[Guide] Get Started on NFTs with This NFT Marketplace Beginner’s Guide

Non-fungible Tokens (NFTs) have been around for quite some time but gained considerable traction only in 2021. If you want in on the NFT craze, you first need to know more about NFTs, what they are, and the likes, so check out this article: https://www.coinlive.com/news/detail/?id=7833.

Maybe cryptocurrency is not your cup of tea, or you have been dabbling in crypto for a period and want a change in scenery; whatever the reason for wanting to get started on NFTs, it is always good to understand the functions and features of numerous NFT marketplaces out there before diving in.

What Are NFT Marketplaces?

Before moving on to review some NFT marketplaces, you first need to know what they are! NFT marketplaces are platforms where NFTs can be stored, traded in, displayed and for some, minted as well, hence ‘marketplace’. They are your portal to participating in the sale and purchase of these digital assets ─ NFT marketplaces are akin to eBay of the digital world.

Are There Things I Need to Set Up Prior?

1) Crypto Wallet – Choose a wallet that is compatible with the blockchain network that supports the NFTs you have your eye on. For instance, if you desire to buy or sell NFTs based on the Ethereum blockchain platform, you will need to use MetaMask which is an Ethereum-compatible wallet.

2) Set Quantity of Cryptocurrency ─ Find out which cryptocurrencies are supported by the NFT marketplace you intend to use, then pre-fund your wallet before buying, listing or minting an NFT. In addition, listing, creating, and buying NFTs incurs a blockchain network fee and it varies depending on which blockchain-based system you use. Ethereum may pride itself for being the largest ecosystem of NFT decentralised applications (dApps) but it has the priciest transaction fees.

How About Functions/Features to Take Into Consideration?

1) Single or Multiple Projects

Not all marketplaces support multiple projects so you need to keep an eye out. Some single project NFT marketplaces are MOBOX and Axie Infinity. NFT marketplaces supporting multiple projects are like OpenSea, Magic Eden, Rarible, etc.

2) Sufficient and Comprehensive Information

Select a marketplace that provides you with details about the NFT projects (i.e. number of NFTs available for purchase, NFT price, etc) and detailed information about quantity of holders, historical trading data, and buys and sells.

3) Security

In this day and age when scams run rampant and hackers are doing anything and everything to retrieve your personal details and more, security is of utmost importance. Look out for those with advanced encryption of your personal information and compulsory identity verification etc; these help to minimise or even prevent fraud.

4) Digital Wallet’s Convenience

Providing support for multiple wallets and payment options would be helpful as you have a myriad of choices instead of being limited to one.

So What NFT Marketplaces Are There?

Well, now that you know what are some of the factors to look out for and what needs to be set up prior, we can delve into a selection of NFT marketplaces:

A) OpenSea

The world’s first and largest web3 marketplace for NFTs and crypto collectibles, OpenSea has been around since 2017 and hosts many popular NFTs, including art, music, photography, trading cards, virtual worlds, and more. It currently has 200+ employees, 2m+ collections, 80m NFTs, and $20b+ volume! You can also use creator features to draft an NFT from scratch.

This beginner-friendly NFT marketplace is based on Ethereum but allows people to trade NFTs across multiple blockchains (Ethereum, Solana, Polygon, and Klatyn). Moreover, it supports over a dozen different wallets from MetaMask to Coinbase Wallet, WalletConnect, and others. The core cryptocurrencies used on OpenSea are Ethereum (ETH/WETH), SOL, USDC, and DAI, along with support of a few other payment tokens although fiat currencies are not accepted at the moment.

Cost-wise, however, it charges a 2.5% fee for every transaction. You must also pay gas fees for completing NFT transactions with Ethereum, as well as a one-time Ethereum gas fee for initiating a sale. To avoid paying hefty gas fees, you can choose to buy and sell NFTs with Polygon but do ensure that the NFT displays the Polygon logo.

OpenSea is definitely a straightforward marketplace for beginners looking to get started on NFTs.

B) Nifty Gateway

Founded by two brothers in 2018 with a mission to make NFTs “accessible to everyone”, Nifty Gateway is known for emphasising high-end digital art and curated collections, as well as regularly offering limited-edition collections through partnerships with top artists and brands.

Unlike many other platforms, Nifty Gateway is a custodial platform, meaning NFTs on the platform are stored in a secured wallet powered by Gemini’s state-of-the-art custody technology. This enables collectors to move work on platform without the cost and hassle of gas fees. Plus, if you lose access to your account or forget your password, the platform can help in the retrieval.

What’s more? You are not limited in terms of payment ─ you can pay using credit card, debit card, Gemini Balance, and Ethereum, all without the hassle of signing transactions and calculating gas fees. Cost-wise, it charges 5% of the sale price (latest update from the company states that the 5% will be cut to 2.5%).

Its diverse range of art and collectible NFTs are made available as curated drops and verified drops. Curated drops are NFTs sold directly by the creator, while verified drops are NFTs that have been verified by the platform.

As a beginner if you are looking for more high-end curated NFTs, Nifty Gateway is the platform for you.

C) Rarible

Rarible allows users to buy and sell art, NFTs, video games assets, and collectibles, and currently supports Ethereum, Polygon, Solana, Flow, and Tezos though it is planning to integrate more blockchains in the foreseeable future. An interesting feature is that Rarible created its own native token called RARI which is necessary to buy and sell NFTs. Holders also get to vote on company decisions like company policy changes.

Cost-wise, it charges a flat 2.5% fee on every transaction. In terms of purchasing options, Rarible accepts credit and debit cards and the platform is open to about 200 countries, making it truly international and accessible.

As a beginner wanting more access to larger networks, Rarible just might be the marketplace you are looking for.

D) Magic Eden

A leading NFT marketplace on Solana and launched in 2021, Magic Eden is home to the next generation of digital curators with digital collectibles, gaming assets, and so many more functions. Its convenient design makes it user-friendly and NFT listings can be accessed for both beginners and professional NFT creators via its very own launchpad.

Cost-wise, it charges a 2% service charge along with gas fees for Solana NFTs. It supports a wide range of Solana wallets, like Phantom Wallet, Solfare, Slope, and others, as well as multi-chain wallets such as Clover, MathWallet, etc.

If you are looking for the biggest marketplace for Solana-based NFTs with the most active users and the highest trading volumes on the Solana blockchain, then look no further than Magic Eden.

Great! So Which is the Best NFT Marketplace?

There are way more than a handful of NFT marketplaces in existence so it depends. You might favour a marketplace with low fees while someone else prefers one with limited-edition high-end NFTs. The best NFT marketplace is the one that meets all your needs.

Disclaimer: The content in this article is solely the author’s opinion and is by no means financial/investment advice; it is purely for educational/informational purpose only. Please do your own research (DYOR) and never invest what you cannot afford to lose.