A look at top 5 NFT marketplaces.

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NFTs have transformed the art world and drawn thousands of new, talented creators into the market. For NFT collectors, there’s an opportunity right now to discover new artists and get in on exciting new projects early.

  1. OpenSea is one of the largest NFT marketplaces. The platform facilitates creating, buying and selling NFTs. It is also called as the ‘ebay’ of NFTs, catering to more than 600,000 users, hosting 2 million collections comprising 80 million NFTs. The platform gives a quick tutorial if you are a first time NFT collector. OpenSea supports images, video, 3D and music. The company does not cater to any specific audience. To  create or ‘mint’ an NFT, users pay something called ‘gas fee’. OpenSea charges service fee at the first NFT minting (anywhere between $70 to $300), but from the second NFT minting, users are only asked to pay gas fee.
  2. Rarible ranks second on our list. It caters to a huge audience just like OpenSea. The homepage displays top sellers and NFT art collections, and allows you to search for NFTs via categories such as photography, games. For newbies who are minting NFT for the first time, you must pay two fees— wallet linking permission fee and for  uploading your file on the Ethereum blockchain. These are network fees and does not go to Rarible, this could vary from $100 to $300. For minting the second time, you will be only asked to pay the gas fee. The commission fee taken by Rarible is 2.5 per cent of sales.
  3. Foundation NFT marketplace is not open-to-all. It is an invite-only platform, meaning that you need to be nominated by an existing user of the platform to be able to use the NFT marketplace. This platform works quite similar to OpenSea and Rarible. If the piece is resold on the secondary market, a 10 per cent royalty goes to the wallet that originally minted the NFT—in perpetuity.
  4. SuperRare NFT marketplace as the name describes, is the platform for unique and single-edition digital artworks. Each artwork is created by a verified artist and every artwork is distinctly different from each other on SuperRare. There is a 3 per cent transaction fee for all purchases on the platform. For primary sales, the platform charges a 15 per cent commission and creators receive 85 per cent. On secondary sales, creators receive a 10 per cent commission providing passive revenue from an artwork if it continues to trade on the secondary market.
  5. The Solsea NFT marketplace is based on Solana Network. What makes Solsea unique is that it allows customers to attach licenses to their NFT items. This is a proprietary system for embedding copyright on copyrighted tokens. Solsea offers two options for users—private and public listing. Users have the option to make their NFT public to all or private to only few people in the community. The NFT marketplace has something called a rarity index which represents the rarity of a digital collectible, giving it more value and clarity.

 

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