CRYPTO MARKETING
Best NFT Marketplaces to Buy, Sell, and Trade Digital Art in 2024
In recent years, the surge of investor interest in digital art tokens has somewhat waned. This shift can be attributed to the decline in value of certain hyped projects, such as the famous ape-themed NFTs from the Bored Ape Yacht Club/Mutant Ape Yacht Club. These collectibles, which once traded for 100–150 ETH and even higher, have seen their prices drop dramatically.
However, this doesn’t imply that digital assets like NFTs should be disregarded. Instead, it’s crucial to remember that, as with any investment, certain principles must be followed. One of the key principles is selecting the right platform, one that offers essential tools and analytics to help you assess potential risks before investing. For creators, choosing the appropriate marketplace ensures greater visibility for their work and smoother monetization. Below, Coinband experts highlight the top NFT platforms that stand out in the current market.
Overview of Non-Fungible Tokens and the Significance of NFT Platforms
Did you know the global NFT market is anticipated to grow from $21.39 billion in 2023 to a staggering $212 billion by 2031, with a compound annual growth rate (CAGR) of 33.7%?
NFTs, or non-fungible tokens, first grabbed public attention in 2017, enabling crypto enthusiasts to become legitimate owners of digital art pieces, such as music, paintings, photos, videos, and even tweets. This concept of digital ownership emerged on the Ethereum blockchain and was widely promoted by crypto bloggers and media outlets. By 2021, the potential of creating or purchasing digital art objects had become mainstream.
A notable event in the NFT world was the digital transformation of Banksy’s “Morons” painting, which was burned and then sold as a token for a record $393,000 (228 ETH at the time). Following this, prominent figures like the artist Grimes, who earned $5.8 million from a collection of ten digital pieces in 2021, and Paris Hilton, whose three-piece collection garnered over $1.1 million that same year, sought to replicate the success of the Banksy-inspired sale.
Yet, alongside these achievements, there have been setbacks — such as the aforementioned ape NFTs. So, how can investors steer clear of questionable purchases and discover hidden gems with the potential for immense returns? And for creators, how can they ensure a steady rise in the external value of their digital art pieces?
In both scenarios, the role of NFT marketplaces is pivotal. While many platforms allow the listing of all types of unique tokens (often leading to overcrowding), only a few prioritize providing genuine support to both investors and creators. Let’s explore these aspects in greater detail.
Why Choosing the Right NFT Platform Matters in 2024
Selecting the ideal platform for buying or selling NFTs is essential. For artists, it means finding a marketplace with user-friendly listing tools and straightforward methods for withdrawing earnings. For investors, it’s about opting for a solution with intuitive analytics and well-organized catalogs that make it easy to locate attractive assets. Reliability, of course, is non-negotiable, as it ensures the security of transactions for all involved. Thus, each marketplace on your radar should boast an impeccable track record.
Most Popular NFT Marketplaces
Here are three leading NFT platforms that continue to dominate the market:
#1. OpenSea — Premier NFT Marketplace
Established in 2017, OpenSea is the largest NFT trading platform. Built on the principles of decentralization, it allows users to manage their crypto wallets, addresses, and assets independently. Supporting multiple blockchains, including Ethereum, Polygon, Klaytn, Avalanche, BNB Chain, Optimism, and Solana, it offers the flexibility to purchase NFTs using any ERC-20 tokens or even debit/credit cards (facilitated through MoonPay). OpenSea charges a 2.5% transaction fee, deducted from the seller’s proceeds.
#2. Rarible — A Hub for NFTs
Rarible is a widely recognized platform that connects creators and collectors of digital art. It supports several blockchains, including Ethereum, Polygon, Solana, Immutable X, and Flow, expanding its utility. Rarible charges a 1% fee to both buyers and sellers. Its standout feature is the ability to integrate royalties directly into NFTs, enabling creators to earn up to 50% in ongoing commissions from resales.
#3. Binance NFT
Binance NFT is a versatile marketplace catering to artists, creators, and crypto enthusiasts. With a low 1% transaction fee, users can mint and trade NFTs on BNB Chain and Ethereum. Apart from traditional buying and selling, Binance NFT offers initial NFT offerings (INOs), staking of NFTs, and soon, loans with NFTs as collateral. The platform boasts a user base exceeding 225 million registered accounts.
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Biggest NFT Trading Platforms
For those looking for the platforms with the largest user bases, consider these two:
#4. SuperRare — Exclusive NFT Marketplace
SuperRare specializes in curating rare and exclusive digital art. This selective platform has cultivated a conceptual community, listing only high-demand pieces with significant market potential. Operating on the Ethereum blockchain, SuperRare requires all bids and purchases to be made using ETH. Creators must apply and undergo a vetting process before they can mint tokens on this platform.
#5. Nifty Gateway — Premier NFT Platform
Founded in 2018, Nifty Gateway stands out by emphasizing quality over quantity. The marketplace predominantly features works by renowned artists, including those from the crypto space (notably, Beeple). Its strict curation has established Nifty Gateway as a reputable dealer in contemporary digital art. The platform charges a 5% fee on transactions.
Best NFT Marketplace for Artists
Now, let’s examine three standout NFT sites that every digital artist should consider:
#6. Foundation — Leading NFT Platform
Foundation is a platform on the Ethereum blockchain where creators need an invitation to join. It serves as a virtual meeting place for artists and collectors to engage in buying and selling unique digital items. The platform’s transaction fee is 5%, with a minting fee of 0.0008 ETH for Drops and Editions.
#7. KnownOrigin — Decentralized Art Marketplace
KnownOrigin is a multimedia platform driven by its community, designed to tokenize and trade digital art. Built on the Ethereum blockchain, it is ideal for photographers, designers, and other creators. The platform charges a 15% fee on initial sales and a 2.5% fee on secondary transactions.
#8. Mintable — Crafting and Trading NFTs
Since its launch in 2018, Mintable has been a go-to for creating, buying, and selling NFTs. Supporting Ethereum and Immutable X, it provides creators with decentralization and advanced tools. With the ability to set royalties up to 90%, Mintable also implements stringent measures to protect intellectual property, verifying the uniqueness of each token.
How to Choose the Best NFT Marketplace
Consider these five criteria when selecting an NFT platform:
- Fees: A critical factor for both artists and investors. While most platforms charge 2–3%, it’s worth exploring those that offer lower rates.
- Blockchain Support: While Ethereum is dominant, multi-chain platforms allow for diversified transactions across blockchains like Solana.
- Community Engagement: An active community usually signals a reliable platform. Some offer loyalty programs to enhance user experience.
- Security: Look for well-protected platforms, particularly if centralized, as these tend to have stronger security protocols.
- Tool Variety: Ensure the platform provides convenient minting tools for creators and intuitive navigation for investors.
NFT Marketplaces to Watch in 2024
Here are three emerging NFT platforms to keep an eye on this year:
- LooksRare: A community-focused Ethereum-based platform with a 2% fee, offering no fees on private sales.
- Solanart: An NFT marketplace on the Solana blockchain, known for user-friendly wallets and a 3% fee.
- Airnfts: Operating on multiple blockchains, including Binance Smart Chain and Polygon, with minting costs as low as $0.70. The platform has minted over 110,000 unique tokens.
Conclusion
Equipped with this comprehensive guide, you’re now ready to make an informed choice on the best NFT platform for your needs. If you have your own NFT project, consider reaching out to Coinband’s experts to craft a tailored marketing strategy that brings your vision to life.
