Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
By late 2022, NFT marketplaces easily number in the hundreds and new ones are created every month. Because they all work on more-or-less the same principle, it’s difficult to decide which marketplace to use. So it’s no surprise if you’re having trouble choosing a platform to do your NFT trading.
What is the best Cardano NFT marketplace? Or the best Solana NFT marketplace? And what’s the deal with the GameStop NFT marketplace? That’s where we come in. This article will answer these questions, list the most popular NFT marketplaces, categorize them by the blockchain they use, and explain the specifics of each marketplace.
But before we get to that, we should cover our bases first.
What Is an NFT Marketplace?
Let’s start with the basics – what is an NFT marketplace? In the simplest of terms, an NFT marketplace is a digital platform where you can store, buy, and sell NFTs for digital or traditional currency. So, in principle, an NFT marketplace is like any other trading platform, like those for trading forex or stocks.
Additionally, some NFT marketplaces allow you to mint NFTs on the platform itself. Depending on the marketplace you use, NFTs may be traded for a fixed price or sold at auction. After a transaction is complete, the marketplace will record the transaction on its blockchain. Plus, you will likely be charged a fee for the transaction. Want to build your own NFT marketplace? That might take months of hundreds of thousands of dollars in investment. Consider using a whitelabel NFT marketplace solution such as that offered by Fungies.
Now that we’ve got the basics covered, let’s take a look at the best NFT marketplaces in 2022/2023.
Top 5 Cardano NFT Marketplaces
Cardano was founded in 2017 by the co-founder of Ethereum. It is a proof-of-stake blockchain (as opposed to proof-of-work) and has its native cryptocurrency – ADA. Cardano focuses on security, scalability, and energy efficiency. All of these features are applied to its platforms, so here are the top 5 Cardano NFT marketplaces.
CNFT.io was launched in 2021 and has quickly become one of the largest Cardano marketplaces. It marks verified NFTs and its users can use the many filters to find the specific type they need. CNFT.io charges a 2.5% commission fee for sold NFTs and an additional transaction fee.
2. JPG Store
JPG Store is one of the largest Cardano marketplaces where you can create and trade NFTs. NFT minters need to pay a mint fee of 1 ADA and an additional network fee. JPG Store is best known for its user-friendly interface and simple filters where you can select NFTs by properties and price.
AdaNFT is owned by AdaSwap, the Cardano-based DEX. AdaNFT is unique because it allows its user to be involved with decisions regarding the platform via a voting system. The platform also has the Mystery Box feature that is used when new Cardano NFTs are launched.
Tokhun is a Cardano NFT marketplace, but also a social media network. On Tokhun, users can create custom NFTs and interact with their followers. It would charge you 2 ADA for minting your first NFT, but the price goes down as you mint more. However, Tokhun’s fees are typically higher than other Cardano NFT marketplaces charge.
5. NFT Jam
NFT Jam is a Cardano NFT marketplace that takes a bit of a different approach. Users get access to multiple filters and can view the metadata for advanced sorting and selection. You don’t pay a fee if you trade NFTs under 20 ADA, but higher-value trades are charged 1 ADA or 2.5% of the value, depending on which is higher.
Top 5 Solana NFT Marketplaces
Solana is an open-source blockchain that focuses on scalability. It was founded in 2017 to overcome the high fees and slow transaction times of Bitcoin and Ethereum, which makes it a desirable place for developers to launch crypto apps. Its native token is SOL. Naturally, there are many Solana-based NFT marketplaces, so here are the top 5.
OpenSea is the most popular Solana NFT marketplace. It became known for supporting multi-chain NFTs, with Ethereum projects being the most numerous, but since August 2022, OpenSea also supports Solana-native NFTs. OpenSea has relatively low fees compared to other Solana NFT marketplaces.
MagicEden is the second most popular Solana NFT marketplace (although some would argue the first), where you can sell, buy, or create NFTs. Since recently, it also supports multi-chain NFTs, as OpenSea does. Plus, it offers more Solana NFTs than OpenSea. MagicEden charges 2% on every transaction but has a 0% listing fee.
3. Coral Cube
Coral Cube is not a Solana NFT marketplace but an aggregator, yet it deserves to be on this list. It collects and lists projects from other Solana marketplaces, like OpenSea and MagicEden. So, with Coral Cube, you trade Solana NFTs from one single place. Additionally, there have been hints that Coral Cube users will get rewards for trading NFTs in the future.
4. Solanart v2
Solanart was the original Solana NFT marketplace that hosted the most famous projects like Solpunks and Degen Ape Academy. It was considered the premier Solana NFT marketplace, so getting listed here was one of the biggest honors creators could get. But, because of its slow speeds, limited collections, and relatively high fee (3%), it’s fallen out of favor recently.
The last entry on this list is Fractal, the Solana NFT marketplace that deals only in gaming NFTs. It was founded by Justin Kan, Twitch co-founder, and partners with game studios to place their in-game NFTs on the platform. The transaction fee Fractal charges is 2%. Fractal is the Solana-based marketplace to trade gaming NFTs, but you have other options.
Which leads us to the next topic.
What Is GameStop NFT marketplace?
In February 2022, GameStop partnered with ImmutableX to develop a marketplace that will allow GameStop users to create and trade NFTs and own their in-game assets. On October 31, 2022, the GameStop NFT Marketplace was officially launched.
The GameStop NFT marketplace is an Ethereum 2-based marketplace that offers Web3 gaming assets that are built on ImmutableX. Both regular GameStop users and GameStop Power Up Pro customers will have access to the NFT marketplace. So how is the GameStop marketplace different?
Because players own the in-game assets they trade. Previously, gamers did not own the assets but only used them, which meant that trading them was disallowed. Now, gamers own the assets that are secured on the blockchain and are free to trade them as they wish.
The GameStop NFT marketplace also allows users to connect their digital wallets and has launched its own – the GameStop Wallet. GameStop charges a 2.25% fee per transaction and allows creators to set a royalty fee (from 0% to 10%). Finally, the company says that it is working on supporting NFTs that are created outside of the platform on supported blockchains.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.