NFTs have been the focus of attention for new investors and crypto enthusiasts alike over the past couple of years. It is undeniable that technology tokens have attracted a lot of attention from users as an investment opportunity. In 2021, non-fungible tokens reached a record high market capitalization of $41 billion, with daily trading volume consistently exceeding $30 million.
Which marketplace is best for selling NFTs?
There are many marketplaces for trading NFTs, such as OpenSea, Binance, Rarible, Nifty Gateway, Crypto.com and so on. However, the best market to sell to will be the one that meets the specific needs of the user. This depends on what type of non-fungible token will be sold, what payment methods are preferred, and whether the marketplace is centralized or decentralized. However, you should keep in mind that platforms with the largest trading volume and number of users will allow you to complete transactions faster.
If a user is going to sell or buy an NFT related to art, then a platform specializing in art can be used for this. If you just need a large market, then OpenSea and Binance are good options.
What’s the biggest NFT marketplace?
OpenSea is the largest trading platform on the Polygon and Ethereum blockchains. In January 2022, it recorded a record trading volume of more than $5 billion.
How do NFT marketplaces work?
NFT trading platforms have become quite popular in the sports, art, gaming and music industries. Various types of files are traded all over the world, and blockchain facilitates this process as the underlying technology.
Essential features of fungible token markets include storefronts, filters, search functions, auction infrastructure, and wallet integration. If you’re wondering where to buy NFTs or a collection of them, look at marketplaces that offer more than their competitors.
If a platform has a digital image display method, social media-like features, or multiple token standards, it’s worth taking a look at.
The Ethereum network infrastructure is the most commonly used basis for developing non-fungible tokens due to the versatility of the ERC-721 and ERC-1155 standards.
The world’s second-largest cryptocurrency by market capitalization also provides access to decentralized exchanges, which are critical for NFT trading.
ERC-721 vs ERC-1155
As mentioned, the two most popular Ethereum token standards for NFTs are ERC-1155 and ERC-721. The first, created in 2017, is more flexible because it supports both fungible and non-fungible assets within a single contract.
It was used to develop CryptoKitties, a blockchain game that started the NFT craze.
ERC-1155 allows packet transmission, which is not possible with ERC-721. This solution combines the useful features of the ERC-20 and ERC-721 standards.
The best NFT site will likely support both standards and multiple blockchains, so you won’t have to use multiple platforms if you have multiple types of NFTs.
Types of NFTs
Online NFT trading platforms are not just a place where you can buy digital images. The most popular types:
- In-game items
- Domain names
- Online art
- Audio files
- Video files
- Posts on social networks
- Collectibles
- Custodial (centralized) and decentralized platforms
Custodial services are online marketplaces that store crypto assets in centralized wallets on behalf of their users. When you use a custodial platform, you do not own your private keys.
Advantages of custodial platforms:
- Ease of use
- Various payment methods
- Centralized customer support
- Faster transaction time
The main disadvantage of centralized platforms is that users do not have control over their assets. If the platform gets hacked or goes bankrupt, users could lose everything.
Before deciding to use such a platform, check whether it is insured to cover losses in the event of security breaches and asset theft.
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Advantages of these platforms:
- You own your private keys
- More control over your assets
- Lower fees
- The main disadvantage is that they can be more difficult to use.
- If you lose your account credentials, support will not be able to help you recover them.
- Payment Methods
The most common payment methods on NFT platforms:
- Cryptocurrencies
- Credit/debit cards
- PayPal
- Bank transfers
When looking for an NFT marketplace, make sure it offers a payment method that is convenient for you.
Those that act as exchanges in addition to NFT markets will have a wide variety of payment options, while DAOs will likely be limited to ETH or whatever token is used on that NFT marketplace’s blockchain.
Crypto wallet support
Since most NFTs are stored on the Ethereum blockchain, the marketplace must support widely used ETH wallets that have infrastructure for non-fungible tokens, such as:
- MetaMask
- Trust Wallet
- Gnosis Safe
- Argent
- MyEtherWallet
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