Best NFT Marketplaces for May 2022 – Forbes Advisor UK

Best NFT Marketplaces for May 2022 – Forbes Advisor UK

Non-tradable tokens (NFTs) give you ownership of artwork, music, videos, and other online collectibles. They reside on blockchains, the innovative technology underlying cryptocurrencies like Bitcoin.

According to the 2021 NFT Market Report published by blockchain data company Chainalysis, the NFT market has grown to over $40 billion as NFTs grow in popularity.

Here are some of the most popular and well rated NFT markets where you can buy and sell these digital assets.

Best NFT Marketplaces of May 2022

Offshore

OpenSea is obsolete by NFT standards released in 2017 and is also among the largest NFT marketplaces active today. It is home to many popular NFTs, including art, music, photography, trading cards and virtual worlds.

The main cryptocurrencies used at OpenSea are Ethereum, Solana, and USDC, and payment options include other cryptos. Note that you cannot use fiat currencies such as pounds sterling or US dollars.

On the good side, OpenSea is very user friendly for beginners. You can create a free account in minutes and start browsing NFTs right away and even create NFTs on their platform.

For costs, OpenSea charges a fee equal to 2.5% of each transaction. You also have to pay the ‘gas fee’ to complete NFT transactions with Ethereum. Gas fees are transaction fees paid to miners.

If you want to get rid of the gas fee, you can buy and sell NFTs with Polygon. However, you need to make sure that the NFT element you are interested in displays the Polygon logo.

In short, OpenSea is a solid choice for beginners who want to start a simple marketplace and want as many options for NFTs as possible.

Rare

Rarible allows users to buy and sell artworks, collectibles, video game assets and NFTs. You can buy and trade Rarible with Ethereum, Flow and Tezos.

Rarible charges a flat 2.5% fee on every transaction plus any gas fees. A nice feature is that you can buy NFT using a credit card and allow transactions in fiat currencies.

An interesting aspect of Rarible: Instead of in-house management deciding everything, Rarible created its own native token called RARI. RARI holders have the right to vote on company decisions, such as company policy changes.

In 2021, Rarible announced a partnership with Adobe to make it easier to verify and preserve metadata for digital content, including NFTs.

For those who want to access a large network with solid connections, Rarible may be the best NFT market. At the same time, it still follows a decentralized mindset.

NBA Best Shot

If you’re a big basketball fan, the NBA Top Shot marketplace lets you buy NFTs of great moments in basketball history.

You can buy video clips and play highlights and pictures for both the NBA and WNBA. But some of these ‘Moments’ are not cheap. A LeBron James dunk video fetched $208,000 in February 2021.

The NBA founded and manages this NFT marketplace and has the exclusive rights to these video clips. Also, you know you are dealing with a large and respected organization.

The NBA Top Shot market is an example of big companies entering this trend. Others include the DraftKings Marketplace and the Associated Press’ NFT marketplace. Even GameStop plans to launch an NFT marketplace this year.

Users can purchase Moment NFTs with credit/debit cards or choose cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, DAI or USDC. And of course, fees are added to the purchase price, whether you’re purchasing that iconic moment with a credit card or cryptocurrency.

Binance

Binance, one of the largest cryptocurrency exchanges, added an NFT market in 2021. The international crypto exchange is one of many other industry players entering the NFT industry, such as Crypto.com NFT, which describes itself as a highly curated NFP market.

Binance NFT offers typical digital assets found on other major platforms: artwork, game items and collectibles.

A key advantage of Binance NFT is that it charges very low fees. The platform only charges 1% transaction fee. It is also a user-friendly platform built using technology and layouts similar to its exchanges.

As such a big player in the crypto space, Binance also operates on its own blockchain, giving it an added edge.

stylish gateway

Nifty Gateway is known for hosting expensive and exclusive NFT sales, including digital artist Pak’s “The Merge,” which sold for $91.8 million. The platform made headlines in late 2019 when it was acquired by Gemini, led by Winklevoss twins Cameron and Tyler Winklevoss.

This market focuses on works of art, especially those of celebrities and top artists. Nifty Gateway uses an “open releases” system to drive demand. When a new type of NFT is released, you can only purchase editions for a limited time.

This marketplace allows you to shop with your credit card. If you want to make a big investment in NFTs and access higher-end options, Nifty Gateway may be the way to go.

extremely rare

SuperRare is a high-end NFT art marketplace that positions itself as an art gallery in the NFT ecosystem. This marketplace does not accept “meme-style” NFTs and is very picky about NFT submissions.

Given that SuperRare spends a lot of time reviewing work before it goes on sale, investors can feel more confident about the quality. SuperRate charges 15% for its services the first time an NFT is sold on the primary market. Also, there is a fixed 3% of every transaction the buyer pays.

SuperRare can be a good choice for someone looking for high-end NFT artwork, especially more classically styled pieces.

What is NFT Marketplace?

An NFT marketplace is a digital platform for buying and selling NFTs. These platforms allow people to store and view their NFTs, as well as sell them to others in exchange for cryptocurrency or money. Some NFT marketplaces also allow users to print their NFTs on the platform itself.

For a fee, the NFT market usually undertakes the transfer of an NFT from one party to another.

Every NFT market has its own system of how it works. The types of NFTs available, fees, payment options, allowed blockchains and other rules will depend on which one you use.

How NFT Marketplaces Work

When you create an account on an NFT marketplace, you can browse all available options for selling. You can also add a payment method, and some require you to connect a crypto wallet to pay with crypto, while others allow you to use a credit card.

Some sites allow you to purchase NFTs directly for a fixed price, while others use an auction. If you complete the transaction, the NFT market records it on the blockchain indicating the change of ownership.

What is Mint?

In the NFT world, minting refers to the process of creating new NFTs on a blockchain, most commonly Ethereum.

When you print an NFT, you save data containing a new NFT in a new block that is added later to a blockchain.

Printing an NFT usually comes with fees. For NFT systems using the Ethereum blockchain, this cost is paid in gas, a crypto token used to perform functions on the Ethereum blockchain.

NFT marketplaces are getting more and more creative about how, when and from whom mintage fees are charged.

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