NFTs have picked up their stride, and are evolving more rapidly than ever before. This blog post will cover three exciting platforms to create and collect NFTs to get in on the hype!
OpenSea
OpenSea is the largest platform for crypto-collectibles and has been up and running since 2018. OpenSea allows consumers to trade their assets freely and creators to launch new digital assets. The platform is easy to use as well. A user can simply add their NFT to the marketplace by simply identifying various characteristics of the NFT and uploading the digital medium.
How much of a cut does OpenSea take? Whenever someone buys an NFT on OpenSea, they get a 2.5% slice of the sale price. The creator of the digital asset can also get a cut by setting up a royalty system, meaning they get a piece of the sale price every time it sells from one person to another on the platform.
OpenSea has a highly intelligent Help Center for new users: https://support.opensea.io/hc/en-us. Here a user can learn the ins and outs of how to buy, sell, create, partner, and develop on OpenSea.
However, there is one drawback to OpenSea. The platform does not allow users to buy NFTs with cash through a credit card, Venmo, PayPal, etc. If you want to buy, you need crypto.
Magic Eden
Magic Eden is a decentralized application (dApp) built on the Solana blockchain. This platform has a popular feature called Launchpad. This feature is unique to Magic Eden and allows users to create NFTs in minutes, even if they have little to no NFT knowledge or development experience.
Magic Eden takes a 2% cut on all transactions, 0.5% less than OpenSea and Rarible. The platform is excellent for amateurs who are looking to get started in the NFT game. The platform is easy to use, intuitive, and accessible.
The platform takes into account community feedback and suggestions, which means it’s constantly improving. The more users participate in giving them the better Magic Eden becomes. The downsides to Magic Eden are their Open Platform and lack of wallet integration. The open platform means plagiarism occurs frequently. There is also no wallet integration, so personal collections can’t be viewed through the app.
Rarible
Rarible has been around since 2020 and has become one of the more dominant marketplaces for buying, selling, and trading NFTs. Rarible has a voting standard through a governance token that allows users to cast votes on initiatives on the platform's features and fees.
As a content creator you can sell your NFTs in a couple of ways:
First, you can sell your NFT through the Buy Now option. This is due to the platforms self-listing process capabilities.
Secondly, you can auction off your NFT, which has been the norm so far regarding selling off NFTs. This is due to the supply and demand effect on price. Creators traditionally have not known accurately how much demand there is for their NFT drops. Therefore, they can’t accurately determine what price they should list their NFTs.
However, sentimental analysis will soon be taking NFT marketplaces by storm. I believe self-listing processes will become pervasive in the years to come .
Rarible also takes a 2.5 percent cut of the sale of any NFT as commission. The original creator, like on OpenSea, can also take a piece of the pie during each sale and transfer of their NFT creation. Also, this platform does not take cash either, and I recommend using a MetaMask wallet which I explain how to install in my most recent post here: https://www.essextrading.com/post/getting-in-on-the-nft-game
OpenSea is a better platform if you’re looking for a wider range of NFTs and or looking to save on minting fees. OpenSea is the largest platform regarding user count. Anyone can create and transact on this platform.
In order for a creator to start selling NFT’s via Magic Eden, they must go through an application process. The platform is currently selecting a small number of projects. So, if you are new to the NFT space I recommend starting on OpenSea or Rarible.
What are your favorite marketplaces?
Keegan Santasiere (@keegansanta)
Essex's Trading Quote of the Day (QotD)
"Change is constant, in a constant state of change."
~ Jim Joseph
Comments