Jan 22
The NFT platforms
There are many platforms out there nowadays in a crypto market where it seems quite confusing for ARTists (sellers) and even for people interested in NFT art to buy (collectors/buyers) to choose the correct and most suitable one. Since NFT´s are scarce, collectors want to collect them, and they are willing to pay a lot of money to do it. Some people are also seeing them as an investment because, if the artist becomes famous or more popular, the NFT is going to be worth more later on, and then they can sell it, and the artist might get royalties depending on their initial sale. These ART creators and investors might be looking for information that might catch even your eyes.
What platform should they use and which one would be most suitable?
Here are some of the NFT platforms which can be used to buy and sell your NFT´s:
SuperRare
SuperRare is a marketplace to collect and trade unique, single-edition digital artworks
What you need :
- Type of Blockchain — ETH
- WalletConnect — Ethereum wallet
Rainbow Wallet, MetaMask, Trust Wallet, and imToken
Currently, no support for smart contract wallets that are otherwise available through WalletConnect (ex. Gnosis Safe, Argent Wallet)
- ETH blockchain and gas fees — gas must be paid for actions such as bidding, making offers, or purchases, each time you mint an artwork.
For Artists:
- Artists must be invited ( application via this form. ) in order to publish their work
- Advantages for people seeking curated services: $RARE & Spaces
- On primary sales (the first time an artwork is sold, also known as a mint sale):
— The Artist receives 85% of the sale amount
— SuperRare DAO Community Treasury receives 15% of the sale amount
- Physical artworks on SuperRare? — NO
— they are not reproductions or photos of physical artworks. Artists are allowed to include extras like physical prints/paintings of the works with the sale of works on SuperRare if they choose to, but SuperRare has no official support or features around this at this time
For Buyers:
- On secondary sales (which is any sale following the primary sale):
— The seller receives 90% of the sale amount
— The original artist receives 10% of the sale amount as a royalty
- On all sales, there’s a 3% marketplace fee added on top of the sale price that’s paid for by the buyer — this goes to the SuperRare DAO Community Treasury.
Process of creating:
- Metadata — artwork, and metadata will be stored on IPFS and associated with a provably unique token on the Ethereum blockchain
- File size limit for artwork:
— Artwork file: 50MB
— Thumbnail: 10MB
— Currently supported filetypes: PNG, JPEG, GIF, MP4, GLB. For MP4 files, use the H.264 or X.264 codec (not H.265, HVEC, MPEG-4, or WEBM)
— When tokenizing an MP4 or GLB file, a thumbnail file is also required. Thumbnails can be PNG, JPEG, or GIF, and up to 10MB.
— For best viewer experience, it is recommended still images around 3000px and video files around 2000px
- You won’t be able to make changes to your artwork or the metadata info like title or description once it is tokenized. The only way to fix it is to burn the token and mint it again.
- SuperRare supports the tokenization of GLB files, the binary output of the GLTF format. You’ll need the artwork file (a GLB) and a high-quality thumbnail (image or GIF). The artwork itself is rendered on the artwork detail page, and the thumbnail is displayed elsewhere.
Crypto.com/nft
The platform is dedicated to delivering unique content to collect and trade from the most popular artists, musicians, and sports. You can find highly-curated NFTs from some of the most popular and well-regarded creators and brands.
Users can now mint and sell NFTs in the Marketplace through a simple creator application process.
What you need :
- Type of Blockchain — Crypto.org Chain
- WalletConnect — one that supports ERC20 tokens (e.g. Metamask, WalletConnect).
All transactions relating to sales items on Crypto.com NFT are recorded on the Crypto.org Chain, however, this platform is exploring compatibility with other blockchains, such as Ethereum. Crypto.org Chain is a separate chain from Cronos.
Here are the links for further information in regards to these blockchains.
- Crypto.org Chain: https://crypto.org/
- Cronos: https://cronos.crypto.org/
For Artists:
Crypto.com/nft platform does not charge a fee for minting, but normally there is a 15% primary listing fee that is charged when your self-minted NFT is sold for the first time.
Currently, only support deposits of NFTs that are originally minted through the Crypto.com NFT site. Attempts to deposit externally-minted NFTs which did not originate from Crypto.com NFT may result in its permanent loss.
Royalties for resales of collectibles created directly by creators through the platform are fixed at 10% for creators and are only charged for transactions occurring on the Crypto.com/nft platform.
For Buyers:
Buyers do not pay additional fees for making purchases, they only pay the exact amount of the listed price.
For secondary sales, if you are the seller, normally a 5% processing fee will be deducted from the total purchase amount to cover the operational costs of the platform.
Process of creating:
- File size limit for artwork:
— Artwork file: 60MB
Maximum file size of 60MB per collectible.
— Currently supported filetypes: JPEG, JPG, PNG, GIF, WEBP. MP4 support as per the platform information will be added soon.
You can create up to 50 collectibles per week and 10 editions for each collectible.
- You won’t be able to make changes to your artwork or the metadata info like title or description once it is tokenized. The only way to fix it is to burn the token and mint it again.
Binance.com/en/nft/home
The Binance NFT marketplace is a marketplace that features all forms of digital artworks and collectibles. Powered by the Binance blockchain infrastructure and community.
What you need :
- Type of Blockchain — Binance Smart Chain and Ethereum
- WalletConnect — MetaMask and WalletConnect, Binance Chain Wallet
Binance mints NFTs on the Binance Smart Chain. This blockchain uses BNB for gas fees. For creating own NFT some BNB is needed in a wallet.
Cryptocurrencies that can be used to buy or trade NFTsThe Binance NFT Marketplace supports BNB, BUSD, and ETH.
For Artists:
Only pre-approved creators are allowed to mint NFTs using the platform.
By holding BNB, BUSD, or ETH in a spot wallet, you’ll be ready to trade NFTs on Binance.com.
NFT purchases are subject to a simple fee structure that supports creators and depositors.
Binance only charges — a 1% transaction fee, and the artists (creators) will receive 99% of profit for the first sale of their NFTs as well as a 1% royalty payment from any subsequent NFT trades on the platform— depositors also enjoy the same benefit for any external NFTs they bring into the Marketplace.
Minting fee of each NFT — 0.005 BNB for creations on the Binance Smart Chain.
For Buyers:
To purchase an NFT — need to have a Binance account.
- Sign up for a Binance account.
- Complete the verification process.
- Deposit or buy some BNB, BUSD, or ETH — buy with a Credit/Debit card or deposit funds into Fiat and Spot Wallet
- Start to trade on the Binance NFT Marketplace.
Process of creating:
- Metadata — content you upload is stored on a centralized database. It is not stored on the blockchain, but its associated NFT is however on-chain.
- File size limit for artwork:
— Artwork file: 50MB
— Currently supported filetypes:
- Image: JPEG, PNG, and GIF
- Video: MP4, MPEG, and AVI
- Audio: WAV and MP3
You can create a run, up to 50 collectibles.
- The changes to a minted NFT is not possible and it exists on a blockchain forever, however, there is a possibility to delete your NFT and mint a new one for the same file.
Async.art
Is the new type of art that is called Programmable ART, this art can evolve over time, react to its owners, or follow a stock price. The main purpose of programmable art is that digital paintings are split into “Layers”, which you can use to affect the overall image, creating living art that only the owner of the particular layer influence and determine its look, thus changing the master layer look.
What you need :
- Type of Blockchain — Ethereum ETH blockchain
- WalletConnect — Metamask or any other
For most of the Async transactions, Metamask is the easiest to use.
To be able to start purchasing and bidding on this platform you will first need to have some Etherium ETH in your wallet because this is the currency that is used on this platform.
For Artists:
Only accepted Async artists can upload their artwork on this platform, these artists must be verified by uploading the work to the Async.art canvas tool.
Artists artwork is minted on the platform by themselves. This creates a record on the blockchain that helps prove its authenticity and is analogous to an artist signing their physical work.
The art stored on a site is backed by a unique token that lives on the blockchain. This token is signed by the artist and links directly to the original piece. Linking an artist’s work to a token, ensures authenticity and a clear record of ownership.
There are 3 sell options:
- Auction
- Buy now
- Private Sale
To Mint Your Artwork — minting your artwork requires you to initiate a request to do so. Since blockchain technology is decentralized, your request requires a “gas fee” in order to transport and fulfill your request.
Gas fees are determined and move on a sliding scale depending on how busy the network is (how many users are using it).
— Async takes 10% when an artist sells a piece made by using our Async Canvas tool, and 1% off of any secondary sales.
— Artists receive 10% royalties when their art resales on the platform.
Primary Sale on Canvas-created artwork:
10% Async Art
90% Artist
Primary Sale on a custom artwork:
20–30% Async Art
80–70% Artist
Secondary Sale on any type of artwork on Async website:
1% Async Art
10% Artist
89% Owner
For Buyers:
To Buy Artwork — you will firstly need to purchase some Ethereum ETH cryptocurrency as an Async Art user. In order to buy an artwork, you must have ETH in your wallet and connected to the platform.
If a buyer decides to resale the artwork piece then there is 89% received from a single resale, this is considered a secondary sale.
Secondary Sale on any type of artwork on Async website:
1% Async Art
10% Artist
89% Owner
Process of creating:
- Metadata — Async Art runs on the Ethereum blockchain
— Currently supported filetypes: JPEG and PNG images only. There is not currently support for GIFs, MP4s, or animations.
The work needs to be prepared and sliced into Layers, such as art with 2 different background layers (nature motives) and 2 different expression states (such as facial expressions or physical movement).
- If you decide to change Layers of an Async artwork or the state of a Layer (as a layer owner) it costs a gas fee.
- To learn more about transactions please refer to the post on the Ethereum webpage.
- To calculate your gas fees please refer to ETH Gas Station.
- If you want to burn the piece you can send it to a dedicated address. This address isn’t owned by anyone, so no one can access any tokens sent here. That’s why this is commonly used for burning tokens.
Rarible
Is an Ethereum-based platform that facilitates the creation, sale, and purchase of ownership rights to digital works of art via non-fungible tokens (NFTs).
What you need :
- Type of Blockchain — multichain marketplace and supports Ethereum, Flow and Tezos
- WalletConnect — MetaMask (this one is most popular and is easy to use), Coinbase, Formatic, Rainbow, Portis and other
Rarible is a multichain marketplace, this means that you can buy, mint and sell NFTs on multiple blockchains, on this platform you can choose which audience you want to reach, the carbon footprint you’re comfortable with and the fees you want to pay.
Here is the tool you can use whether to mint, buy or sell when gas is lower. (Make sure the site is set to your timezone, which can be adjusted above the heatmap).
The Ethereum blockchain:
- Most popular blockchain for NFTs with its biggest community and hosts the most NFTs of any blockchain.
- Ethereum’s gas fees are high, meaning by this the minting an NFT will cost at least $60 in ETH
- Using Ethereum as a blockchain for NFTs gives access to the biggest crowd.
The Flow blockchain :
- Flow blockchain is tailor-made for digital collectibles.
- Minting fees cost a fraction of a cent (and Rarible pays it for you)
- Flow also has much lower energy consumption.
- Flow has been attracting major sports, gaming, and media brands to develop their NFT projects, this is due to its efficiency and sustainability.
- Is a good option for those artists in order to reach fans of digital sports collectibles.
The Tezos blockchain:
- Tezos has low fees, high performance, and a smaller carbon footprint
- Minting fees vary, but shouldn’t cost you more than $0.50
- Tezos is popular for artists whose works do not make millions (yet) — and for collectors who can’t spend millions (yet).
For Artists:
Fees depend on the blockchain and minting option you use. Blockchains charge a fee for minting, buying, and selling.
Creating a new NFT requires two interactions:
- Minting your NFT
- Making your NFT available for sale
Ethereum tends to have higher fees.
Flow and Tezos blockchain is cheaper to mint on.
This comes also down to the fact that you should not let fees be the factor, Why?— because the most important factor is minting where your audience has their wallets, meaning like this that these are unique for each chain.
There is also a free minting option, in this case, the Buyer of your NFT covers the fees— however, have in mind that the artwork you mint goes into the Rarible collection and not your own. This way you do not create your own collection. To be able to launch your own collection you have to cover fees connected to creation of your NFT artwork.
Royalties are able to be chosen personally and the % of royalties are determined by an artist. Usually, it is in the range of 5–10%. This is deposited into your wallet every time your NFT sells.
On the Seller side — there is a 2.5% fee for every sale happening on the marketplace.
The Artist(seller) — receives 97.5% of each sale
For Buyers:
On the Buyer side — there is a 2.5% fee for every sale happening on the marketplace.
The Buyer(seller) — receives 97,5% of each sale
Pay with a credit card — Rarible lets you transact with a credit card
Process of creating:
- Metadata — multichain marketplace
- File size limit for artwork:
— Artwork file: under 100MB
— Currently supported filetypes: PNG, GIF, WEBP, MP4 or MP3
You can create a single edition or multiple editions of an NFT:
- Single creates a one-of-a-kind NFT ARTwork.
- Multiple creates a series of the same NFT ARTwork.
- Rarible marketplace is built on the Rarible Protocol, it receives a weekly portion of $RARI token and distributes them to its users based on the sales volume. If you make a sale or a purchase on Rarible.com, you will receive $RARI tokens.
- It is possible to relist your already minted and already existing collection of NFT ARTwork on Rarible.
- Once your artwork/NFT is minted on one of the blockchains, you can’t move it to another, however, you can mint the same artwork on multiple blockchains by creating multiple NFTs.
- Burning (removing NFT) — the token is sent to an address that no one commands and effectively removes it from sale options of NFT platform. Transferring or burning the token will cost some ETH.
To readers:
Thank you for taking the time to read through the article. I am very much open to all forms of constructive feedback — both positive and negative. So I may fine-tune the information I have made available.
If you would like to know more about each section, have questions, or have a discussion, leave a comment
Kind regards — Bull Wark
