NFTs are commonly used to represent ownership of digital or physical assets, such as art, collectables, and real estate. With the revenue potential of NFT segments expected to reach US$3,686.00m in 2023 (source: Statista), the market is set to broaden.
Whether you are currently exploring the option of trading or you are knee-deep in the trading verse. You would want to focus on finding the best NFT marketplaces of 2023.
To help you pick the creme-de-la-creme for you, we will walk through the following;
The investment potential of NFTs still needs to be explored, but there is room for great potential. The early adopters of NFTs have seen significant returns as the market continues to grow. With the help of new platforms, more liquidity, and more mainstream adoption, the investment potential of NFTs could be significant.
For investors looking to get into the NFT space, it is crucial to do thorough research. Consider the underlying technology, tokenomics and liquidity of the NFTs before investing.
The potential uses for NFTs are vast and varied, and they have the potential to revolutionise a wide range of industries. Some of the potential applications for NFTs include:
Digital art and collectables: NFTs can be used to authenticate and sell digital art and represent ownership of physical art and collectables. You can find popular NFT collections online to add.
Gaming: NFTs can represent in-game items, such as weapons, armour, and other virtual goods. They can also represent ownership of virtual real estate or other virtual assets.
Real estate: NFTs can demonstrate physical property, such as land, buildings, and homes.
Music: Amongst the top NFT collections, Music NFTs are the most popular choice. These can be used to represent ownership of music, allowing artists to sell digital copies of their music as well as physical copies.
Overall, the potential for NFTs is significant, and they can revolutionise how we think about ownership and value in the digital world.
NFT marketplace – Types
NFT marketplaces can be divided into Centralised Marketplaces and Decentralised Marketplaces. While choosing an NFT may be tricky, the first step is to identify the marketplace for you. Several types of NFT marketplaces cater to different types of digital assets and use cases.
Keep in mind that the gas fee at every platform for each NFT tends to differ. Choosing one that best corresponds to your needs is an ideal decision.
Some of the main types of NFT marketplaces include:
Art marketplaces: These specialise in selling digital art, including digital and physical art. Examples include SuperRare, KnownOrigin, and Rarible.
Gaming marketplaces: These marketplaces sell in-game items, such as weapons, armour, and virtual real estate. Examples include Axie Infinity and Cryptovoxels.
Music marketplaces: These marketplaces allow artists to sell digital copies of their music as well as physical copies. Examples include Arianee and Audius.
Real estate marketplaces: NFTs, crypto and metaverse all provide the option of creating smart contracts. With these in place, the marketplaces of NFT allow for the sale and ownership of the virtual real estate. Options include but are not limited to plots of land in virtual worlds. Examples include Decentraland and Cryptovoxels.
Collectables marketplaces: These marketplaces sell physical collectables, such as sports memorabilia and comics. Examples include NBA Top Shot and ComicBook.com.
There are also general-purpose NFT marketplaces that cater to a wide range of digital assets, such as OpenSea and Nifty Gateway.
Where to buy NFTs?
Many platforms allow NFT creation, storage and trade options.
Some of the major places where you can buy NFTs include:
NFT marketplaces: These are platforms specifically designed for buying and selling NFTs. Some examples include OpenSea, Rarible, and Nifty Gateway.
Cryptocurrency exchanges: Some cryptocurrency exchanges, such as Binance and Coinbase, allow you to buy NFTs using cryptocurrencies, such as Bitcoin or Ethereum. You can use these platforms for their crypto wallets as well.
Artist websites: Many artists sell their own NFTs directly through their websites.
Auctions: Some NFT projects, such as Christie’s, are sold through auctions, which have recently begun auctioning off NFT artworks.
It is important to note that doing your due diligence before buying an NFT is crucial. The market for NFTs is still relatively novel, and there is a risk of fraud or the value of an NFT declining.
It is also a good idea to familiarise yourself with the terms and conditions of the platform you are using to buy NFTs and any applicable laws and regulations.
Top NFT marketplaces compared
On the internet, you can find a variety of options in relation to marketplaces for NFTs. While the search is extensive and options are many, choosing one that resonates with you can be a hassle to find. To ease your mind, we have hand-picked the top marketplaces to buy and sell NFTs.
Ether (ETH), Bitcoin (BTC) and Bitcoin Cash, and the Ethereum variations of Dai and USD Coin
Football and baseball players
Ether (ETH) & Fiat
Art, metaverse and more
9. NFT Launchpad
Art NFTs, Collectible NFTs, Finance NFTs, Gaming NFTs, Music NFTs, Real-world asset NFTs, and Logistics NFTs.
Bitcoin (BTC), Ethereum (ETH) and Altcoin (ALT)
Art Blocks, Bored Ape Kennel Club, Bored Ape Yacht Club, Mutant Ape Yacht Club, Otherdeed for Otherside.
Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA)
metaverse, estate and collections
15. Theta Drop
videos, photos, music and redeemables
Disclaimer: The list of cryptocurrencies that are accepted by these platforms may change over time. It is always a good idea to check their original website or app to see a current list of digital assets. (Last Updated: 6-1-2023).
OpenSea is a decentralised marketplace for non-fungible trading tokens (NFTs). NFTs are digital assets that represent ownership of a unique item. They can authenticate and sell a wide range of digital assets, such as art, collectables, music, and in-game items.
OpenSea is built on the Ethereum blockchain and allows users to trade using Ethereum and other Ethereum-based cryptocurrencies, such as ERC-20 tokens.
However, the functionalities of this platform are not limited to Ethereum alone since it does support other cryptocurrencies like stablecoins, such as USDC and DAI. Interested in more? Check out our guide about OpenSea!
As a blockchain-based game, Axie Infinity allows players to buy, breed, and sell fantasy creatures called Axies. Axies are represented as non-fungible tokens (NFTs) on the Ethereum blockchain. Each Axie is unique and cannot be exchanged for another Axie on a one-to-one basis.
In the game, players can collect, breed, raise Axies and engage in battles with other Axies players. The game also includes a marketplace where players can buy and sell Axies using Ethereum and other cryptocurrencies.
Axie Infinity was developed by Sky Mavis, a game development studio based in Vietnam. The game has gained a large following and has become a popular use case for NFTs.
It is worth noting that Axie Infinity is just one example of a blockchain-based game that uses NFTs. Many other games use NFTs in similar ways, and the use of NFTs in gaming is an area that is growing rapidly.
Rarible is a decentralised marketplace for buying and selling non-fungible tokens (NFTs). Rarible is built on the Ethereum blockchain and allows users to trade using Ethereum and other cryptocurrencies. It features a wide range of NFTs, including digital art, in-game items, music, and more.
In addition to its marketplace, Rarible also offers tools for creators. These include a marketplace builder and a wallet for managing NFTs. It also has a feature called “Mintables,” which allows users to create their own NFTs.
Rarible is a decentralised platform, meaning it is not owned or controlled by any single entity. This allows for greater transparency and autonomy, but it also means that it may have lower liquidity and be more difficult for some users to use.
As an online marketplace for buying and selling unique, one-of-a-kind digital artworks that are authenticated, SuperRare is a one-of-a-kind platform. After being founded in 2016, it has become one of the world’s most eminent and respected NFT marketplaces.
Built on the Ethereum blockchain, SuperRare allows artists to sell their digital art as NFTs and collectors to buy and own unique digital artworks. The platform features a wide range of digital art, including paintings, illustrations, and GIFs.
One of the key features of SuperRare is that it allows artists to set prices for their works and retain ownership of their creations. This feature allows artists to control their careers and build sustainable businesses rather than relying on galleries or other intermediaries.
Nifty Gateway is a platform for buying and selling non-fungible tokens (NFTs). As an eminent platform, it is known for offering high-quality NFTs from established and emerging artists and creators.
The platform features a wide range of NFTs, including digital art, in-game items, music, and more. In addition to its marketplace, Nifty Gateway also offers tools for creators. These include a marketplace builder and a wallet for managing NFTs.
Nifty Gateway also has a feature called “Mintables,” which allows users to create their own NFTs. As a centralised platform, however, it is owned and operated by a single company.
This can make it easier to use and may offer higher liquidity, but it also means that it is not as decentralised as some other NFT marketplaces.
NBA Top Shot is a platform for buying, selling, and trading non-fungible tokens (NFTs) that represent NBA highlights and in-game moments. Dapper Labs operate NBA Top Shot. The same company that operates the popular blockchain game CryptoKitties.
On NBA Top Shot, users can buy NFTs that represent highlights from NBA games, such as slam dunks, three-pointers, and other memorable moments. These NFTs are called “moments,” and each one is unique and cannot be exchanged for another moment on a one-to-one basis.
Interested in learning more? check this detailed guide for NBA Top Shot!
Built on the Ethereum blockchain, Sorare allows users to buy and sell NFTs using Ethereum and other cryptocurrencies. As a decentralised marketplace for buying and selling non-fungible tokens (NFTs) that represent digital versions of real-world soccer players, Sorare is one of a kind platform.
On Sorare, users can buy NFTs representing real-world soccer players and use them to compete in fantasy soccer leagues. Each NFT is unique and cannot be exchanged for another NFT on a one-to-one basis.
Sorare features a wide range of NFTs representing players from major soccer leagues worldwide. These include the English Premier League, La Liga, and Serie A. Users can buy and sell NFTs directly on the Sorare marketplace or external platforms.
Zora is a decentralised marketplace for buying and selling unique digital assets using non-fungible tokens (NFTs). The platform was founded in 2019 to create a more open and accessible marketplace for digital art, collectables, and other unique digital items.
One of the critical features of Zora is that it is built on the Ethereum blockchain, which means that it is decentralised and not controlled by any single entity. This gives artists and collectors greater control and ownership over their assets and increased security and transparency.
In addition to buying and selling art and collectables, Zora also supports the creation of digital content such as articles, music, and videos. This feature allows artists and creators to monetise their work and build sustainable careers without intermediaries.
Zora strongly focuses on community and collaboration and features a range of tools and resources to help artists and collectors connect and learn from one another. This includes artist profiles, forums, and events such as exhibitions and talks.
NFT Launchpad is a marketplace for buying and selling non-fungible tokens (NFTs), focusing on supporting emerging artists and collectors. One of the key features of NFT Launchpad is its focus on education and community building.
The platform offers a range of resources and tools to help artists and collectors learn about NFTs and the blockchain and connect with one another. This includes artist profiles, forums, and events such as exhibitions and talks.
Overall, NFT Launchpad is an exciting and innovative platform helping democratise the art world and empowers artists and collectors to take control of their careers and assets.
Binance is a well-known cryptocurrency exchange that has recently launched its marketplace for buying and selling non-fungible tokens (NFTs). Binance charges lower fees than other NFT marketplaces, making it an attractive option for buyers and sellers.
Its marketplace features diverse NFTs, including art, collectables, and gaming items. Moreover, Binance supports a wide range of payment methods, including cryptocurrencies and credit cards.
Binance’s user interface is intuitive and easy to use, making it accessible to users of all skill levels. It is known for its strong security measures and has a track record of protecting users’ assets.
With its NFT wallet, users can easily manage their NFT collections. Moreover, they can also optimise features such as artist profiles and forums. These can help to build a sense of community and facilitate connections between artists and collectors.
WAX (Worldwide Asset eXchange) is another popular decentralised marketplace for NFT trading. WAX’s marketplace features a diverse selection of NFTs, including art, collectables, and gaming items.
The charges on this platform are lower than many other NFT marketplaces, making it an attractive option for buyers and sellers. With many payment methods, including cryptocurrencies and credit cards, a platform is a zestful option for many users.
WAX is built on the blockchain, which provides increased security and transparency. Moreover, its NFT wallet is simple and allows users to easily manage their NFT collections.
Crypto.com is a well-known cryptocurrency exchange and financial services company that recently launched its marketplace for buying and selling non-fungible tokens (NFTs). Crypto.com’s marketplace includes advanced search and filtering tools, which allow users to easily find specific NFTs and discover new artists.
Crypto.com’s NFT wallet is simple and allows users to easily manage their NFT collections. Crypto.com’s marketplace is available to users worldwide, making it easy for artists and collectors to connect regardless of location.
Not to forget, Crypto.com is a well-known and respected company in the cryptocurrency industry, which gives users confidence in the security and reliability of its NFT marketplace.
As a virtual reality platform built on the Ethereum blockchain, Decentraland allows users to buy, sell, and interact with non-fungible tokens (NFTs). The platform includes a marketplace where users can buy and sell unique digital assets, including art, collectables, and virtual real estate.
One of the critical features of Decentraland is its immersive virtual reality environment. With this feature, users can explore and interact with the platform in a highly engaging and interactive way. The platform also includes various social features, such as chat and forums, allowing users to connect and build a sense of community.
In addition to buying and selling NFTs, Decentraland also supports the creation of digital content such as games, experiences, and events. This feature allows artists and creators to monetise their work and build sustainable careers within the virtual world.
Overall, Decentraland is an exciting and innovative platform facilitating a change in the future of digital art and the art world more broadly.
Sandbox is a decentralised platform for creating, sharing, and monetising user-generated content, including non-fungible tokens (NFTs). Sandbox’s marketplace features a diverse selection of NFTs, including art, collectables, and gaming items.
As a decentralised platform, Sandbox is not controlled by any single entity. This gives users greater control and ownership over their assets. Moreover, the platform is user-friendly and intuitive, making it accessible to users of all skill levels.
Sandbox’s marketplace includes features such as artist profiles and forums, which help to build a sense of community and facilitate connections between artists and collectors. Moreover, the marketplace includes advanced search and filtering tools, which allow users to easily find specific NFTs and discover new artists.
Another eminent decentralised marketplace for buying and selling non-fungible tokens (NFTs) powered by the Theta Network is Theta drop. Theta Drop allows users to earn Theta tokens for participating in the network and for buying and selling NFTs on the platform.
Theta Drop includes social features such as artist profiles and forums, which help to build a sense of community and facilitate connections between artists and collectors. Theta Drop’s marketplace includes advanced search and filtering tools, which allow users to easily find specific NFTs and discover new artists.
What marketplace is right for you?
With a wide array of choices, choosing the right marketplace for you may get tumultuous. in choosing the best marketplace for your needs, you will need to consider many factors. What is right for you will depend on your specific needs and goals.
Here are some pointers to consider when evaluating different NFT marketplaces:
Range of NFTs: Does the marketplace have a wide selection of NFTs that interest you, such as art, collectables, or gaming items?
Fees: What fees does the marketplace charge for buying and selling NFTs, and how do these fees compare to other marketplaces?
Payment options: Does the marketplace support the payment methods that you prefer to use, such as cryptocurrencies or credit cards?
Security: Is the marketplace known for its strong security measures and track record protecting users’ assets?
User experience: Is the marketplace easy to use and navigate, with a user-friendly interface and helpful resources for buyers and sellers?
Community: Does the marketplace have a solid and active community of artists? Collectors and enthusiasts offer features such as artist profiles and forums to facilitate connections between users.
Transparency: Is the marketplace transparent regarding its fees and pricing, and does it disclose any potential conflicts of interest or other issues affecting buyers and sellers?
Decentralisation: Is the marketplace decentralised, meaning it is not controlled by any single entity or is it centralised, meaning a single company or organisation owns it? Decentralised marketplaces may offer greater control and ownership to users, but centralised marketplaces may offer more stability and security.
Ultimately, the best NFT marketplace for you will depend on your individual needs and preferences. It may be helpful to try out a few different marketplaces and see which ones you prefer. Also, if you are interested in making your own NFT, then learn all about it in 4 simple steps. Happy Crypto-ing!
Sheikh is a co-founder and key member of the Wiki Crypto team, known for his expertise in macroeconomics, monetary policy, and fundamental analysis of both traditional and cryptocurrency assets. He is also well-versed in the future of blockchain technology and the current state of cryptocurrency regulation in Eastern Europe and the Middle East. In addition, Sheikh has a background in online news media and Digital Marketing and is skilled in building a multi-language crypto news outlet with a global reputation.