NFT art marketplaces — Non-Fungible Tokens have been gaining popularity as digital assets that prove ownership and authenticity of various types of content. These contents range from music to art, videos, and collectibles. Unlike cryptocurrencies, NFTs are unique and cannot be exchanged for an equal value.

After the cryptocurrency craze, the NFT boom began in 2021. It had over $10 billion in total trading volume. In the first quarter of 2023, the NFT market experienced a significant boost in trading volume, with an increase to $4.7 billion. This marks the highest trading volume since the second quarter of 2022.

So if you are an artist and/or collector looking to explore the world of NFTs or want to showcase and merchandise your work using blockchain but are unsure where to start, this post will be looking at some of the best NFT art marketplaces out there.

What is an NFT?

NFTs are unique tokens that cannot be replicated or replaced. Think of them like the digital version of a limited-edition, signed artwork. NFTs can be traded and exchanged just like regular currency but with one key difference.

While cryptocurrencies are interchangeable, each NFT is unique and cannot be swapped for another, making them even more valuable and sought-after.

It’s fascinating how NFTs revolutionize how we value and trade digital assets! For instance, Beeple’s “Every Day: The First 5000 Days” digital artwork sold for $69 million in March 2021. Christie’s auction house also sold a collection of CryptoPunk NFTs for $17 million.

How to buy NFT?

Below are the steps to buying NFT on a marketplace:

Step 1: If you’re interested in buying NFTs, the first step is to select and fund a crypto wallet. This will give you the tools you need to transact on NFT marketplaces.

Choose a marketplace and create an account. There are 

Step 2: various NFT marketplaces, such as OpenSea, Rarible, and more.

Step 3: You’ll need to connect your wallet to the exchange next. You can browse and choose the NFTs you’d like to purchase from there.

Examples of best NFT marketplaces

When looking for where to buy NFTs from, OpenSea has been the leading NFT marketplace, but the recent surge of new players like Ommniverse clearly indicates a developing trend in the NFT marketplace. Customers stand to benefit from the competition as these platforms vie to offer innovative blockchain-backed services. Let’s explore some of the best NFT marketplaces with a special focus on artwork.

1. OpenSea

OpenSea, the first Ethereum-based NFT trading platform, is now the largest marketplace with over a million registered users and over 50% of NFT trading volume. However, due to its popularity, sellers face tough competition, making it difficult for new sellers to stand out, which may result in lower sales.

OpenSea offers various tools for creators to mint and list new collections and a simple interface to browse and purchase NFTs with multiple payment options. It has also expanded to support NFTs on five additional chains, including Solana and Polygon.

2. Magic Eden

Magic Eden has quickly emerged as the most popular NFT marketplace on the Solana network, despite launching only recently in September 2021. It boasts the largest user base among SOL NFT markets and is the second-largest platform in terms of trading volume, with OpenSea being the only platform ahead of it.

The Magic Eden Launchpad is a great resource for creators and collectors, hosting regular NFT mints. The platform is particularly attractive to collectors looking for new and exciting items. Although it began as a Solana-native platform, it has since expanded to include support for Ethereum-based NFTs, with plans to support other networks.

3. Rarible

Rarible, an NFT marketplace launched in early 2020, gained a significant portion of the overall market share as the NFT industry saw increased adoption later that year. One of the unique features of Rarible is the availability of its native token, RARI, which was released approximately a year after the platform’s launch. RARI token holders can influence platform upgrades and access certain exclusive features.

Creators also find Rarible appealing because it provides a filter for buyers to explore top influencers and artists. This feature allows creators to build stronger relationships with their respective collector communities. Furthermore, the platform offers an aggregator, which enables users to buy NFTs listed on competitors. Rarible’s unique features and governance structure make it a popular choice for NFT enthusiasts and creators.

How to Set Up an NFT Marketplace Account

To set up an NFT exchange account, follow these simple steps:

Step 1: Create a digital wallet if you don’t already have one. This is where you will store your digital money and NFT credentials. Some popular wallets for NFTs include MetaMask, TrustWallet, Dapper, and MyEtherWallet (MEW).

Step 2: Select an NFT exchange and create an account. To fund your account, you must purchase ETH tokens from a cryptocurrency exchange like Gemini or eToro. Funding your account is easy; just follow the instructions on your chosen marketplace.

Step 3: Bid on the NFT you’re interested in. Once you’ve set up your wallet and have enough ETH in your NFT exchange account, you can start bidding on NFTs. You can buy an NFT directly or bid on an item up for sale.

It’s also a good idea to wait and see the market value on the secondary market before making a bid. Like bidding on eBay or StockX, you’ll need to offer a price for the NFT you want to acquire.