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NFT: how to choose a platform for buying and selling
NFT: how to choose a platform for buying and selling
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NFT: how to choose a platform for buying and selling

By Amelia Tomasicchio - 20 Mar 2021

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SuperRare, Mintable, Nifty, Viv3, OpenSea… there are now dozens of platforms for selling and buying Non Fungible Tokens (NFTs) but what are the differences between them? Why should one be preferred over the other?

Artists often use several platforms at the same time because there are often substantial differences between them.

Platforms for NFTs

OpenSea

OpenSea is a platform for selling and buying NFTs that was founded in 2017. It is used by logging in with a wallet such as MetaMask that connects Web 2 with Web 3 of the blockchain.

It supports NFTs based on the Ethereum blockchain with standards such as ERC721 and ERC1155.

By logging in, anyone can sell and buy NFTs, without special permissions, mostly using ETH for payments or adding their own tokens.

Non-fungible tokens can be sold on an auction basis and each bid must be at least 5% higher than the previous one. The auction can be open-ended, be based on an auction, or be closed by the seller when they are satisfied with their bid.

On OpenSea, NFTs can be offered for sale either as a single copy, multiple copies of the same work, or even entire series.

SuperRare

Unlike OpenSea, on SuperRare it is necessary to go through an initial interview before being able to start selling artworks on the platform. The SuperRare team makes sure that the works are original, created by real artists and, as the word itself says, that NFTs are rare and therefore only created in one copy.

Here, in fact, only single works can be sold and not entire series. On the other end, buyers have free access to the platform, as they only need to log on to MetaMask to be able to buy and participate in auctions.

Since NFTs are mostly based on Ethereum, payments in ETH are also the standard on SuperRare. In contrast to OpenSea, on SuperRare only Ethereum can be used to make payments.

For artists, the platform retains 15% of the sales on the primary market and 10% on the secondary market. For collectors, a fee has to be paid to the Ethereum blockchain for each bid, which can be as high as 40-50 dollars these days. This fee, of course, is lost and is spent even if the auction is not won.

Mintable

The major difference between Mintable and the two aforementioned platforms is that here the NFT standard is not only that of the Ethereum blockchain but also that of Zilliqa, so we will also find ZIL as a payment method.

Mintable was born in 2018 and in 2021 the famous Mark Cuban also invested in it. Mintable retains a fee ranging from 2.5% to 10% for those who sell NFTs.

Recently, the platform also auctioned a physical work by 20th-century artist Baranoff Rossiné, whose NFT is also being sold.

Nifty Gateway

The novelty of this platform compared to others is that here purchases can also be made using a normal credit card. MetaMask is of course also supported, but to make onboarding easier, Nifty Gateway has decided to enable payments in fiat currency as well.

Instead, for those who sell their works, monetization will be in the USDC stablecoin.

Viv3.com

Another platform for NFTs is Viv3, based on Flow, the blockchain created by Dapperlabs, creators of the famous CryptoKitties.

Also on this platform, it is necessary to pass an interview to be able to list NFTs, first filling out an online form.

 

 

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she is about to publish her first book about Blockchain Marketing.

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