NFTs: The Money Is In The Marketplace

I got into an Ola cab yesterday.

Usually cab drivers choose one of two options: to speak with you or not to speak with you. For whatever reason, my driver wanted to have a conversation to find out how my day was going and eventually the topic of FinTech came up. Before I knew it, we were having an hour long discussion about creating NFTs and figuring out all the creative places one can be displayed: in the windows of a shared office space; within domestic mirrors; digitalising billboards etc. But the main essence of that conversation was the mutual understanding that people want to know more about the logistics in creating NFTs in the first place and so today we're taking a look at the platforms that bring NFTs to life.

What is an NFT Marketplace?

An NFT marketplace is a digital platform for buying and selling NFTs. You can store and display your NFTs on these platforms and sell them onto others in exchange for cryptocurrencies or money.

Some NFT marketplaces also allow users to mint (create from scratch) their NFTs on the platform itself. Additionally, in exchange for a fee, NFT marketplaces will typically handle the transfer of an NFT from one party to the other.

When deciding what platform to use, it is key to remember that each NFT marketplace has its own system for how it operates. The types of NFTs available, fees, payment options, permitted blockchains and other rules will depend on which one you use.

How Does An NFT Marketplace Work?

When you create an account with an NFT marketplace, you're able to browse through all their available options for sale. Options include adding several payment methods such as linking a crypto wallet to pay with crypto and/or using a credit card directly to pay.

Once your NFT has been uploaded onto your account, some sites will let you sell your NFT directly for a fixed price, while others allow you to auction your work.

Once the transaction has been completed, the NFT marketplace will record it on its blockchain showing the change of ownership and at that point, any resells of your NFT will generate royalties for you to enjoy!

Now.. let's take a look at some of the most popular platforms in depth and what makes each of them stand out...

The Most Popular NFT Marketplaces:

• OpenSea

OpenSea takes the lead as the broadest, most established NFT marketplace. It covers all types of NFTs, accepts over 150 cryptocurrencies and also supports Polygon blockchain, which is a 'sidechain' that allows for quicker transactions with lower fees. This is a vital addition as the Ethereum blockchain that most marketplace use as a default, comes with high gas and carbon fees,

• Nifty Gateway

If you're on the look out for a platform with big drops, Nifty Gateway is what you'll need! You'll find the most eye-catching and expensive NFTs in this marketplace, hence why it is heavily dominated by celebrity-backed NFTs. A few benefits include selling and buying with fiat currencies which enables big investments via credit card payments and being able to make use of Open Editions (an NFT where an unlimited number of editions can be minted).

• Rarible

Rarible is a marketplace for art, collectibles, photography, video games and lastly, NFTs. Rare media and sports collections are usually sold on this platform, which make sense considering it is community-owned. The luxuries of Rarible also include low gas and carbon fees and has three different blockchains for sellers to choose from: Ethereum, Flow and Tezos. To have access to a large network with solid connections, Rarible is the platform for you. The only deterrent may be that big brands can easily dominate this type of marketplace.

• SuperRare

If you're intrigued by typical art galleries, SuperRare is the digital art platform to look out for. This marketplace does not accept "meme-style" NFTs. Only high-end creations, so as to not compromise their reputational standing within the NFT ecosystem. Just like any other physical art gallery, SuperRare has its own editorial blog, exclaiming the new pieces on the platform; however, it's within the name that they accept a very low number of applicants seeking to have an account.

Get started today on browsing through a few of these platforms and let me know about your experience in these marketplaces!

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Liz. #FTWL