Unless you’re lucky enough to mint your desired NFT project from project launch, you will have to travel to one of the many NFT secondary marketplaces to get your hands on a non-fungible token. While most will be familiar with the leaders within the space, such as OpenSea (which we’ll detail below], there are a plethora of other platforms that shouldn’t be ignored. Some may directly compete with OpenSea, however, many sit nicely within a niche and focus on specific types of tokens as assets continue to diversify. Below are the top 5 marketplaces to buy and sell NFTs.
Let’s start with the obvious first. Having launched in 2017, OpenSea can be considered the most established, and famous marketplace in the NFT space. It is to NFTs, what Amazon is in Web2 to physical goods. OpenSea supports over 150 payment tokens including Ethereum, Solana, Polygon, and USDC, while hosting a variety of different NFT tokens such as PFP, art, music, photography, on-chain game assets, and so on.
As OpenSea has been in the game for so long, it has mastered the art of accessibility, which makes it extremely easy to use and navigate. Collections can be searched for with little effort and the trading process is smooth. OpenSea charges a 2.5% fee on every transaction and gas is, of course, applicable for currencies that require it. OpenSea is often the entry point for many traders who begin their NFT journey and continues to be, for long-time veterans.
As Ethereum NFTs have recently been performing poorly, Magic Eden (ME) has become a go-to platform for many traders, especially when ‘Solana Summer’ was the narrative just a short while ago. As a Solana-only marketplace, Magic Eden has seen a massive increase in its traffic due to essentially non-existent gas fees when trading SOL tokens. While OpenSea does feature projects on the Solana blockchain, Magic Eden is often favored as it’s a dedicated platform for that particular network.
Launching in September 2021, the platform is still in its infancy which makes its rise to prominence all the more impressive. In May of this year, Magic Eden overtook OpenSea in daily trading volume, boasting over 50,000 traders and over half a million transactions in a 24-hour period. Although gas fees are a non-issue with Solana, you’ll need to pay a modest 2% on transactions. With an excellent selection of collections, big and small, Magic Eden will no doubt continue its dominance in the niche it sits within.
A platform that came into existence in January 2022, LooksRare is even more fresh faced than Magic Eden. Created by “Zodd” and “Guts”, who’s identities remain unverified, the marketplace was developed with the intention of surpassing OpenSea as the market leader. LooksRare is a community-driven NFT marketplace that gifts all who participate with LOOKS tokens, the native token of the platform which can be staked for rewards.
LooksRare is limited to the ETH blockchain and allows access to all ETH-based collections that can be found on OpenSea. It charges a 2% on transitions, although this is to be paid in Wrapped Ether which is combined and redistributed to LOOKS token stakers roughly every 24 hours. As a platform that actively puts its users first, it may not be a surprise that LooksRare has toppled OpenSea consistently in trading volume since its launch. Saying this, the user base is yet to match that of the veteran platform. LooksRare is definitely one to keep in mind next time you’re looking to trade an ETH-based NFT, especially if you’re interested in rewards.
Rarible is an NFT marketplace that focuses more so on art, photography, and game assets. Community-owned, the platform launched in early 2020 and is based in Moscow, Russia. Rarible is known to attract premium collections from brands within the art, sport, and media niche which can be traded on either the Ethereum, Solana, Flow, Polygon, or Tezos networks. In 2021 the company announced a partnership with software giant Adobe, to help with the verification and protection of the metadata for NFT assets.
Trading on the platform will cost users a 2.5% fee on each transaction and users have the option of using fiat currencies to purchase NFTs with credit cards. Rarible also has its own native token which provides holders with the benefit to vote on the direction of the company as it moves forward. If you’re a collector of arts, this is the platform for you.
As one of the largest Crypto exchanges on the planet, it makes sense to conclude this list with Binance NFT. The international exchange launched its NFT marketplace in 2021 and has seen major growth, surpassing $13 billion by the end of last year. The platform has successfully onboarded more than 2.5 million NFTs across a variety of categories like art, collectibles, gaming, sports, e-sports, and fashion, alongside plenty more. The platform features collections that are exclusive to it, running on its own blockchain, and therefore, all trades are made using BUSD.
Transaction fees for traders are just 1%, and due to the size of Binance as an entity, the levels and speed at which it can scale are quite significant. Many in the NFT space will likely have investments in crypto, so Binance provides a single platform where investors can also buy and sell tokens.
Well, there we have it, the top 5 NFT marketplaces currently across the web. This is by no means an exhaustive list and there are countless others out there that are without a doubt, excellent. These, however, all offer unique benefits and should definitely be on your list of platforms to visit when hunting for your next trade. As always, this is not financial advice, always exercise caution and your own research. Good luck in your Web3 adventures, and stay safe out there!