NFTs
Best NFT Marketplaces in 2024
The market for non-fungible tokens (NFTs) has cooled off sharply over the past two years, dropping 90% in 2022. Despite the bearish decline, NFTs remain a multibillion-dollar market. So what are the best NFT marketplaces in 2024?
What is an NFT marketplace?
An NFT marketplace is an online platform where users can buy and sell NFTs, a type of digital asset with multiple use cases. NFTs can represent digital works of art, allowing users to sell a unique token that can signify ownership of the art.
They also have an important application in the gaming skins market, allowing users to buy and sell in-game assets such as clothing, weapons and other items. Most NFT sales have been art-related, although music, collectibles and real estate have also been traded as NFTs.
NFT marketplaces also facilitate the actual creation of NFTs in a process known as minting NFTs.
How do NFT marketplaces work?
NFT marketplaces typically work by charging a fee for any NFT sold, and some of them allow the original artist to receive royalties on future sales of their work. Users can mint NFTs on blockchain networks, most commonly the Ethereum network. To join a marketplace, you need to register an account and connect a digital wallet like MetaMask.
From there, you can upload artwork and mint an NFT by following the instructions on the platform of your choice, or simply browse the NFTs you’d like to purchase. You can also research the market by doing this in preparation for selling any NFT you own and listing an NFT for sale.
To buy an NFT, you will need cryptocurrency in your wallet, and the most common cryptocurrency to buy NFTs is ETH.
Best NFT Platforms: Top 7 Marketplaces in 2024
Let’s take a look at the best and most popular NFT marketplaces in 2024.
Open sea
Open sea is the world’s first NFT marketplace, launched in 2017. It continues to be one of the largest NFT marketplaces, maintaining its first-to-market advantage and offering the widest selection of assets for trading. However, Magic Eden and Blur surpassed OpenSea in popularity this year.
OpenSea has had over a million active users since launch, and 140,000 accounts still trade NFTs every month on the platform. It offers a wide range of features for users to choose from.
The platform is non-custodial, meaning users do not need to cede control of their assets to OpenSea when listing them for sale.
Rates: 0% – 2.5%
Minting fees: 0% – 2.5%
Liquidity: High
Royalties: Optional fees from 0% to 10%
Rare
Rarible is a leading NFT marketplace founded in 2020. The platform offers competitively low fees for trading NFTs and focuses on trading rare digital assets. Another important feature of the platform is the high royalties available to creators.
While setting the royalty feature too high may discourage users from purchasing NFTs in an effort to flip, artists with in-demand assets may find high royalties too profitable and can choose the value they want to set for royalties.
Rates: 7.5% – 0.5%, depending on the value of the asset. 0% available when staking native token.
Minting fees: 0%
Liquidity: Average
Royalties: Up to 50%
Magical Eden
Magic Eden is an NFT marketplace that offers NFTs minted on the Solana blockchain instead of Ethereum. Solana is an Ethereum competitor that aims to become a faster and more scalable way to build decentralized applications.
However, Magic Eden has expanded to include trading in Ethereum NFTs and Bitcoin Ordinals, or Bitcoin NFTs.
Trading Fees: two%
Minting fees: About 0.02 to 0.04 SOL
Liquidity: High
Royalties: Choose between 0%, 50% or 100%
Blur
Blur is an NFT platform aimed more at professional NFT traders looking to make a profit on their trades. recently surpassed Magic Eden and OpenSea to become the world’s largest NFT marketplace by trading volume.
While previous NFT marketplaces had a more casual approach to the market, Blur sought to make trading cheaper for end users and does not charge any transaction fees. The platform was launched with very low royalty rates, helping OpenSea eliminate mandatory royalties completely.
Blur is a decentralized application running on the Ethereum network and users can vote on the platform’s governance using the native BLUR token. It offers secured loans and allows users to search OpenSea listings on Blur. The transparent bidding feature also allows users to view the bidding history on an NFT, providing more information about the market value of their NFTs.
Trading Fees: 0%
Minting fees: Depends on current Ethereum gas fees
Liquidity: High
Royalties: fixed rate of 0.5%
It seems rare
LooksRare is a decentralized application that allows NFT trading and is governed by its own community. 100% of the fees from this NFT marketplace were initially earned by users staking the native LOOKS token, an attractive incentive scheme that puts the community first. This scheme has been discontinued and the platform now offers rewards through a more complex series of DeFi-inspired incentive programs.
Trading Fees: two%
Minting fees: Depends on current Ethereum gas fees
Liquidity: Low
Royalties: 0% option, with higher options available
Binance NFT Market
The world’s largest crypto exchange by trading volume, Binance, also offers an NFT marketplace. In true Binance fashion, the marketplace offers a wide selection with low fees. The Binance NFT Marketplace offers Ethereum and Binance Smart Chain NFTs.
Users should be informed that Binance has been subject to several lawsuits and legal actions over the last year, potentially putting the exchange in a vulnerable position when it comes to regulatory enforcement.
Trading Fees: 1% (seller only)
Minting fees: Ethereum (ETH): 0.50 ETH; BNB Smart Chain (BSC): 1.00 BNB
Liquidity: Average
Royalties: 1%
Cool portal
Nifty Gateway is an early entry into the NFT marketplace sector, founded in 2018 and becoming known for exclusive artist listings of NFTs. Despite not having the large volumes it boasted in 2021, it remains a reliable NFT marketplace.
Trading Fees: 2.5% (non-custodial) – 5% (custodial)
Minting fees: Ethereum (ETH): 0.50 ETH; BNB Smart Chain (BSC): 1.00 BNB
Liquidity: Average
Royalties: 1%
What is the best NFT marketplace in 2024?
The NFT marketplace with the largest market share in 2024 is Blur, and by quite a large margin. At the time of writing, Blur’s 7-day trading volume was US$78 million. Magic Eden comes in second with $59 million, followed by OpenSea with $33 million.
Blur’s decentralized approach and decision not to charge transaction fees have made it a clear outlier when it comes to picking a winner from our NFT marketplace list.
Common questions
What is the best NFT marketplace for beginners?
OpenSea, Blur, and Magic Eden are often praised for their ease of use for beginners to start trading NFTs.
What is the best place to buy NFTs?
There is no definitive answer on the best place to buy NFTs, as it will depend on your priorities when it comes to fees, royalties, and liquidity, among other factors. Blur is currently the most popular NFT trading platform.
What is the best place to sell NFTs?
Blur has the highest trading volume, offering high liquidity. However, if you are the original creator of the NFT, Blur offers lower royalties than some other platforms.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.