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NFT Marketplaces
Opensea
Opensea is currently the largest NFT marketplace measured by trading volume. Opensea was the first mainstream NFT trading marketplace and has reached over one million users since launch. The marketplace is built on the Ethereum blockchain and offers various NFT types, such as art, domain names, in-game items, and more. Opensea also supports creators and artists and has an easy-to-use process if you want to create your own NFT (known as “minting“).
One of OpenSea’s best features is that the platform supports over 150 cryptocurrencies as a payment method. This makes it simple for investors to buy and sell NFTs using their crypto balance. In terms of fees, OpenSea charges a 2.5% transaction fee to sellers when their item sells, with no costs to the buyer (other than standard network fees). Finally, OpenSea supports 14 different crypto wallets and allows users to link their wallets to the marketplace in just a few clicks.
| Network/Token Used | Ethereum |
| Gas Fees | Yes – for account registration and when making payments |
| Collection Size | 1,000,000+ |
| Trade Volume | >$5bn per week |
What We Like:
Huge selection of NFTs Accept over 150 cryptos Supports 14 different crypto wallets Wide range of NFT categoriesWhat We Don’t Like:
You need to have an Ethereum digital wallet to use the Opensea platform, and you can only pay using cryptocurrency. Minting fees are high, so the buyer must pay more to cover the costs.Rarible
Rarible is a community owned NFT marketplace, the platform hosts a wide selection of digital art, photography, games, music, domains, and even metaverse items. However, unlike OpenSea, you’ll need to use the marketplace’s own token Rarible (CRYPTO:RARI) to buy and sell on the marketplace. Rarible awards 75,000 RARI token’s every week to active users on the platform who buy or sell on the NFT marketplace. As well as Ethereum, Rarible uses Flow and Tezos blockchains. When you mint your NFT, you choose which token you’ll use, and you can share search options with OpenSea.
One of the great things about Rarible is that users can buy NFTs using their credit or debit card. Over 190 countries are supported, making it simple to purchase Rarible NFTs throughout the globe, so this is one of the biggest NFT marketplaces. Finally, Rarible also supports a range of wallets, such as MetaMask and Coinbase, ensuring investors can store their assets safely post-purchase. In terms of Fees Rarible charges a 2.5% fee to both buyers and sellers, putting it at the higher end of the cost spectrum.
The company has partnered with some notable companies. Yum! Brands’ (NYSE:YUM) Taco Bell has listed art on Rarible, and cloud software giant Adobe (NASDAQ:ADBE) recently partnered with Rarible to help secure NFT artists’ and creators’ work.
| Network/Token Used | Ethereum (with support for Flow & Tezos) |
| Gas Fees | Yes – an average of 0.01 ETH when purchasing NFT |
| Collection Size | 400,000+ |
| Trade Volume | > $390,000 per week |
What We Like:
Multi-chain support Can purchase NFTs using a credit or debit card Offered in 190 countries Support a range of crypto walletsWhat We Don’t Like:
You must first connect your wallet to be able to access many items on Rarible, for the most part. Charges a 2.5% fee on both parties in a transaction i.e the seller and the buyer. Deposits and withdrawals cannot be performed on the platform without an ETH crypto wallet. Creating a wallet with Rarible is a painstaking process.Crypto.com
Another great option is Crypto.com. Crypto.com is one of the top cryptocurrency exchanges globally and is used by 10 million people. Crypto.com released their NFT marketplace in 2021 and offers NFTs from categories such as art, celebrities, gaming, sport, music NFTs, and of course crypto.
Crypto.com wants to make the investing in NFTs easy and stress fee, this is illustrated by the simple sign up process that can be completed in minutes. Users can purchase NFTs via auction or fixed price. Purchases can be made via credit or debit card. Alternatively, NFTs can be bought using cryptocurrency through the ‘Crypto.com Pay’ gateway. Crypto.com also does not change a transaction fee when users are purchasing an NFT. In addition, Crypto.com also offers the one of the best NFT apps allowing you to buy and sell NFTs directly from your mobile device.
The NFT marketplace itself is easy to navigate and is accessible to beginners as well as experienced investors. Crypto.com has already collaborated with many high-profile names, such as Snoop Dogg and Boy George, adding a level of hype to the platform’s NFTs. Finally, a recent press release from Crypto.com announced that the platform now supports Ethereum-based NFTs – greatly expanding the options for investors!
| Network/Token Used | Crypto.com chain & Ethereum |
| Gas Fees | No |
| Collection Size | 100,000+ |
| Trade Volume | > 50,000 ETH per week |
No gas fees No transaction fees while buying NFTs Only 1.99% fees when selling NFTs Can purchase NFTs using a credit or debit card Now offers Ethereum based NFTs for purchaseWhat We Don’t Like:
Users have to connect to the Crypto.com app to use the Crypto.com NFT marketplace.Detail around minting NFTs is limited.LooksRare
LooksRare is an NFT trading platform that lets users browse through collections, purchase their favourites and create customisable groups. The concept of this marketplace has never been more popular with the recent boom in rare digital goods; users are enjoying LooksRare for its lower transaction fees and community-first values.
The LooksRare Token ($LOOKS) is a great initiative. When the platform first launched, LooksRare incentivized using the platform by airdropping its crypto to users. This token also gives users access to rewards in the form of trading fees collected from NFT exchange. The fees are distributed through a staking mechanism, in which 100% goes towards collectors – a perk not seen in other NFT platforms.
When it comes to pricing, LooksRare is less expensive and less complicated than competitors. LooksRare charges a 2% sales fee to both buyers and sellers and also charges a creator royalty fee between 2.5% – 10% depending on who the creator is.
What We Like:
Mass quantity – LooksRare allows you to search for or browse any non-fungible token on the Ethereum blockchain. You can also use their category system to sort through the asset you pique your interest. Easy UI – The user interface is easy to use and intuitive to new users, even those who are new to the NFT world. Low fees – The platform offers the lowest fees in the industry, compared to other available marketplaces. Decentralized – You won’t need to worry about your cryptocurrency or NFTs being in danger when conducting transactions on this platformWhat We Don’t Like:
No fiat support – You currently cannot purchase assets using fiat currency (USD, GBP, AUD, etc), a credit card, or any other form of cryptocurrency. No minting – The platform currently does not have a way for creators to mint their own NFTs. Filtering can be difficult at times.