Chapter 7

NFT Marketplace

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NFT Marketplace

An NFT marketplace is a platform that allows digital collectors to buy, sell, and create NFTs. On these platforms, you can typically store and display these unique digital assets. These marketplaces are to NFTs what eBay is to consumer goods, which is different from a more traditional NFT art website, such as Artblocks.

In order to use these marketplaces, you will need to have a crypto wallet, cryptocurrency in that wallet, and a user account. It’s often the best place to buy NFTs as it’s widely available, and ranges in price, from very expensive to very inexpensive.

Every marketplace is different and typically interacts with one type of blockchain only. There are many different blockchains that work for NFTs, including Ethereum, Solana, Tezos, Flow, Cardano, and Polkadot

There are many types of marketplaces that focus on different types of NFTs, such as art, in-game items, collectible trading cards, and virtual real estate.

The best NFT marketplace is based on blockchain preference and type of NFTs as well. The most popular marketplace currently is Opensea, an Ethereum based NFT marketplace.

Opensea

This is one of the most established universal NFT marketplaces. On Opensea, you can find NFTs representing ownership of a wide variety of artwork, sports collectibles, virtual worlds, trading cards and even domain names (ie. Ethereum Naming Services, aka ENS).

How to buy NFTs on Opensea? As mentioned above, you need a crypto wallet (most commonly MetaMask) with some Ethereum. Once you’re set, you can browse and purchase an NFT of your choice. Other than the gas fees that need to be paid with any Ethereum transaction, there are also Opensea fees for using the platform (2.5% of every transaction).

Nifty Gateway

Nifty Gateway is one of the largest marketplaces for NFTs. The onramp is slightly different from Opensea, as you can use credit cards and fiat currency to purchase NFTs.

The vast collection includes artworks from well-known artists, including Beeple (who holds the record for the most expensive NFT sold for $69 million), Daniel Arsham, Steve Aoki and Deadmau5.

Nifty Gateway takes 5% plus 30 cents for every transaction that takes place on the platform.

Rarible

Rarible is an NFT marketplace owned by the community members holding RARI tokens (the native cryptocurrency on the platform) . It puts an emphasis on art, but you can find a wide range of other NFT items here, too.

Superrare

Superrare is another art based marketplace that is more curated and focuses on the higher end market with a select handful of leading concept artists (ie. XCOPY).