Best NFT Marketplaces in 2024

The market for non-fungible tokens (NFTs) has cooled significantly over the past two years, falling 90% in 2022. Despite the decline, NFTs remain a multibillion-dollar market. So what are the best NFT marketplaces of 2024?

What is the NFT market?

NFT marketplace is an online platform where users can buy and sell NFTs, a type of digital asset with multiple use cases. NFTs can represent digital works of art and allow users to sell a unique token that can express ownership of the artwork.

They also have a prominent application in the gaming skins market, which allows users to buy and sell in-game assets such as clothing, weapons, and other items. While most NFT sales are art-related, music, collectibles, and real estate are also bought and sold as NFTs.

NFT marketplaces also facilitate the actual creation of NFTs, a process known as NFT minting.

How do NFT marketplaces work?

NFT marketplaces typically work by charging a fee for all NFTs sold, and some allow the original artist to receive royalties on future sales of their work. Users can mint NFTs on blockchain networks, mostly the Ethereum network. To join a marketplace, you need to open an account and connect a digital wallet such as MetaMask.

From here, you can upload artwork and mint an NFT by following the instructions on your platform of choice, or browse the NFTs you want to purchase. You can also research the market and list an NFT for sale by doing this in preparation for selling the NFTs you own.

To purchase an NFT, you will need cryptocurrency in your wallet, and the most common cryptocurrency to use to purchase NFTs is ETH.

Best NFT platforms: 7 best marketplaces of 2024

Let’s take a look at the best and most popular NFT marketplaces of 2024.

Offshore

OpenSea is the world’s first NFT marketplace, launched in 2017. It remains one of the largest NFT marketplaces, maintaining first-to-market advantage and offering the widest selection of assets for trading. However, Magic Eden and Blur surpassed OpenSea in terms of popularity this year.

OpenSea has more than one million active users since its launch, and 140,000 accounts still trade NFTs on the platform each month. It offers a wide variety of features for users to choose from.

The platform is not monitored; This means users do not need to cede control to OpenSea when listing their assets for sale.

Fees: 0% – 2.5%

Mint Fees: 0% – 2.5%

Liquidity: High

Royalties: 0% to 10% optional fees

rare

Rarible is a major NFT marketplace founded in 2020. The platform offers competitively low fees for NFT trading and focuses on trading rare digital assets. Another important feature of the platform is the high royalties offered to creators.

Setting the royalty attribute too high may deter users from purchasing NFTs, while artists with in-demand assets may find that high royalties are very profitable and can choose how much they want to set for royalties.

Fees: 7.5% – 0.5% depending on the value of the asset. 0% available when staking native tokens.

Printing Fees: 0%

Liquidity: Medium

Royalties: up to 50%

Magic Heaven

Magic Eden is an NFT marketplace that offers NFTs minted on the Solana blockchain rather than Ethereum. Solana is a competitor to Ethereum that aims to be a faster and more scalable way to build decentralized applications.

However, Magic Eden has expanded to include trading Ethereum NFTs and Bitcoin Ordinals or Bitcoin NFTs.

Transaction Fees: 2%

Minting Fees: Around 0.02 to 0.04 SOL

Liquidity: High

Royalties: Choose between 0%, 50% or 100%

Blur

Blur is an NFT platform that appeals more to professional NFT investors who want to profit from their transactions. It recently surpassed Magic Eden and OpenSea to become the world’s largest NFT marketplace by trading volume.

While previous NFT marketplaces had a more casual approach to the market, Blur has tried to make trading cheaper for end users and does not charge any transaction fees. The platform launched with very low royalties, contributing to OpenSea’s complete elimination of mandatory royalties.

Blur is a decentralized application running on the Ethereum network, and users can vote on platform governance using the native BLUR token. It offers secured lending and allows users to search OpenSea listings from Blur. Transparent bidding also allows users to view bidding history on an NFT, providing greater insight into the market value of their NFT.

Transaction Fees: 0%

Minting Fees: Depends on current Ethereum gas fees

Liquidity: High

Royalties: 0.5% flat rate

seems rare

LookRare is a decentralized application that allows NFT trading and is driven by its own community. 100% of the fees for this NFT marketplace were initially earned by users staking the native LOOKS token, an attractive incentive plan that puts the community first. This program has been discontinued and the platform now offers rewards through a more complex set of DeFi-inspired incentive programs.

Transaction Fees: 2%

Minting Fees: Depends on current Ethereum gas fees

Liquidity: Low

Royalties: 0% option, higher options available

Binance NFT Marketplace

Binance, the world’s largest crypto exchange by trading volume, also offers an NFT market. In true Binance style, the marketplace offers a wide selection with low fees. Binance NFT Marketplace offers Ethereum and Binance Smart Chain NFTs.

Users should be informed that Binance has been subject to numerous lawsuits and legal actions over the past year, placing the exchange in a potentially vulnerable position when it comes to regulatory enforcement.

Transaction Fees: 1% (merchant only)

Minting Fees: Ethereum (ETH): 0.50 ETH; BNB Smart Chain (BSC): 1.00 BNB

Liquidity: Medium

Royalties: 1%

Sleek Gateway

Nifty Gateway is an early entry into the NFT marketplace, founded in 2018 and known for its exclusive artist listings of NFTs. Although it does not have the high volumes it boasted in 2021, it remains a reliable nft market.

Transaction Fees: 2.5% (unsupervised) – 5% (supervised)

Minting Fees: Ethereum (ETH): 0.50 ETH; BNB Smart Chain (BSC): 1.00 BNB

Liquidity: Medium

Royalties: 1%

What is the best NFT market of 2024?

The NFT market with the largest market share in 2024 is Blur, and by quite a large margin. At the time of this writing, Blur’s 7-day trading volume was $78 million. Magic Eden ranks second with $59 million, followed by OpenSea with $33 million.

Blur’s decentralized approach and decision to charge no transaction fees make it a clear outlier when it comes to picking a winner from our NFT marketplace list.

Frequently asked questions Which is the best NFT marketplace for beginners?

OpenSea, Blur, and Magic Eden are often praised for their ease of use for beginners to get started with NFT trading.

Where is the best place to buy NFTs?

There is no definitive answer as to the best place to buy NFTs; because it will depend on your priorities when it comes to fees, royalties, and liquidity, among other factors. Blur is currently the most popular NFT trading platform.

Where is the best place to sell NFTs?

Blur has the highest trading volume offering high liquidity. However, if you are the original creator of the NFT, Blur offers lower royalties than some other platforms.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.