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The Magic Eden Of NFT Marketplaces

By Ruchi Sharma

If you want to cash in on the NFT craze, an NFT marketplace is your gateway to participating in the purchase and sale of these digital assets. There are dozens of NFT marketplaces in existence, and many of them have a specific focus or niche. Here’s what you need to know about the top NFT marketplaces out there.

OpenSea

OpenSea, which debuted in December 2017, was the first Ethereum-based NFT trading platform. With over a million registered users now, it handles more than half of all NFT trading volume.

OpenSea offers a comprehensive set of tools for creators to mint and list new collections. It also has a simple interface for browsing and purchasing NFTs with a variety of payment options. OpenSea has recently expanded from its Ethereum roots to support NFTs on five additional chains, most notably Solana and Polygon.

Magic Eden

Launched in September 2021, Magic Eden is the most popular NFT marketplace on the Solana network. It has the most users of any SOL NFT market and is the second largest NFT platform by trading volume, trailing only OpenSea.

While the platform began as a Solana-only platform, it has since expanded to support Ethereum-based NFTs and has additional networks in the works.

Rarible

Launched in early 2020 Rarible is one of the few NFT marketplaces with a native token, releasing its RARI token about a year after the platform’s launch. Users can use the token to influence platform upgrades and gain access to certain exclusive features.

RARI token holders can submit or vote on proposals for trading fees, new features, and governance changes although the Rarible team retains the final say. The platform also includes an aggregator, which allows users to purchase NFTs listed on the platform.

Nifty Gateway

Nifty Gateway is a popular NFT marketplace for influencers, celebrities, and brands looking to create limited-edition items. Nifty Gateway has hosted exclusive drops for celebrities and artists such as Carl Cox, Kenny Scharf, Lil Yatchy, and Trevor Jones since its inception in 2018.

Nifty Gateway was famous for hosting a $6.6 million auction for a work by popular NFT artist Beeple. It’s worth noting that Nifty Gateway is closely associated with the cryptocurrency exchange Gemini.

Binance NFT

Binance, the world’s largest cryptocurrency exchange, launched its NFT service in June 2021. To gain access to the platform, users must first register and verify their identities with Binance. The three main cryptocurrencies used by creators and collectors are BNB, BUSD, and ETH.

Binance NFT marketplace has organized NFT drops for popular celebrities and entities, including Russell Simmons, Paulo Del Valle, the Uganda National Museum, Franck Muller and Parimatch.

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