NFT marketplaces are the talk of the town in the world of NFTs. Every major cryptocurrency exchange is coming up with its own, significant companies are collaborating with them, and even social media platforms are beginning to integrate NFT sales as part of their services. https://whatarenfts.com/good-nft-marketplace/

1. What makes a good
NFT Marketplace?
However, with so many good NFT marketplaces
popping up every day, it’s difficult to tell a good
marketplace apart from a regular one. A couple
of traits make NFT marketplaces stand out from
the crowd.
Let’s take a look at what makes a good NFT
marketplace:

2. What is an NFT marketplace?
Imagine an Amazon, where instead of various products, instead you can purchase NFTs.
That’s how an NFT marketplace works: you browse through available NFTs, NFT
collections, and NFT creators to buy whichever you want.
NFT marketplaces also allow NFT creators to sell their own NFTs or for NFT traders to
resell NFTs obtained through other means or by purchasing them from another seller.
As per the HBR analysis, NFT marketplaces gravitate toward a winner-takes-all
dynamics, which seems to be the case for many noteworthy NFT projects.
Once an individual platform achieves mainstream popularity, it’s hard to knock it down
unless other marketplaces start innovating. We analyze the different types of NFT
marketplaces and how they have innovated below.

3. What is an NFT?
An NFT is a non-fungible token. NFTs have significantly picked up in popularity due to
their invisibility and resale profits. People also appreciate the artistic quality of NFTs and
enjoy the value or utilities they provide them, usually manifested as perks out of the NFT
itself or within a virtual reality like the Metaverse.
Types of NFT marketplaces
The popularity of NFTs has opened the door to many good NFT marketplaces
pandering to different audiences of NFT enthusiasts. There’s an NFT marketplace or two
for any NFT trader in the present day.
Harvard Business Review classified NFT marketplaces on a spectrum that goes from
streamlined to augmented. Depending on their functionality, NFT marketplaces could
also be considered custodial or non-custodial.

4. Streamlined marketplaces support generic services and cater to a general NFT
audience.
These are convenient for beginners, as anyone without deep knowledge of NFTs can
quickly create an account on one of these and start buying NFTs or selling NFTs.
Some of the most famous streamlined marketplaces are Rarible and OpenSea. These
marketplaces are known as “general” marketplaces, as they offer NFTs from all types of
projects without explicitly focusing on a niche.
Augmented platforms have the advantage of differentiation among NFT marketplaces.
Some of them might specialize in functionality rather than niche NFTs, such as offering
an improved minting service compared to streamlined marketplaces.
There’s a recurring number of traits that make some NFT marketplaces more popular
than others. These are: multichain compatibility, credit/debit card optimization, lazy
minting, and social interactions.

5. Multichain compatibility
The need for a multichain NFT marketplace
is proportional to the number of crypto
investors willing to invest in NFTs. A
multichain NFT marketplace bypasses the
interoperability of NFTs, developing a
platform where NFT marketplaces can be
established on different blockchains.
OpenSea is one of the few NFT marketplaces
that boasts multichain compatibility with
Solana, Ethereum, and Polygon.

6. Credit & debit card optimization
Most NFT marketplaces require you to have a crypto wallet for purchasing NFTs and crypto tokens.
While creating a crypto wallet for Ethereum using Metamask is relatively easy, not everyone is
comfortable purchasing crypto to buy NFTs.
People want to start purchasing NFTs in the most straightforward way they are familiar with: credit
cards. However, not all good NFT marketplaces support credit cards.
MoonPay employs an on-ramp and off-ramp service. On-ramp is the exchange of fiat currency for
digital assets, while off-ramp is the exchange of digital assets for fiat currency. MoonPay’s
popularity has been heavily linked with the popularity of the Bored Ape Yacht Club collection.
The preference of fiat currency over crypto for buying NFTs is primarily due to the volatility of crypto
assets’ value. After the May 2022 crypto crash, customer sentiment on the worth of most crypto
assets lowered, leading to more NFT buyers preferring fiat purchases rather than crypto purchases.

7. Lazy minting
Lazy minting refers to the minting of an NFT
without paying for gas. Gas fees can be a
detractor to many NFT enthusiasts who
want to create.
It refers to an NFT being available off-chain
and only getting minted once a sale occurs.
This allows the seller to not pay for the gas
fees upfront and instead deduct them from
the final sale price.
NFT marketplaces that allow for lazy minting
tend to be more popular than those that
don’t.

8. Social interactions immerse the NFT trader
into the NFT community, allowing them a
two-way channel for interaction with their
favorite NFT creators.
Coinbase NFT is an example of an NFT
market that appeals to social interactions
more than sales. That’s because Coinbase
NFT allows you to comment other people’s
NFT collections, drop likes similar to social
media, and follow your favorite content
creators all in one place.
This saves people the time to keep track of
all NFT projects they enjoy and keeps
everything in Coinbase NFT’s interface.
Social interactions

9. Which is the best NFT marketplace?
Depending on your goals as an NFT trader, some NFT marketplaces might be a better
choice than others. Some might offer a more premium service while charging higher
service fees. Others might sell NFTs exclusively in your niche of choice.
Here are some of the most famous NFT marketplaces in the digital world:
OpenSea
OpenSea is widely considered the best NFT marketplace for beginner NFT traders,
and the biggest NFT marketplace of all. It has compatibility with Ethereum and
Solana, covers all types of NFTs, and accepts a staggering 150 cryptocurrencies using
MoonPay.
OpenSea could be considered a streamlined NFT marketplace.

10. SuperRare
SuperRare markets itself as an “Instagram meets Christie’s” type of marketplace,
where it onboards a small number of select artists from the profiles submitted
through the form on their website.
Due to its exclusive, invitation-only nature, SuperRare could be classified as an
augmented NFT marketplace.
Rarible
Rarible is a marketplace that allows for the sale of NFTs submitted for approval on
their website. It works similarly to OpenSea, allowing creators to set the price tag on
their NFTs and their desired royalty percentage for secondary sales. They use their
crypto, RARI, for sales. Rarible could be considered a streamlined NFT marketplace.

11. Mintable
Mintable is an Ethereum-based marketplace that supports a wide variety of digital
files, including JPEGs, PNGs, MP4s, and even PDFs, being one of the few NFT
marketplaces that allow the minting of book NFTs. The platform offers low creator
fees and features educational resources for traders who want to learn more about
how NFTs work.
Mintable could be considered a streamlined NFT marketplace.
Binance NFT
Binance NFT is an NFT marketplace developed by crypto exchange giant, Binance. It’s
a beginner-friendly marketplace with low minting fees, security features thanks to its
integration with the Binance ecosystem, and low marketplace fees. On the other
hand, minting permissions are more strict on Binance NFT than other NFT
marketplaces. Binance NFT could be considered a streamlined NFT marketplace.

12. Final words on how to spot a good NFT marketplace
It’s no wonder that so many different companies are looking to get in on the NFT
marketplace action. But with so many options, it can be hard to know which one is
right for you.
Check out our other guides on What are NFTs.

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