Top 5 NFT Exchanges: How To Pick The Right One For You

July 19, 2022 by Mimi Phan

Much like choosing a car, a laptop, or even a university, choosing an NFT exchange that’s right for you comes down to a number of factors. As with most things in life, the more you know, the easier (and hopefully better!) your decision.

“The world of art is always evolving, and all these new technologies are constantly changing the scene, and as an artist, sometimes it’s really hard to keep up, especially in the digital age,” says Benji Wilson, an entrepreneur who teaches artists how to utilize the opportunities of Web 3.0. It’s a point that traverses the intersection between art and technology.

With emerging technologies being, well, emerging – and particularly in this multifaceted, ever-evolving Web 3.0 ecosystem – all of us could do with a bit of help to keep track of the exciting new developments popping up all across this new technological frontier.

It can be hard to keep up, so we’re on a mission to help you make informed decisions about the offerings, products, and platforms populating the Web 3.0 landscape. Let’s start with the basics…

What is an NFT exchange?

An NFT exchange – or an NFT marketplace – is a platform where NFTs are traded, displayed, stored, or sometimes minted (which means created in NFT-speak). What Amazon is to consumer goods, and Shopify is to websites, these marketplaces are to NFTs.

How can I access NFT marketplaces?

To access an NFT marketplace you’ll need a crypto wallet, with some form of currency inside it. You need make sure that the wallet you decide on is compatible with the blockchain network that supports the NFTs you plan to buy. 

Whoa, that sounds complicated! you might be thinking. No fear – if the string of words above means absolutely nothing to you, stick with us. What we’re saying is that if you plan to buy or sell NFTS on, for example, the Etherium blockchain (which is still the most popular and widely used), you must use a wallet that’s compatible with the Ethereum network – such as MetaMask.

Or maybe you missed out on grabbing yourself a Crypto Punk, and decide that instead, you’d like a SolPunk in your NFT collection. In this case, you’d use a wallet compatible with the Solana network, such as Phantom Wallet. Simple!

Where’s the best place to buy NFTs?

Well, that all depends on which NFTs you’re looking for. We’re going to cheat and choose our top five. 

1. OpenSea

Probably the most well known in this lineup, OpenSea is a leader in NFT sales. This marketplace supports more than 150 different payment tokens, is free to sign up and simple to use. The platform also supports artists and creators with the minting process – so if you’re thinking of creating your very own NFT collection, we’d say OpenSea is the place to go. A good all-rounder, and perfect for NFT newbies!

While the platform has been in the news recently for cutting staff by a fifth, we’d stay it’s still a solid bet for those starting their NFT journey.

2. Rarible

Another popular NFT marketplace, Rarible is a great choice if you’d like to pay for your NFTs via credit card.

Rarible also has a slightly better reputation when it comes to security than Opensea, which this month joined a long list of crypto companies impacted by data breaches. The platform doesn’t support as many currencies as Opensea does, but comes with better perks for creators, since it lets you set your own royalties and earn up to a whopping 50% on secondary sales.

3. Nifty Gateway

Nifty Gateway is an NFT marketplace that prioritizes quality over quantity. Positioning itself as the modern answer to an art dealer, the platform exclusively features curated and verified art, mainly created by artists already established within the community. Think of Nifty Gateway as the digital version of the Metropolitan Museum of Art – or even the Met Gala: you’re there to see and be seen.

Known for partnering with big names and brands, the exchange has been utilized by famous names and musicians, including Grimes and Lil Yachty. There’s also an extra bonus for those based in the US: users can use their fiat currencies to purchase NFTs if they so wish, meaning no messing around with cryptocurrencies… Easy peasy!

If celebrity hype, exclusivity, and the luxe life is your thing, Nifty Gateway might be the NFT exchange for you, darling.

4. SuperRare

Similar to Nifty Gateway, SuperRare is the champagne and oysters of NFT marketplaces. The Ethereum-based platform facilitates easy interaction between digital artists and collectors and brands itself as “Instagram meets Christie’s”. Fancy!

Despite its bragging rights, the platform is very user-friendly: anyone can use its functions without having to crack out the YouTube tutorials. SuperRare also runs a primary and secondary market, which allows creators to mint and sell their NFTs (primary) and collectors to resell their NFTs (secondary).

The main drawback to choosing this platform is the fees: SuperRare takes a high commission (15% for the initial sale) from artists. The 3% buyer’s fee is also higher than Rarible’s (whereas OpenSea charges nothing for purchases made on its platform).

It’s worth pointing out that while a 15% commission is high in NFT-land, most IRL galleries take between 40–70% commission. It’s little surprise that disgruntled artists are racing to make their mark in Web 3.0.

5. GameStop Marketplace

Last but not least – enter GameStop Marketplace. This is an interesting one, as GameStop launched super recently. We’ve included the newest kid on the block partly because there’s a niche aspect – namely the platform’s gaming focus – and partly because the first week of sales was pretty damn impressive. 

Why choose GameStop? Well, as the name indicates, this Web 2.0 company’s foray into Web 3.0 is focused on gaming in the Metaverse. While the platform hasn’t actually added gaming NFTs yet, users will be able to trade in-game assets via blockchain tokens on the Ethereum platform.

Despite launching in a highly uncertain market, the platform has smashed initial sales expectations. The marketplace passed 3000 ETH in sales within its first 48 hours – exceeding the all-time sales record on the embattled Coinbase Marketplace. With iconic games such as Tony Hawk’s Pro Skater making moves into the Metaverse, this marketplace has tons of potential. As GameStop puts it… Power to the players!

Featured image by Mohamed Hassan on Pixabay