What Is an NFT Marketplace?

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23 Feb 2024

What Is an NFT Marketplace?

Learn about NFT marketplace types, which marketplaces to visit based on your interests, and how NFT marketplaces work.
If you have an interest in cryptocurrency, art, or music, chances are you’ve heard of NFTs. An NFT, or non-fungible token, is a unique token recorded in a blockchain that represents ownership of a digital or physical asset. An NFT marketplace is somewhere you can buy and sell NFTs. Many NFT marketplaces exist, with a wide variety of niches and reputations. Before you begin buying NFTs or selling what you have created, it’s a good idea to do your research on which blockchain platform to use.

Types of NFT marketplaces

You can find NFT marketplace platforms that are very general, specialized marketplaces such as gaming, and others that are by invitation only. Your NFT interests and whether you are buying or selling will influence which marketplace suits your needs.

Marketplace typeDescriptionNon-curated NFT marketplacesSelf-service or non-curated NFT marketplaces are open to everybody who registers to buy or sell their NFTs. Many mass marketplaces come under this definition.Curated NFT marketplacesCurated marketplaces are known for their quality and are often highly reputable because they vet and approve artists before they can sell their NFTs there. This is where you’ll often find celebrity art and creations.Mass NFT marketplacesMass marketplaces for NFTs are similar in style to websites you might be familiar with, such as eBay, and most offer auctions as well as fixed-price options. They have a wide variety of users because they cater widely to NFTs. Many accept both crypto and credit card payments.Niche NFT marketplacesIn contrast to mass marketplaces, niche marketplaces for NFTs center around a particular asset or theme such as music, art, sports, gaming, or real estate. You’ll find everything more focused in niche marketplaces, and there may be specialist services like recommendations.

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Read more: What Is an NFT? Your Guide to Non-Fungible Tokens in 2023

Where to buy NFTs

Some NFT marketplaces offer a variety of digital items, while others list exclusive items that go through a vetting process before listing them for sale or trade. Take a look at some of the NFT assets available and examples of the NFT marketplaces where you can buy them.

NFT art

One of the most popular types of NFTs is digital art. Artists list their creations on an NFT marketplace, and buyers can place bids on the artwork they’re interested in or buy them directly. Although some art has sold for millions of dollars, you’ll find art at lower prices, too. If you’re interested in animated art, you’ll also find NFT GIFS for sale. Some of the marketplaces that specialize in selling NFT artworks include:

Foundation
SuperRare
Nifty Gateway
Makersplace
KnownOrigin

NFT gaming items

Gamers have the opportunity to buy, sell, and trade gaming items that are add-ons to what the game offers. You can trade the collectible assets with other players. A few marketplaces for buying NFT gaming items include:

Aetsoft
DMarket
The Sandbox
Enjin
Binance

NFT videos

You can purchase videos in an NFT marketplace. Professional sports videos have become popular, as well as short YouTube clips. While the original clip may be free to watch online, buying an NFT of the clip gives you the ownership and rights to resell it. Find video NFTs to buy on:

Theta Drop
Mintable
AirNFTs
SuperRare

NFT event tickets

You can purchase event tickets on NFT marketplaces too. If you’re interested in attending a virtual concert or other events, you can purchase tickets and store access to them in your crypto wallet. The event organizers have digital verification of your purchase. Look for NFT event tickets on:

Seatlab
GET Protocol
GUTS Tickets
NFT TiX

NFT avatars

You’ll find avatars on the NFT marketplace that you can use in the metaverse and on your social media sites. Each avatar is unique and cannot be duplicated. Some of the most notable avatars are from the Board Ape Yacht Club, CryptoPunks, and Cool Cats collections. You can buy a ready-made avatar or have your avatar custom made to your specifications. Here are some options for buying or making NFT avatars:

8biticon
NFT Avatar Maker
OpenSea
AtomicMarket
Rarible

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NFT virtual fashion

While an NFT isn't clothing you can purchase and wear, you can purchase fashion and accessories for your avatar. Virtual fashion purchased with NFTs is unique, so your avatar can wear one-of-a-kind clothing. Marketplaces that offer NFT wearables include:

DRESSX
Replicant
DIGITALAX
The Dematerialised
Decentraland

Domain names

The NFT marketplace has provided the ability to purchase domain names. Purchasing a domain from a marketplace eliminates the need to pay a third party, and you’ll have exclusive ownership as opposed to paying a yearly fee. Find out more on:

Unstoppable Domains
Ethereum Name Service
Mintable
OpenSea

NFT collectibles

Collectibles like trading cards can be found on NFT marketplaces. You can find NFT collectibles to buy on many NFT marketplaces, including:

Mintable
OpenSea
NFT Hive
Theta Drop
Binance

NFT sports clips and digital collectibles

Find short videos of sports moments on NFT marketplaces. You can buy a memorable play in basketball as a digital asset, for example, or you can buy sports trading cards. Look for sports NFTs on:

NBA Top Shot Marketplace
DraftKings
Mintable
OpenSea
Binance

Tips for choosing an NFT marketplace

When choosing an NFT marketplace, you have many factors to keep in mind. It’s essential to consider some of the more technical aspects, such as tokens used, the ability to use credit cards for purchases, wallet compatibility, and platform fees.

Token standard used in the platform

Initially, NFTs were mainly built on the Ethereum blockchain, but this isn’t necessarily the case anymore. NFT standards can vary across blockchains, so creators and sellers especially should check the token standard supported in the marketplace they’re considering.

Platform's verification process

Security is vital when transactions are taking place, and a rigorous identity verification process and fraud protection should exist.

Platform fees

Each marketplace charges a fee or fees. While these vary, you’ll likely encounter three types of fees that you need to pay. The first is an upfront fee for joining the marketplace as a creator, and the second is a transaction fee. Thirdly, you pay gas fees, which cover the computing power to verify your transaction on the blockchain.

Wallet compatibility

The platform you choose NFTs needs to be compatible with your crypto wallet. It may be beneficial to have multiple crypto wallets and the function for payment by other methods.

Reviews and ratings

When choosing an NFT marketplace, do your research, check ratings, and read reviews to make sure you are using a reputable platform.

How to buy NFT assets

When you’re ready to buy NFT assets, you’ll need to take specific steps to get started. You’ll want to start with a digital wallet known as a crypto wallet. When you’ve purchased a wallet, you’re ready to buy NFTs. Next, you’ll transfer the key to access the NFTs into your wallet.

Once your transfer is complete, you’ll join an NFT marketplace, connect your wallet, and you’re ready to make your first purchase. Here's a look at the buying process:

Peruse the marketplace. You’ll find dozens or even hundreds of assets for sale on the various marketplaces. Some markets have exclusive items that were vetted prior to being listed, and others provide open access for anyone who wants to list digital assets for sale or auction.

Bid or buy. When you’ve made a selection, the next step is to place a bid or agree to purchase at the seller’s asking price. Each seller will have their list price, auction end time, and the type of cryptocurrencies or digital wallets they accept.
Complete the purchase. The seller has two options. They can accept your offer any time before the auction closes or wait until it closes. The transaction is automatically completed if the seller accepts your bid at the auction’s closing. When the transaction is complete, you’ll be the exclusive owner.