Choosing a Reliable NFT Marketplace

The NFT-marketplace is an online marketplace where sellers list their digital goods and buyers purchase. It is no different from traditional options, such as Amazon. Due to the rapid growth of the NFT market, more and more platforms appear, but not every one of them is reliable. In today's article, we will talk about 5 criteria for choosing an NFT marketplace.

1. Site type

Now there are 3 marketplace options in the crypto world:

  • Open. Here you create, sell and buy NFTs without limits. You can place any kind of non-fungible tokens - from pictures to music or game bonuses.
  • Controlled. The site owners themselves decide which NFTs you can create or put up for auction. To get to such a marketplace, you need to fill out an application.
  • Proprietary. The most limited possible participation. Lots created only on the site are allowed. They have a fairly high demand and cost of digital assets.

It is worth understanding what kind of NFT you are selling or buying, whether your audience is on the chosen marketplace.

2. NFT type

Most sites are happy to host different types of digital assets. Some, on the contrary, are focused on a certain kind or belonging to something. For example, there are marketplaces where only luxury goods or basketball player cards are placed.

On universal platforms, traffic is higher. But on niche markets, it’s really possible to sell your NFT more expensively at the expense of fans.

3. NFT standard

Just last year, the vast majority of NFTs were issued on the basis of Ethereum with the ERC721 standard. Although it remains one of the most sought after and popular, many blockchains are actively developing their own standards. It all depends on the conditions prescribed in smart contracts.

Be sure to check that the site you have chosen allows the placement of an NFT token with your standard.

4. Commission

An important detail when choosing an nft marketplace is the commission, i.e. payment, which is the source of income for the site. Payment types:

  • Advance payment. Paid 1 time for account registration, placement of NFT. On some platforms, creating a profile is free.
  • Fixed commission. Different marketplaces take payment for transactions in different ways: somewhere the amount is divided between the seller and the buyer, for others only the seller pays.
  • Gas. Network fee for transactions. The more requests are currently on the platform, the higher the price for gas.

Carefully study the conditions of the chosen marketplace so as not to find yourself in an unpleasant situation due to unforeseen expenses.

5. Support for crypto wallets

To safely sell or buy NFT tokens, make sure that the marketplace accepts different variants of cryptocurrency. The more to pay for, the better.

Support for wallets directly depends on the type of blockchain where the trading platform was created, the types of token standards used on it.

Cifris employs professionals who know how to ensure the security of transactions and the safety of your funds. Go to the platform and see for yourself!

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