Regardless you are starting with NFTs or have sufficient expertise, information on the interesting topic is never enough to get rid of. In this article we will understand What is NFTs? and the best NFT marketplace to trade them!
When we go to a museum, we get to see real objects like paintings, rocks or skeletons. These real-world objects are one and only with no replicas which makes them unique, different, and non-replaceable from others. Well then, to your attention this is what NFTs is. They are unique digital assets that are non-fungible meaning non-replaceable with single ownership. NFT marketplaces are to trade for NFTs.
Cryptocurrency is used as a medium to buy and sell NFTs. There are salient features of NFTs like-
- Unique- Every NFT consist of unique code identification which makes them different from one another. It has details regarding ownership, copyrights, etc.
- Programmability- NFTs are digital assets that are programmable on blockchains
- Traceable- Blockchain is used as a platform to track NFTs. It is like a ledger wherein all transactions regarding NFTs are recorded. Like, the number of times ownership changed, owner of assets.
- Preserve rights- No user can exchange information because NFTs use decentralized platforms.
- Transferable- They can be sold and purchased depending on the value derived from uniqueness.
Let’s look towards NFT Marketplaces so that we can trade.
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What are NFT Marketplaces?
NFT Marketplaces is a great hub for creators or artists who want to showcase and sell their creations to people who want to purchase. Creation is digital assets. Its been a fabulous platform to sell and buy NFTs tokens. Cryptocurrencies like Ethereum and bitcoin are used largely for exchange. Before trading in the NFT marketplaces it is important to understand “What makes a right NFT platform?”
Few check-ins are necessary before registering on the NFT marketplaces.
Service Fee
While dealing with NFTs through the marketplace, they charge a certain fee. The NFT marketplace fee charges between 1 to 20 per cent anywhere. A simple formula that might be helpful is “Lesser the transaction and service fees, the better the chances of selecting that platform. However, charges vary depending on the platform and services they offer.
Wallets and Tokens support
When one buys an NFT token, a required amount is to be transferred as a fee from an encrypted wallet so it is necessary to be aware of wallets supported by your chosen platform. Choosing a platform that provides a wallet that carries out functions smoothly is important.
Sales and ArtWork
Any digital asset can be NFT. To be precise every NFT Marketplace offers a different kind off artwork. It is always beneficial to choose a platform which provides a variety of arts at reasonable service rates.
User Experience
All features are essential to provide a good user experience. From trading NFTs to securing mechanisms and smooth experience. Every individual aspect is key to the doorway so a try before fixing one is to be marked and remembered.
So, you are ready and now is the time for the final part of the article.
Also read: How to trade NFTs – StocksToTrade
Top 5 NFT Marketplaces
Binance is a new platform for trading, introduced in 2021. This platform may charge a fee if you try to trade, create, or withdraw NFTs on their platform. This marketplace supports Binance as a token and Ethereum as a blockchain network. The fees depend on factors like market conditions and network status.
Pros-
- Offers a wide range of crypto-currencies.
- Quick and multiple trading options
Cons-
- Confusing for beginners
- Complicate transfer process
This platform was founded in 2017 and ranks second due to obvious reasons. It has an evaluation of 14.5 billion dollars. The platform supports Ethereum. Polygon and Katyn. This platform offers tuns of variety wallets like wallet connect, Kaikas Trust wallet etc. One can purchase, sell or trade assets like art, music, trading cards, collectables, utility, sports, domain name etc.
Pros-
- A large variety of collectables
- Industry-leading security
Cons-
- While trading only crypto wallet is allowed to trade
- Accepts payments in crypto
This marketplace has a volume of 200 million dollars. Founded in 2020. It has 454K, active users. This platform supports Ethereum, Flow and Tezos. Whenever someone uses blockchain for transactions, the platform charges a fee. It also has a wide variety of options in terms of wallet. One can trade the following assets- Memes, art, photography, games, and metaverse
pros-
- Offers the feature of creating NFTs along with buying and selling
- Secures and protects NFTs
- Rewards NFTs sellers and buyers once the trade is done
Cons-
- Charges fee of 2.5% on buyer and seller during the transaction
- Deposits and withdrawals cannot be executed without an ETH crypto wallet.
This platform usually offers unique and single-frame digital artworks. Wallets accessed by platforms are- Trust wallet, rainbow wallet, Metaverse wallet etc. This platform charges 3% of transaction as a service fee. It is a decentralized marketplace. Only uses Ethereum as a network for trading assets.
Pros-
- Provides a system to create unique art indeed useful to creators
- Provides 10 per cent royalty on every digital sale.
Cons-
- Charges higher commission than other platforms
- It has only a single payment method whereas other platforms offer multiple cryptocurrencies.
This platform was founded in 2018. It uses the Ethereum blockchain network. Proprietary token supports digital assets like Crypto art, music, photography, fixed price auctions etc. they provide a number of options to receive and withdraw funds. It is a proven digital marketplace to trade with suitable fees.
Pros-
- Has high-profile creators with high trading assets.
- Fiat payments mean allowing debit and credit cards too for transactions.
Cons-
- ETH required for crypto- If paying by crypto it accepts only ETH [ Ethereum]
- Only for androids- This platform application doesn’t have an iOS application yet,
NFT marketplaces is a new generation marketplace for trading NFTs. With the growing popularity of crypto-currency and increasing valuation, it is safe to assume that market place for NFTs and whole blockchain networks will stay in demand for the long run which is vital for future and recent times. That was all. Hope you enjoyed it!
Thank you for reading.
