5x Popular NFT Market Places: Compare Pro’s and Con’s

Happy Investors

Dear Happy Investor, buying NFTs is done through NFT market places. In this article we will discuss popular NFT market places, each with its advantages and disadvantages. These digital market places for NFTs are growing at an incredible rate. Pay close attention to developments in this fledgling market, and educate yourself on the high risks before starting on an NFT market place. 

Let's take a look at the 5 popular NFT market places.  

Overview of NFT market places


NFTs are all the hype right now. There are reasons why this is right. They offer an entirely new way to invest in crypto, by buying and selling digital items. Potentially, this is an interesting market, but for now it is mostly gambling and speculation. Moreover, it is not wise to enter at the peak of the hype.

Anyway, the development of NFT is potential. Besides the how and what, the question is also where you can buy and sell NFTs. This is done on NFT market places. There are many of them. Below is an overview of 5 popular NFT market places:

  1. OpenSea
  2. Rarible
  3. SuperRare
  4. Foundation
  5. NBA Top Shots

Investing on NFT market places is extremely risky. If you are not yet familiar with this phenomenon, first read our article on NFT for dummies. Only start if you fully understand the risks involved. Invest only with small amounts that you can completely spare.

1. NFT market place: OpenSea

OpenSea is one of the leading decentralized market places for NFTs (non-fungible tokens). It is currently one of the most popular NFT market places. It is easily accessible from all over the world. The supply of NFTs is huge on OpenSea. You can search by specific items or browse by categories. It offers quick and easy transactions, without the need to exchange private keys or sign complicated forms.

The OpenSea NFT market place has a diverse catalog of NFTs available for purchase. These range from collectibles such as Crypto Kitties and Crypto Celebrities to in-game items such as Decentraland land parcels for virtual real estate. In addition, it supports a wide range of payment methods, including ETH, BTC, LTC, DAI, USDC, and more. This makes it easy for users to find a crypto currency they are comfortable using.

Given its popularity, you can often find the best NFTs on OpenSea.

Pros:

  1. The best NFT market place for gaming collectibles and unique NFTs 
  2. It has an “auctions” feature, which is perfect for people who want to put their item up for sale but don’t want to set a price.
  3. OpenSea offers secure escrow services so that both buyers and sellers are protected in their transactions.

Cons:

  1. It can be difficult to find the right item you're looking for since there are so many options.
  2. The fees can be high, especially if you're selling an item.
  3. You're relying on the OpenSea community to help you with any problems or questions you have.

2. NFT market place: Rarible

Rarible is built on the Ethereum blockchain and uses the ERC-721 standard for NFTs. It offers a much higher degree of flexibility and customization than other platforms. Creators can set their own prices, minting limits, and royalties, and they can also choose to offer discounts or bonuses to buyers.

Rarible enables creators to maintain full control over their digital assets. Unlike some other NFT market places, Rarible does not manage NFTs on behalf of its users. This means creators can rest assured that their NFTs will never be censored or removed from the platform. In addition, Rarible charges lower fees than most other NFT market places. For example, when a user sells an NFT on Rarible, they only pay a 3% fee. This is substantially lower compared to the 10-20% fees charged by other platforms. This makes Rarible one of the cheapest NFT platforms at the moment. 

If you are looking for a simple and affordable way to buy or sell NFTs, Rarible is worth considering. With low costs, flexible options and full control over digital assets, it offers a nice alternative to more expensive NFT market places. However, you may want to wait until the platform is more developed to avoid teething problems.

Pros: 

  1. The platform supports a wide range of file formats, including JPEG, PNG, GIF, and MP4.
  2. Offers a robust API that allows developers to create their own applications on top of the platform.
  3. Users can take advantage of a variety of security features, including 2-factor authentication and transaction confirmations via email.

Cons: 

  1. The popularity and functionality of Rarible are still relatively limited compared to other NFT market places.  
  2. Some users may be wary of interfacing with an untested and relatively new technology like blockchain-based digital assets. 
  3. It can be harder for less tech-savvy users to find their way around Rarible

3. NFT market place: SuperRare

SuperRare is a popular online market place for non-fungible tokens (NFTs) such as digital art, games, collectibles, and more. With its user-friendly interface and wide selection of artwork, it is one of the most popular platforms for buying and selling these unique digital assets.

Another major benefit of using the SuperRare is that it allows users to easily engage with other NFT enthusiasts or collectors through its built-in social features. This makes it easier for users to connect with like-minded individuals and form new communities around specific types of digital assets. Furthermore, the SuperRare NFT market place also offers great security features that help protect user data and information from potential threats. For instance, the platform uses advanced encryption technologies to ensure that all user data is well-protected.

Overall, SuperRare is one of the best options when it comes to buying and selling digital assets online due to its wide selection of unique and rare items. Whether you are an avid collector or just someone looking to experiment with digital assets, this platform is definitely worth checking out.

Pros:

  1. Being built on the Ethereum blockchain makes it very secure and transactions are fast.
  2. It has an attractive and straightforward interface that makes buying, selling, and managing your collection easy.
  3. The team behind SuperRare is highly experienced and has a strong track record in the industry. 

Cons:

  1. The platform does not offer a lot of payment options for users.
  2. The selection of artwork is not as large as on some other NFT market places.
  3. Some users have reported issues with the site being down or experiencing technical glitches from time to time.

4. NFT market place: Foundation

Foundation market place offers instant liquidity for NFTs through a platform-wide exchange that is fully integrated into the site. This allows users to easily buy and sell their NFT assets without having to go through an external exchange, which can be cumbersome and inconvenient at times.

Foundry operates as a non-custodial smart contract system that enables users to control their own private keys, providing complete ownership of their digital assets. This promotes user autonomy while also ensuring security and privacy with respect to their NFT holdings.

The mission-driven approach to creating an ethical blockchain ecosystem offers unique opportunities for users to collaborate in innovative ways while also promoting transparency, accountability, and good governance among all participants in the system. The team is committed to an ongoing process of innovation and improvement through active development of new features and tools that are designed to make NFTs more convenient and engaging for users within the platform.

Pros:

  1. Transactions on the Foundation platform are fast and secure, and there is no risk of fraud or chargebacks.
  2. The platform charges low fees for buying, selling, and trading NFTs.
  3. All transactions that take place on the market place are recorded on the blockchain, providing a transparent and tamper-proof history of activity. 

Cons:

  1. The platform does not currently support fiat currency (e.g. USD, EUR, etc.) payments for NFTs.
  2. The complex technical nature of NFTs and related technologies can make it difficult for many users to understand.
  3. The ongoing development process means that some aspects of the platform may experience occasional interruptions or malfunctions

3. NFT market place: NBA Top Shots

The marketplace launched in October 2020 with a limited selection of Top Shots, but plans to add more in the future. These "Top Shots" are officially licensed by the NBA and are stored on the blockchain, making them immutable and impossible to counterfeit. NBA Top Shot is powered by Dapper Labs, the same team behind CryptoKitties.

The NBA Top Shot marketplace is still in its early stages, but it has already generated a lot of excitement among basketball fans and collectors. The limited selection of Top Shots has made them quite valuable, with some selling for over $1000. The marketplace is expected to grow in the coming months, as more Top Shots are released and more fans discover the fun of collecting digital basketball memorabilia. NBA Top Shot is a unique and innovative way to engage with the NBA, and it will be interesting to see how it evolves in the future.

NFTs are digital assets that are unique and cannot be replaced or exchanged for other assets of the same kind. This makes them ideal for use in online gaming and other digital platforms where ownership of virtual items is a key component. NBA Top Shot allows users to purchase Moment NFTs, which are digital representations of memorable moments from NBA games. These Moments can be traded, sold, or even used to purchase other items in the NBA Top Shot universe.

Pros:

  1. It's a novel concept that brings together the worlds of sports and cryptocurrency. 
  2. The Moments on NBA Top Shot are officially licensed by the NBA, which adds to their collectability. 
  3. The marketplace is easy to use and makes buying, selling, and trading Moments a breeze.

Cons:

  1. The value of moments can be volatile, and there is no guarantee that they will retain their value over time.
  2. NBA Top Shot is still a relatively new marketplace, so there is always the risk of it being shut down or taken offline.
  3. NBA Top Shot Moments are not yet available on all platforms. 

These were 5 of the popular NFT market places right now. Do you have any questions or comments? Ask them in the comments below.