gateway is famous for organizing pricey and special sales of digital art, like Pak’s “The Merge,” which sold for $91.8 million. It became big news when Gemini, led by the Winklevoss twins, Cameron and Tyler Winklevoss, bought the platform in late 2019.
This marketplace sells artwork, especially pieces by famous people and top artists. They use a system called “open editions” to make people want to buy more. When they release a new kind of digital art, you can only buy it for a short time.
You can use your credit card to buy things in this marketplace. If you want to make a big investment in digital art and want to see the best options, Nifty Gateway might be a good choice for you.
Super Rare is a fancy place to buy and sell digital art. It’s like an online art gallery. They only want serious art, not silly memes, and they’re picky about what they accept.
Because SuperRare carefully reviews artwork before selling it, investors can trust its quality more. SuperRare charges a 15% fee on the first sale of an NFT on its platform and a flat 3% fee on every transaction paid by the buyer. If you’re interested in high-quality NFT artwork, especially with a classical style, SuperRare might be a good option for you.
What is an NFT marketplace?
An NFT marketplace is like an online store where you can buy and sell digital collectibles called NFTs. You can keep your NFTs there, show them off, and sell them to others for cryptocurrency or cash. Some NFT marketplaces even let you create your own NFTs right on the platform.
You pay a fee for the NFT marketplace to move the NFT from one person to another.
Different NFT marketplaces have their own ways of working. The kinds of NFTs, fees, how you pay, which blockchains are allowed, and other rules all vary depending on the marketplace you choose.
How do NFT marketplaces work?
When you sign up for an NFT marketplace account, you can check out all the things they have for sale. You can also set up how you’ll pay. Some require you to connect a crypto wallet to pay with cryptocurrency, but others let you use a credit card.
On some websites, you can buy NFTs right away for a set price, while on others, there’s an auction.
If you buy something, the NFT marketplace will note it on their blockchain to show who owns it now.
What is minting?
In the world of NFTs, minting means making new NFTs on a blockchain like Ethereum. When you mint an NFT, you’re basically making a new digital item and adding it to the blockchain.
Minting an NFT usually costs money. But now, NFT marketplaces are finding new ways to decide who pays these fees and when they’re charged.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.