Summary: If you want to participate in the speculation, excitement and games that are associated with NFTs, you will need to use a trusted NFT Marketplace. However, with so many options available, it can be difficult to determine which marketplace is the best for your needs.
This is why we have compiled a list of the 9 Best NFT Marketplaces based on available collections, total volume, security, and overall user experience. We will provide a detailed review of each marketplace and highlight their unique advantages. To help you get started quickly, here are our 9 favourite NFT platforms available on multiple layer 1 and layer 2 blockchain networks:
OpenSea NFT Marketplace Review
- Largest and most trusted NFT Marketplace in the world.
- Available on multiple chains including Ethereum, Solana, Polygon and more.
- Supports MetaMask, Phantom, Coinbase Wallet, Glow and 10 other Web 3 wallets.
OpenSea is the largest NFT marketplace and supports the buying, selling, and discovery of a wide range of crypto assets including but not limited to: art, games, collectibles, and more. OpenSea has the most available collections with over 2 million unique NFTs available for purchase. The total volume traded on OpenSea is currently over $200 million.
OpenSea is a great platform for both buying and selling NFTs thanks to its large user base, easy to use interface, and wide range of available collections.
Official Website: https://opensea.io/
LooksRare is a popular new NFT Marketplace that was released in late 2021 to compete with OpenSea. LooksRare is an NFT aggregator, which means it lists NFTs on its platform from all different marketplaces like OpenSea, Rarible, Magic Eden, MAGIC NFT and many others. Their platform trades over $100m in daily NFT volume, making it the second largest.
One of the biggest advantages of the LooksRare platform is the fact that it has a native token called $LOOKS. Investors can stake LOOKS tokens to earn a percentage of the fees made by the protocol from NFT trades on the marketplace. LOOKS crypto staking is currently paying over 48% APY that is paid out in Ethereum tokens.
Official Website: https://looksrare.org/
Sudoswap is a new innovative NFT Marketplace that allows for flexible orders and has the lowest fees out of any platform at 0.5% per trade. Their decentralized NFT marketplace is built using a minimal and gas-efficient Automated Market Maker (AMM) protocol that facilitates NFT (ERC721) to token (ERC20 or ETH) trades using bonding curves taken from the UniSwap V3 model.
This innovation allows users to do various actions that OpenSea and other platforms don't offer - such as buying NFTs from different collections all at one with one ETH order. For example, you can buy 1 Crypto Punk, 1 Azuki and 1 Bored Ape all in one transaction through their simple user interface. Furthermore, it is 5x cheaper than using the OpenSea platform with 0.5% fees compared to 2.5% in royalty fees.
Find out more information in our extended Sudoswap Review.
Official Website: https://sudoswap.xyz/#/
4. Magic Eden
Magic Eden is the largest NFT Marketplace on Solana with over $200m in daily trading volume on their platform. The Magic Eden marketplace is one of the cheapest ways to buy and sell NFTs because it is built on the Solana (SOL) layer one blockchain. This means that the price to buy or sell an NFT is under 1 cent with near-instant finality.
The Magic Eden platform has all of the most popular Solana NFTs including DeGods, Vandals, Aliens Trippin High, Okay Bears, Primates, MEKAGods, AI Degens and many others. They are also launching the first ever cross-chain mintable project called 'EZU'. This launch will be mintable on Magic Eden via Solana and the Ethereum network, which will be the first time they integrate with ETH mainnet.
Official Website: https://magiceden.io/
Rarible is a marketplace for non-fungible tokens (NFTs). NFTs are digital assets that are unique and not interchangeable. Rarible allows users to buy, sell, or auction off their NFTs. The Rarible platform also allows creators to mint their own NFTs.
Rarible is one of the leading NFT marketplaces with over 92,000 traders having used the Rarible marketplace. It has the sixth-highest all time trading volume of $277 million.. It has a wide variety of NFTs available for purchase, including art, music, games, and more. Rarible also offers a creator program that allows creators to mint their own NFTs. Rarible is a great option for those looking to buy, sell, or auction off NFTs.
Official Website: https://rarible.com/
SuperRare is also an Ethereum blockchain platform. It supports "social collecting", connecting artists and collectors who have a shared passion for NFTs. SuperRare has the tenth highest all time trading volume of all marketplaces.
Official Website: https://superrare.com/
7. Axie Infinity
The Axie Infinity is the second-largest NFT marketplace as per market trading volumes. It has sold Axies worth close to $4 billion since inception. This NFT marketplace is powered by the blockchain video game Axie Infinity. It exclusively trades Axies, the game's Pokémon-like pets.
Official Website: https://marketplace.axieinfinity.com/
The CryptoPunks/Larva Labs NFT marketplace deals in CryptoPunks only. CryptoPunks are a 10,000 large selection of pixel art characters issued out freely by LarvaLabs in 2017. The cheapest Punk now costs 69 ETH, while the 3100 Punk sold for a whopping $7.58 million.
CryptoPunks are sold out, but you can bid on them on the CryptoPunks marketplace. To place a bid, navigate to the Larvalabs site, select a Punk of your choice (red background if on sale) and bid on it. All you need to facilitate payment is your MetaMask or Ethereum compatible wallet.
Official Website: https://www.larvalabs.com/cryptopunks
9. NBA Top Shot
The NBA Top Shot NFT marketplace is the fourth largest by trading volumes. It was created by Dapper Labs and is fourth after OpenSea, Axie and Crypto Punks. Dapper Labs is a Canadian blockchain product design business that focuses on games, collectibles and fun products.
The NBA Top Shot facilitates the trade of NBA video highlight clips, a form of digital card collectibles. It is so easy to use that you can access it via your Google account. Navigate to NBA Top Shot and link your account to Dapper.
Authenticate your marketplace account via SMS and then complete the account setup procedure. Afterwards, select your team, and join a virtual queue to receive info on new packs. Then, use your crypto wallet balance, credit card or Dapper account balance to purchase your NBA Top Shot NFT.
Official Website: https://nbatopshot.com/marketplace
Is NFT Investing Legal?
NFT investing is legal in most jurisdictions, although there are some restrictions in place in a few countries. In the United States, for example, NFTs are subject to securities laws, and exchanges must be registered with the SEC. In China, NFT trading is banned outright.
Before you invest in any NFT, it's important to check the legal status of NFTs in your jurisdiction to ensure that you're not breaking any laws. Investing in NFTs is a relatively new phenomenon, and the legal landscape is still evolving. So, it's possible that the laws surrounding NFTs could change in the future. For now, though, NFT investing is generally legal.
Are NFT Marketplaces Safe?
Although NFT marketplaces are generally secure, it's important to note that like any online transaction, there are risks to consider. Scams, unfortunately, are one of the biggest threats in the NFT industry. To minimize these risks, it's essential to conduct research and only buy NFTs from trustworthy sources.
Additionally, because NFTs are irreversible, there is a risk of fraud when sending NFTs to others. As a new and developing technology, there is always the possibility of glitches or issues with the networks themselves. Staying informed about NFT news and developments, exercising caution, and being aware of associated risks are all important steps to take to ensure a safe and successful NFT investment.
To sum up, anyone looking to join the world of NFTs must make sure they choose a reliable NFT marketplace. It can be overwhelming to choose the best platform to meet your needs when there are so many choices available. Your choice may be influenced by our ranking of the top 9 NFT marketplaces, which includes OpenSea, LooksRare, Sudoswap, Magic Eden, Rarible, SuperRare, Axie Infinity, CryptoPunks, and NBA Top Shot.
However, it's crucial to keep in mind that even though NFT marketplaces are usually secure, there are still risks to be aware of, such as scams, fraud, and potential network issues. To ensure a profitable and secure NFT transaction, it is essential to stay informed, exercise caution, and only purchase from reliable sources.
Full-time writer and cryptocurrency newbie! Learning about NFTs, DeFi and GameFi with my research and writing for BuyBitcoinBank.