With all of the NFT marketplaces out there, we break down some of the pros and cons of the biggest six.
Non-fungible token (NFT) marketplaces are the de facto gateways of the NFT industry.
They’re absolutely necessary if you are interested in buying or selling blockchain-based digital forms of art, music, or assets.
You can think of NFT marketplaces as the anchor of the emerging NFT market, because they facilitate the millions of dollars of NFT trades that are executed daily. You can also use them to mint NFTs.
It’s not a question of whether or not you’ll ever need an NFT marketplace — it’s a question of which one you’ll choose.
Here are the six top NFT marketplaces in 2022 and why you should consider using them
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How to Choose an NFT Marketplaces
The first thing you should know about NFT marketplaces is that they usually focus on specific niches. One platform could be all about digital art space, while another could sell in-game assets. Make sure you know what you are looking for before you start picking out an NFT marketplace.
Second — you want to find a marketplace that a lot of other people are using, and using actively. The more people use the platform, the higher your chances of finding buyers for your NFTs. More activity also usually means more competitive prices — which is probably what you are looking for.
This third step might be the hardest for those new to crypto — get to know the infrastructure and governance setup of the marketplace and how it impacts the way you access both the NFT market and your NFTs.
Is the marketplace centralized or decentralized?
Centralized marketplaces often operate as the middlemen between users and the NFT market, while the decentralized options enable more or less direct access to the market.
Centralized NFT marketplaces store NFTs on behalf of users.
On the other hand, the decentralized alternatives let users have more control over their assets.
It is also worth mentioning that the governance system of the marketplace will go a long way to determine whether you can purchase NFTs with fiat currencies — an important consideration.
And last but not least — do your own research. Check out the reputation of the marketplace!
You are probably aware that there are tons of scammers and shady projects out there — so don’t skip your due diligence here. You have got to ask yourself: How safe is your digital asset and personal information on the platform? What security measures will the platform take in case of fraud?
Without further ado, here are the top NFT marketplaces in 2022.
OpenSea
At number one, we have OpenSea, which is widely regarded as the largest NFT marketplace in terms of volume.
Ever since OpenSea launched in 2017, the platform has processed over $10 billion worth of NFTs and has over 600,000 users!
Unlike most NFT marketplaces out there, OpenSea operates a system that is quite easy to understand. With a few clicks, you can unlock an almost instant NFT minting solution and a vast NFT economy.
And — it’s decentralized!
OpenSea does not store NFTs on behalf of its users. Instead, you need to connect your personal wallet to the website and execute all your trades directly from it. Another good thing about OpenSea is that it does not discriminate when it comes to NFTs — art, domain names, collectibles, music, you name it, chances are you will find it on OpenSea.
You can even mint NFTs and transfer the incurred minting fees to the eventual buyer. And when you are the original owner of an NFT, you can receive up to 10% royalty whenever it is purchased on the secondary marketplace.
One more thing you need to know about OpenSea is that it deducts a 2.5% commission on each sale completed on its platform — this is separate from the blockchain fees deducted on each transaction!
Rarible
Next on my list is Rarible. This platform ticks all of the right boxes, which is why it is no surprise that it has processed over $270 million worth of NFTs.
Here, you will find that the team behind the project has put all the tools in place to navigate the NFT marketplace. The first thing you will notice is the unique design of the website which contributes to the aesthetics of the platform’s NFT catalog.
Also, Rarible supports multiple blockchains, namely Ethereum, Flow, and Tezos. In other words, you can mint, buy or sell NFTs from any of these blockchains on Rarible.
Much like how OpenSea operates, Rarible also runs a decentralized network. However, it has taken a step further by introducing a community-focused governance system anchored by an ERC20 token called RARI.
This governance system means that Rarible wants its community members to have voting power — they want to get rid of as much centralization as possible.
Other things that Rarible and OpenSea have in common are their decisions to incorporate a variety of NFT niches and the 2.5% fee deducted as commission.
Nifty Gateway
Not many NFT marketplaces out there can boast of the exclusivity that the Winklevoss twins-owned Nifty Gateway provides.
The platform is more of a hub for buying and selling exclusive digital arts. Remember Beeple’s Crossroads that sold for $6.6 million in 2021? It may interest you to know that that trade took place on Nifty Gateway.
Nifty Gateway places great emphasis on authenticity and creativity. Only verified digital artists are allowed to mint and list NFTs on Nifty Gateway — this means that the chances of buying fake digital art on the platform are low.
As you might have guessed, Nifty Gateway runs a centralized model of governance, which is why it can control who is allowed to list or create NFT within its ecosystem.
This centralized model also allows Nifty Gateway to enable fiat payment methods: Nifty has no crypto payment option at all right now.
Nifty also might be a bit more pricey — the commission imposed by Nifty Gateway is considerably high compared to decentralized options. The website also deducts a 15% commission before sales can be finalized.
SuperRare
SuperRare is considered a high-end variant of Rarible and OpenSea because featured digital arts are first vetted by the community before they can be listed on the website.
What does this mean? SuperRare doesn’t have as much activity as OpenSea, that’s for sure — but what it lacks in volume, it makes up for it in exclusivity.
SuperRare is one of the ideal platforms for individuals looking to engage with an NFT community that understands the importance of authenticity and exclusiveness.
Regardless of the restrictions imposed on users, it may surprise you to know that SuperRare relies on a decentralized governance system powered by a token called $RARE. What this means is that participants do not only contribute to the vetting process of digital arts, but also have a say in other day-to-day operations, especially on how the project evolves over the years.
Like Nifty Gateway, the commission deducted on each trade is 10%. Also, all creators automatically receive a 10% fee as royalty when secondary sales of their NFTs take place.
Mintable
Nifty Gateway is not the only NFT marketplace on my list that is linked to an American billionaire. Mintable, an NFT marketplace backed by Mark Cuban, has also made a name for itself in the NFT market, thanks to its innovative approach to solving problems related to NFTs.
The Ethereum-based network focuses on enabling easy-to-use services targeted at four major NFT categories, including art, videos, music and collectibles. Owing to the innovation-focused approach of Mintable, it comes as no surprise that it allows creators to enjoy gas-free minting services.
Mintable uses a decentralized governance system. While this in itself is not necessarily a new achievement in the NFT market, it is the way Mintable is going about it that deserves to be commended.
Unlike most decentralized NFT marketplaces, Mintable is anchoring its decentralized autonomous organization (DAO) with an ERC721 token.
In other words, Mintable issues NFTs as its governance tokens. Each NFT showcases the voting power of the holder.
Like most decentralized NFT marketplaces, Mintable’s commission starts from 2.5%.
NBA Top Shot
As its name implies, NBA Top Shot focuses on monetizing NBA short video basketball highlights, also known as Moments. It tokenizes these short clips on the blockchain and sells them to fans and collectors. Think of it as trading cards existing on the blockchain. In this case, the NFTs are based on Dapper Labs’ Flow blockchain.
Top Shot is being marketed as a mainstream NFT marketplace, therefore it made sense that it allows buyers to purchase Moments with fiat.
Since it launched in 2019, Top Shot has emerged as a highly lucrative venture for NBA fans.
It may interest you to know that some NFT highlights have been sold for hundreds of thousands of dollars — the most expensive NBA Top Shot NFT is a Lebron James 2020 dunk video that sold for $230,000 in August 2021. For each sale made on NBA Top Shot, the platform deducts a 5% fee.
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