{"id":7394,"date":"2022-05-23T06:43:36","date_gmt":"2022-05-23T01:13:36","guid":{"rendered":"https:\/\/aayushbhaskar.com\/?p=7394"},"modified":"2022-05-23T13:47:43","modified_gmt":"2022-05-23T08:17:43","slug":"best-nft-marketplaces","status":"publish","type":"post","link":"https:\/\/aayushbhaskar.com\/best-nft-marketplaces\/","title":{"rendered":"The Best NFT Marketplaces for Beginners","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
NFTs<\/a>, short for Non-Fungible Tokens, has taken the world by storm. This increased attention has given rise to various NFT marketplaces through which one can invest in NFTs or trade them.<\/p>\n Earlier, I presented to you an introductory guide on investing in NFTs. Below, I review some of the major platforms in this space with a view to providing a quick start guide on what is best suited for whom.<\/p>\n Ready?<\/p>\n Let’s dig in.<\/p>\n NFT investment platforms or marketplaces are decentralized applications built on top of a blockchain.<\/p>\n In its simplest sense, they allow you to mint your own NFT, list to sell your owned NFT, or allow you to purchase the work of others, all the while using blockchain technology for recording transactions.<\/p>\n With utility being common amongst all such investment platforms, the comparison of which one is the best platform to invest in NFTs is, thus, on other factors.<\/p>\n Broadly speaking, any marketplace, to be successful would require to have a large number of buyers and sellers to use its platform while being undeterred by the cost of transacting through the said platform. This is true for NFT marketplaces as well.<\/p>\n This is quite simple. If a marketplace has a high cost to mint or trade, in USD terms, this is a negative as it drives away creators & investors. If the cost to mint is low, this is a plus.<\/p>\n If the NFT is minted on a popular blockchain, this is a plus point (more mints & higher community engagement for subsequent trading.<\/p>\n Whereas the same NFT on a blockchain with a low user count is negative (as new mints are going to be hard to come by, and the community engagement is expected to be low for subsequent trading).<\/p>\n So using our two-part test, let us now review some popular NFT investing platforms. For the purposes of our analysis, we have excluded in-game marketplaces, as we intend to focus on standalone marketplaces\/platforms only.<\/p>\n At the outset, I shall like to give credit to Dapp Radar<\/a> for all the statistical information on the all-time trader count and all-time volume count that has been presented below.<\/p>\n1. What are NFT Marketplaces?<\/h2>\n
2. What are the Differentiating Factors Amongst NFT Marketplace Platforms?<\/h2>\n
2.a. Transaction Fee Test<\/h3>\n
2.b. Community Test<\/h3>\n
3. Testing \u2013 Popular NFT Marketplaces<\/h2>\n
3.a. OpenSea<\/h3>\n