Nfts
Best NFT Markets in 2024
The non-fungible token (NFT) market has cooled significantly over the past two years, dropping 90% in 2022. Despite the bearish decline, NFTs remain a multi-billion 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 a major application in the skins market for games, allowing users to buy and sell in-game assets like clothing, weapons, and other items. Most NFT sales were related to art, although music, collectibles, and real estate were also traded as NFTs.
NFT marketplaces also facilitate the actual creation of NFTs in a process known as NFT minting.
How do NFT marketplaces work?
NFT marketplaces typically operate by charging a fee for any NFT sold, and some of them allow the original artist to earn royalties on future sales of their work. Users can create NFTs on blockchain networks, most commonly the Ethereum network. To join a marketplace, you need to create an account and connect a digital wallet like MetaMask.
From there, you can upload artwork and create an NFT by following the instructions on your platform of choice or simply browse the NFTs you want to purchase. You can also research the market by doing so with a view to selling any NFTs you own and put an NFT up for sale.
To purchase an NFT, you will need a cryptocurrency in your wallet, and the most common crypto used to purchase NFTs is ETH.
Best NFT platforms: top 7 marketplaces in 2024
Let’s take a look at the best and most popular NFT markets in 2024.
Open Sea
Open Sea is the world’s first NFT marketplace, launched in 2017. It remains one of the largest NFT marketplaces, maintaining its first-to-market advantage and offering the widest selection of assets to trade. However, Magic Eden and Blur have overtaken OpenSea in popularity this year.
OpenSea has over 1 million active users since its launch, and 140,000 accounts still trade NFTs each 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 have to relinquish control of their assets to OpenSea when they list them for sale.
Costs: 0% – 2.5%
Minting fees: 0% – 2.5%
Liquidity: High
Royalty fee: Optional fees from 0% to 10%
Rare
Rarible is a major NFT marketplace founded in 2020. The platform offers competitive fees for trading NFTs and focuses on trading rare digital assets. Another key feature of the platform is the high royalties offered to creators.
Although setting a royalty feature too high may discourage users from purchasing NFTs with the intention of flipping them, artists with assets in high demand may find that high royalties are very profitable and can choose the amount they want set for royalties.
Costs: 7.5% – 0.5%, depending on the value of the property. 0% available when staking the native token.
Minting fees: 0%
Liquidity: AVERAGE
Royalty fee: Up to 50%
Magical Eden
Magic Eden is an NFT marketplace that offers NFTs issued on the Solana blockchain rather than Ethereum. Solana is an Ethereum competitor aiming to become a faster, more scalable way to build decentralized applications.
However, Magic Eden has expanded to include trading Ethereum NFTs and Bitcoin Ordinals, or Bitcoin NFTs.
Trading Fees: 2%
Minting fees: Approximately 0.02 to 0.04 SOL
Liquidity: High
Royalty fee: Choose between 0%, 50% or 100%
Get confused
Blur is an NFT platform aimed more at professional NFT traders looking to profit from their transactions. it recently surpassed Magic Eden and OpenSea to become the world’s largest NFT marketplace by trading volume.
While early NFT marketplaces had a more casual approach to the market, Blur sought to make trading cheaper for end users and charged no transaction fees. The platform launched with very low royalties, which allowed OpenSea to completely remove mandatory royalties.
Blur is a decentralized application running on the Ethereum network and users can vote on the governance of the platform using the native BLUR token. It offers secured loans and allows users to search OpenSea listings from Blur. The transparent bidding feature also allows users to view the bidding history on an NFT, providing more insight into the market value of their NFTs.
Trading Fees: 0%
Minting fees: Depends on current Ethereum gas fees
Liquidity: High
Royalty fee: 0.5% fixed rate
SeemsRare
LooksRare is a decentralized application that allows NFT trading and is governed by its own community. 100% of this NFT marketplace’s fees were initially earned by users staking the native LOOKS token, an attractive incentive program that puts community first. This program has been discontinued and the platform now offers rewards through a more complex series of DeFi-inspired incentive programs.
Trading Fees: 2%
Minting fees: Depends on current Ethereum gas fees
Liquidity: Weak
Royalty fee: 0% option, with higher options available
Binance NFT Marketplace
Binance, the world’s largest cryptocurrency exchange by trading volume, also offers an NFT marketplace. Like Binance, the marketplace offers a wide selection with low fees. 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 past 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
Royalty fee: 1%
Clever gateway
Nifty Gateway is an early entry into the NFT branding space, founded in 2018 and becoming known for its exclusive NFT artist rosters. Although it does not have the high volumes it boasted in 2021, it remains a reliable NFT marketplace.
Trading Fees: 2.5% (non-depository) – 5% (depository)
Minting fees: Ethereum (ETH): 0.50 ETH; BNB Smart Chain (BSC): 1.00 BNB
Liquidity: AVERAGE
Royalty fee: 1%
What is the best NFT marketplace in 2024?
The NFT market 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 stands at $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 any transaction fees made it a clear exception when it comes to picking a winner in our list of NFT marketplaces.
Frequently asked questions
What is the best NFT marketplace for beginners?
OpenSea, Blur, and Magic Eden are all frequently praised for their ease of use for beginners to start trading NFTs.
Where is the best place to buy NFTs?
There is no definitive answer as to the best place to purchase NFTs, as it will depend on your priorities for fees, royalties, and liquidity, among other factors. Blur is currently the most popular NFT trading platform.
Where is the best place to sell NFTs?
Blur has the highest trading volume, providing 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 intended for educational purposes only.