What is NFT marketplace & types of NFT marketplaces?
NFT marketplaces – A brief definition
NFT Marketplace is where sellers and buyers communicate, trade, and purchase digital assets. As anything could become digital assets, music tracks, writing essays, your paintings, you name it, NFT Marketplaces also have different types for different focuses.
Open Sea, for example, is currently one of the biggest NFT trading platforms. This leading marketplace has a record US$12.5 billion trading volume in 2021, which accounts for approximately 8% of the global trading volume in total, according to DappRadar (Source).
This marketplace is compatible with various NFTs such as art, music, domain names, virtual world, trading cards, digital collectibles, and sports assets,… and also with many blockchain networks: Ethereum, Polygon, Klaytn, Solana. Hence, somehow it explains how big this marketplace is, as buyers and sellers joining OpenSea can find what they want to buy and list what they want to sell without any obstacles.
Unlike Open Sea, Foundation is regarded as the best option for artists to showcase their works, as it is mainly focused on digital artwork and privately built for digital art enthusiasts. Noted that this is an invite-only and art-focused NFT Marketplace, making Foundation become an excellent place for artists to find people with the same taste and eventually close the deal with buyers.
Types of NFT marketplaces
Open Sea and Foundation are two examples of different types of NFT Marketplaces. Therefore, you could classify NFT Marketplaces into Exclusive NFT Marketplaces (Foundation), General NFT Marketplaces (OpenSea), and Specific NFT Marketplaces.
Meanwhile, there is more than one way to categorize NFT Marketplaces. NFT Trading Platforms could also be classified as Open NFT Marketplace, Curated NFT Marketplace, and Self-owned NFT Marketplaces.
Explore the dynamic world of NFT Marketplaces: What Is NFT Marketplace? Making Sense Of The NFT World
Why should artists choose art NFT marketplace to publish their artwork?
Starting something new always seems complicated and scary. Yet undeniably NFT Marketplaces have really opened up a new door for artists to trade their works on a global scale: Higher accessibility with lower barriers, not to mention the monetary benefits they could gain.
Here are the four main benefits that artists could maximize when selling versions of their work on art NFT Marketplaces:
Increased accessibility
NFT Marketplaces allow anyone to create, mint, buy and sell NFTs. Some popular NFT Marketplaces even do not charge you any when setting up and making transactions. This means lower barriers to inspire artists to bring their art before a large base of consumers, which are not limited to countries’ borders anymore.
Artists now could join any NFT Marketplaces, create their digital artworks, and sell them to an increasing number of buyers. This number is unsurprisingly huge. Additionally, all the transactions supported by the blockchain network could be a matter of seconds. This also means you could earn money in perpetuity.
Traditionally, to be recognized, artists often open an art gallery to invite art enthusiasts to come, see and make money from each artwork they could sell. Needless to say, a painting can be worth money, yet they only paint and own one. Selling their painting means they do not have any ownership of this anymore.
Now, NFTs can be made directly from your home with very less expense, and smart contracts empower the ability to trace the history and verify ownership and authenticity of any artwork. And artists could decide themselves to auction that art piece or not.
Global market
It is undeniably a massive benefit as buyers, sellers and creators could get access to NFT Marketplaces. Artists’ works now could virtually come a long way to the global market and be traded without difficulties. In what concerns traditional artworks, only a small community gets access to the pictures, which are mostly sold at auction houses.
Now, NFT art is globalized and accessible to everyone, provided that they are interested.
Ownership
As with NFTs, artists now could make, display and sell whatever they want. Previously they needed to depend much on galleries and museums for management or helping them do some marketing activities to attract clients. They even could eliminate further costs of displaying in galleries as they could function on their own terms.
Moreover, NFT platforms offer NFT Marketplace Royalties, allowing artists to gain passive incomes each time a secondary sale proceeds and to retain ownership from being the original creator of the works.
Security
One of the unique characteristics of blockchain is a non-fungible record of authenticity, so the connection of NFT marketplaces is at a higher level of security.
Compared to traditional art markets, which may have some transparent risks, this NFT marketplace, on the other side, operates in a much more regulated way.
Furthermore, as artists take the whole responsibility for their artworks, this also means they could fully control their art’s sales.
NFT art marketplace’s growth & volume
According to the report from Statista, the number of art-segment NFT sales during the period from April 15, 2021, to November 15, 2022, has significantly fluctuated. On April 15, 2021, it has been witnessed that approximately 28.4 thousand art NFTs sold just during the previous 30 days. Fast forward to November 15, 2022, the number of sales recorded on different blockchain networks (Ethereum, Ronin and Flow) was 30.4 thousand.
Within only a year from 2021, the size of the NFT Art marketplace grew to $41 billion. Jefferies, an investment bank, has predicted that it would keep growing and reach far beyond $80 billion by 2025. It is also a sign that NFTs will keep shaking the community in the years to come.
Factors to consider the most suitable art NFT marketplace for artists
Liquidity is a crucial factor in determining whether you should enter this marketplace but not others. Liquidity means the number of buyers and sellers on the marketplaces that really make transactions. This also explains why artists typically opt for some general NFT Marketplaces rather than niche-focused ones.
For artists, their artworks might be better suited on one platform and not so suited on another. It’s absolutely recommended that artists browse all the sites and decide which one fits best. For example, Nifty Gateway and SuperRare are examples of curated art NFT Marketplaces. Meanwhile, there are also some sites exclusively suited to a specific type of art. We will list down in the next part. Keep reading!
Audiences and Fees are the following factors that you should take into consideration. Obviously, you could list to as many marketplaces as you can. Yet it would not be efficient if you did not target the suitable customer base.
Top 15+ best art NFT marketplaces for artists
OpenSea – The most established NFT marketplace
This is one of the largest and most established NFT Marketplace powered on the Ethereum blockchain. Open Sea is an easy-to-use and non-exclusive platform. You could set up fast, mint your NFTs and immediately start selling.
As a seller, artists have 3 listing options including setting at fixed prices, declining listing prices, and auctions. This NFT Trading platform also offers NFT Marketplace Royalties for NFT creators for each secondary sale.
The biggest drawback of Open Sea is the high gas and carbon fees. If you have just prepared to list your first artwork, you need to pay two kinds of fees. One is the compulsory setup fees, and the second one is the optional fee, which you only have to pay if you mint you NFT via smart contracts, not Open Sea platforms.
Specifications:
- NFT Type: Art, Music, Collectibles, Sports Assets, Domain names, Photography, Trading cards, Virtual worlds, Utility.
- Blockchain Network: Ethereum, Polygon, Klatyn, Solana.
- Reasons to join:
- Cover all types of digital assets
- Over 150 cryptocurrencies accepted
- Very easy to use
- Reasons to avoid
- High gas and carbon fees
- Fees: 2.5% per transaction
- Rating: 4.5/5
Rarible
Rarible is a community-owned NFT marketplace, designed to sell both single pieces of art and collection. It uses its own token, RARI, and the platform’s users have the right to vote on any platform’s updates.
Specifications:
- NFT Type: Art, Gaming collectibles, Photography, Metaverse, and others
- Blockchain Network: Ethereum, Flow, Tezos, TezEthereum, Polygonos, Polygon
- Reasons to join:
- 3 blockchain networks to choose
- A community-owned platform
- Offer lower carbon and gas fees
- Reasons to avoid
- Can be dominated by big giants.
- Fees: 2.5% trading fee
- Rating: 3.0/5
SuperRare
SuperRare is an NFT Marketplace that brings the vibe of art most. It’s an art-focused NFT Marketplace that puts the artwork’s credibility and creativity above meme-friendly art. This NFT trading platform reportedly accepts 1% of the artists who apply, which means if you get accepted, you get higher chances of showcasing your artwork for those interested.
This specialized approach makes SuperRare feel like an exclusive NFT Marketplace. And this NFT Marketplace is highly recommended for serious artists.
Specifications:
- NFT Type: Digital Art
- Blockchain Network: Ethereum
- Reasons to join:
- Curated and rare
- A NFT Marketplace with an art gallery feel
- A list of fantastic blog articles.
- Reasons to avoid
- Accepts low number of applicants
- Fees: Buyers pay a 3% fee and gas fees, and the gallery gets a 15% commission on the first sale.
- Rating: 3.0/5
Foundation
Foundation is an artist-owned and invite-only NFT Marketplace. In order to list NFT, you must be invited by a creator who has already published their work on this platform. This has less exposure than others but consists of a focused customer segment. For beginners, Foundation has less competition for creators, so that it would be easier for creators to get their artwork listed and purchased.
One thing worth mentioning is that the transaction fees are pretty high, as Foundation charges you 5% whether on the primary or secondary market. This number is only 2.5% on leading NFT Marketplaces such as Rarible and Open Sea.
- NFT Type: Digital Art, Fine Art, 3D Art, Photography
- Blockchain Network: Ethereum
- Reasons to join:
- Curated and rare art projects
- An artist-owned NFT marketplace
- Exclusive pieces of art and projects
- Reasons to avoid:
- Only accept a limited and exclusive list of artists and creators
- Fees: 5%
- Rating: 3.0/5
Atomic market
Atomic Market is a platform where users can easily create their NFT collections. Also, this NFT Marketplace is a shared liquidity NFT market smart contract used by various websites. This means if you list your art collection on one market, your artworks would automatically be listed on other markets. Hence you save up a lot of time and efforts.
Specifications
- NFT Type: Digital Art, Fine Art, 3D Art, Photography
- Blockchain Network: Ethereum
- Reasons to join:
- Shared liquidity
- Verification checkmark
- Flexibility
- Reasons to avoid
- Only accept a limited and exclusive list of artists and creators
Myth market
Myth Market is a series of 4 sub-markets, which are Shatner.Market, Pepe.Market, Heroes.Market and GPK.Market. This umbrella marketplace enables users to create, sell and trade NFTs in these four markets.
Specifications:
- NFT Type: Trading cards, stickers, memes, packs,…
- Blockchain Network: WAX blockchain
- Reasons to join:
- Easy-to-use interface
- Robust and highly secure wallet
- Admins of Myth Market are supportive
- Offering personalized options
- Reasons to avoid:
- Only limited collections could be on sale
BakerySwap
This is a very small marketplace, but the unique feature of BakerySwap is the gamification reward program.
The NFT Marketplace hosts art and meme collections and supports a broader range of content. This NFT trading platform is very easy-to-use for beginners.
Specifications:
- NFT Type: Art, Game Assets
- Blockchain Network: BSC, BAKE
- Reasons to join:
- Take advantage of Binance Smart Chain Exchange
- Support a variety of content
- Reasons to avoid
- A very small NFT Marketplace
KnownOrigin
KnownOrigin is classified as an exclusive Art NFT Marketplace, supporting limited and high-quality artworks. This is also one of the oldest NFT Marketplaces, using Ethereum to mint.
As KnownOrigin allows artists to control the number of artworks released, this creates scarcity and the chances of bidding the price higher than it is.
Specifications
- NFT Type: Art, Photography
- Blockchain Network: Ethereum
- Reasons to join:
- Curated NFT Editions & limited NFT drops
- Easy to use
- Reasons to avoid
- Expensive
Enjin
Since its beginning, Enjin NFT Marketplace already positioned itself as a global and specific NFT marketplace, rather than an open NFT trading platform. This NFT space has evolved more into social gaming platform, yet there are still art digital assets available to trade on this site.
One of the biggest drawbacks of Enjin is that every activity occurring on this site is powered by Enjin’s instrinsic coin, so other cryptocurrency wallets could not be allowed to initiate trading.
However, if you are looking for a cybermarket with robust and advanced features, Enjin NFT Marketplace would not let you down. This site often prioritizes listing rare NFT collections and prompts users to engage, buy, purchase or trade.
Specifications:
- NFT Type: In-game assets, digital collectibles,…
- Blockchain Network: Ethereum
- Reasons to join:
- Complete ownership
- Trading a metaverse of NFTs
- Generating a shareable link to share with others (even they do not have accounts on the platform)
- Reasons to avoid:
- Enjin coin only, no other wallets allowed
- Best for gamers, there are still some limitations for other NFT creators.
Portion
Portion is such an online platform that connects artists and investors to sell, invest and purchase art collectibles with transparency. This site also hosts a global community for artists and creators to set more promising partnerships in the future.
Specifications:
- NFT Type: Programmable art
- Blockchain Network: Ethereum
- Reasons to join:
- Supports multiple creators and owners
- Diverse art
- Reasons to avoid
- Advanced NFT knowledge required
Async art
Async Art have positioned itself as an NFT Marketplace exclusively for programmable digital art. As of April 13, 2021, there were 1,400 different artworks listed on this site, including both single and bundled pieces of art.
Although art and music is preferred, this NFT trading platform also welcome other NFT types. Currently, Async Art is a home of more than 10 different NFT genres on its platform.
Specifications
- NFT Type: art assets, digital music,…
- Blockchain Network: Ethereum
- Reasons to join:
- An ideal place for musicians and artists
- Creation tool is unique
- Fees standard and NFT royalties included
- Reasons to avoid
- Not so popular, newly joined artists might get little exposure.
- No mobile app supported
- Fiat not supported
Nifty Gateway
Nifty Gateway is another exlcusive art NFT marketplace, which has already sold digital collectibles for celebrities and artists such as Beeple, Pak, Daniel Arsham. This marketplace is also regarded as a high-end marketplace because it has already collaborated with famous brands and creators.
NFT Gateway is some of the NFT marketplaces that offer NFT Marketplace Royalties, which allows creators to receive a portion of the sale price for any secondary market sales. This NFT marketplace also shows support for any technical errors.
Specifications:
- NFT Type: High-end Artwork
- Blockchain Network: Ethereum
- Reasons to join:
- NFTs sold are created by famous artists.
- Easy to access
- Easy to use
- Reasons to avoid
- Security
- Fees: 2.5% listing fee
- Rating: 3.5/5
MakersPlace
Makersplace is a very supportive site for artists, musicians and NFT creators with its own special tool to empower and sell art digital NFTs exclusively This for their fans and collectors.
This site is accessible by everyone, offering a very simple yet effective approach to sign in, create, buy and sell NFTs. For every secondary sale, this NFT would pay for NFT creators a 10% of NFT royalties, which is higher than most NFT Marketplaces.
Specifications
- NFT Type: Programmable art
- Blockchain Network: Ethereum
- Reasons to join:
- Exclusive art
- Very high NFT Royalties
- Credit Cards allowed
- Reasons to avoid
- High commission fees
Zora
This NFT Marketplace first came to the market as an invite-only art NFT Marketplace, just like Foundation. Now it has opened to broader audiences. This means that everyone can access Zora.
Till now, Zora has evolved into a good place for music and art NFTs, and closing the gap between the actual and digital worlds. For serious artists, you should consider this NFT trading platform carefully, as Zora is such a supportive NFT marketplace for artists and creators.
Specifications:
- NFT Type: Art, Music, Animation, Web, Text,…
- Blockchain Network: Ethereum
- Reasons to join:
- Very supportive of every user.
- Enables to buy NFTs of real-world collections
- Reasons to avoid
- Complicated
Mintable
There is a saying that if OpenSea is Amazon, Mintable would be Etsy. This NFT Marketplace is easy to use, especially for beginners. You do not need to have advanced NFT knowledge of NFTs, crypto wallets or blockchains to manage and navigate.
You can create an NFT from nearly every digital file, from images, gifs, and audio to text documents and much more. Mintable even opened Mintable University, which offers free resources for crypto enthusiasts to learn more and improve at NFTs.
Specifications:
- NFT Type: Art, Music, Animation, Games, Video,
- Blockchain Network: Ethereum, Immutable X
- Reasons to join:
- Easy to navigate, especially for beginners
- A broad selection of NFTs
- Reasons to avoid
- The quality of artwork might be unstable
- Fees: 2.5% for regular NFTs, 5% for gasless NFTs, 10% for printable NFTs
- Rating: 3.5/5
Frequently asked questions (FAQs)
Liquidity, audience segments, and fees are some notable factors that you should pay attention to when choosing NFT marketplaces. You can still join as many NFT marketplaces as you want, but it is recommended that you explore various art NFT marketplaces to see which one best suits the kind of artwork you create.
As mentioned above, you could list your digital artworks on every NFT Marketplace you could think of. There is no limitation to that. However, keep in mind that listing on various NFT Marketplaces does not guarantee that you could sell your artwork. Be mindful!
Even though listing on NFT Marketplaces, in most cases, is totally free. But artists should consider carefully where to list to make sure that there are chances that their artwork could be seen and purchased. Some questions that you should ask to find the best NFT Marketplaces include the following:
How much fee will I be charged?
– Which kind of art could be sold on these NFT Marketplaces?
– Does this kind of art sold on these platforms match my style?
– Other technical-related issues, such as which blockchain network and crypto wallet will be used?
Yes, in essence, nearly any digital artwork can be sold as an NFT. The technology allows for a broad range of digital files to be tokenized and traded on blockchain platforms. However, an artwork’s success as an NFT depends on factors like its uniqueness, the artist’s reputation, and market demand, which can vary widely.
The cost to convert art to an NFT typically involves fees for minting the token on a blockchain platform, which can range from a few dollars to hundreds of dollars depending on the platform and its associated gas fees.
Wrapping up
Art NFT Marketplaces have definitely opened a new income stream for artists. They could finally get what they are deserved for their talents. Therefore, We are hopeful that this guide could help you find the best Art NFT Marketplaces to list your proud artworks on. Follow Synodus to get latest news and helpful tips related to NFTs, cryptocurrencies and blockchains.
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