While the platform started off as Solana-native, it has expanded to enable support for Ethereum-based NFTs - and has additional networks in the pipeline. The Magic Eden Launchpad hosts regular NFT mints to connect creators with collectors. Magic Eden is especially sought-after by collectors hunting for fresh, up-and-coming items. It has the highest number of users among SOL NFT markets, and is the second-largest NFT platform in terms of trading volume, trailing only OpenSea. Supports only Ethereum, Solana Limited options compared to OpenSea Only supports verified creators and collections, limiting opportunities for up-and-coming artistsĭespite launching in September 2021, Magic Eden is already the most popular NFT marketplace on the Solana (native token, SOL) network. User-friendly interface Decent volumes Slightly lower fees compared to OpenSea, in parts thanks to Solana-nativity Drop calendar to track upcoming mints Supports multiple wallets across listed networks iOS app Read more: As OpenSea Flexes Marketplace Influence, Some Users Are Worried Magic Eden Blockchains Example of an OpenSea NFT Space Daddie #001 Owned by CASHRULEZ From the platform’s Ethereum roots, OpenSea has recently expanded to support NFTs on five additional chains, notably Solana and Polygon. It also comes with a minimalistic interface to browse and purchase NFTs - using a range of payment options. OpenSea provides a wide suite of tools for creators to mint and list new collections. The setup makes it difficult for new sellers to stand out and may result in lower sales. The marketplace rose in prominence as the industry grew and now handles more than 50% of all NFT trading volume - good for the largest marketplace, with more than a million registered users.īut, since OpenSea is the most popular, sellers are especially forced to compete to get their NFTs noticed by buyers. Launched in December 2017, OpenSea became the first Ethereum-based NFT trading platform. Marketplace can be somewhat cluttered Record of security breaches resulting in losses Past allegations of insider trading Best NFT Marketplaces OpenSeaĪrbitrum, Ethereum, Klatyn, Optimism, Polygon, SolanaĪrt, collectibles, domain names, music, photography, sport, trading cards, utility, virtual worldsĮasy onboarding, support for multiple wallets High liquidity Wide variety of listed NFTs, collections Advanced tools for creators Educational guides for beginners Multi-chain support Android, iOS apps But sellers can also use the format to bid and manipulate the price anonymously. English auctions help lesser-known artists sell NFTs at a fair price. The seller sets a low floor, and bidders compete by placing increasingly higher offers until the auction ends at a pre-determined time - when the highest roller wins out. Dutch auctions are intended to sell NFTs with enough demand quickly.Īn English NFT auction employs the crypto version of the eBay model. The first bidder to accept the current price wins. The seller kicks things off with a relatively high ask price and gradually lowers it until a bidder decides to lock it in.
Read more: NFT Investing Explained Breaking down NFT auctionsĭifferent NFT marketplaces come with different standards for the auctions that govern their transactions.Ī Dutch auction, for one, uses a declining price format - unlike the more familiar English model. No guide can eliminate entirely the downsides of investing in NFTs, or any other cryptoasset, but this one is designed to break down how and why each exchange can or cannot meet your own NFT wants and needs. Their elaborate and creative expressions of digital art are now, at least for the moment, worth not much more than a 404 error. Many holders who snapped up their NFTs via FTX were hit with a rude awakening by the exchange’s bankruptcy. First-time NFT creators and collectors often start their journey with a simple Google search.īut the hunt to find the best place to buy an NFT - which hinges heavily upon unique digital collectible needs - now, more than ever, needs the right context and due diligence.
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