Non-fungible tokens (NFT) are tokens that cannot be divided into smaller units, i.e. they are non-fungible unlike fungible cryptocurrencies like Bitcoin, but that’s not the most interesting thing about it.
They can be used to represent items such as music, art, or even real estate such as land or houses. These NFTs can then be traded on a marketplace. You may have heard of former Twitter CEO Jack Dorsey selling his first ever tweet for a few millions. He first converted a screenshot of the tweet to an NFT and traded it for cash on an NFT marketplace.
There are many marketplaces where you can buy or sell NFTs. This leaves you with a nearly infinite number of options. However, choosing an NFT marketplace to use is a big deal for a few reasons. First, you need to consider the security of the marketplace, because the crypto and NFT space is full of vulnerabilities because they use smart contracts.
Another reason to be mindful of the marketplace you use is the fees they charge, and the cost of transactions on the blockchain network. For example, you can’t compare the cost of using a Solana based marketplace with that of an Ethereum based marketplace. The Ethereum network is far more expensive of course.
Having said that, it is your duty as an NFT trader to research your marketplace before using it. Based on most factors however, the following are some of the top NFT marketplaces you can use.
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OpenSea is by far the largest NFT marketplace in the space, probably because it was the first to be created. As a trader, you can sign up and take a tour of the marketplace for free to see what is available. As an artist or creator, you can also sign up on OpenSea and mint your own NFTs.
There are over 150 supported payment tokens on the platform, making it sufficiently inclusive for all users. You should know though that it is an Ethereum based marketplace, so the fees are usually on the high side, OpenSea has also suffered a number of security vulnerability exploits recently.
Rarible is a similar NFT marketplace to OpenSea, in that it supports all kinds of NFTs. you can buy or sell all kinds of art, videos, collectibles, and music to buy, and even create yours if you wish.
It is also built on the Ethereum blockchain, just like OpenSea. However to trade on Rarible, you must use the platform’s native token and no other option. Rarible works with several top companies including Yum! Brands which launched Taco Bell art on the platform.
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This sounds familiar right? Yes, it is the online shop for the video game Axie Infinity. Axies, those mythical creatures you use to play and win the Axie Infinity games can be bought or sold on this marketplace. Players can also buy entire lands and other in-game items as NFTs to use in the game.
Note that unlike other marketplaces listed, Axie Marketplace is exclusively for trading in-game items for the game Axie infinity. You’ll not be able to use it for trading of conventional NFTs like music, pieces of art, or real estate.
Nifty Gateway is a renown name in the NFT space, known for the sale of some of the most popular digital artists such as Beeple and singer/musician Grimes. NFTs on this Gemini-backed marketplace are fondly referred to as nifties, and they are built on the Ethereum blockchain.
It is majorly an art curation platform, but also serves as an NFT custody platform that can hold your NFTs securely in partnership with Gemini. The NFTs are held on the platform, rather than in your wallet.
Artists or NFT investors who wish to have full control of their NFTs may not like the idea though, but Nifty Gateway is one NFT marketplace that lets you purchase NFTs directly using fiat money such as USD.
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