NFT Marketplaces Comparison | Blockgeeks
According to NFT stats compiled by blockchain analytics firm Chainalysis Inc., the NFT market valued at $40.9 billion in 2021! Its a tremendous growth given that it barely generated a billion in 2020.
And as we experience the shift towards Web3, DeFi apps including NFT Marketplaces are headed for more growth and with that experts have predicted that NFTs will continue to gain value.
Obviously, the more NFT marketplaces there are, the more fierce competition becomes, as well as your choices. If you’re searching for a marketplace to introduce your NFTs or simply invest in them, you may have a difficult time finding one.
Mostly, these marketplaces are built on Ethereum’s smart contract but now we have Marketplaces built on Solana, Tezos, PolyGon, & Ronin to offer faster transactions without costing you high gas.
There are two types of NFT Marketplaces:
- Open Market: Anyone can join this Marketplace and start trading.
- Closed Market: You will need an invite to join this Marketplace.
So if you’re going to pick a marketplace, research all the options and major factors that you will need to consider.
To give you all that information in one place, we have compared 10 biggest NFT Marketplaces to help you figure out which key features are important for you to pick the right NFT Marketplace.
To learn more, here’s a quick guide on Non Fungible Tokens.
Here’s how it goes…
On OpenSea you can get access to the most popular and investment worthy NFT collections to get started. The platform uses Ethereum’s Smart Contract to create a secure and transparent marketplace. The smart contract system ensures that all transactions are verified and secure.
Opensea is also integrated with popular crypto wallets, like MetaMask and Coinbase Wallet, so all you need to do is just connect your wallet and you can start trading and minting NFTs.
Currently it is one of the only NFT Marketplaces except Rarible who have a dedicated mobile application so the users can have access to the marketplace through their mobile phones.
Rarible’s most distinctive feature is its own token, “RARI.” This may be used to sell or buy NFTs on the platform as well as make and accept proposals for improvements. It also allows users to participate in platform management by serving as a sort of virtual “stock” kind of like how DAOs operate.
What’s more awesome about Rarible is that since late 2021, it offers gas-less minting for artists. It’s the reason why it comes next to OpenSea in terms of popularity in the open market.
With over 16,000 listings, it has a sleek interface and a user-friendly navigation for all users – kind of like Spotify; featuring top collections, hot bids, top sellers, and live auctions, all on the first page.
SuperRare is one of the most exclusive NFT Marketplaces that have a closed community of elite NFT artists from all around the world.
It’s a marketplace that organizes the greatest in art and design. It has an active social feed, calendar listings for forthcoming exhibitions, as well as an editorial page with artist profiles.
Superrare is trying to replicate the exclusive art galleries in real-life to bring an virtual art gallery that charges you 15% commission on each sale. The commission being charged is comparatively cheaper than the physical art galleries.
Since its a closed marketplace, artists must submit their application to join SuperRare as a creator which could take months to get approved. But once you do get approved, your art work will instantly hold more value.
That’s why many refer to SuperRare as “beyond-premium” and could probably become a virtual Louvre or Sotheby’s.
Foundation is another exclusive closed market platform like SuperRare. A Foundation registered creator’s art work is more likely to be highly valued.
The artist gets 85% of the value of an NFT when it is sold on Foundation, which means Foundation takes a 15% cut. Because creators are more authentic and genuinely creative than you find on other marketplaces, NFTs on Foundation are typically priced higher and retain their value longer.
Since Foundation is a community-curated platform that’s run by a select group of artists, you must score an invitation from a current artist in order to join.
Looks Rare is a new NFT marketplace that offers rewards to its users – meaning that it gives back to its community of creators and users for choosing Looks Rare to buy and sell NFTs.
One of the things that set Looks Rare apart is that its a community-first platform. With over 1000 listings so far, Looks Rare have one of the most popular collections including Lazy Lions.
It costs 2% fee for both buyers and sellers which is significantly lower than what other NFT marketplaces are charging you.
CryptoPunks is a unique NFT collection that can be found on a variety of cryptocurrency marketplaces. Its a collection of 24×24, 8-bit-style pixel art images of misfits and eccentrics that has its own unique identity and can be traded or used in various games and projects.
One of the things that makes CryptoPunks so popular is their collectability. There are only 10,000 CryptoPunks in existence, making them a rare and valuable asset. CryptoPunks can be bought and sold on a variety of marketplaces, including OpenSea and Rarible.
If you’re looking for a unique and collectible NFT, then CryptoPunks are definitely worth checking out.
Decentraland is a virtual world that can be accessed through the use of blockchain technology. In Decentraland, users can create, own, and trade virtual land. Landowners can use their virtual land to create experiences, games, and applications that can be accessed by other users.
One of the things that makes Decentraland so popular is its focus on user-ownership. Unlike other virtual worlds, Decentraland is owned by its users. This means that users have full control over their land and can do whatever they want with it.
Decentraland is a great option for those who are looking for a virtual world that they can truly call their own.
Axie Infinity is a game that allows users to collect and raise digital creatures known as Axies. Axies can be used in battle, traded with other users, or used to create experiences in the Axie Infinity world.
One of the things that makes Axie Infinity so popular is its focus on community. Axie Infinity allows users to interact with each other in a variety of ways, including through the use of forums, chat rooms, and social media.
Axie Infinity is a great option for those who are looking for a game that they can truly interact with others.
The Aavegotchi NFT Marketplace is a place where you can buy and trade unique crypto pets called Aavegotchis. These crypto pets have unique attributes defined by a rarity score and require food and care to help them thrive. All that Aavegotchis will need is available on the Aavegotchi Bazaar.
It only supports GHST token, so make sure you have them if you’re really into buying these cute crypto pets!
SolSea is the first Open NFT Marketplace on Solana Blockhain. Offering faster transactions and low fee, is what inticing users towards this marketplace
You can buy, sell, or auction your NFTs or mint new NFTs on the marketplace.
SolSea has a variety of digital art collections on the marketplace with some of the most accredited artists who are creating the most popular digital artwork out there.
Its user base grew significantly over the past few months where more than 19K users per month buy and mint their collections.
It has a monthly trading volume of $32.28M and is only expected to grow because fast transactions, powered by Solana, is a huge appeal for NFT traders.
The National Basketball Association and Women’s National Basketball Association are the first organizations to venture into the NFT space with an exclusive NBA Top Shot Marketplace.
The marketplace was developed by Dapper Labs who created their own Blockchain network called Flow to deploy this Marketplace.
It offers a variety of memorable NBA moments or plays highlights in video clips as NFTs. And since the NBA already has millions of fans around the globe, it is one of the first NFT series to achieve immense popularity in the shortest time.
When looking for a new NFT marketplace, it’s important to consider what features are the most important to you. Here are a few factors to think about:
1. How often does the marketplace update its listings?
If you’re looking for new and innovative NFTs, you’ll want to find a marketplace that updates its listings regularly. This way, you can be sure that you’re always seeing the latest and greatest offerings.
2. How easy is it to search for specific NFTs?
If you have a particular NFT in mind, you’ll want to make sure that the marketplace you choose makes it easy to find. Some marketplaces have comprehensive search features, while others require you to browse through each listing individually.
3. What payment methods are accepted?
Not all marketplaces accept all payment methods. If you want to pay with cryptocurrency, for example, you’ll need to find a marketplace that accepts Solana or Ethereum.
4. How large is the marketplace?
The size of the marketplace can be an important factor, especially if you’re looking for a particular NFT. A larger marketplace is more likely to have the NFT you’re looking for than a smaller one.
5. What is the reputation of the marketplace?
It’s important to do your research before choosing a new NFT marketplace. One way to gauge the reputation of a marketplace is to read reviews from other users. This will give you a better idea of what to expect from the site.
Choosing the right NFT marketplace can be a daunting task. But by considering these five factors, you’ll be one step closer to finding the perfect site for you.
Want to buy NFTs? Read our latest guide on How to Buy NFTs to get started today.