How to Choose the Best NFT Art Marketplace On the Blockchain
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How to Choose the Best NFT Art Marketplace On the Blockchain

How to Choose the Best NFT Art Marketplace On the Blockchain

NFT_Admin
Mar 28, 2022

As NFTs’ popularity rise, several blockchain firms have ventured into setting up marketplaces for these collectibles. Today, OpenSea is arguably the largest NFT marketplace, and almost all other NFT art sites claim to be the next OpenSea killer. Notably, each marketplace is different, with unique offerings that creators and collectors may consider based on their preferences.
Want to optimize your NFT experience? Find the right NFT art marketplace. An NFT marketplace is a digital platform that allows all creators to tokenize their works and list them for sale to fans and collectors.

Selecting the Best NFT Marketplace

The variety of NFT marketplaces may make it confusing for creators to choose the best place for selling NFT art. Contrarily, this expansive variety of marketplaces pushes each platform to offer unique tools and features to create the best NFT trading experience and attract more users.

Your choice of the best NFT platform will depend on your demands and preferences. Additionally, you can select more than one NFT marketplace to sell digital collectibles. When choosing the best sites to sell NFT art, you need to consider some main factors as discussed below:

1.    Single or Multiple Project Support

Most NFT marketplaces support the sale of different art projects like digital artwork, music, videos, or in-game accessories, all in one platform. Other marketplaces are dedicated to a single type of project, exclusively selling digital art, videos, or even music. For instance, the NBA Top Shot marketplace exclusively sells tokenized video highlights of NBA games. Valuables by Cent is another single-project marketplace dedicated to tweets only. When choosing the best NFT marketplace for artists, ensure that the platform supports your project.

2.    Multiple Blockchain Support

Some marketplaces allow users to mint their tokens on different blockchains, while others (especially single-project marketplaces) integrate a dedicated blockchain for creating NFTs. For instance, NBA Top Shot NFTs are minted on the Flow blockchain only. A platform that supports minting on multiple blockchains allows you to select a token standard that fits your preferences, weighing the benefits and drawbacks of each standard. Popular blockchains for creating NFTs include Ethereum, Solana, BSC, Polygon, and Avalanche.

3.    Security

The best NFT art platforms for artists must be secure. The NFT sector is constantly targeted by threat actors who want to steal users’ collectibles or crypto funds. These hackers and scammers exploit vulnerabilities in NFT marketplace websites to take over accounts. At a minimum, ensure that the marketplace has a rigorous verification process with additional layers for secure login. Also, review the marketplace’s history to determine previous security incidents on the platform and its reputation based on reviews by other users.

4.    Marketplace Resources

Best NFT platforms for artists provide users with comprehensive guides on navigating the marketplace. Select an NFT marketplace that offers educational resources, guides, news, and analytics to help users understand the market better. This way, you can make informed decisions on NFT minting and collection.

5.    Advanced Search Functionality

NFT marketplaces are flooded with millions of collectibles. The best NFT websites offer advanced search functionality helping users to have more targeted searches by filtering search results based on multiple factors. For example, OpenSea allows you to filter results by the following tags:

  • The price range of the NFTs
  • The NFT project collection,
  • The blockchain where the NFT was minted
  • NFT categories like art, domain names, sports, or photography
  • Status of the NFT like whether the NFT is on auction, for sale, or newly minted
  • The cryptocurrency required to buy the collectible

These filters make it easier for buyers to collect NFTs.

6.    Wallet Compatibility

Top NFT art marketplaces support multiple crypto wallets, especially MetaMask. Artists aim to sell their creations to collectors, and as such, the marketplace they choose should provide additional payment options for buyers. The best NFT sites for artists must support different wallets, which users connect to purchase the collectibles.

7.    Marketplace Convenience / Fees

The best place to sell NFT art integrates responsive user interface (UI) designs for optimal experience when minting collectibles or buying them. A critical factor for artists is the fees imposed when creating NFTs, as it helps them determine if the project is viable. Ensure the marketplace you select does not compromise on security or other critical factors to offer lower fees. Rarible recently launched a process for artists to create NFTs for free, known as lazy minting. This free minting option is a convenient service for beginning artists, as they do not have to pay gas fees until the token is purchased.

The Best NFT Marketplace

The top-ranking marketplace in the NFT sector is OpenSea. The platform was founded in 2017 with headquarters in New York. The Ethereum-based marketplace has the largest catalog of NFTs and allows creators to mint and list tokens. In the one month leading to March 26, OpenSea recorded $2.2 billion in trading volume, with nearly 2 million transactions processed. Most purchases on OpenSea are made in ETH. Other top marketplaces include, LooksRare, Axie Infinity, CryptoPunks, and Mobox.

OpenSea Stats by DappRaddar

FAQ

Which NFT marketplace is best?

OpenSea. The marketplace is secure, easy to use, and convenient. OpenSea checks almost all boxes for factors to consider while selecting the best sites to sell NFT art. OpenSea is reputable and popular, making it easier to sell an NFT on the marketplace.

Are NFTs a good investment?

Yes. Currently, the NFT market is on the rise. Future projections of a growing demand make NFTs a good investment option with potentially huge returns.

 

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