In recent years, cryptocurrency has taken the world by storm. One of the most exciting aspects of cryptocurrency is its ability to be used to create digital assets called Non-Fungible Tokens, or NFTs. From CyberKitties to Cyber Galleries, NFTs have become the rage for artists and art connoisseurs.
NFTs are perfect for representing digital art, and there are several different NFT marketplaces where artists can sell their work. Choosing the right NFT marketplace can be difficult, so here is a breakdown of the pros and cons of some of the most famous art markets.
But how do you know which NFT market is right for you? In this blog post, we will explore some of the best NFT marketplaces for artists and discuss the pros and cons of each one. We’ll also look at how NFTs are changing the art world and what the future of digital art might look like.
OpenSea is one of the most popular NFT marketplaces, and it offers a wide variety of artworks for sale. Artists can sell their work on OpenSea for a fee, and buyers can purchase artwork using Ethereum or Polygon. OpenSea collectors pay a small royalty on each item they buy.
OpenSea was the first digital marketplace and now boasts over 600K users. The company has gone from relative obscurity to the darling of the art world. Thanks to the success of collections like CryptoPunks and BAYC, artists of all varieties have flocked to OpenSea, hoping to find a market for their work.
One of the best things about OpenSea is that it is very user-friendly. It’s easy to find artworks that interest you and to purchase them. Artists should be aware that buying art on OpenSea can be expensive. OpenSea uses the Ethereum blockchain, which features costly gas fees.
Before they can sell art on OpenSea, artists will need to pay a fee to initialize their accounts. They’ll also need to pay a gas fee the first time they list their artwork. Once these fees are paid, artists can list as much artwork as they would like, either putting them up for auction or listing them for a flat fee.
One of the benefits of Rarible is that it supports multiple blockchains, making it easier to reach a larger customer base. Unlike other NFT marketplaces, artists on Rarible can select from a variety of blockchains to mint their artwork on. Remember, once an NFT is minted, it cannot be moved from one blockchain to another, even on a marketplace like Rarible.
With a clean UI and multi-chain minting, Rarible has quickly become one of the most popular digital art markets with over 1.6 million users. Rarible users have access to $RARI, a token created for use by the Rarible DOA community. Designed as a reward for community members, artists should consider the possible long-term benefits of these features.
On Rarible, both artists and collectors pay 2.5% service fees to the platform. Artists can choose to mint their art on either Ethereum, Flow, Tezos. Art on Rarible can be sold directly to collectors for a predetermined price, or artists can auction their work.
As an artist-driven community, Rarible is a good choice for new artists who are just starting out in their careers. Having the choice of minting on different blockchains gives artists a chance to cater to different audiences. Also, Rarible allows artists to mint multiple editions of the same artwork. When artists mint multiple editions, they can sell them for less.
Artists and collectors find value in Foundation for its exclusivity, user-friendly design, and cutting-edge aesthetic. Unlike most other NFT marketplaces, Foundation is invite-only. Artists need to receive an invitation before they can mint their artwork on the platform.
Fees to mint and list NFTs on Foundation are expensive. Listing your work on Foundation requires deploying a smart contract to start a collection, which requires paying a gas-free. To mint and list their artwork, artists will need to pay additional gas fees as well.
Art on Foundation is sold via auction with minimum bids starting at 0.1 ETH. Once artwork is sold on Foundation, creators will receive 85% of the sale. Artists also receive a 10% royalty on any NFT that is listed and resold on Foundation. Since its launch in February 2021, Foundation has seen over 52,000 ETH in volume traded.
While artists need the invitation to join Foundation, anyone can create a profile and start to collect NFTs. Artists must set a reserve price for their artwork. Collectors can then place bids.
Placing a bid on an NFT will trigger a 24-hour auction countdown. Artists can only mint and trade single-edition artwork on Foundation. As a result, Foundation attracts high-end clientele looking for visually-stunning work.
Like Foundation, SuperRare features an exclusive roster of talented artists. SuperRare claims to be the home of the world’s best artists, so joining isn’t easy. But once an artist receives an invite to SuperRare, they’ll be able to mind and sell artwork on the platform.
SuperRare is for minting one-of-a-kind tokens and unique artworks. The site sees itself and other NFT marketplaces as offering new ways to interact with culture online. Before you mint artwork on SuperRare, you’ll need to submit an artist profile. This profile will get you on the radar for artists looking to join the social network.
As a high-end boutique and community of talented artists, getting invited to SuperRare has its own prestige. Because SuperRare receives an enormous volume of submissions, it can be hard to get accepted to the platform. This makes SuperRare an ideal platform for established artists looking to sell in a market that isn’t oversaturated.
Once accepted, however, artists will enjoy the benefits of a thriving community of collectors and have complete access to SuperRare’s features.
5. Hic Et Nunc (HEN)
Hic Et Nunc (HEN) is the most popular online marketplace for the Tezos blockchain. Backed by a community of artists, HEN allows users to mint, buy, and sell digital assets. Because Tezos is a proof-of-stake blockchain, gas fees are vastly cheaper than on Ethereum. And because it uses less power than cryptocurrencies like Bitcoin, Tezos is known as a clean NFT.
With these features, HEN has become one of the most popular NFT markets, attracting artists and buyers from all over the world who can’t afford the high fees of other marketplaces or want to avoid the stigma of certain blockchains.
The best thing about HEN is the community. Because the team is so active and supportive, it’s easy for artists to get their work seen by a wide audience. Buyers can find works of all styles from artists of all backgrounds and experience levels.
Mintable offers a wide variety of features, making it an ideal platform for artists who want options when it comes to selling their work. Artists can mint just about anything on Mintable, from digital images to movies and more. And they can mint work using either the Ethereum, Immutable X, or Zilliqa blockchains.
Artists on Mintable are recommended to use a MetaMask wallet. Once connected, they can upload and mint artwork without paying gas fees. It’s important to note that Mintable does not accept Coinbase wallets.
Mintable also features integration with OpenSea. NFTs you created on Mintable can be managed on OpenSea. Mintable also features built-in promotional tools so artists can easily boost their artwork by making ads. Mintable also provides robust documentation to help artists get started on the site.
NiftyGateway is a cryptocurrency-based NFT marketplace that’s owned by the cryptocurrency exchange Gemini. The platform allows artists to sell their work in Ethereum, and it gives buyers an easy way to purchase NFTs with cryptocurrency.
As a custodial, high-end marketplace for top-quality content, NiftyGateway can offer exclusive drops that customers can’t find on other marketplaces. NiftyGatweay requires artists and buyers to use their secure Gemini wallet, allowing the platform to mitigate costly gas fees.
An exclusive boutique, NiftyGateway works closely with its artists to drop hand-selected and verifiable drops. Owned by the crypto exchange Gemini, NiftyGateway claims to be more secure than other NFT marketplaces.
On NiftyGateway, NFTs are released in a limited edition and for a limited time only. This encourages collectors to open their digital wallets before time runs out. Like other exclusive venues, NiftyGateway takes a modest cut of all sales.
New projects are submitted to fx(hash) every day, and the community decides which are successful. They do this by minting one or more of a limited number of editions specified upon creation by the artist.
If you’re starting out as an NFT artist, it’s not easy to know where to sell your work. The art world can be daunting, and it can be hard to know who to trust. Cryptocurrency-based NFT marketplaces offer artists a variety of options for selling, giving artists the freedom to choose what’s best for them.
Which marketplace is best for you depends on your art. If you’re an already successful artist looking to move into the world of NFTs, an exclusionary market like SuperRare or Foundation is probably best. For artists just starting their careers, look for an NFT marketplace with low fees and lots of community support. The best part about NFTs is that there’s a place for you, no matter your experience level.