Original source:Blockworks
Compilation of the original text: The Way of DeFi
Original source:
Compilation of the original text: The Way of DeFi
No guide can completely eliminate the disadvantages of investing in NFTs or any other crypto asset, but this guide aims to analyze how and why each trading market can or cannot meet your own NFT needs.
Image Credit: Generated by Maze AI
image description
Image Credit: Generated by Maze AI
NFT Auction ModeDifferent NFT marketplaces have different criteria for the auctions that govern their transactions.
dutch auction,British NFT Auction
OpenSea
Adopt an encrypted version of the eBay model. Sellers set a low reserve price, and bidders compete by making higher and higher bids until the auction closes at a predetermined time — when the highest bidder wins. English auctions help lesser-known artists sell NFTs for a fair price. But sellers can also use the format to bid anonymously and manipulate prices.
first level title
Launched in December 2017, OpenSea became the first Ethereum-based NFT trading platform. As the industry has grown, the marketplace has grown in popularity and now handles over 50% of all NFT transaction volume — not bad for the largest marketplace with over one million registered users.
OpenSea provides creators with an extensive set of tools to mint and list new collectibles. It also comes with a minimalistic interface for browsing and purchasing NFTs - using a range of payment options. From the platform’s Ethereum roots, OpenSea has recently expanded to support NFTs on five more chains, notably Solana and Polygon.
OpenSea NFT exampleCASHRULEZimage description
Magic Eden
Space Daddie#001 by
have
Magic Eden is especially sought after by collectors looking for fresh, up-and-coming NFT pieces. Magic Eden Launchpad hosts regular NFT minting events, connecting creators with collectors. While the platform was originally Solana-native, it has since expanded to support ethereum-based NFTs — and there are other networks in the pipeline.
Claynosaurz #7328
Rarible
Magic Eden NFT example
image description
Rarible launched in early 2020 and captured a significant portion of the overall market share later that year when adoption in the NFT industry increased. Rarible, one of the few NFT marketplaces with a native token, released its RARI token about a year after the platform launched. The token allows users to influence platform upgrades and access certain unique features.
RARI token holders can submit or vote on proposals for transaction fees, new features, and related governance proposals. Such votes are advisory and non-binding, so the Rarible team still has the final say.
Rarible has a unique appeal to creators. It provides buyers with a filter to explore top influencers and artists. This feature allows creators to forge closer relationships with their respective communities of collectors. The platform also offers an aggregator that allows users to buy NFTs listed by competitors.
Doodle#5303
Nifty Gateway
NFT example on the Rarible platform
image description
Nifty Gateway held an auction of a work by renowned internet artist Beeple for $6.6 million. Worth mentioning: Nifty Gateway is closely related to cryptocurrency exchange Gemini.
NFT example on Nifty Gateway platform
image description
Created by Beeple
Binance NFT
Binance, the world's largest cryptocurrency exchange, launched its NFT business in June 2021. Users need to register and verify their identity on Binance to access the platform. Creators and collectors trade in three major cryptocurrencies: BNB, BUSD, and ETH.
Since its launch, Binance NFT Marketplace has organized NFT airdrops for high-profile celebrities and entities, including Russell Simmons, Paulo Del Valle, Uganda National Museum, Franck Muller, and Parimatch. The highest sales for newcomers on the Binance NFT marketplace was $2.8 million.
Coinbase NFT
Binance NFT Example
image description
The Coinbase NFT platform hosts exclusive distributions from popular artists and new crypto-native NFT projects. It also lists a collection of leading NFT collections, including CryptoPunks, Bored Apes, and Otherdeed metaverse plots.
Roll With It#32/50
SuperRare
Example on the Coinbase NFT platform
image description
SuperRare also has a native asset: its RARE token. RARE holders form RareDAO and have the opportunity to curate the market, define listing parameters and influence platform upgrades. Since its launch in 2018, artists on SuperRare have earned over $760 million, with over $100 million in secondary sales over the same period.
Tower 01 - Hydrology
MakersPlace
SuperRare NFT example
Launched in 2018, MakersPlace mainly provides a platform where NFT artwork can be purchased. Collectors can find exclusive artwork by renowned artists such as David Loblaw, Mr. Longshanks, FidJay, and more. Since its launch, the platform has attracted more than 100,000 collectors, with transactions worth $100 million in 2021 alone.
secondary title
MakersPlace NFT Example
image description
Next steps after choosing an NFT trading platform
1. Assess what NFT you want to buy
There are millions of NFT collections on the market. However, the best NFT investments are usually those that have a strong community or appeal to you personally. It may also be the work of an upcoming artist, whose value may increase as the artist's popularity rises. As a rule of thumb, buying an NFT just because an influencer is promoting it can be a poor investment.
2. buy it
Once you have made up your mind, the next step is to buy. The steps to purchase an NFT vary by platform. It usually involves setting up a Web3 wallet, or registering with an NFT marketplace website and completing their KYC process. Next, fund your wallet with the purchase amount, or if supported by the platform, use your credit card to make the purchase.
3. Store your NFT in the wallet
Like cryptocurrencies, you can store NFTs in self-hosted wallets. While it is common practice to use mobile or browser-native wallets for NFT storage, hardware wallets provide the most secure experience. These devices typically store your assets offline and eliminate a common attack vector for hackers. Ideally, a hardware wallet is a must-have for investors to put huge sums of money into the NFT market.
4. Sell the NFT later for a profit
While most NFTs have artistic appeal, they are also investment assets. If you're inclined to sell NFTs, we recommend reading our guide on how to sell NFTs on the NFT exchange of your choice. That way, you can avoid potential losses from listing your NFT at the wrong price or other potential mishaps. It also allows you to use the best withdrawal methods to save on fees and get the full value of each sale.
The entire NFT market
Rarible, SuperRare, MakersPlace and Nifty Gateway focus on artwork and exclusive releases from influencers and popular artists. At the same time, Binance and Coinbase’s NFT platforms are gaining prominence — providing investors with centralized trading venues.
IOS
Android