As the bear market gradually eases, NFTs seem poised to make a comeback. If you want to buy, sell, or trade NFTs, you must find a reliable platform to facilitate the process. This guide covers the best NFT marketplaces in 2024.
In this guide:
SunContract
Coinbase
OpenSea
OKX
Kraken
Bybit
Binance
What common safety measures should users take when trading in NFT markets?
Things to consider when choosing an NFT marketplace
Invest with caution
Frequently Asked Questions
SunContract
Best for exposure to renewable energy
Website: nft.suncontract.org
Availability: Worldwide (190+)
Network: Ethereum
Fee: Not applicable
Why we chose it
SunContract is a marketplace for trading renewable energy electricity between consumers and producers, where market participants can trade electricity peer-to-peer, reducing inefficiencies and costs, and can manage and shift electricity at will.
The company has also developed an innovative NFT marketplace that will issue NFTs representing real solar panels installed in Vishnje, Slovenia, so holders of NFT tokens will be able to create their “personal power plant”, a registry concept introduced by SunContract.
In the first phase of the project, the electricity generated by the underlying solar panels will be sold on the P2P energy market, with revenue generated in the form of SNC tokens (SunContract’s Ethereum-based utility token), which will be deposited in his wallet on the SunContract platform after deducting expenses related to operations and maintenance.
The second phase of the project will allow NFT holders in countries where SunContract has obtained energy permits or licenses, such as Slovenia, Croatia and Estonia, to directly use the energy produced by their NFTs for personal consumption at home or business. This innovative approach aims to democratize renewable energy and make it accessible to everyone, including those living in apartments. The project also aims to achieve simplicity and liquidity, as these NFTs can be bought and sold at any time on the platform.
pros and cons
advantage:
Make renewable energy accessible to people who can’t physically install solar panels, such as those living in apartments;
Make solar panels simple and liquid, as they can be easily bought and sold on SunContract’s NFT marketplace;
NFT holders can build their own personal power plants and take control of their own energy by consuming it, profiting from it, or transferring it to other users;
By combining renewable energy with blockchain, transparency in the industry will be enhanced and users will have access to information about their electricity, including where it comes from and where it goes.
shortcoming:
Currently, these NFTs live on SunContract’s private blockchain, which limits interoperability;
The NFT Marketplace launched with only 2,112 NFTs, so it was difficult to get into during the first few months.
How to buy NFTs on SunContract
Go to its official website;
Sign up for the whitelist by providing your name and email address.
Notably, the NFTs will not be available for purchase until the first farm launches in Q1 2024.
Coinbase
Safety is the best
Website: nft.coinbase.com
Supported platforms: iOS, Android, browsers
Networks: Ethereum, Polygon, and Base
Fees: Gas fee
Why we chose it
Coinbase launched the NFT Marketplace, providing a seamless and user-friendly platform for buying, selling, and creating NFTs. The marketplace emphasizes intuitive design, making NFT trading as easy as buying any product online and lowering the barrier to entry for new users.
It initially supports Ethereum-based NFTs, leveraging Coinbase’s robust infrastructure and allowing users to trade using their Coinbase wallet, an integration that simplifies the process for those already familiar with the Coinbase ecosystem.
One of the most prominent features of the Coinbase NFT marketplace is its focus on community building, with the platform integrating social features that allow users to follow creators, comment on NFTs, and interact with other users, creating a more interactive and engaging experience.
The platform offers a variety of NFTs, including digital art, collectibles, and other digital assets, catering to both experienced collectors and novices.
By integrating these features, Coinbase is positioning its NFT marketplace as a formidable competitor in the rapidly growing NFT space, aiming to leverage its large user base and trusted brand name to rival established platforms like OpenSea.
pros and cons
advantage:
Access NFTs through your Coinbase account;
You can mint and advertise NFTs on Coinbase without creating your own website;
Coinbase will be responsible for contract implementation, uploading, and metadata of NFT minting to decentralized storage;
Using both ERC-721 and ERC-1155 standards.
shortcoming:
Support for other blockchain NFTs is limited.
How to Buy NFTs on Coinbase
Sign up for an account on Coinbase;
Open the Coinbase app.
Browse NFTs;
Select an NFT;
Click to buy.
OpenSea
Has the widest range of NFTs
Website: opensea.io
Supported platforms: iOS, Android, browsers
Networks: Ethereum, Polygon, Klaytn, Solana, Arbitrum, etc.
Fees: 2.5% for secondary sales, 2.5%-10% for primary sales
Why we chose it
We chose OpenSea as a top NFT marketplace because it is a leader in NFT sales and offers a wide variety of digital assets.
The platform supports over 150 payment tokens that are easily accessible and usable by users, and OpenSea’s user-friendly interface simplifies the creation and sale (i.e., minting) of NFTs, attracting artists and collectors.
Additionally, it’s free to sign up and browse, making it a great starting point for those new to the world of NFTs.
OpenSea charges a 2.5% fee on secondary sales and 2.5% to 10% on primary minting, providing a fair and transparent fee structure.
pros and cons
advantage:
Provide a wide range of digital assets, including art, collectibles, music and domain names, to meet different interests;
The intuitive interface makes it easy to navigate and use for both novice and experienced users;
A wide range of payment methods;
Users can register for free and browse the platform.
shortcoming:
The gas fees on the Ethereum network may be relatively high.
How to buy NFTs on OpenSea
Go to OpenSea and connect your cryptocurrency wallet, such as MetaMask;
Browse the marketplace to find the NFT you want to buy;
Click on the NFT you’re interested in to view its details;
Click the "Buy Now" button to start the purchase process;
Confirm the transaction in your linked wallet to complete the purchase.
OKX
Best for global users
Website: okx.com
Supported platforms: iOS, Android, browsers
Network: Ethereum, Solana, and 20 other blockchains
Fees: Zero
Why we chose it
OKX is a Seychelles-based exchange serving a diverse global network of users as a one-stop exchange offering a wide range of products including derivatives, proprietary blockchains and tokens, NFTs, and more.
There are no fees for purchasing NFTs on OKX, and you also have the opportunity to trade some of the most popular NFTs on over 20 blockchain networks, including popular layer 2s like Polygon, Arbitrum, and ZKsync.
pros and cons
advantage:
Aggregate NFTs from OpenSea, Blur, LooksRare, X2Y2, MagicEden, etc.
Support for multiple blockchains, such as Ethereum, Avalanche, Solana, and even Ordinals;
OKX offers zero fees to users.
shortcoming:
OKX is not available in many regions.
How to buy NFTs on OKX
Log in to your OKX account;
Navigate to the Ordinals or NFT marketplace;
Choose Explore;
Select an NFT and press Buy.
Kraken
Known for its gas fees
Website: nft.kraken.com
Supported platforms: iOS, Android, browsers
Networks: Ethereum, Polygon, and Solana
Fees: 0.01 ETH / 0.02 SOL for withdrawal
Why we chose it
Kraken is one of the oldest Bitcoin exchanges, having debuted in 2011, and since then, the popular exchange has expanded into multiple markets and offers a variety of products to suit the needs of different user types.
These products include derivatives trading, staking, and NFTs. On Kraken, you can buy some of the most popular NFTs, such as Reddit NFTs, Bored Apes, and CryptoPunks.
pros and cons
advantage:
Hosting popular NFTs such as Bored Ape, Mutant Yacht Club, and more;
NFTs available on Ethereum, Solana, and Polygon;
Polygon NFTs are traded with zero gas fees.
shortcoming:
Available in certain areas only.
How to Buy NFTs on Kraken
Log in to Kraken;
Navigate to the NFT tab;
Select an NFT;
Press "Continue" and then "Confirm" to purchase;
Go to My NFTs to view your NFTs.
Bybit
Best for cheap NFTs
Website: bybit.com
Supported platforms: iOS, Android, browsers
Network: Ethereum, Solana and 6 other blockchains
Fees: 1% seller fee
Why we chose it
Bybit is a popular cryptocurrency exchange founded in 2018 and based in the United Arab Emirates. It supports over 350 tokens for trading and is an altcoin haven for traders. In addition, the exchange also has other features such as integration with spot and derivatives exchange ApeX Pro.
Bybit allows you to purchase and create NFTs, and the platform charges a nominal NFT transaction fee in addition to any applicable royalties paid to the NFT creator, making the platform suitable for those who want to purchase works by lesser-known artists.
pros and cons
advantage:
Support for royalty payments to NFT creators;
NFTs tend to be cheaper than on most CEX NFT platforms;
Supports six popular blockchains, including Ethereum, Solana, Tezos, and more.
shortcoming:
There aren’t a lot of popular NFT collectibles.
How to buy NFTs on Bybit
Log in to your Bybit account;
Select the web3 tab on its website;
Click on NFT;
Choose Explore;
Select an NFT and choose Buy Now.
Binance
Best for NFT lending and staking
Website: binance.com
Supported platforms: iOS, Android, browsers
Networks: BNB Chain, Ethereum, and Bitcoin
Fees: 1% service fee of sales
Why we chose it
Binance is the world’s largest exchange by trading volume. The platform serves customers in countless geographic regions and offers a wide range of products that cater to the needs of many different cryptocurrency enthusiasts. In other words, it is a cryptocurrency one-stop shop.
This popular exchange allows you to buy NFTs on some of the most popular networks like BNB, Ethereum, and Bitcoin, and you can choose from famous NFT collections like Azuki Elementals, Mutant Ape Yacht Club, Doodles, and more.
pros and cons
advantage:
Owns many popular NFT collectibles;
Support for NFTs on popular blockchains, such as Ordinals;
Own NFT loans and staking.
shortcoming:
Limited support for fiat currency deposits in specific regions.
How to Buy NFTs on Binance
Log in to your Binance account;
Navigate to the More tab and select NFT;
Scroll down and select an NFT;
Click Buy Now.
What common safety measures should users take when trading in NFT markets?
There are some key steps users must take to ensure secure transactions on the NFT marketplace that help prevent fraud and maintain the integrity of transactions. Here are some factors to consider:
Use a reputable NFT marketplace to guide your investments and verify the authenticity of your NFTs;
Update your account regularly and use strong, unique passwords;
Follow reliable NFT social media channels to stay informed about potential scams and safety tips;
Use a hardware wallet to store your NFTs securely offline;
Interact with crypto market experts and learn about best practices and trends in the NFT space.
These are just some general security best practices to help guide you on your journey, and we strongly recommend that you do your research to help you make decisions.
Things to consider when choosing an NFT marketplace
Before deciding where to buy your NFTs, there are a few factors you should consider. First, your intentions must influence your choice. Some marketplaces allow you to sell NFTs, while others may only allow you to buy. If you are a seller, you may be more interested in how the potential platform handles or enforces NFT royalties.
Additionally, consider the types of assets available on each platform; some NFT marketplaces are suitable for popular collectibles or utility-focused tokens, while others may be best suited for lesser-known artists. Alternatively, you may be interested in exploring platforms that specialize in asset tokenization or asset segmentation.
Another important aspect to consider is price. Fees and prices are crucial when choosing a top NFT platform. Some collectors specifically look for cheap NFTs, while for others, price is not a huge factor.
Remember, if you plan on trading NFTs, you should make sure you have a solid NFT trading strategy in place, so that you know where and how to buy NFTs and are well positioned to reap the best gains.
Invest with caution
The best NFT marketplace will depend on your personal requirements and preferences, with many platforms competing by offering lower transaction fees, participating in revenue sharing, and migrating to different networks, all of which can attract users, but it’s important that staying safe on these platforms remains your top priority.
Always maintain good crypto wallet security, and unless you are trading, storing your NFTs offline in a hardware wallet like Trezor or Ledger is the safest way to store your assets.
Frequently Asked Questions
How do NFT marketplaces ensure the authenticity of NFTs listed on their platforms?
NFT marketplaces ensure the authenticity of NFTs by verifying the identity of the creator and using blockchain technology. They implement smart contracts to provide transparent and tamper-proof records of ownership and provenance. The marketplace also works with trusted third-party services for additional verification and authentication. This multi-layered approach helps maintain the integrity and credibility of the NFTs listed on their platform.
What is the average transaction fee in the NFT market?
Fees on NFT markets vary, however, market fees are typically between 1-3%, and many NFT platforms often lower transaction fees in order to compete for users.
Is there an age limit for purchasing NFTs?
Some platforms that allow you to purchase NFTs may have general age restrictions. In other words, there may be age requirements for using the platform, not specifically for NFTs. Generally speaking, there is no age limit for purchasing NFTs.
How are royalties handled for NFT creators?
Some NFT platforms require creators to pay royalties, and markets that enforce royalties may set a maximum amount for royalties. Generally speaking, most NFT royalties are not enforced at the smart contract level.
What is the full form of NFT?
The structure of an NFT may vary depending on the blockchain architecture, for example, an NFT on Ethereum is a smart contract JSON file that typically follows the ERC-721 or 1155 standards and is typically stored off-chain by some storage provider.
Bitcoin NFTs, on the other hand, are numbered in individual satoshis (the smallest unit of Bitcoin), embedding data directly into those satoshis, thereby engraving unique information or media onto the blockchain itself.
What is the oldest NFT project?
Quantum is widely recognized as the first NFT project, created on Namecoin in 2014, re-emerged in 2021, and sold at Sotheby's in 2021 for over a million dollars.
Are there risks in buying NFTs?
Purchasing NFTs may carry certain risks, as NFTs are volatile and may experience significant price fluctuations due to market forces. In addition, some NFTs may be lost while held by third-party providers, there may be smart contract risks, and there may be the possibility of phishing scams.
What are the adverse effects of NFT?
NFTs have gained a bad reputation for being harmful to the environment, largely due to misunderstandings about how the technology works. The idea that NFTs harm the environment is often based on mining, a process that has nothing to do with NFT minting.
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