NFT

Best NFT marketplace for Beginners

NFT’s popularity is spreading like wildfire especially after its market value crossed the $40 billion mark in 2021. For beginners wanting to get along and explore the world of NFTs then you need to choose from the best NFT marketplace for beginners.


This is a concise guide that will explain all you need to know to get started with NFTs and make good profits for yourself and your family members.


What are NFTs?


NFTs are a type of digital asset that exists on a blockchain. They are different from other digital assets because they are not controlled by a central authority. This means that they can be used to create decentralized applications and networks. NFTs can also be used to represent ownership of physical assets.

Since the release of CryptoKitties in late 2017, the use of non-fungible tokens (NFTs) on blockchain platforms has exploded. NFTs are digital assets that are unique and can not be replicated. This makes them perfect for gaming, collectibles, and other digital applications.

Several companies have emerged as leaders in the NFT marketplace space. These include Rare Bits, OpenSea, and Unikoin Gold. Each of these platforms offers a different set of features and benefits.

Rare Bits is one of the most popular NFT marketplaces. It allows users to buy, sell, and trade a variety of digital assets, including CryptoKitties. The platform also offers a built-in wallet for storing NFTs.

The NFT marketplace is a new and exciting development in the world of cryptocurrency. It allows users to buy, sell, or trade non-fungible tokens.

This can be a great way to find unique collectibles or to invest in new and innovative projects. The NFT marketplace is still in its early stages, so it is important to do your research before investing. Make sure you know what you are buying and understand the risks involved.

With careful planning and due diligence, the NFT marketplace can be a great way to invest in the future of cryptocurrency.


Types of NFT marketplaces:


NFT marketplaces can generally be classified into three categories: centralized, decentralized, and third-party marketplaces.


Centralized marketplaces:


Are typically owned and operated by a single entity, which means that users must trust the marketplace operator to handle their transactions fairly and securely.


Pros:

A centralized marketplace can provide a better user experience due to its easy-to-use interface and well-organized listings. Moreover, centralized marketplaces may be more reliable since they are often backed by established companies with robust security measures.


Cons:


Centralized marketplaces can be expensive to use and may have a limited selection. Additionally, they may be prone to censorship or shutdowns if the company controlling the marketplace decides to close it down.


Decentralized marketplaces:


These are run by a network of users who all have a stake in the platform’s success. This type of marketplace is more secure as it doesn’t rely on a single party for trust and governance.


Pros:


1. Security: Since the marketplace is decentralized, there is no central authority that can be hacked or shut down. This makes it safer for buyers and sellers to trade NFTs.
2. Privacy: Transactions on a decentralized marketplace are anonymous and cannot be tracked. This makes it more secure and privacy-friendly than centralized marketplaces.
3. Transparency: All transactions on a decentralized marketplace are recorded on a public ledger. This allows buyers and sellers to verify the authenticity of NFTs before making a purchase.


Cons:


They can be less user-friendly and may be more vulnerable to attacks.


Third-Party marketplaces:


A new marketplace has arisen that allows for the buying and selling of non-fungible tokens.
This marketplace is unique in that it does not require the use of exchange but instead allows for direct transactions between buyers and sellers.


Pros:


This can be a great option for those looking to sell their NFTs, as it eliminates the need to go through an exchange and incur fees. It can also be a great place to find rare NFTs at a fair price. It can provide a much-needed level of trust and security for buyers and sellers.


Cons:


On the other hand, they can also take a cut of the profits and charge fees for their services. It’s important to weigh the pros and cons of each platform before choosing one to use.

Another way to classify NFT marketplaces is by their functionality. Some platforms allow users to buy, sell, or trade NFTs, while others are focused exclusively on providing services such as hosting auctions or developing games. It’s important to consider what features you want from a marketplace before choosing one.



How important is NFT Market?



It is very important in the crypto world of today especially if you’re interested in reaping some of the benefits offered by NFTs. With the marketplace, users can trade their digital assets and collectibles with ease.



Best NFT Marketplace For Beginners



The developers of these marketplaces added some features to make sure these transactions are seamless and of global standard. Examples of these features are:

· Shop Window:

Every detail of the NFT listed in the marketplace must be clearly spelled out including name, description, price, payment method, owner, etc. With the shop window properly described in this way, chances of sales are better.

·Crypto Wallet: Transactions must take place in a wallet, so every Marketplace must integrate a crypto wallet and make transactions seamless.

Some examples of wallets used are Coinbase, Walletconnect, and Metamask.

·Registration process should be done with ease and easy to integrate already owned crypto wallets or create a new one.

It should have search capabilities to make navigation smooth and easy.

It should be able to capture the user history data.

It should have an alert system in place to notify users of transactions, search queries, and new NFTs listed in the marketplace.

It should have robust customer support that is always available to respond to users’ queries.


How does NFT Marketplace work?


This can be explained in easy steps:

Users create accounts on the marketplace and link their crypto wallets to it. This allows them to create NFTs in the marketplace and list them for selling. These listings are moderated before they appear for transactions in the marketplace.

The NFT is now available for bidding and the highest bidder takes it all. All these transactions are made possible with a crypto wallet.

Every NFT listed is backed with a blockchain contract, tokens get added to metadata which is a unique data form that is added to NFT making it distinct and unique.

Every NFT has a smart contract that is used to monitor, regulate and approve transactions for users.


How do I choose an NFT marketplace?


When it comes to choosing an NFT marketplace, there are a few key things to look for: trust, security, and user-friendliness.
It’s important to find a marketplace that you can trust to handle your transactions securely.
The user interface should also be easy to use so that you can buy and sell NFTs quickly and easily.

Some of the most popular NFT marketplaces include OpenSea, Rare Bits, and Decentraland.


How can a beginner sell NFT?


The world of NFTs is constantly expanding, with new opportunities and ways to use them, springing up all the time. If you’re looking to sell your NFT, there are a few options available to you.

The most common way to sell an NFT is through an online marketplace. These marketplaces allow you to post your NFT for sale, and buyers can purchase it directly from the site. This is a great option if you’re looking to quickly and easily sell your NFT.

Another option is to use an auction site. Auction sites allow you to set a starting price for your NFT, and then buyers bid on it until the auction ends. This can be a great option if you want to get a higher price for your NFT.

Finally, you can also sell your NFT privately to your friends and business associates.


Best Marketplace for NFT for Beginners Reviewed



Mintable

crypto.com

Nifty Gateway,

Gamestop,

Foundation,

Draftking


1. Mintable


If you’re just starting off and considering the best Marketplace to buy NFTs then Mintable is one you should consider.

This platform is an Ethereum-based blockchain and is perfect for newbies in cryptos and NFT. It also supports Zilliqa and Immutable X blockchains.



Mintable came to be in 2018 and its main objective is to make buying easy and straightforward.



Mintable Marketplace houses NFTs in music, arts, videos, collectibles, sports, etc. Several digital assets are available and investors can make choices based on preference.



Users can transact and make payments using a credit card, debit card, or ETH. Payments with cards, however, attract a 5% service fee which is a major disadvantage of this option.



Linking Mintable Marketplace with a crypto wallet is quite easy and beginners can start their journey of crypto investment in less than no time. Minting on the platform doesn’t attract gas fees.


2. Crypto.com


Many investors give it a 9/10 rating amongst others and this review will like to take a cue from others and applaud crypto.com for its exceptional performance in NFT trading.



Globally crypto.com is among the big boys in crypto exchange platforms, its marketplace is built on the Ethereum blockchain.

This marketplace is quite new, only just started in 2021, and arts, gaming, celebrities, sports, crypto, and music as part of the categories it offers.



They work hard to soften the investing process, users can start using the service in minutes and NFTs can be purchased at a fixed price or auction. These purchases can be done using debit or credit cards or by using crypto via its own gateway called crypto pay.



To buy NFT on this platform does not attract a transaction fee which applies to many other NFT marketplaces.

This simply means Crypto.com does not have gas fees. Selling NFT on this platform however attracts a 1.99% fee.



The interface of the marketplace is easy and can be navigated by beginners effortlessly. Expert investors also love it for its simple approach.



This marketplace has a strong partnership with Boy George and Snoop Dogg, two big names.

This has helped the crypto.com marketplace stay in the news more than others.



Just recently, crypto.com shouldered support for Ethereum-based NFTS giving room for more investors to embrace the system.

Crypto.com also has the best NFT app for mobile devices and all this makes it stand out and a must-have for beginners in NFT investing.



3. Nifty Gateway Marketplace


This company is more interested in premium NFT drops that have limited assets. Lots of famous people, artists, and creatives are featured on this platform, the likes of Grimes and Aoki.

This type of NFT is high in demand and the marketplace focuses on high-end investors.

This marketplace for NFT is part of the crypto exchange called Gemini which was founded by Winklevoss Twins.

Purchases can be made by users in the USA using cards (credit/debit) while those outside US can buy using digital assets stored in their Gemini exchange account.

Gas fees are charged when NFTs are transferred to the Nifty gateway. This gas fee consists of a 5% fee which a seller is required to pay plus a $0.30 transaction fee.


4. Opensea


This has a huge asset selection and has the highest trading volume for NFTs worldwide.

It introduced NFTs to the mainstream and since inception has reached one million-plus users.

This is Ethereum based, it has domain names, art, in-game items types of NFTs listed on its platform and supports 150+ cryptocurrencies for payment. Investors can easily transact using their crypto balance.

Gas fees are charged for account creation and during payments. A 2.5% transaction fee is paid by the seller when their NFTs get sold while the buyer incurs no charge except network fees.

It supports 14 crypto wallets and over $15 Billion has been traded by month.


5. Gamestop


This is specially built for blockchain gaming. They are trying to register their name in the NFT game ecosystem which goes beyond being a marketplace for video games.

The company hopes to lure game developers with massive funds and her NFT Market is built on Ethereum’s Layer-2 protocol called Immutable X.

Its main focus is game items like weapons, digital properties, costumes, etc. They are building partnerships with big-name video game developers to offer more NFTs that fans come to love.


6. Rarible


This is another good option for investors that’s why we listed it among the best NFT market for beginners.

Its NFT categories include digital art, games, photography, domains, music, metaverse items, etc.

It is built on Ethereum and supports Tezos and Flow. It also supports Coinbase and Metamask wallets providing safe storage for digital assets.

Users can purchase NFTs with debit or credit cards and 190+ countries are supported which is why the Rarible NFT Market place is among the biggest in the world.

For buying NFTs it charges around 0.010 ETH that’s a 2.5% fee is charged to buyers and sellers.


7. Foundation


This is another good place to buy NFTs if you are just beginning with trading NFTs.

The downside of this platform is the 15% service fee charged to sellers for each transaction completed on the platform.

However, for sales in the secondary market, sellers are paid 10% royalty rewards.

It is built on Ethereum and NFT can be gotten successfully using ETH.

WalletConnect and Metamask are the only wallets supported by the foundation marketplace at the moment.


8. DraftKings


This USA betting company decide to try their hands in the emerging business by creating their own Market in 2021 and hosts assets from big sports people like Tom Brady, Wayne Gretzky, Tom Hawk, etc. The platform is built on polygon blockchain.

If you already have an account on the betting platform, you can easily access the DraftKings marketplace using the same login details.

Over 300 NFT collectibles are available and consist of cheap to highly-priced points.

The account can be funded with debit/credit cards, wire transfers, bank transfers, and Paypal and payment must be in USD. For now, the option to pay using crypto isn’t available.

Its fee structure is unclear, transactions in the secondary market give the creator a 10% royalty reward and a transaction fee of 5%.


9. WAX


This is one of the best NFT Marketplaces for beginners and offers 140,000 tradable assets.

It is built on WAX blockchain which started in 2017 with aim of making eCommerce transactions more efficient. This uses the blockchain powers to compete with Ethereum and is compatible with EOS and is hoping to become a household name in this niche.

WAX is popularly called a simple market with its numerous assets available for trading. It does not have gas fees.


10. Binance


If you are beginning with buying NFTs, I recommend you get started with Binance which is known for its low fees for NFT trading.

Binance marketplace for NFT is the brainchild of Binance, by knowing you should already know that Binance is the largest crypto exchange even coinmarketcap rating affirms it.

Low fees are one of the key advantages of using the platform, they charge only 1% for making NFT purchases.

The NFTs are offered using Ethereum and Binance Smart Chain blockchain and provide a wide range of assets that can be traded. It also has an interface that can be navigated with ease even by beginners.

It has a special feature called Mystery Box that allows users to buy a box and get random NFT which can become very valuable. They also offer art, entertainment, sports, collectibles, gaming, etc categories of NFTs.

Beginning a business with the Binance market is easy, if you already have an account on Binance you can start in the marketplace with the same credential.

NFTs, for now, can only be bought using crypto, and those who have fiat currencies only can acquire digital assets for NFT trading on the Binance exchange. These NFTs can be bought at a fixed rate or during the auction where the highest bidder takes. NFTs acquired can be sent to wallets outside the platform.

Binance Marketplace for NFT also allows users to mint NFTs and own it and this attracts small fees payable using BNB (Binance native token).



Different NFT Market places compared


· Supported digital assets:


1. ETH: Mintable, Foundation, Nifty Gateway, crypto.com(BTC, CRO, and ETH), Binance (BNB, BUSD, and ETH), Rarible (XTZ, FLOW, and ETH)

2. WAX: WAX

3. N/A: Gamestop, Draftkings

4. 150+ digital assets: Opensea

5. BTC: Crypto.com also ETH and CRO

6. BNB and BUSD: Binance in addition to ETH

· NFT Types
1. Art only: crypto.com, Draftkings, Foundation, Rarible.
2. Art + Music: Binance, opensea, Nifty gateway, WAX, Mintable
3. In-Game items: Gamestop
· Number of NFTs offered
1. 300+ Draftkings

2. 6700+ Mintable

3. 100000+ Binance

4. 140000+ WAX

5. 158000+ Foundation

6. 200000+ Crypto.com

7. 300000+ Rarible

8. 80M+ Opensea

9. N/A Gamestop and Nifty Gateway(limited)


Conclusion


NFT trading is a business with many prospects for profit and if you’re just starting off then you need to use any of the best NFT marketplaces for beginners to help you get started and maximize profit.

For all the top 10 NFT marketplaces listed here, each has unique features that make them stand out from the rest, some support multiple countries and currencies, safe and provide a safe haven for transactions, others may have little to no transaction fees, supports purchase using crypto or fiat currency and have a wide range of NFT collectibles to choose from. It is my desire that you succeed with NFTs. We hope you can trade NFTs better with our list of best NFT marketplace for beginners.

admin

Internet marketer, content Writer and SEO expert

Leave a Reply

Your email address will not be published.

Back to top button