NFTL;DR | Marketplace explained in under 400 words
NFT Marketplaces are platforms where collectors buy, sell, trade, and sometimes create (or mint) NFTs. They are the backbone of most of the NFT ecosystem.
open sea
OpenSea is considered the largest NFT marketplace in existence. Users can collect digital art, photography, music and more, and the platform provides useful tools for NFT creators and collectors. It supports Ethereum, Polygon, Clatin and Solana blockchains. OpenSea charges a fee of 2.5 percent of the final value of each transaction, and its supported payment methods include ETH/WETH, SOL, USDC, DAI, APE, and credit/debit cards via Moonpay.
Rare to see
Looksray is another heavy hitter. A relatively new NFT marketplace that launched in early 2022, it is considered OpenSea’s most direct competitor. LooksRare markets itself as a “community-first NFT marketplace” and quickly became a favorite within the Ethereum NFT ecosystem.
Adding to its popularity is the fact that it has promoted its own token $LOOKS to collectors trading 3 ETH or more on OpenSea from June 14, 2021 to December 16, 2021.
The platform takes a two percent commission on NFT trades and allows NFT creators to set their own royalty fees, which are generally comparable to OpenSea. LooksRare supports the Ethereum blockchain and allows payments in ETH/WETH.
Nifty Gateway
Founded in 2018, Nifty Gateway supports the Ethereum blockchain and allows payments via credit/debit cards, prepaid ETH and Gemini accounts. Billed as a “digital art online auction platform,” it’s owned by crypto-exchange heavyweight Gemini and is considered one of the most accessible NFT marketplaces out there. The site hosts a wide array of weekly curated NFT drops and a growing number of verified external collections.
The marketplace is unique in that it is custodial, meaning that the NFTs in it are stored in a secure Nifty Gateway Omnibus wallet instead of individual collector wallets. This means owners need to withdraw their NFTs from the system to trade on other platforms. Marketplaces also have high fees: a five percent service fee and a 10 percent artist commission fee tacked on to the final sale price.
Other popular marketplaces include Magic Eden, Solanart, Atomic Hub, Rareball, Super Rare, Foundation, Objects, and more.
Want to know everything about NFTs? Check out our comprehensive guide. Prefer to explain key points in under 400 words? Check out other articles in our NFTL;DR series:
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