NFT Art Marketplace Guide: Where to Find the Best
There’s little doubt that there’s plenty of hype around non-fungible token (NFT) art. The original purpose of NFT tokens was to protect the work of digital artists as a proof of ownership.
However, it has since evolved, with NFT art becoming a multi-billion dollar industry in its own right. So, as an artist or art enthusiast, you might be wondering where to start. The first step is finding an NFT art marketplace, and we’ll go through the top 5 in this blog and where to buy NFT art.
Before finding the answer of where to buy NFT art, let’s take a look at NFT art.
Introducing NFT Art
Anyone can copy a piece of digital art. However, like in the physical art world, only one person can own the original. That’s where NFTs come in. To show you how they work, it’s best to break the term down into its two components.
The ‘non-fungible’ part means that NFTs are unique and cannot be replaced. Cryptocurrencies and dollar bills, for example, are fungible. You can trade one $10 bill for two $5 bills and still end up with the same value. NFTs, however, contain information exclusive to themselves, meaning their authority can be ‘stamped’ on individual pieces of digital artwork to prove your ownership (though the artist can still retain the copyright).
So long as an asset can be digitized such as NFT photography (in this case, your art), that asset can be represented by NFTs. NFTs are traded on the NFT marketplace, which works just like a physical art marketplace, only with intangible rather than tangible pieces of artwork. Get the picture?
Explaining the Token Element
Now for the ‘token’ part before jumping into where to buy NFT art. NFTs are digital tokens or ‘units’ (essentially pieces of code) stored on a blockchain, with most on the Ethereum blockchain. Blockchains are digital transaction databases which record information and lock in the NFT data, giving you formal, permanent recognition of your work. They also make theft more difficult, although this has still been reported.
Aside from ownership, NFTs make it quick and easy for you to get paid for your artwork. The slog of waiting to hear back, preparing files, and pursuing payments is gone. Depending on which NFT platform you use, you could also receive royalties for every piece of artwork that’s sold on.
NFTs also connect your artwork with a global audience, rendering the need for agents redundant. This helps benefit less privileged artists in particular. Or, if you’re an art buyer, NFTs let you financially support your favorite artists hassle-free.
Top 5 NFT Art Marketplaces
Sound good? If so, then you’re probably wondering where to buy NFT art, and you can’t go wrong with these 5 top NFT marketplaces.
What is Opensea? As the ‘Amazon’ equivalent of NFT marketplaces, OpenSea isn’t aimed specifically at art, but it is the biggest one around, making it the best place to get exposure for your artwork. To date, the NFT art marketplace has recorded more than $4 billion in transactions.
Not focused on one area, you can buy and sell all types of NFTs. OpenSea’s broad outlook means it’s geared towards ease of access and you’ll find it simple to use. On the downside, OpenSea does use the Ethereum blockchain, which is ideal for minting but has high gas and carbon fees. The cost is free with Polygon, however.
If OpenSea is the all-rounder NFT marketplace, then the community-owned Rarible is the one for art and media. That makes it the niche NFT art marketplace for your pieces and collections.
Like OpenSea, Rarible lets you create NFTs on Ethereum for free via ‘lazy minting’, whereby an NFT is put up for sale without it being written to the blockchain, thus avoiding the possibility of paying money to mint an NFT that nobody purchases.
As a Rarible user, your other perks include a 10% commission on royalty fees as well as being able to vote on platform upgrades as a moderator. Rarible uses its own token, RARI, which you can be rewarded with by promoting great items. It also makes use of two blockchain networks besides Ethereum: Flow and Tezos. The latter offers you lower gas fees than Ethereum.
If you’re wondering where to buy NFT art, you can watch out for Mintable. A relative newcomer to the market, Mintable offers a wide selection of NFTs. It’s ideal if you’re looking to earn crypto and trade digital assets in art, NFT music, e-books, and videos. You can also create stores that sell both digital and physical collections of your art.
Mintable uses the Ethereum blockchain by default, but you can opt for Immutable X which has free gas fees. As a nice bonus for using Mintable, you’ll also receive an exclusive perk in the form of free Mintable University courses to help hone your NFT knowledge – something you don’t get with other NFT art marketplaces.
Foundation is another NFT art marketplace that’s catered specifically to art and artists. To join, you do need an invite from a current artist, but the benefits when you get there are huge.
For a start, it’s fully artist-run and filled with top-notch art goodies you might not get anywhere else. Foundation NFTs are priced high and hold their value, even if the platform earns you 85% of your art’s value and 10% from secondary sales, which is a lower rate than some other NFT art marketplaces.
Binance is one of the largest crypto exchanges around, and as part of the larger Binance ecosystem, Binance NFT offers you a marketplace with a stable and secure reputation. With its own sustainable blockchain, Binance NFT is also deemed one of the top marketplaces to watch for the future.
You can enjoy low fees at just 1%, and holding Binance tokens (BNB) makes accessing the marketplace that little bit easier. Despite that, Binance NFT isn’t especially artist-friendly.
Earn NFTs with MyConstant
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