Top 15 NFT Marketplaces for Trading NFTs in 2022
(This article was originally published on Udonis’ blog.)
Ever since they became mainstream in 2021, NFTs have been a hot topic. Their popularity is primarily due to how lucrative they can be as well as their implementation in blockchain games.
If you want to get in on NFT trading you’re probably wondering, where to buy them?
The answer is NFT marketplaces. These are platforms that allow you to buy and sell non-fungible tokens. Even though they all operate in the same way, each NFT marketplace has unique features. That’s why it’s essential to choose the right one(s) for you.
Here are the best biggest NFT marketplaces you should consider!
The platform that is at the top of our NFT marketplace list is OpenSea. It is the world’s first and biggest NFT marketplace that allows people to buy, sell, and create non-fungible tokens.
If you’re not yet sure which NFT to buy, start by browsing the OpenSea marketplace by categories — art, collectibles, domain names, music, photography, sport, trading cards, utility, and virtual worlds. You can also check out OpenSea’s list of top NFTs by volume, floor price, and other statistics. The list can be filtered by time period, categories, and blockchains.
You might decide to go with a CryptoDickbutts NFT or perhaps a piece of digital real estate in some of the popular metaverses. Whatever it may be, buying NFTs on OpenSea is easy and safe.
The first thing you need to do is create an account and connect a crypto wallet to it. OpenSea allows you to choose from many popular wallets that support Ethereum, Polygon, Klaytn, or Solana blockchains.
Then, find an NFT you like and click the “buy now” button, if it’s a fixed-price token. After reviewing purchase details, you need to click the checkout button that will open your crypto wallet. The only thing left to do is to finalize the purchase and voilà — you’re a proud owner of a non-fungible token.
Besides buying, you can also sell NFTs on OpenSea. The process is simple — set up your wallet, create your NFT collection, upload NFTs, and list them for sale.
Additionally, you can also create non-fungible tokens on the OpenSea platform. To learn how to do that, go here.
Rarible calls itself a community-centric NFT marketplace where you can browse, buy, trade, and sell non-fungible tokens. If you want to keep an eye on your NFT portfolio and new drops on the go, you can also download the Rarible mobile app.
To discover NFTs, browse through different sections like Spotlight, Top Collections, and Trending NFTs.
What’s cool about this platform is that different communities can have a unique-looking marketplace, with custom features and fees with Raribale API. If you want to join the waitlist to build a unique marketplace for your collection, click here.
To start purchasing or trading NFTs on Rarible, you need to connect your crypto wallet that supports either Ethereum, Tezos, Flow, or Polygon blockchains. For Ethereum, the most popular choice is MetaMask.
Just like on OpenSea, some NFTs have a fixed price, while others are offered at an auction for a limited amount of time. If the latter is the case, users can bid on an NFT and the person that placed the highest bid gets to purchase it.
LooksRare is an NFT marketplace that rewards players for participating, i.e., buying and selling NFTs, which is quite enticing. Furthermore, the company claims its fees are 20% less than OpenSea’s, its main competitor.
Here’s how the rewards work.
If you trade NFTs on LooksRare, you’re rewarded with LOOKS, the marketplace’s token. It’s important to note that both the buyer and the seller earn this reward. Furthermore, all NFTs from all collections you sell or buy are eligible for the reward.
Here’s how the rewards are calculated, according to LooksRare, “Every day, trading rewards are calculated based on each user’s trading volume on LooksRare, as a percentage of the total platform trading volume, excluding private sales.”
If you want to earn even more rewards, you can stake LOOKS. When you do that, you get additional LOOKS as well as trading fees in WETH. In other words, LookRare’s trading fees are redistributed to stakers along with bonus LOOKS.
Pretty cool, right?
4. Magic Eden
If you’re looking for a Solana NFT Marketplace, I suggest you try Magic Eden — it’s the biggest one. Even though Solana is not as quite as popular blockchain as Ethereum, for example, Magic Eden has been quite successful and continues to expand its NFT offer.
According to Forbes, in June 2022, Magic Eden closed a “$130 million Series B venture round and the added capital brings the company’s valuation up to $1.6 billion.” That makes Magic Eden the third NFT marketplace to achieve unicorn status (a privately owned startup valued at over $1 billion). The other two companies that achieved this status are the giant OpenSea and LooksRare, valued at $13 billion and $7 billion respectively.
What I like about Magic Eden is how intuitive the website is. Browsing NFTs and staying in the loop is very simple. You can choose from popular collections, new collections, or use the search bar. Furthermore, by clicking on Drop calendar, you can see all upcoming drops and mark them in your calendar. This marketplace also has a separate section for NFT auctions, which is quite handy.
Finally, it’s important to note that Magic Eden works both as a primary and secondary NFT marketplace. That means you can create NFTs by using its Launchpad feature as well as sell assets purchased on other marketplaces.
Crypto.com is another one of the top NFT marketplaces where you can buy and sell non-fungible tokens from leading creators and brands. It is a carefully curated list with many exclusive drops.
While you can browse through most NFT marketplaces without signing up, that’s not the case with Crypto.com. To access this platform, you first need to create an account. Once you sign in, you can browse NFTs in different categories, check out top collections, and top creators. Furthermore, the NFTs can be filtered by price, listing type, and chain. As of now, Crypto.com supports Crypto.org Chain, Ethereum, Polygon, Cronos, and Solana.
A standout feature is the ability to track upcoming NFT drops so you don’t miss out, which is very useful. There is also a list of the most popular brands like UFC, Philadelphia 76ers, and Aston Martin F1, which makes it easy to browse their collections.
Additionally, you can mint your art on Crypto.com and list it for sale. However, you first need to be approved as a creator. According to the website, “You can create up to 50 collectibles per week and 10 editions for each collectible.”
6. Nifty Gateway
Nifty Gateway is another very popular NFT marketplace for both beginners and pros. The platform claims there are no gas fees or hassle with failed transactions, which, of course, is a plus.
When looking for NFTs, you can browse through curated collections that are handpicked and exclusive to the platform. Furthermore, you can filter NFTs by status, drop type, price, and edition size.
Those who like to keep track of all the exclusive drops and buy directly from the creator can head to Curated Drops and see what’s on schedule. Another cool feature is the activity page where users can monitor which NFTs have just been put up for sale.
Binance is a major player among NFT marketplaces. It offers premium and exclusive NFT collections. If you’re an artist, collector, or gamer, you’ll love this platform.
It consists of three main product lines — Marketplace, Events, and Mystery Box. Here’s an overview of each section.
In Binance’s NFT Marketplace, you can browse through featured NFTs, top collections, recommended collections, etc. It’s the standard marketplace setup where you can discover popular NFTs to purchase.
In the Events section, you can buy exclusive NFTs created by the hottest artist from around the world.
The Mystery Box is a cool feature that has become popular in the NFT world back in 2021. Basically, it’s a box you can purchase that contains a random product. The contents of the mystery box are not known until you open it, which adds an exciting element of surprise. There are four different types of NFTs you might find in the box — super super rare (SSR), super rare (SR), rare (R), and normal (N). It’s not just artwork you can get, blockchain games like Axie Infinity and DeHero provide players with rare in-game items like exclusive characters or skins.
You might be wondering; why would somebody purchase a box without knowing what’s in it? Well, it’s about the excitement of purchasing a mystery box and the possibility of getting something super rare. In other words, it’s primarily about the experience.
However, it’s important to add that you don’t have to open the box. In that case, you can sell the unopened mystery box and make a profit.
8. Axie Marketplace
This NFT marketplace is a bit different from others on this list as it’s the official marketplace for Axie Infinity, a popular play-to-earn blockchain game. The company claims that over $3.6 billion was traded on the Axie Marketplace, which is an impressive number.
On it, you can purchase Axies, creatures that players use in the game for battle and breeding. Because each Axie is an NFT, they hold great value and are traded between players. This is also how players make money in the game. To start playing the game, each player needs to purchase at least three Axies to form a team.
Along with Axies, players can also purchase Land on the Axie Marketplace, which gives you ownership of a piece of digital real estate in the game.
To buy and sell in-game items, you need an Axie account, an Ethereum wallet like MetaMask, and a Ronin wallet. Just like most other platforms, Axie Marketplace allows people to sell items at a fixed price or through an auction.
9. NBA Top Shot
If you wish to own official NBA and WNBA digital collectibles, you need to check out NBA Top Shot. This NFT marketplace allows fans and collectors to own and sell epic moments from basketball history.
It was created by Dapper Labs in collaboration with the National Basketball Association. Because it involves such a massively popular brand like the NBA, this project brought a lot of mainstream attention to NFTs.
NBA Top Shot has a similar concept as trading cards. However, instead of traditional physical sports cards, you get digital art in the form of short videos that capture some of the most legendary NBA moments. When purchasing one, you could say you own a piece of NBA history, which is pretty cool.
Of course, each video moment or piece of digital art is a non-fungible token, which has a serial number to guarantee its authenticity. Furthermore, the degree of rarity is attributed to each NFT in this marketplace. You can choose from Common, Fandom, Rare, and Legendary NFTs. The Legendary ones, of course, are scarcest, i.e., there’s a very limited number of them and thus are the rarest and most difficult to acquire. Just to put it in perspective, there are only 0.11% of Legendary moments.
Just like with physical cards trading, these NBA moments are minted in Packs that come in Sets, as a part of a Series.
The next platform on our list of top NFT marketplaces is PlayDapp. It’s a place for gamers to buy and sell in-game items from various blockchain games.
To start trading, you’ll need to connect your wallet. PlayDapp supports Metamask, Portis, Coinbase, and any WalletConnect wallet. NFTs can be purchased with PLA or ETH.
If you’re searching for specific collections or items, it’s best to use the search bar. However, if you want to see what’s out there, browse through different categories and featured NFTs. This will give you a good idea of what’s popular. For a more granular search, you can filter items by asset type, currency, star rating, and price.
There are also events on the PlayDapp marketplace as a part of Marketplace Renewal that allows you to earn valuable rewards. There are events for traders, a review event, and a ranking event.
11. The Sandbox Marketplace
This is the marketplace for the blockchain game The Sandbox, which is the most popular metaverse game on the market.
On The Sandbox Marketplace, you can purchase ASSETS from creators. ASSETS refer to various in-game items like entities, equipment, wearables, and art. ASSETS can be incorporated into your LAND, i.e., a piece of digital real estate in the metaverse. They can be purchased with SAND, the game’s token.
All the prices are set by the creators. For each sale, The Sandbox Marketplace takes a 5% fee. According to the company, this fee goes into the Foundation Fund, which is used to fund metaverse projects.
Besides The Sandbox Marketplace, ASSETS can also be purchased on secondary marketplaces like the aforementioned OpenSea and Rarible. However, they might be available in different currencies there, like Ethereum.
12. Enjin Marketplace
With over 1.2 billion of blockchain assets to discover and more than 10 million Enjin coins spent, Enjin Marketplace certainly belongs on this list of top NFT marketplaces. This marketplace also has its own coin — Enjin Coin, which is what you need to make purchases.
On its website, you can browse through different NFT projects or search for specific ones. Once you click on an NFT that interests you, you get a bunch of details on it such as info about the creator and project, total supply, transfer fee, melt fee, holders, transfers, and market activity. All that information is quite useful when deciding which NFT to buy.
This is also what makes Enjin Marketplace stand out as most other marketplaces don’t offer so much detailed info on each NFT.
According to its website, on NFTrade, you can “buy, sell, swap, and farm NFTs”. Furthermore, this platform also works as an NFT aggregator so you can find everything you’re looking for on one site.
Just like on most other markets, you can browse non-fungible tokens and filter them by price, collection, and blockchain. What’s interesting about NFTrade is that it has a dedicated Swapping section. As the name implies, it allows you to swap your NFTs in exchange for other ones. NFTrade also allows you to create these one-of-a-kind digital assets.
Another interesting feature of NFTrade is farming. Users who stake NFTs get rewards. There are two main types of rewards users can get — collectible and utility-based NFTs. This platform has its native governance and utility token — NFTD.
SuperRare is a marketplace that’s focused on art in the more “traditional” sense of that word, for lack of a better term. According to its website, “You can think of SuperRare like Instagram meets Christies”. Think contemporary artworks you’d find in physical art galleries.
It’s important to note that artists need to receive an invitation in order to be able to publish their work on SuperRare, which makes this platform even more exclusive and highly curated, just like traditional art galleries.
You can find digitalized paintings, abstract art, surrealist artworks, collages, multimedia art, photography, digital drawings, etc. Most have more of a contemporary and conceptual feel to them.
I wasn’t surprised to find out that artworks from SuperRare are exhibited at a physical gallery in Soho, New York. Furthermore, there are independent galleries that curate and promote artworks on SuperRare.
A big emphasis is put on community and SuperRare is imaged as a space to connect artists, collectors, and all other art enthusiasts. This NFT marketplace also has a curation token — RARE. It gives holders the power of curation.
Another unique feature of this marketplace is its magazine, which features and promotes its artists, giving the users the chance to learn more about them.
15. Decentraland Marketplace
Decentraland is one of the top blockchain metaverse games, which is why it’s not surprising its marketplace is among the most popular NFT marketplaces.
In this game, players can interact with each other in a virtual world and explore it. They can also own LAND, which is a non-fungible token. Things like names, avatars, wearables, and other in-game items are also NFTs that can be traded. This is the basis of Decentraland Marketplace. Decentraland’s token is MANA, which is used for purchasing both LAND and other digital assets.
When exploring Decentraland Marketplace, you’ll find two main sections — land and collectibles. When you click on land, you’ll see a map of Decentraland and there you can search land and explore different parcels for purchase.
The collectibles section has different categories like wearables and names. You’ll notice each item has a rarity status — common, uncommon, rare, epic, legendary, mythic, and unique. You can also browse various collections or search for items by network (Ethereum or Polygon).
NFT Marketplace FAQ
If you’re new to non-fungible tokens and NFT marketplaces, you might have some questions like how does it all work? Is it a good idea to invest in NFTs? How do you buy them or sell them?
To help you out, I’ve answered some basic questions regarding NFT marketplaces.
How Do NFT Marketplaces Work?
NFT marketplaces are platforms where you can buy and sell NFTs. In some cases, you can also create (mint) NFTs on these platforms.
Thus, if you’re a seller, this is where you would put your NFTs up for sale and if you’re a collector, it’s where you go to purchase NFTs.
As you’ve learned by reading this article, there are many NFT marketplaces, from massively popular ones like OpenSea and Rarible to more niche markets like SuperRare or Axie Marketplace. Furthermore, the majority of marketplaces are limited to Etherium. However, many include other blockchains, Solana being one of the most popular ones after Etherium.
What’s great about NFT marketplaces is that they allow sellers to sell directly to buyers. Furthermore, collectors can get something rare and unique, as each NFT is distinct and can’t be replaced. In other words, when you buy an NFT, you’re the only person in the world who owns it. With the NFT, you’re also buying the benefits of owning that NFT, along with the team’s long-term vision for the collection.
While the process of buying and selling NFTs is made simple by marketplaces, what goes on behind the scenes is a bit more complicated.
Here’s a simple explanation.
When an NFT is listed or sold (the ownership is transferred), the marketplace handles that through a smart contract, as all NFTs run on smart contracts. Each one contains original information that makes it unalterable.
Should You Invest in NFTs?
This is not a straight yes or no answer. To decide whether you should invest in NFTs, you should consider a couple of different things.
The major one is the fact that the NFT market is still relatively new and young. Furthermore, it’s very volatile, which makes it hard to know what the future holds.
For example, at the moment of writing this article, experts are claiming we’re entering the so-called crypto winter. That means that crypto prices are falling, i.e., the market is bearish, and many predict they will stay low for an extended period of time. The crypto winter is primarily a consequence of macroeconomic and geopolitical events and naturally, it also has a direct effect on NFTs.
However, even though investing in NFTs may be quite risky at the moment, even during such unpredictable times, there still may be an opportunity to profit from it. Furthermore, the crypto market may bounce back. Some predict that blockchain gaming might be what saves the crypto market from winter. The reason for that is the fact these games have very strong and dedicated communities, which are the result of decentralized autonomous organizations and players having ownership.
Furthermore, according to Blockhead, the trading volume of certain NFT collections like CryptoPunks has risen. This shows how strong NFT communities are that even though crypto prices are going down, NFTs are still being traded.
How to Buy NFTs?
If you decide to invest in NFTs, here’s a short guide on how to purchase them.
While each marketplace is different, most of them have a similar purchasing process.
1. Open a crypto wallet
The first step is setting up a crypto wallet like MetaMask. You’ll get a unique phrase for accessing your digital assets. Make sure to keep it private.
2. Purchase cryptocurrency
Next, you need to purchase cryptocurrency and transfer it to your wallet.
Most marketplaces are Ethereum-based, so you might want to purchase ETH, as it’s the most widely used. However, depending on the marketplace, other blockchains may be compatible like Solana, for example.
Keep in mind that if you plan on purchasing with ETH, you’ll need to pay gas fees and transactions may be slower due to network usage.
3. Connect wallet to a marketplace
Once you have your wallet, you need to choose a marketplace or several of them that you like and create an account. During account creation, you’ll be asked to connect your wallet.
4. Buy NFTs
Once everything is set up, you can start purchasing NFTs. I recommend that you browse several NFT marketplaces and monitor NFT drops before you decide which one(s) to purchase.
Additionally, there are usually two ways to purchase NFTs, as they’re listed either with a fixed price or auctioned. The former is simple — the price you see is how much that NFT costs and you simply need to click the purchase button. With the former, you need to bid on it and the highest bidder ends up purchasing and owning that NFT.
How to Sell NFTs?
Selling NFTs is quite similar to buying them. You’ll also need a crypto wallet and an account with a chosen marketplace.
The next step is listing your NFT for sale and pricing it. To figure out how much you can get for your NFT, you should consider several things. First, look at the historical price trend for similar tokens. Additionally, consider its rarity — is it quite common or super rare?
If you want to auction your NFT, rather than sell it at a fixed price, you’ll need to set a minimum price and the length of the auction.
Keep in mind that most marketplaces will charge a fee for every transaction (usually about 2%).
Wrapping Up NFT Marketplaces
We’ve come to the end of our list of top NFT marketplaces. Now I want to hear from you!
Have you traded on any of these NFT marketplaces? Which one is your favorite and why? Did I miss any?