BEST CRYPTO EXCHANGES
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The best NFT marketplace in 2023, as found in our independent testing, is Binance!
If you are even remotely familiar with the world of cryptocurrency, you must have heard of the term “NFT.” NFTs are non-fungible tokens.
In the last few months, they have taken the internet by storm and everyone is looking to jump on the bandwagon and get into the NFT frenzy.
If you are one such trading enthusiast who wants to diversify your collection and become a part of the NFT craze, you have come to the right place.
But, where do you start? An NFT marketplace. It is the gateway for trading unique digital assets.
Much like conventional marketplaces, NFT marketplaces enable users to purchase and sell their web assets, which can be anything from music andart to even a plot of land in some virtual games (for instance, Decentraland).
It is often said that NFT marketplaces are Amazon or eBay for trading digital assets. They are for users to purchase and sell digital cryptocurrencyas well as other non-fungible commodities.
However, there are numerous NFT markets that serve a specialized sector.Then, which NFT marketplace is ideal for you?
In this article, we will look at the best NFT marketplaces for buying NFTs.
What is an NFT?
Before we start looking at NFT marketplaces, let us first learn what NFTs are in the first place. An NFT is a digital asset that you buy rights to.
Essentially, NFTs represent physical objects and can range through an array of things, including art, music, gifs, and even games.
Much like any other cryptocurrency, NFTs can be purchased or traded on the internet and exist on a blockchain.
Although they have been present since 2014, NFTs are growing in popularity as a convenient means to purchase and sell virtual artworks.
But, what distinguishes NFTs from other cryptocurrencies?
Unlike so many cryptos out there, NFTs are “non-fungible”. That doesn’t make it clear, does it?
Cryptocurrencies, just like fiat currencies, are fungible. This means that they can be exchanged for one another.
For example, one Bitcoin is always going to be equal to another Bitcoin. Or $1 is always going to be similar to another $1.
But, the same cannot be said for NFTs. They are unique items that hold distinguishable properties.
One NFT can never be interchangeable with another because they are distinct. When you buy an NFT, you purchase a valuable piece of data that exists on a blockchain.
Let us think about the famous Mona Lisa painting, for a second. Technically, anyone could own a Mona Lisa painting but there is only one painting that is the original.
The same principle applies toan NFT. By making each token completely different and valuable, the framework of NFTs has made it impossible for a single non-fungible currency to be identical to another.
What is the Mechanism Behind NFTs?
NFT is a blockchain-based technology that allows users to have total ownership of their digital assets.
For example, if you are an artist and you transform your digital content to an NFT, you will have Blockchain-powered ownership rights.
Simply said, when you advertise your NFT or digital art on any marketplace, you spend a gas cost (transaction fee) for accessing the Blockchain, after which your artwork is registered on Blockchain, indicating that you own the specific NFT.
This provides you complete control over the content, which can never be updated or amended by anybody, even the marketplace administrator.
Pointers to Keep in Mind When Choosing an NFT Marketplace
The NFT industry is expanding at a rapid rate, with new marketplaces appearing on a monthly basis.
However, as more producers and investors enter the area, the issue of how to avoid becoming buried in the crowded NFT market becomes more significant.
So, in this section, we will discuss a few of the recommendations and aspects to consider while selecting an NFT marketplace:
Wallet Compatibility
Any NFT marketplace is incomplete without its intersection with fiat money. A trader who is eager to invest in NFTs must load their wallet first before going ahead with the purchase.
Hence, you need a marketplace that supports several wallets or just one that you find to be the most secure and reliable.
The ideal NFT marketplace should be easy to use and have multiple payment options so that you never have to run into any problems regarding transactions.
Advanced Search Functions
When investing in NFTs, it is imperative to have access to accurate data.
The ideal NFT marketplace should offer a visual aid to help traders better understand and make an informed decision about which asset to purchase.
To suit the demands of purchasers, a decent NFT marketplace must offer a variety of search features, such as specific names, kinds, or creators.
Price Discovery
Even though many marketplaces have yet to include price discovery in their systems, it is critical for both sellers and buyers.
If you are selling mintable artwork on the NFT marketplace, the price discovery tool helps you to calculate the correct prices that will entice purchasers.
Likewise, before spending big bucks on a useless item, purchasers may utilize the price discovery tool to make educated purchasing selections.
NFTs are currently widely used, and we predict widespread use in the next few years.
This prominence boosts market liquidity, allowing for greater price discovery throughout numerous platforms.
Security
Security is an indispensable aspect that you must consider when choosing the ideal NFT marketplace for yourself.
The right marketplace should have multiple security features at the buyers’ and sellers’ disposal, making sure that their assets are well-protected.
Tokens Fractionalization
If you have been active on the internet in the last couple of months, you must already know NFTs aren’t inexpensive.
Depending on the art form and the creator, they can have skyrocketing prices. However, tokens fractionalization is a feature that allows the creator to sell their art in parts.
This means that no particular buyer would get the entire piece and that it would be individually sold to different traders.
This feature is not only beneficial to creators or sellers but also to the buyers.
When it comes to the seller- they can make more money by dividing the artwork among potential buyers.
On the other hand, buyers who couldn’t afford to invest in the whole artwork can now have a small part of it.
Hence, when looking for the right NFT marketplace, make sure to look for one that offers fractionalization since it makes an NFT asset easily accessible for everyone which in turn, promotes mass adoption, which this industry is in dire need of.
Best NFT Marketplaces in 2023
We have now come to the section you all have been eager to read- the best marketplaces for buying or selling NFTs.
NFT markets are your best bet for getting started with trading in digital resources, rarities, and art, however, there are plenty of different options, which can confuse traders.
Pick one that meets your buying and storing needs depending on the kind of NFT you want and the cryptocurrency you want to use for transactions.
We have listed some of the most reliable NFT platforms below that you can check out.
- Binance – 🏆 Winner!
- Crypto.com
- FTX
- OpenSea
- Nifty Gateway
- Rarible
- Foundation
- SuperRare
- Decentraland
- Makersplace
1. Binance
The marketplace that tops our list is the BinanceNFT marketplace. Binance is the world’s cryptocurrency exchange and similarly, its NFT marketplace is equally gaining traction.
The best feature of the BinanceNFT marketplace is its low fees. Surprisingly, Binance only charges a 1% transaction fee which is a major attraction for traders.
Moreover, the BinanceNFT marketplace is built around the Binance Smart Chain and the Ethereum network, meaning that you get access to numerous assets.
The NFT marketplace offered by Binance is extremely simple to navigate and also provides assets ranging from art, sports, and gaming to entertainment and collectibles.
Another feature that makes Binance’s marketplace interesting is its Mystery Box feature.
Using this tool, users can buy a box and get an NFT that is random yet very valuable.
This feature makes traders more attracted to the platform since it is unpredictable and adds to the rush of collecting NFTs- you could get a bunch of common NFTs or you could get a very rare NFT that is priced at a higher value than what you paid for.
The best thing about using the Binance platform is that if you already have an account, you can use it to access their marketplace.
The platform does not presently allow users to buy NFTs with fiat currency and only with crypto.
That is not a problem since you can always buy crypto with your fiat money on Binance itself.
Standout Features of Binance:
- Large Marketplace
- Mystery Boxes
- Negligible transaction fees
2. Crypto.com
When looking for NFTs, another great marketplace is the Crypto.com NFT marketplace.
Even though Crypto.com has been around since 2016, it wasn’t until 2021 that the platform introduced its NFT market.
Presently, the platform has over 10 million users. Apart from its generic crypto services, the website also offers NFTs from several categories including art, music, entertainment, sports, etc.
The main aim of the platform is to make investing in NFTs easy for all traders out there.
All you have to do is make an account on crypto.com and you can get started with purchasing NFTs.
You can either buy them at fixed prices or can acquire them through auctions.
Unlike Binance, you can purchase NFTs on Crypto.com using your debit or credit card, which is a major benefit that you can’t overlook.
Alternatively, you can also buy NFTs using cryptocurrencies using the ‘Crypto.com Pay’ gateway.
However, the best thing about the marketplace on crypto.com that beats other marketplaces to the punch is the fact that you do not have to pay any transaction fee for NFTs, which is a feature that not many marketplaces offer.
Overall, crypto.com is a great place to start if you are looking for a wide range of NFTs.
The interface of the marketplace is easy to navigate and can be browsed by anyone, no matter if you’re an inexperienced or a seasoned trader.
Standout Features of Crypto.com:
- No transaction fee
- Can purchase NFTs with fiat currency
- Offers Ethereum-based NFTs
3. FTX
FTX is a popular cryptocurrency exchange that specializes in derivatives as well as leveraged goods.
In addition to staking, FTX provides industry-leading forecasts, options, volatility commodities, as well as leveraged tokens.
It aspires to provide a network that would be both powerful and user-friendly for both experienced trading businesses and first-time traders.
On its network, it has recently created an NFT marketplace. During the launch, the CEO of the firm encouraged users to create their individual NFTs.
The marketplace of FTX is unique in various aspects.
The network is not a moderated market, and anybody may use it to trade as well as mint NFTs.
Individuals are not bound to the platform from which they purchased their assets. It allows tokens to be traded on the open market.
Overall, the FTX platform is a good starting point if you are looking to get yourself introduced to the NFT world.
You can buy, sell, and create NFTs on the Solana and Ethereum networks using this platform.
Standout Features of FTX:
- Easy UI
- Can purchase NFTs with fiat currency
- Ethereum and Solana-based NFTs
4. OpenSea
OpenSea tops the list for many experts when it comes to NFT sites. Surprisingly, it was the first platform to introduce NFTs to the public and since then has garnered over 1 million users.
OpenSea is built around the Ethereum network and offers several NFT types ranging from art, and music to entertainment, games, and sports.
The great thing about the platform is that you can create your own NFTs on the network using the platform’s item minting tool.
The entire process is quite simple to use. Another amazing thing about OpenSea is that it supports more than 150 cryptos as a payment method.
This is great news for traders who are looking to buy NFTs with their crypto balance.
When it comes to the fee, the platform does impose a 2.5% transaction fee. Apart from that, the marketplace also offers 14 wallets and allows users to link them to the platform easily.
If you are new to the NFT world and are looking for a place to start, OpenSea is your best bet.
Standout Features of Open Sea:
- Supports more than 150 cryptocurrencies
- Supports up to 14 wallets
- Wide range of NFTs
5. Nifty Gateway
If you are looking to buy celebrity NFTs, then look no further than Nifty Gateway.
Nifty Gateway is a renowned marketplace where digital artists and celebrities such as Beeple, Daniel Arsham, Pak, and Grimes have sold their creations.
Gemini, an authorized and safe crypto exchange, manages the platform, which is regarded as a high-end platform because of its partnership with well-known artists and companies.
One feature that distinguishes Nifty Gateway is the ability for creators to get a share of secondary market sales.
As a result, if someone buys the NFT you have created, you will get a part of the sale.
Furthermore, Nifty Gateway offers “open editions,” which allow authors to print an infinite number of copies of their creations for a short period.
If you are settled in the US, then you can purchase NFTs on the platform using your fiat currency.
However, if you live outside the US, you have to use the cryptos stored in your Gemini.
When it comes to the fee, the platform imposes a $0.30 transaction charge, along with a 5% fee to the seller.
Standout Features of Nifty Gateway:
- Regulated by Gemini
- Includes high-profiles artists
- Can purchase NFTs with fiat currency if from the US
6. Rarible
Rarible is among the greatest NFT art markets for investors since it offers a diverse range of digital art, photographs, games, music, websites, and also metaverse objects.
The site charges both sellers and buyers a 2.5 percent fee, putting it on the upper side of the pricing spectrum.
Rarible, however, supports many blockchains and can serve NFTs developed on Ethereum, Flow, as well as Tezos.
The site lays a special emphasis on art materials.
The platform even has its own token named RARI and the users who hold the token can participate in moderation and get the right to vote regarding any changes to the platform.
The NFT creator gets an option to provide a sneak peek of their work in order to attract customers and only the buyer gets to see the entire artwork.
Similar to a lot of other platforms, you can purchase NFTs with your fiat currency on Rarible.
The platform supports more than 190 nations, making it easy to acquire Rare NFTs all over the world, making this among the largest NFT marketplaces.
Standout Features of Rarible:
- Supports multiple blockchains
- Can buy NFTs with fiat currency
- Available in more than 190 nations
7. Foundation
If you are searching for a place to acquire NFT artworks, Foundation is a good place to start.
Foundation is a renowned NFT platform that specializes in providing exclusive artworks. You can acquire premium artworks on the platform through an auction.
Once the initial bid is put forward, the NFT stays around for 24 hours before being sold.
The platform is built on the Ethereum network and the UI of the platform is clean, which makes it simple to locate your desired NFT.
When it comes to the fee, Foundation imposes a 15% transaction fee on the seller, which puts the website on the higher end of the price range.
But, the good thing is that the platform offers a way to recover some of that cost by giving a 10% royalty on secondary market sales.
Since the platform is built on the Ethereum network, in order to purchase an NFT, traders must pay in ETH instead of debit or credit card.
Standout Features of Foundation:
- Premium artworks
- Easy UI
- Hosts popular creators
8. SuperRare
The name of the website speaks for itself. SuperRare features rare and enticing artworks that are hard to come by on other platforms.
The website aims to create an environment that resonates with an actual art gallery.
In order to enlist your artwork on the platform, you first have to apply since the site only features projects by artists who belong to the network.
The website defines itself as a cross between Instagram and Christie’s, providing a new method of connecting with art, entertainment, and collecting.
More than a marketplace, SuperRare aims to present itself as a social platform, where they focus on encouraging the creation and collection of digital artworks.
You will not discover celebrity NFTs in SuperRare since they put more emphasis on artistic assets.
The platform truly follows the principle of quality over quantity.
It supposedly admits just 1% of the creators who apply to the website, which may seem snobbish, but it implies that if you are selected, you will be included in a library of carefully curated and intriguing artworks.
This indicates that the artworks on the platform are more precious and, as the name implies, rare.
Standout Features of Super Rare:
- Rare collectibles
- Adds a new twist to the NFT environment
- Fine gallery aesthetic
9. Decentraland
Decentraland is a virtual reality environment built on the Ethereum network, making it a secure and robust NFT marketplace.
It allows users to purchase virtual estates as well as other virtual assets, such as wearables, artworks, and also names that are held in smart contracts.
Decentraland offers a unique setting since not only do you get to purchase digital assets made by other creators but you can also trade your own creations in the Decentraland marketplace.
The virtual marketplace was created in 2020 keeping in mind the sole goal of giving NFT artists as well as innovators complete rights.
This marketplace is continually expanding the users’ voices, particularly on land bids, policy revisions, and NFT contracts between the developer and the marketplace.
The Decentraland platform is built on the Ethereum blockchain and has cryptocurrency MANA as its native token.
The owners of MANA get special privileges as well such as voting rights regarding changes to the platform.
Standout Features of Decentraland:
- Prioritizes creators
- Offers a virtual game setting
- Wide range of NFTs
10. Makersplace
The virtual marketplace encourages digital artists by giving them effective tools for protecting and selling their content to collectors and admirers.
If you are looking for a marketplace that brings truly unique and rare assets to the crowd, there is no place better than Makersplace.
True to its name, the platform has managed to make a marketplace from the ground up that connects a wide range of artists, be it musicians, photographers, authors, or anyone else.
The primary aim of the platform is to market these unique projects to a varied audience around the world.
The nicest thing about this network is that it promotes blockchain technology while also benefiting all digital creators.
The digital marketplace offers all artists a profitable opportunity by allowing them to receive a 15 percent portion of the entire value of the transaction.
Furthermore, the site gives 10% royalties as a commission on every re-sale of its content.
This will assist to preserve the product’s originality standards and boost its distinctiveness, resulting in high costs.
Standout Features of Makersplace:
- A large number of creators
- Offers lucrative opportunities
- Easy UI
11. KnownOrigin
KnownOrigin is one of the most well-known NFT sites out there.
If you are a digital artist looking to market your work or simply a buyer looking to invest in rare yet incredible works of art, KnownOrigin is your best bet.
This platform, much like Decentraland, is built on the Ethereum network.
The platform focuses on providing rare and collectible artworks through scheduled releases termed drops, which allow artists to limit the number of copies published.
This can lead to shortages and higher pricing. Also, just about any creator cannot showcase their artwork on the platform.
You first must apply and go through screening before marketing your work.
Because this platform mints using Ethereum, you should think about the costs and carbon impact before investing.
KnownOrigin also encourages NFT partnerships and undertakes a concerted effort to promote community messages and give guidance on drops as well as sales, notably making secondary transactions explicit in a separate marketplace.
Standout Features of Known Origin:
- Premium artworks
- Easy UI
- Unique NFTs
12. Mintable
If OpenSea is called the Amazon of NFTs, Mintable is the Etsy of NFTs.
The newbie to the NFT industry is supported by entrepreneur Mark Cuban and intends to provide a wide range of content while being simple to use.
Mintable is a fantastic marketplace for users to exchange music, photographs, artwork, digital artifacts, and in-game materials.
The platform attempts to offer profitable opportunities by imposing zero gas fees. This option is known as lazy minting.
There are three kinds of auctions available on Mintable- Timed Auctions, Traditional Auctions, and Buy It Now Auctions.
Moreover, Mintable offers a 5% royalty to creators.
Standout Features of Mintable:
- Wide range of content
- Offer lucrative opportunities
- Easy to navigate
Final Thoughts
In this guide, we listed the best NFT platforms in 2023 along with the tips you should keep in mind when choosing the right marketplace for yourself.
We hope we have been able to help in finding the right platform for you.
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Written by Thomas McGovern
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