NFT Marketplaces are platforms where NFTs can be stored, displayed, traded, and in some cases minted. These marketplaces are to NFTs what Amazon or Flipkart is to goods. With NFT marketplace platforms, any artist can create their NFT on the marketplace and have their art listed for selling. The NFT marketplace platform should abide by features that make it easy for both the creator and the consumer to execute the intended action without any hassle. The key features of an NFT marketplace include The interface of the store, Search & Filtering options, Listings for creators, Buying an NFT, Crypto Wallet, and Reviews & Ratings.
A user needs to have a crypto wallet, many coins in the wallet, and a user account to access and use these types of marketplaces.
Signing up to the NFT marketplace can differ from site to site, but the main steps to follow involve creating an account or connecting a digital wallet, or maybe both. NFTs are usually purchased at a fixed price or through an auction.
Selling unique digital can be a more tedious process than buying them. First, one uploads a digital asset and waits for the marketplace for approval. If approved it will be listed for sale. When the seller accepts a bid, the marketplace transfers the asset from the seller to the buyer. The marketplace also enables one to mint their own NFTs.
Currently, the top 5 marketplaces in the world are Opensea, Rarible, SuperRare, Nifty Gateway, and Foundation.