Best NFT Marketplaces 2022
In 2021, NFTs took the investing world by storm. They have gone from token art projects to, in some cases, master collections selling for millions of dollars. As they grow in popularity, NFTs and NFT marketplaces are creating sustainable ways for artists to get paid for their creations. The growth of the digital creator space continues to support its importance in the future of creativity.
With the rapid increase in interest, multiple marketplaces for NFT trading are on the rise. In this article, we’ll take a look at the foundation of the NFT crypto space, and what makes the best NFT marketplaces for creators.
NFT stands for non-fungible token. Non-fungible means completely original–like a digital certificate of authenticity. In the case of non-fungible tokens, these certificates can be for digital art, music, tweets, and other forms of media. Token refers to the certificate’s ability to be bought and owned through Ethereum transactions.
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Ethereum is the cryptocurrency most commonly used to purchase non-fungible tokens. You’ll need a crypto wallet to purchase that can be connected to the marketplace. When you create and monetize your work, the process is called minting.
As for marketplaces, there are lots to choose from. Each has its pros, and some are more suited for beginners than others. Let’s take a look at what makes the best NFT marketplaces and what you should consider when minting your first project.
What Makes Good NFT Marketplaces?
There are three main things to consider when choosing an NFT marketplace. They are:
- Discoverability for artist
- Cost of minting
- Ease of use for creators and investors
As an artist or future creator, discoverability is important because you want to increase the odds of your work being seen and purchased. The more people interested in and buying your art, the higher your trading volume. The higher your trading volume, the more you can profit from your work.
But profit isn’t the only thing to consider in the NFT crypto space. The cost associated with minting art can vary from platform to platform. These costs, also known as gas fees, can make it difficult to buy or sell if they are inflated.
Lastly, ease of use is a determining factor in the best NFT marketplaces. Because creating and purchasing a non-fungible token is a complex process, user-friendly marketplaces with simple wallet integration are the most accessible to new creators. This means that the marketplace is easy to navigate online, and has a smooth process for purchasing already set up on the site.
If you’re new to the NFT crypto space, your best bet to get your work seen is the most popular platforms. These are also well equipped to allow for investments into other projects, and each has its own search integration so you can get in early on upcoming collections.
There are two standout NFT marketplaces in terms of popularity that are growing daily.
Open Sea is the largest decentralized marketplace. It is known for being the first digital marketplace for collectible crypto and nonfungible tokens. While its size may be intimidating for new artists, investors and crypto enthusiasts alike can expect to find a project to their liking on this platform.
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Open Sea offers a highly customized search experience to find new projects to invest in, and be inspired by as you create your own. Their website is clean and easy to navigate resulting in it being a great choice for many.
As far as cost, Open Sea takes a flat 2.5% cut of every transaction, but otherwise, NFT creation is free. It is the best NFT marketplace to find upcoming projects, and mint with low fees.
Super Rare is another great option in terms of ease of use. Their platform highlights the world’s top artists and is insistent on being the future of art collecting. Artists on Super Rare can use bids to sell original art and receive royalties on all secondary transactions.
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Their user interface is easy to navigate, and the search experience on the site includes trending tags to help you find high-volume collections. Super Rare takes a 3% cut from every sale made.
Super Rare is the best NFT marketplace for unique creators hoping to stand out. They even have a featured section, which allows new pieces to be recommended to users daily.
Open Sea and Super Rare are phenomenal choices for creators and investors alike, but some marketplaces were specifically made with artists in mind. Two examples of this are Mintable and Nifty Gateway.
Mintable is an app-based marketplace but it doesn’t fall short in the midst of larger options. It is currently backed by Mark Cuban and is the best NFT marketplace in terms of cost because it removes gas fees entirely. Mintable has made its goal to simplify the non-fungible token sales process and make it accessible to new creators and famous ones alike.
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Nifty Gateway is different from all the others on this list. Instead of connecting a wallet to purchase like on Open Sea, with Nifty Gateway you can buy and sell directly from your Ethereum wallet. This is because Nifty Gateway is a custodial marketplace meaning that the NFTs are stored on the platform.
Nifty Gateway is backed by Gemini, a crypto exchange that focused on the security of your blockchain transactions. Their commission fee is 5% + 30 cents on each transaction.
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While Nifty is great for beginners in terms of easy navigation, and direct Ethereum purchase options, it can be difficult to be accepted onto the platform if you don’t already have an established following for your art. Once accepted though, you become one of the exclusive artists, and your chances of a sale increase significantly with that association.
The overall top pick from this list for creators and investors is Open Sea. It is the most reputable, and longest established NFT marketplace to date.
With its low fees and high discoverability, your creations have the opportunity to be seen and valued in a new way.
With its customizable search and rarity evaluator, you have the opportunity to invest early in lucrative projects.
The NFT crypto space has created an opportunity for artists to certify authenticity in their work, even as it passes from hand to hand online. This means that the value of originality can only increase as the NFT space continues to grow and advance.
So what are you waiting for? Whether you’re an investor or a creator, NFTs and crypto are here to stay. Will you be a part of the generation of creators that bring in this new wave of digital art?