The market for non-fungible tokens (NFTs) has experienced a significant decline over the past two years, dropping 90% in 2022. Despite this downturn, NFTs continue to be a multi-billion dollar market. So, what are the best NFT marketplaces in 2024?

What is an NFT Marketplace?

An NFT marketplace is an online platform where users can buy and sell NFTs, a type of digital asset with various use cases. NFTs can represent digital artwork, allowing users to sell a unique token that signifies ownership of the art. They also have significant applications in the gaming sector, enabling users to trade in-game assets like clothing, weapons, and other items. While most NFT sales have been art-related, music, collectibles, and real estate are also traded as NFTs. These marketplaces also facilitate the creation of NFTs, a process known as minting.

How Do NFT Marketplaces Work?

NFT marketplaces typically charge a fee for any NFTs sold, and some platforms allow the original artist to collect royalties on future sales. Users can mint NFTs on blockchain networks, most commonly the Ethereum network. To join a marketplace, you need to register an account and connect a digital wallet like MetaMask. From there, you can upload artwork and mint an NFT by following the platform’s directions or browse NFTs you’d like to buy. You’ll need cryptocurrency in your wallet, with ETH being the most common crypto for buying NFTs.

Best NFT Platforms: Top 7 Marketplaces in 2024

Here’s a look at the best and most popular NFT marketplaces in 2024:

OpenSea

OpenSea is the world’s first NFT marketplace, launched in 2017. It remains one of the biggest NFT marketplaces, offering a wide selection of assets for trade. OpenSea has had over one million active users since its launch, and 140,000 accounts still trade NFTs each month on the platform. It is non-custodial, meaning users retain control of their assets when listing them for sale.

  • Fees: 0% – 2.5%
  • Minting Fees: 0% – 2.5%
  • Liquidity: High
  • Royalties: Optional, 0% to 10%

Rarible

Rarible is a major NFT marketplace founded in 2020, offering competitively low fees and focusing on rare digital assets. It provides high royalties to creators, making it attractive for artists with in-demand assets.

  • Fees: 7.5% – 0.5%, depending on the asset’s value. 0% available when staking native token.
  • Minting Fees: 0%
  • Liquidity: Medium
  • Royalties: Up to 50%

Magic Eden

Magic Eden is an NFT marketplace that initially offered NFTs minted on the Solana blockchain. It has since expanded to include Ethereum NFTs and Bitcoin Ordinals.

  • Trading Fees: 2%
  • Minting Fees: Around 0.02 to 0.04 SOL
  • Liquidity: High
  • Royalties: Choose between 0%, 50%, or 100%

Blur

Blur is an NFT platform catering to professional NFT traders. It has become the biggest NFT marketplace by trading volume. Blur offers no transaction fees and very low royalty fees, contributing to its popularity.

  • Trading Fees: 0%
  • Minting Fees: Dependent on current Ethereum gas fees
  • Liquidity: High
  • Royalties: 0.5% fixed rate

LooksRare

LooksRare is a decentralized app governed by its community. Initially, 100% of the marketplace’s fees were earned by users who staked the native LOOKS token. The platform now offers rewards through a more complex incentive program.

  • Trading Fees: 2%
  • Minting Fees: Dependent on current Ethereum gas fees
  • Liquidity: Low
  • Royalties: 0% option, with higher options available

Binance NFT Marketplace

The Binance NFT Marketplace offers a wide selection with low fees, supporting Ethereum and Binance Smart Chain NFTs.

  • Trading Fees: 1% (seller only)
  • Minting Fees: Ethereum (ETH): 0.50 ETH; BNB Smart Chain (BSC): 1.00 BNB
  • Liquidity: Medium
  • Royalties: 1%

Nifty Gateway

Nifty Gateway, founded in 2018, is known for exclusive artist listings. Although it doesn’t have the high volumes of 2021, it remains a reliable NFT marketplace.

  • Trading Fees: 2.5% (non-custodial) – 5% (custodial)
  • Minting Fees: Ethereum (ETH): 0.50 ETH; BNB Smart Chain (BSC): 1.00 BNB
  • Liquidity: Medium
  • Royalties: 1%

What’s the Best NFT Marketplace in 2024?

In 2024, Blur holds the largest market share by a significant margin. At the time of writing, Blur’s 7-day trading volume is $78 million, followed by Magic Eden at $59 million, and OpenSea at $33 million. Blur’s decentralized approach and zero transaction fees make it a standout choice among NFT marketplaces.

Frequently Asked Questions

What is the best NFT marketplace for beginners?

OpenSea, Blur, and Magic Eden are all praised for their ease of use, making them suitable for beginners.

What is the best place to buy NFTs?

The best place to buy NFTs depends on your priorities regarding fees, royalties, and liquidity. Blur is currently the most popular platform.

What is the best place to sell NFTs?

Blur offers the highest trading volume and liquidity. However, if you’re the original creator, it’s worth noting that Blur offers lower royalties than some other platforms.

For more news and updates on cryptocurrencies, investing, and finance, explore more articles on Global Crypto News.

Post Views: 8