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An NFT (Non-Fungible Token) marketplace is a digital platform where users can buy, sell, and trade NFTs.
NFTs are unique digital assets verified using blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum, where each token is identical (or fungible), NFTs are distinct and can’t be exchanged on a one-for-one basis with any other token. This uniqueness and indivisibility make them ideal for representing ownership or proof of authenticity of a specific item or piece of content.
In this article, you will be able to find the list of the best NFT marketplaces.
To compile this ranking we took into consideration the following factors:
- The quality of the NFT platform
- The fees charged for selling and buying NFTs
- The costs charged for minting NFTs
|NFT platforms||Network fee||Royalty fee|
What are the best NFT marketplaces?
Below our curated list of the best NFT marketplaces, with details of features and characteristics.
How to buy NFTs
To buy NFTs, you need to connect your cryptocurrency wallet to an NFT marketplace, and from there complete the purchase using the cryptocurrencies requested by the seller.
Typically the cryptocurrency required for NFTs is Ethereum, the most commonly used blockchain for publishing digital art.
The required Ethereum can be purchased on cryptocurrency exchanges.
How much money do I need to trade NFTs?
An average of about US$50,000 may be needed to buy one of the most popular NFTs. However, the market for NFTs is huge, and less famous NFTs can also be purchased for less than $100.
Below you can find a table summarizing the average transactions on the NFT collections with the most followers.
|NFT Collection||Average transaction price*|
|Bored Ape Yacht Club||154360 USD|
|Mutant Ape Yacht Club||31441 USD|
|Bored Ape kennel Club||30473 USD|
|Chromie Squiggle by Snowfro||26427 USD|
|Otherdeed for Otherside||12004 USD|
*October 2022 data
What fees do NFT platforms charge?
Platforms that offer NFTs typically charge 4 different commissions:
- Sales commission
- Minting commission
- Royalty commission to the artist
- Blockchain commission
Sales commission, also often referred to as Network Fee, is the commission that goes directly to the platform. They are typically around 2 percent of the total NFT value and are the main source of money for NFT marketplaces.
The minting fee, as the name suggests, is a commission that the platform charges artists for posting an NFT on their system. Since artists are the ones who keep these platforms going, the costs for publishing NFTs are very low and are generally under $5.
Royalty commission is a percentage that goes to the original artist if the NFT is resold by a third party after minting. These commissions are usually quite high and go up to 10%. This means that if an NFT is resold for USD 200, the buyer will have to pay USD 220 as USD 20 must go to the artist who produced the NFT.
The blockchain fee, or Gas Fee, is not charged directly by the platforms for NFTs, but are the direct costs of cryptocurrency transactions. These costs vary but are generally very small.
Is it legal to buy and sell NFTs?
NFTs are legal although they are not a regulated asset.
To date, it is possible to trade any NFT without problems, however since there is no entity to monitor these assets, it is easier to fall into scam schemes if you are not familiar with the NFT market.
For this reason, it is good to rely on NFT platforms that are trustworthy and possibly monitored by financial institutions, as is the case with eToro.
eToroX is one of the most regulated cryptocurrency and NFT exchanges. It has a license in Gibraltar with code FSC1333B, and also their eToro Money wallet is registered in Germany under the BaFin regulation.
Although eToro Art and the Delta app are not directly connected with eToroX, knowing that the platform used has strong regulatory oversight (even if not related to NFTs) is definitely a plus point.
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