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Things to be taken care of while choosing NFT marketplace

The total transaction volume across all NFT markets was $862 million in January, up 85 percent from December. The number of significant markets has increased to 40, according to Footprint Analytics. This article will assist you in searching for the best NFT platform for your NFT requirements. The key things to focus on before choosing a marketplace are its projects availability, security, user experience, various charges, and rating. Let’s discuss in detail:

  • Availability of NFT Types: There are NFT marketplaces such as SuperRare, NFTGateway, and MakersPlace that provide limited edition art. Some markets, such as OpenSea, LooksRare, and NFTrade, include broad NFT types.
  • Gas Fee: Some marketplaces are charging 0% gas fee like Nifty Gateway while others charge a considerable amount. Some of the markets demand it from the creator while others from buyers. On OpenSea creators pay the gas fee for the first release while on MakersPlace marketplace pay the gas fee.
  • Fee and Publication tax: Marketplace fee is charged from 0% and can go up 15% and more. Magic Eden marketplace charges 0% fees while on SuperRare one has to pay 15% as the market fee on the first release. The publication tax on marketplace ranges from 0% and up to 10% or is decided by creators on different marketplaces.
  • NFT Marketplaces’ Information: A successful NFT marketplace should give purchasers detailed information about the projects, such as the number of NFTs purchasable, the pricing of each NFT, and more.
  • Security: To safeguard both producers and buyers, a robust NFT marketplace must have a fully secure environment.
  • Use interface:  When purchasing NFTs, it is critical to have rapid access to precise and reliable data. Furthermore, the portal should provide additional visual data to provide participants with a better knowledge of what is going on in the market and to help them decide which NFTs are worth investing in.
  • Compatibility with Digital Wallet: No matter wherever you are and what gadget you are using, the appropriate NFT marketplace must be straightforward and quick to use. It should also allow a variety of NFT wallets and payment methods, which is useful if you want to purchase NFTs using the same payment method as your crypto wallet.
  • Marketplace credibility and its review among users: Whenever one decides to purchase NFT, one should read other people’s reviews to have a better sense of what to anticipate.

As the popularity of NFTs grows, more amazing platforms are expected to emerge in 2022. With so many possibilities for both makers and consumers, picking the correct platform may help you locate the ideal NFT while also increasing your profits.

 

Here I will explain you some of the best NFT marketplaces as following:

OpenSea

The NFT phenomenon has been making headlines on a regular basis, with OpenSea at its heart, promising to be the Amazon or Walmart of the digital content sector. OpenSea is a decentralised software (dApp), which provides a user interface for connecting to the blockchain. On the OpenSea terminal, there are presently over 20 million user-owned items listed. Most NFT websites concentrate on a single topic, however this platform covers a wide range. Investing in or selling NFTs at OpenSea is a breeze. To use the platform, you’ll need a wallet. OpenSea provides an API for interacting with ERC721 assets that is compatible with a variety of wallets.

LooksRare

LooksRare surprised the entire NFT society with its heavily hyped launch on January 10. It impressed the crypto community by deciding to deploy the $LOOKS token to other NFT dealers and degens who had previously traded their NFTs on OpenSea. According to many members of the community, the marketplace is in line with the web3 ethos. For using their marketplace, the user is rewarded. For the first 30 days, LooksRare has vowed to distribute 2.87 million LOOKS tokens every day. It brings the total sum of daily rewards to a mind-boggling $11.5 million. These LOOKS tokens are earned by users according to their proportion of the marketplace’s overall trading volume. The platform was able to generate over $1 billion in revenues within the first week of its inception. The platform’s amazing sales statistics were much higher than OpenSea’s sales volume.

Axie Marketplace

Axie Market is the online store for Axie Infinity, a video game. Axies are mythological animals that may be purchased and trained before being battled against the Axies of other players for prizes. Players may buy additional Axies, and also whole lands and other goods, as NFTs for use in the game on the Axie Marketplace.

Nifty Gateway

Nifty Gateway has helped some of the most well-known digital artists, like Beeple and singer/musician Grimes, sell their music. It’s a cryptocurrency exchange-powered art curation site. Nifty Gateway, in addition to being a curated platform, also hosts any NFTs acquired, which means the NFTs aren’t held in your wallet but rather by Nifty Gateway with Gemini. While this may not suit NFT collectors who like greater freedom in their art purchases, Nifty payments may also be conducted in fiat money (e.g., US dollars) without first purchasing cryptocurrency.

There are many other marketplaces you can choose on the merits of features required by you. Also keep in mind that it is a brand-new industry with a high level of risk. There’s a chance that certain NFTs may skyrocket in valuation, but there’s no assurance. So, keep all factors in mind before investing in NFTs.

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