The NFT market has taken off in 2021, with individual sales regularly rising into the tens of millions. As a result, interest in buying, selling, trading, and creating NFTs has certainly skyrocketed with all that capital flowing through this relatively new digital space.
If you need a refresher, non-fungible tokens (NFTs) are inherently unique digital assets stored on the blockchain that cannot be copied or changed in any way. One of the typical problems with the creation, sale and purchase of digital creative goods on the Internet is that they can be endlessly copied and duplicated, to the point where it is impossible to discern who was the original creator.
NFTs solve this problem as they are fully verifiable, letting investors know they are buying the original and injecting confidence into the manufacturers’ economy, attracting talented people who might otherwise stay away to join. the fray
In that sense, the next burning question for both new buyers and sellers is usually “where can I buy and sell NFTs?” Fortunately, your options are not limited to one or two markets when trading NFTs. In fact, your options are quite vast, and you can usually find a marketplace that specializes in your particular variety of NFTs, taking you one step closer to finding the ideal buyer or discovering the perfect investment opportunity in your home. area of specialization.
With that said, let’s take a look at the best NFT markets for each NFT category in 2023.
Best Overall: OpenSea
OpenSea is a decentralized marketplace built on the Ethereum blockchain that allows for the buying and selling of NFTs. Art, domain names, in-game items, collectibles, and music are just some of the types of token-based assets available on the site. It’s free to use the site and set up your marketplace. However, OpenSea charges a 2.5% fee. each sale.
NFT minting and gifting are also supported. To make the deal even sweeter, OpenSea accepts 241 different payment options to make it accessible to a wide range of people around the world. OpenSea recently passed a huge milestone, with over $10 billion in sales making them the the largest NFT marketplace in the planet.
Best for Gaming: Axie Infinity
Axie and Axie Infinity (an NFT-based online video game) is the second largest NFT marketplace in the world and the highest-grossing blockchain game on the market. All NFTs that can be bought and sold on the platform are related to the game.
The game is all about raising, breeding, fighting and trading NFTs called “Axies”. Tokens like Smooth Love Potions (SLP) and Axie Infinity Shards (AXS) are major sources of revenue for players and are vital to in-game growth. Speaking of player income, in some countries like Vietnam, the Philippines, and Brazil, Axie Infinity players have made the game a constant. full time work.
Best for Digital Collectibles – Rarible
Rarible is a community-owned marketplace where you can buy and sell digital collectibles. It is currently the fifth largest Ethereum-based NFT marketplace by trading volume of all time, with $210 million changing hands.
You can buy and sell any form of NFT on Rarible, just like on OpenSea. This makes it easily accessible to a large number of users. Rarible allows sellers to create large numbers of the same NFT and sell them on the same listing. That being said, Rarible seems to have carved a niche for itself in digital collectibles, despite having a wide variety of offerings. With that in mind, if online collectibles are your area of interest, then Rarible is worth checking out.
Best for Art – Nifty Gateway
A more colloquial term for NFT is “Nifty”, which should clarify the origins of the Nifty Gateway name. Operating on the Ethereum blockchain, Nifty Gateway has established itself as the go-to marketplace for NFT art enthusiasts. Unlike other platforms like OpenSea, which cater to a large audience, Nifty is the place to go if you’re looking for art.
However, Nifty charges quite high fees of 15% per transaction. This is the highest among the NFT markets. Keep in mind, though, that a typical art gallery will charge around 30-50%, so it’s still a bargain compared to real-world rates.
Like Nifty Gateway, Overcome wants to trade exclusively in digital art. They want to be seen as the one stop shop for high end art in the Ethereum blockchain economy.
With so much competition hot on your heels, it’s going to be a tough road to travel. SuperRare will need to mark himself effectively to avoid getting swept away by the bigger fish. This is because marketplaces like OpenSea do not discriminate. High-end, low-end, whatever extreme, they can be listed on their platform.
Centralized Exchanges (CEX) – Binance, Coinbase
Just like centralized cryptocurrency exchanges like Base Coin and Binance jumping into the world of non-fungible tokens with their NFT markets, many questions are being asked as to whether the NFT world is on an inevitable path towards centralization.
Centralization is at the heart of what NFTs and blockchain, in general, exist to combat. However, there are some key benefits to using a centralized marketplace for NFT investors and traders, such as increased security and support, as well as increased liquidity (as can be seen with the broader cryptocurrency marketplace). For now, it remains to be seen what effect the emergence of centralized NFT marketplaces will have on the industry, although one would expect a world where decentralized and centralized marketplaces co-exist, attracting both sets of traders.
With the NFT space heating up and revolutionizing many of the creative industries, online marketplaces will play a key role as NFT investors, sellers and artists search for a platform to facilitate their operations. While marketplaces like OpenSea and Rarible offer almost all types of NFTs, there are a variety of specialized marketplaces that can offer more benefits to those who trade in a specific niche, such as gaming or online collectibles.