NFTs are assets created on the blockchain and then tokenized. Each NFT bears a unique identification code and metadata that separates it from other tokens. All NFTs are digital assets and their creators can sell them in exchange for money, cryptocurrency, or other NFTs.
Being tangible, NFTs are intangible and aren’t just one form. They may not be traditional art, but they exist in the wider digital art world, popularly known as the Metaverse. Cryptocurrencies are also known as tokens, but the main difference between them and NFTs is that cryptocurrencies are fungible. This means two cryptos are interchangeable if they’re from the same blockchain. NFTs aren’t. No two NFTs are the same.
The creators of NFTs perform a process known as minting to create the non-fungible tokens. This is the same process used to create Bitcoin and other cryptocurrencies. At coinweb.com, there are more details about Bitcoin, NFTs and other digital assets to learn about and possibly engage in. During minting, the information about each NFT is recorded on the blockchain. No one can change that information.
Comparing NFT Marketplaces for Digital Creators
NFTs have become popular in the last few years. These digital assets appeal more to artists and creators. They can monetize their creations and make money from them. Their online platforms can also gain a reputation. NFT creators can explore their creativity and develop anything artistic, including artwork, music and the virtual world, without limits.
With so many NFTs coming up, creators could be confused as to which NFT marketplace they should work with. As each NFT is unique, creators are advised to work with marketplaces that match their niches and art.
What is an NFT Marketplace?
This is where NFT creators can develop, buy, or sell their pieces of virtual art. NFT marketplaces operate just as any other e-commerce site. The platform is digital and so it employs digital ways of payment for both purchases and sales.
Here are some of the best NFT marketplaces on the internet:
Developed in 2020, this platform gives NFT creators and artists complete ownership over their creations. In Decentraland you will find virtual land auctions, NFT contracts, and policy revisions. Users’ views determine some of the major decisions in the marketplace.
Decentraland is considered one of the safest and is among the best NFT marketplaces. All the assets on the platform are held in a smart contract, which operates on the Ethereum blockchain.
OpenSea is among the best marketplaces for NFTs. Its reputation is based on its diversity and its products range from photography, music and art to collectibles. It’s the Amazon of the NFT world. OpenSea allows payment with more than 150 cryptocurrencies, including Ethereum, USDC, AVAX and more.
The platform is easy to use and creators can start minting NFTs in just minutes. However, they have to create an account on the platform first.
- Nifty Gateway
This platform is home to some of the world’s most known digital creators, including Beeple and Grimes (singer/musician). Here’s where buyers can get their original works. Nifty Gateway is supported by Gemini, a crypto exchange platform. As its name suggests, NFT creations on this platform are known as Nifties.
This NFT curation site hosts any NFT it acquires. So the owners don’t hold them in their wallets. Instead, the NFTs are held by Gemini and the Nifty Gateway platform. Some creators may not like it for this reason, especially those who want to have more freedom over their creations.
Rarible has maintained a highly adaptable ability for asset-minting. Its user interface is simple and interactive. Additionally, it promotes decentralization given that it’s a community-driven platform. NFT creators on this platform earn royalty grants, which they can set aside a fraction for future sales.
Rarible is collaborating with successful and reputable brands such as Adobe to develop unique NFTs. It also secures the originality and reputation of its creators’ works. This makes Rarible one of the best marketplaces for NFT minting.
- Binance NFT Marketplace
Binance is among the most popular crypto exchanges around. The NFT marketplace at the exchange is growing rapidly. Binance NFT operates on the Binance blockchain. It also benefits from the larger Binance community. Binance NFT provides creators with a vast platform and opportunity to explore their creativity and monetize it.
Consequently, it’s one of the best NFT marketplaces available online. This is based on its events and collaborations with reliable partners. The Binance NFT marketplace is easily accessible, especially for those who own Binance tokens (BNB).
- Pegaxy NFT Marketplace
Pegaxy is among the top NFT marketplaces available today. Since its inception, the platform has drawn the attention of NFT enthusiasts and creators. The platform features a play-to-earn game involving a racing horse. Players can earn money when they buy and race the horse (Pega).
In the game, 11 horse racers compete against one another for a spot in the top three. Each race has deterrents assigned to it, including water, wind, or fire. Speed and other elements are also involved. Players must navigate to the top three using clever means, after which the winners earn the platform’s base token (VIS).
SuperRare is among the most exclusive NFT marketplaces. The platform comprises a community of well-known artists from around the world. The marketplace embraces the art and design of unique NFTs, which are available in its gallery.
SuperRare is a closed marketplace. Creators and other artists must apply to join the marketplace. Approval could take months. Once a creator gets approved, his/her work holds more value.
Before one ventures into any NFT marketplace, one should consider the features that are most important to them. For instance, they should consider the frequency of updates on the platform. Those who are looking for new and innovative NFTs should consider a marketplace that updates its listings regularly.
Similarly, one should consider the navigability of the platform. How easy is it to search and find an item on the platform? The size of the marketplace also matters, as well as the payment methods accepted on the platform. In the end, it’s about the reputation of the marketplace, which encompasses all other factors.
Otto Aleksi, the founder of Finnish News Media SuomiTimes.com