Quick Take: TheThe largest and most popular NFT Marketplace on any blockchain is OpenSea. Their platform has traded billions of dollars and volume and boasts the most users and artists by several orders of magnitude.
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The NFT (non-fungible token) market has exploded in the last two years since the meteoric rise of a popular collection on Ethereum called CryptoPunks. During the early NFT mania in mid-2021 the floor price, or lowest price of a CryptoPunk reached an astonishing $250,000AUD per NFT.
This speculative mania ultimately lead to more artists and investors moving into the space, which has resulted in the most liquid digital asset trading market in the world. If you are interested in participating, it is important you get started with the right NFT Marketplace.
OpenSea is the largest and best NFT Marketplace by a significant margin. Their NFT app trading platform boasts the most trading volume and users, exceeding over $50 Billion in transactions in their first year of business. They host the biggest and best NFT collections including CryptoPunks, Bored Ape Yacht Club, Pudgy Penguins, Crypto Cats's and many more.
The OpenSea fee structure is also quite competitive compared to other NFT Marketplaces. Their platform currently charges a 2.5% royalty fee on all trades, which is low compared to other NFT Apps that charge upwards of 10% per transaction.
CoinSpot - #2
If you are uncomfortable going on-chain to interact with platforms like OpenSea, we would recommend the Australian CoinSpot NFT Marketplace. Their platform allows you to buy and sell NFTs listed on OpenSea for low fees with any of the 370+ cryptocurrencies available on the CoinSpot exchange.
This is easily the safest and easiest way to buy NFTs in Australia thanks to their intuitive platform and 24/7 support to help you buy non-fungible tokens.
Kalao - #3
Kalao is the leading NFT Marketplace on the Avalanche (AVAX) blockchain. Their NFT App offers one of sleekest and best user experiences out of any marketplace on any chain. The fees on Kalao are as little as $2 per transaction thanks to the fact that it is built on the Avalanche C-Chain, making it one of the cheapest NFT Marketplaces available.
The most popular NFT collection on Kalao as at time of writing is called 'Firat'. It is a series of 4,999 NFTs by popular Turkish cartoonist and artist Firat. The collection has traded over $35 million in volume since its release in November of 2021.
Magic Eden - #4
The Magic Eden NFT Marketplace is the largest by volume on the Solana blockchain. This platform hosts all of the main Solana NFTs, which includes Okay Bears, DeGGods, Trippy Kidz, Trippin' Ape Tribe, Ganja Gators and more. Their platform trades over $50 million in daily volume, making it nearly as popular as OpenSea for Solana.
The one downside to Magic Eden is that it only supports the Solana network. OpenSea offers the same NFTs as Magic Eden, and more chains making it easier to switch around to different networks all within one account.
Foundation App - #5
Foundation App is widely regarded to be the 'boutique' NFT Marketplace that is tailored more toward high-end NFT art investors. This marketplace is the most popular for traditional artists that transition into the NFT market and has a strong and organic artistic community. You will not find popular PFP collections like Pudgy Penguins or Mekaverse here, only singular art pieces.
The Foundation NFT Marketplace is great for those who are interested in supporting 3D artists, photographers and other artists from the traditional art world.
NFT Investing Considerations
It is important to understand that NFTs are one of the most speculative sectors in the cryptocurrency space and are highly risky. One of the largest risks underpinning NFTs is the fact they are a completely illiquid market.
This means that you cannot just market sell your NFT like you can with Bitcoin or Ethereum. The only thing you can do is place it for auction or sale and hope that a counter-party is interested in purchasing at your offer price. When you make an NFT purchase, please consider these risks and whether it fits your overall investment thesis or strategy.