Getting into the NFT (Non-Fungible Token) game means you need to get involved in the marketplace as soon as you can. Like any other money market that comes before NFTs, there are many marketplaces, known as exchanges out there. Finding them is the easy part but it is in deciding which one to trade-in could be challenging.
What should you look out for in NFT exchanges?
The following factors should help you decide which marketplace to participate in.
- NFTs – In choosing the marketplace, you must first determine what types of digital assets you are looking to trade whether it is artwork, video, games or collectibles.
- Tokens – Most marketplace support various types of tokens although most of them accept ETH (Ethereum). You will need to have a crypto wallet to start anyhow.
OpenSea – The leading platform for NFTs
The biggest NFT exchange today would be OpenSea. On OpenSea, you will be welcomed with most types of digital assets. Signing up is easy with a nominal initialization fee. This is the best place to start your NFT trading where you can mint your own NFTs which is easy and fast. As such, it is ideal not only for traders but also for creators and artists as well. Supporting more than 150 payment tokens, this is by far the most popular NFT exchange currently.
Mintable is very much like OpenSea (or at least it tries to be). Using Ethereum for transactions, this platform provides creators to mint NFTs as well. The process is very much the same where you need to purchase Ethereum and store them into your crypto wallet which will then be connected to your account on this exchange.
Besides OpenSea, Rarible is another top NFT marketplace where you can buy all types of digital assets. Where OpenSea supports various types of tokens, Rarible requires you to use only RARI, their own token. It is, however, built on the Ethereum blockchain which makes it easy to transfer value. Among the brands that have been associated with, Rarible includes Adobe.
This is the platform designed for the Axie Infinity video game. Basically, an Axie is a mystical creature used in the game where you can buy and own them. Then you train the Axie to play against other Axies. This marketplace uses Axie Infinity tokens, otherwise known as Axie Shards. It is built on the Ethereum blockchain which makes it easy for trading.
If you are planning to get into the NFT game, you would have heard of CryptoPunks. When CryptoPunks was first launched in 2017, they were given out free. Today, CryptoPunk NFTs are reselling for millions of dollars.
This is a marketplace built to provide digital asset creators to trade their work. it ranges from videos to 3D images, digital art to others. Generally, traders use Ethereum to buy and sell on SuperRare.
When it first started, Foundation.app was a straightforward and simple way to bid for digital artwork. The platform uses Ethereum for its transactions and is one of the earliest names in this segment. One of its unique features here is where the artist gets 10% from any resell of the original artwork.
Built on Ethereum like many other exchanges, it has its own wallet through the Nifty Gateway and Gemini apps. Nifty Gateway has in the past involved the likes of Grimes and Beeple who are no strangers to the NFT world. It also accepts fiat currency for purchases as well.
One of the latest exchanges to join the game, it came out in 2021 through the selling of digital collectibles of the World Poker Tour which is among the early adopters of ThetaTV which was used to stream content on its platform. It uses the Theta Token which is supported by many known exchanges like Binance.
NBA Top Shot Marketplace
This is by far the most unique NFT marketplace where you can buy ‘moments’ recorded in the NBA (National Basketball Association). NBA Top Shot is the venture by the NBA and WNBA to get into NFT. Generally, collectible moments like play highlights and certain iconic moments in the competition can be purchased and traded as they are expected to go up in price value.