NFT trading is hot now – we have seen the news about some unbelievable amounts paid for NFT pieces of digital art. So, if you are an artist, it could be a fruitful prospect for you too, and worth investing some time in exploring this concept.
What is NFT, how does NFT work, and how can one benefit from it? The definition of an NFT is a “non-fungible token,” which might not clarify it for beginners. In simpler words, an NFT is a token as a unique digital asset you can own. If you need comprehensive information, refer to Jatapp.co – this article exposes everything you need to know about NFTs and NFT marketplaces. It also provides an ultimate guide to NFT marketplace development for those interested in having their own platforms.
Anything can be NFT. There are digital artworks, photos, avatars, and characters from video games, text messages, sports memorabilia, etc. If you own such a piece, no one else can own it unless you sell it or give it as a gift to another person. Copies can exist, but the authentic NFT is one and only, and it belongs to you. Two criteria – uniqueness and the possibility of owning the object – are the foundation of NFT trading.
What is the best marketplace to trade NFTs?
You can’t simply buy this token on Amazon. To trade NFTs, you need to go to the specific NFT marketplace – a dedicated web resource where you can create, sell and purchase these digital assets. Such a platform ensures your ownership through blockchain.
To find the most suitable NFT marketplace for your purposes, you need to check some criteria:
- Does this NFT platform match your NFT types? There are universal NFT marketplaces and more specific ones dedicated to trading particular NFTs, such as photos, avatars, sports, and so on.
- Which cryptocurrencies and blockchain technologies does the marketplace use? It is essential because NFTs can be sold and bought for cryptocurrencies only.
- How complicated is it to use this specific marketplace? This factor is crucial for beginners to let them avoid failures and other issues.
- How high are the buyer’s and seller’s fees, royalties, and gas fees (the payment for creating your own NFT)?
To help you choose, we have collected the most popular and user-friendly NFT marketplaces suitable for beginners.
NFT types traded: all types of NFTs.
OpenSea is the largest and best-known NFT marketplace – the Amazon of NFT trading.
It was created in 2017 and has grown into a platform with millions of assets on trade. The marketplace is founded on the Ethereum blockchain, but it allows its users to create, store, buy, sell, and display their NFTs using other blockchains, such as Polygon, Solana, and Klatyn.
Though it does not allow payment in national currencies directly, OpenSea lets users apply third-party payment gateways for their trading. Also, it supports all the popular crypto wallets and cryptocurrencies.
It is also one of the cheapest NFT marketplaces for users – it charges 2,5% of the sale price and nothing more.
NFT types traded: mostly digital art.
Nifty Gateway is a popular NFT marketplace where big money rolls. The most expensive NFT sales took place there. Besides, it attracts lots of celebrities that trade their personal NFTs. It ensures the originality of the traded assets and guarantees their scarcity. Besides, there is a strong resale market.
A big advantage is the possibility for collectors to pay with the government-issued currency Fiat instead of cryptocurrencies. Thus, it is possible to use credit cards for NFT trades. This option is already considered the most demanded by modern NFT marketplace development solutions because it makes it easier for the beginner to enter the market.
The disadvantage is that the fees on Nifty Gateway are significantly higher – it charges 5% of the sale price plus $0.30 as a transaction fee.
NFT types traded: digital art, games, video, media, music, and animation.
Mintable is the NFT marketplace that is very easy to use, making it perfect for beginners. The user can create an NFT object from any digital file and add it to the platform. It does not require extensive knowledge of cryptocurrencies, blockchain technologies, and NFT itself – the learning curve is minimal in this case.
This marketplace charges 2.5% of the sale price for normal NFTs. If the NFT in question is a printable one, the platform charges 10% of its sale price.
NFT types traded: mostly digital art.
The Coinbase NFT marketplace is one of the newest players on the market that is less than a year old. It is one of the most secure NFT platforms, and it is also very easy to use. Besides the marketplace, it provides the Coinbase trading app and the Coinbase crypto wallet, letting its users configure and keep everything they need for NFT trading in one place.
The fees for the NFT sale are calculated according to the particular NFT’s price and the gas fee. The buyer can see the precise amount when clicking the “Buy now” option. For a limited time, this marketplace did not even charge the users any fees.
NFT types traded: digital art, animation, text, music, and web.
Zora was initially a closed platform for artists (the user needed an invitation), but it has become an open NFT platform for everyone. It supports various currencies for the user’s convenience. Users can trade both digital NFTs and physical rarities for hardcore fans.
Zora does not charge any fees for NFT sales.
There is another option – you can have your own marketplace. The NFT marketplace development is a popular area, and many notable IT companies provide such services.
To start trading NFTs is easy, and it does not require in-depth knowledge and certificates. Though, of course, you need to know some basics. The best NFT marketplaces do their best to simplify the learning curve for their users as possible. So, get a crypto wallet, acquire your NFTs, go to the marketplace, or create your own one and trade!