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
Round-Up
| NFT platforms | Network fee | Royalty fee |
|---|---|---|
| OpenSea | 2,5% | Variabile |
| eToro | N/A | N/A |
| Binance | 1% | 1% |
| Crypto.com | 1,99% | 10% |
| OKX | 0% | 5% |
| CoinBase | N/A | N/A |
| Nifty Gateway | 5% | 10% |
What are the best NFT marketplaces?
Below our curated list of the best NFT marketplaces, with details of features and characteristics.
OpenSea
- OpenSea is the largest NFT marketplace in the world with over 70 million NFTs for sale
- Selling NFT on OpenSea incurs a 2.5% commission, while the Royalty Fee in case of resale is variable and depends on the creator
- Publishing NFTs on OpenSea does not generate commissions
eToro
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About eToro
eToro is a global multi-asset investment platform founded in 2007, offering trading on stocks, ETFs, Crypto CFDs, commodities, and forex. eToro provides a proprietary web and mobile platform with social trading features. eToro is regulated by multiple authorities including FCA, ASIC, and CySEC. eToro is known for its user-friendly interface, copy trading functionality, and commission-free stock trading. eToro serves over 30 million users worldwide. The eToro CEO and co-founder is Yoni Assia.
eToro Features
The features of eToro are listed below.
- eToro allows NFTs to be traded through the Delta Investment Tracker app.
- Delta is a platform available only for mobile devices
- eToro Delta is available in over 100 countries and has over 3 million users
- To post NFTs, it is necessary to go through eToro’s NFT subsidiary called eToro Art
eToro Pros and Cons
Advantages of eToro
The advantages of eToro are listed below.
- Great copy trading and social trading features
- Wide range of asset classes
- It allows to buy fractional stocks from $10
Disadvantages of eToro
The disadvantages of eToro are listed below.
- The eToro spreads can be high
- Offers only USD accounts
- Transferring cryptocurrencies to other platforms can be hard
Binance
- Binance is the largest NFT platform when it comes to gaming-themed NFTs
- More than 1 million Gaming NFTs were sold on Binance NFT in 2021
- Binance charges 1% commissions on NFT sales, while future resales will also charge artist royalty fees of 1% to 10%.
- NFT posting fees on Binance correspond to 0.005 BNB
Crypto.com
- Crypto.com allows NFTs to be bought and sold on its platforms
- There are more than 200 million customers on Crypto.com
- The sales commission on NFTs is 1.99%
- Crypto.com charges royalty fees of 10% to the artist on future resales of an NFT
- Posting an NFT on Crypto.com requires only $3, but a small additional fee may be charged depending on blockchain fees
OKX
- OKX is a marketplace for NFTs that charges very low commissions
- Selling NFTs on OKX does not charge commissions
- Reselling on OKX charges 5% commissions that will go to the original creators of the NFT
- A total of over 15 million NFTs are for sale on OKX
- OKX has over 20 million customers
Coinbase
- Coinbase offers platform for NFTs still in Beta phase
- Coinbase’s NFT platform is currently not open to the public, but only to selected customers
- NFTs are traded on Coinbase without fees, except for classic blockchain fees
Nifty Gateway
- Nifty Gateway is a marketplace for niche NFTs
- On Nifty Gateway you can find over 10,000 NFTs for sale
- Selling NFTs on Nifty Gateway involves a 5% commission fee
- Royalty fees on Nifty Gateway are 10%.
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 |
| CryptoPuns | 132480 USD |
| Mutant Ape Yacht Club | 31441 USD |
| Bored Ape kennel Club | 30473 USD |
| Chromie Squiggle by Snowfro | 26427 USD |
| Moonbirds | 22726 USD |
| Azuki | 15923 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.