Just as there are many types of cryptocurrencies that can be used to purchase NFTs, there are also many different NFT marketplaces that facilitate these sales. They are also not location-dependent, which means Aussies don’t have to use an Australian-based platform.
“NFT markets are global in nature,” says Fogarty. “That’s one of the attractions of Web3 – blockchain knows no borders.”
Fogarty says that when choosing an NFT marketplace — as with any marketplace, regardless of product — it depends on what you’re buying or selling, and the audience in that marketplace.
Depending on the NFT marketplace you are using, the types of NFTs available, transaction fees, payment options, and other member rules or regulations will be determined. When comparing NFT marketplaces, you should consider the following:
Public and visitors
Fogarty says it’s important to consider both the size of the visitor base and the type of audience attracted to the NFT marketplace you may be considering. After all, more users means more people to buy and sell to, but are they interested in the kind of products you offer?
When comparing NFT marketplaces, it is important to consider the size of collections, i.e. the amount of “stock” a marketplace has.
“The stock attracts visitors because it gives them something to buy. But will your product be lost in the market and rarely seen? Fogarty asks those looking to sell their own minted NFTs.
For those looking to buy, a larger collection size may be more appealing due to increased choice.
As CoinSpot’s Director of Business Development and Partnerships Tim Wilks explains, some marketplaces are quite limited in their purchasing options.
“Make sure you can buy NFTs with the cryptocurrencies you own or have the ability to buy,” Wilks advises. Some marketplaces may only support one or two cryptocurrencies, while others offer hundreds.
To make buying and trading more widespread, some NFT marketplaces now even offer users the option to pay with a debit or credit card at checkout.
In doing so, the payment server will convert the fiat currency into the default NFT market cryptocurrency in order to complete the sale. Credit card processing fees will be charged and conversion fees may also apply depending on your banking institution and market.
If you use ETH, gas fees may also incur, which are fees paid to transact on the Ethereum blockchain. Gas prices rise and fall based on network traffic.
Whichever payment method you choose, you will always need to have a crypto wallet, as this is where your NFT purchases will be stored. If you already have a crypto wallet, it’s worth finding an NFT market compatible with your pre-existing wallet.
NFT market fees
In addition to the potential gas fees explained earlier, many NFT marketplaces also incur other costs to the user, such as service and transaction fees, subscription prices, or artist royalties. origin.
These costs vary depending on the NFT market, with transaction fees typically around 2.5%.
Ease of use
Wilks says it’s important to note that there are huge variations in the user-friendliness and complexity of the NFT market, and individuals – regardless of where they are in their NFT trading journey – should consider to find a platform that can help with the most streamlined trading experience.
But for people venturing into the world of cryptocurrencies and NFTs for the first time, it can be an overwhelming experience, he says.
“It’s only made more complicated by having to go through the registration process and learning to use multiple platforms – one for your wallet, one for trading, one for browsing NFTs, etc.
Therefore, Wilks suggests beginners to look for platforms that offer all these NFT market services under one roof.
“For starters, a unified platform means more convenience, less room for user error, and the ability to access customer support when needed.