The Best NFT Marketplaces in 2022
For the last couple of years, NFTs have been the focus of attention for both new investors and crypto enthusiasts. No matter your opinion of NFTs, it’s indisputable that the technology has garnered a lot of attention as an investment opportunity. Nonfungible tokens reached an all-time high market cap of $41 billion in 2021, and their daily trading volume is consistently above $30 million. If you want to be one of the early adopters of the technology and in-process trade with digital art, keep reading as we’ll review and find the best NFT marketplace for your needs.
- Longest-standing NFT market
- Zero gas fees
- Great for artists
- IGO and gaming NFTs
- Low trading fees
- Multichain support
- Support for up to 20 wallets
- Lazy minting
- DAO marketplace
Nifty GatewayVisit Site
- Direct fiat currency purchases
- Curated NFT creators
- Part of the Gemini platform
- Easy to use
- Collaboration with brands and artists
- Support for major payment methods
- Built on Ethereum
- Gasless minting
- Store creation
- Creator approval process
- Ethereum platform
- Go-to place for top artists
Our Guide to Choosing an NFT Marketplace
The cryptocurrency industry is expanding, with its market capitalization growing, and the secondary-market dealing in nonfungible tokens, unsurprisingly, follows the trend. With so many new players entering the game and competing with older platforms, finding the best NFT marketplace to buy, sell, or mint NFTs can be challenging for new users. We’ll cover what you should pay attention to when looking for a platform to trade your NFTs.
How NFT Marketplaces Work
Platforms for trading NFTs have become quite popular in the sports, art, gaming, and music industries. Various types of files are traded globally, with blockchain facilitating the process as the underlying tech.
Essential features of NFT markets are storefronts, filters, search functions, infrastructure for auctions, and wallet integrations. If you’re wondering where to buy an NFT or a collection of them, look at marketplaces that offer more than the competition.
If the platform has a method of displaying digital artwork, social-media-like features, or multiple token standards, it’s worth checking out.
Ethereum’s network infrastructure is the most commonly used foundation for nonfungible token development due to the ERC-721 and ERC-1155 standards’ versatility.
The world’s second-largest cryptocurrency by market capitalization also provides access to decentralized exchanges, which are crucial for NFT trading.
ERC-721 vs. ERC-1155
As mentioned, the two most popular Ethereum token standards for NFTs are the ERC-1155 and ERC-721. The first one, created in 2017, is more flexible, as it supports both fungible and nonfungible assets within the same contract.
It was used to develop CryptoKitties, the blockchain game that started the NFT craze.
The ERC-1155 also allows batch transfers, which is not possible with the ERC-721. It’s a solution that combines useful features from the ERC-20 and ERC-721 standards.
The best NFT site is likely to support both standards and more than one blockchain, so you won’t have to use multiple platforms if you own several types of NFTs.
Types of NFTs
Online platforms for trading NFTs aren’t just places where you can buy digital images. The technology has a vast array of applications. The most popular NFTs are:
- In-game items
- Domain names
- Online art
- Audio files
- Video files
- Social media posts
You can find all of these and more on popular NFT websites. NFT markets such as the one operated by Binance allow for initial game offerings, which is a unique type of NFT.
Similar to ICOs (initial coin offerings), IGOs work in a manner whereby players can purchase NFTs during the game’s development and fund it in that way. IGOs can then be used in the game or traded on third-party marketplaces. NFTs in games usually take the form of in-game items that can be freely traded outside of the game on secondary markets.
Custodial or Decentralized Platforms
Custodial services are online marketplaces that hold crypto assets in centralized wallets on behalf of their users.
Some of the top NFT platforms operate in this manner, which is completely different from the way noncustodial platforms work. When you use a custodial platform, you don’t own your private keys.
The advantages of custodial platforms are:
- Ease of use
- More payment methods
- Centralized customer support
- Faster transaction times
The main disadvantage is that users don’t have control over their assets. If the platform is hacked or goes bankrupt, users stand to lose everything.
Before deciding on using such a platform, check if it’s insured to cover the losses in case its security is breached and assets stolen.
In contrast, decentralized platforms are community-driven and often run by DAOs (decentralized autonomous organizations). The advantages of these platforms are:
- You own your private keys
- More control over your assets
- Lower fees
The main disadvantage is that they can be more complicated to use. If you lose your account credentials, customer support won’t be able to help you recover them.
The best place to buy an NFT will make it easy for you to pay for the digital assets you want to purchase. The most common banking methods are:
- Credit/debit cards
- Bank transfers
When looking for an NFT marketplace, make sure it offers a payment method convenient for you.
Those that act as exchanges in addition to being NFT markets will have the most varied options, while DAOs are likely to be limited to ETH or whatever token is used by the NFT market’s blockchain.
Since the majority of NFTs are stored on the Ethereum blockchain, the best NFT marketplace should support commonly used ETH wallets that have the infrastructure for NFTs, such as:
- Trust Wallet
- Gnosis Safe
Top 8 NFT Marketplaces in 2022:
- Nifty Gateway
Which marketplace is best for selling NFT art?
There are many great NFT marketplaces, for example, OpenSea, Binance, Rarible, Nifty Gateway, Crypto.com, and so forth. However, the best marketplace for selling NFT art will ultimately be the one that meets your needs. Consider what type of NFT you’re selling, what payment methods you want to use, and whether you need a custodial or decentralized platform. Keep in mind that the ones with the highest trade volume and number of users are most likely to have collectors interested in the NFTs you’re selling.
What is the largest NFT marketplace?
OpenSea is the largest Polygon and Ethereum NFT marketplace: In January 2022, it had a record-breaking trade volume of more than $5 billion.
How do I choose an NFT marketplace?
Consider what type of NFT you’re selling or looking to buy, what payment methods you want to use, and whether you need a custodial or decentralized platform. For example, if you’re selling art, you might want to use a marketplace that specializes in art NFTs. If you’re simply looking for the largest marketplace, OpenSea and Binance are good options.