Which NFT Marketplaces Are Best to Create and Sell NFTs in 2022?
NFTs or Non-Fungible Tokens are the latest digital assets recording sales in millions, and this trend is likely to continue in 2022. This article describes the best marketplaces for creating, selling, and buying NFTs in 2022. You will also get answers to some crucial questions around NFT marketplaces, such as which ones to choose among ETH and BSC-based platforms.
Non-Fungible Tokens (NFTs) became a topic of interest and possibilities in 2021 when Twitter’s co-founder Jack Dorsey sold his first tweet (as an NFT) for $2.9 million. With more and more crypto enthusiasts jumping into the NFT bandwagon, there is still not much useful information that creators, investors, and collectors, can refer to. This article aims to address some of the most significant concerns and questions of NFT creators and collectors around this digital asset. These include:
- Do you need to pay to create or sell NFTs?
- Is Ethereum blockchain better than Binance Smart Chain (BSC)?
- Which is better — earning in Ether or BNB?
- Can royalties be earned from NFT sales and resales?
- What is the best NFT marketplace for NFT sales in 2022?
Which is More Popular in 2021: Ethereum or BSC?
Presently, Ethereum is the largest decentralized computing platform facilitating DeFi (Decentralized Finance), with daily transactions averaging over 1 million in the first half of 2021 (with a peak of around 1.75 million transactions). On the other hand, on Binance Smart Chain, the daily transaction number has crossed the 12 million mark. It indicates the growing popularity of Binance Smart Chain (BSC) and how people are gradually adopting BSC over other blockchain platforms.
The following sections discuss marketplaces on both these platforms that seem promising and can revolutionize the NFT trading landscape in 2022.
Ethereum-based NFT Marketplace Where Creators Can Upload Their NFT Creations
Here are some Etherum-based platforms where creators can upload their latest works.
- What is OpenSea?
OpenSea is the largest peer-to-peer marketplace facilitating the trading of rare and authentic digital assets built on NFTs running on Ethereum.
- What’s Unique About OpenSea?
- OpenSea uses the Wyvern Protocol, which ensures a quick and guaranteed shift from NFT ownership to cryptocurrency ownership and vice versa.
- OpenSea provides six special status pills (On Sale, Has Offers, Pre Sale, Has Bounty, Auctions, and Bundles) and three listing categories (fixed price, Dutch Auction and English Auction) to ease the search for suitable NFTs.
- How Much Does OpenSea Charge From NFT Creators?
OpenSea allows limitless access to NFTs or digital assets on its platform, but for every transaction conducted on OpenSea, a 2.5% transaction fee is charged. A creator or seller must pay a minting fee (gas fee) in Ether to the Ethereum miners. Ethereum gas fee is somewhat high and increases with demand (usually between $100 and $150 for the first NFT).
- What Is Rarible?
The second-largest player after OpenSea in NFT auctions is Rarible that operates on the Ethereum blockchain to store details of the NFT creators, sellers and history of transactions and ownership.
- What’s Unique About Rarible?
- Rarible has its native cryptocurrency — RARI. RARI tokens are the first governance tokens in the NFT world and provide users with voting rights in crucial governance matters such as fee changes.
- Rarible’s intuitive and straightforward user interface facilitates the easy connection of various wallets on its platform, such as MetaMask, Fortmatic, Wallet-Connect, and WalletLink.
- How Much Does Rarible Charge From NFT Creators?
Rarible levies a 2.5% transaction fee (from both parties) for every transaction. But there is the added provision of the seller paying the entire fee of 5% and adding it to the final price that the buyer pays. Further, a gas fee needs to be paid for completing transactions.
Famous Binance Smart Chain Based Marketplaces Where Creators Can Upload Their Creations
BSC-based marketplaces are fast gaining traction and slowly becoming the go-to platforms for buyers and creators alike.
- Binance NFT
- What is Binance NFT?
Binance NFT marketplace leverages the Binance blockchain infrastructure and provides the highest liquidity platform for creating and exchanging Non-Fungible Tokens.
- What’s Unique About Binance NFT?
- With Binance NFTs, users can be picky and buy NFTs from their favourite creators or those renowned at a global level.
- The platform has unique Mystery Boxes wherein each Mystery Box comes with a guaranteed, random NFT inside. These include a normal (N), rare (R), super rare (SR), and super super rare (SSR) NFT.
- How Much Does Binance Charge From NFT Creators?
A nominal transaction fee of 1% is charged (typically in cents) for every transaction carried on the Binance platform. It is significantly less than ETH marketplaces, where transaction fees alone can go as high as $70.
- What is Quadrifolium?
Quadrifolium takes pride in being one of the first Binance Smart Chain NFT social networks and makes it possible for artists, minters, collectors, and buyers to cohabit in a single global platform. It creates a social environment where creating, buying and selling digital arts is made possible in the respective gallery profiles of users. Artists and buyers will be allowed to create, collect and follow their favourite NFTs, like and share the NFTs they believe are of value.
- What’s Unique About Quadrifolium?
- Quadrifolium has its collection of digital arts and collectibles such as CryptoClovers (which contains 999,999 pieces of art). The Guinness World Records is currently evaluating it. Once the Guinness Record is achieved, its price and popularity are going to skyrocket.
- Investing in CryptoClovers could go long way as its prices are currently at rock bottom, only till the results are out, waiting to be exploded.
- How Much Does Quadrifolium Charge From NFT Creators?
Unlike Ethereum-based platforms, where substantial transaction fees are charged, NFT creators need to pay a nominal $1 transaction fee (minting fees in BNB) for minnting their creations on Quadrifolium, along with a gas fee. However, you’ll always be rewarded 10% lifetime royalty fee if someone buys your art. Alternatively listing a creation for free without minting it is also possible. In this case royalties will go to minters.
Ethereum-based Or BSC-based Marketplaces: Which One Is Better?
Binance Smart Chain is the hard fork of the Geth protocol that facilitates faster and cheaper transactions. As of June 2021, BSC has 2,105,367 active addresses, compared to the 799,580 addresses on Ethereum, despite BSC being relatively younger in the market. The low fees and faster confirmation time make BSC-based marketplaces better than Ethereum-based platforms. Its compatibility with various popular crypto wallets (MetaMask, Trust Wallet etc.), cost efficiency in the movement of funds and interaction with smart contracts are other advantages.
Ethereum-based Smart Chain Marketplaces
- Ethereum-based platforms facilitate decentralized smart contracts, eliminating the need for trusted intermediaries and increasing reliability.
- It hosts several other cryptocurrencies or tokens using its ERC-20 compatibility standard.
- Ethereum-based marketplaces are slowly being avoided because of high transaction fees, congestion, and governance issues.
- Users find it concerning to pay Ethereum’s daily transaction fees, which can be as high as 170.18 Gwei, and the figure keeps increasing with more usage of the platform!
- The most significant evidence of the success of BSC marketplaces is the statistics of daily transactions on Binance, which have surpassed that of Ethereum platforms.
- The functioning of BSC platforms is such that the transaction fees remain unaffected by the increase in use. Its costs are as low as $7.33.
- With platforms like Quadrifolium and collections like CryptoClovers, NFT collectors now can make intelligent investment choices that are guaranteed to give high returns.
- ETH-based platforms have the first-mover advantage, hence are a bit more popular. However, BSC- based platforms appear to be superior, as they continue to incorporate all features and cryptocurrencies supported in the previously preferred marketplaces.
With such high daily transaction rates and innovative additions like CryptoClovers, BSC marketplaces would undoubtedly become the go-to platforms for investors and creators.
How Are Platforms Like Quadrifolium Giving More Power into The Hands of Creators?
All apprehensions surrounding Quadrifolium exist because it is a newcomer, but it’s a killer competitor for other NFT marketplaces for apparent reasons. It’s just a matter of time before CryptoClovers achieves its Guinness Record for being the first-ever social network with 999,999 art pieces. Investing in Quadrifolium is one of the best investments you can make today to reap significant returns in the forthcoming future. Today’s low Quadrifolium price will skyrocket tomorrow, and hence it is the top choice to benefit from in 2022.
- Lazy Minting
Quadrifolium makes it possible for creators to evade paying the gas fee on their NFT listing right upfront. It saves them the initial investment until the first buyer confirms the transaction. The gas fee for this initial minting is deducted from the buyer’s price; hence, such a minting process is called lazy minting. Lazy minting makes it possible for creators to list their products for free.
- Brokerage Service
Advertising your NFT creations can be pretty expensive, but Quadrifolium provides a brokerage service, thereby reducing costs. The brokerage system allows the NFT creator to decide how much of the sale price goes to the broker (ranging from 1% to 30%). Setting up a Quadrifolium broker account and promoting the NFT listings on the website guarantees up to 30% commission. For every NFT bought using a referral, the broker gets up to 30% commission, which is assured for two months as Quadrifolium stores cookies for that long.
- Royalties Distribution
The royalty’s distribution in Quadrifolium is pretty simple. When you are an NFT creator and mint it, you receive 10% lifetime royalties on every resale of your creation. If you are a buyer of an unminted NFT creation and mint it, you will receive 10% lifetime royalties. So, it’s all about who mints first! And lastly, if you are only minting somebody else’s creation without buying it, you receive 3% lifetime royalties, and the remaining 7% will go to the first buyer.
With such fast confirmation, low transaction fees and ease of connecting wallets, Binance Smart Chain based marketplaces are unquestionably a better choice for NFT trading in current times. It has recorded the highest daily transactions and keeps transaction costs low despite the massive traffic and demand. Besides, emerging BSC-based NFT marketplaces like Quadrifolium are setting the bar even high by providing artists, investors, collectors and other stakeholders with a reliable platform where they can buy and sell popular digital artworks and get many-fold returns on their investments mainly due to a great royalty distribution system.
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