Finding the Right NFT Marketplace for you
Updated: Nov 25, 2022
The first step in finding the right marketplace for you is deciding what you want. There are many different marketplaces. Some have high, unattractive gas fees and others have no gas fees at all. It all depends on what you want. In general, if you are paying a higher gas fee to mint your NFT, the consumers will pay more to buy your work. If you are paying a lower gas fee or nothing at all, the consumer might not take you as seriously and be inclined to pay less to buy your work.
The next question an aspiring NFT artist would have to address is their budget. If an artist has a low budget, they have no choice, but to mint their NFTs on sites with a low startup cost. The cost to mint an NFT could be anywhere from $1 - $1000. The top affordable marketplaces in my opinion are Rarible, Nifty Gateway, OpenSea. Rarible is very affordable because it is multi blockchain supported. This means it does not just use ETH, but it also uses Flow and Tezos, as well. Therefore, if one gas fee is high at the time, you can use another blockchain with lower fees. Nifty Gateway recently added a wallet to wallet feature that reduced the gas fee price by 75%. OpenSea gas fees have gotten a lot cheaper since they have allowed Polygon cryptocurrency. Also, with OpenSea’s gas fee structure, most transactions do not get charged through the blockchain, which makes it a very affordable option.
Something important to note is that the gas fees paid to Etheurem or other decentralized blockchains do not go to a centralized entity like your taxes would. Instead, the gas fees go to users that mine the resources needed to keep Etheurem running. Therefore, the amount of a gas fee could change drastically in just minutes. It’s all based on the demand for Ethereum at that time, so if hundreds of thousands of people are all interacting with Ethereum at the same time, miners need to use more computational power to make all those transactions happen at once, hence the higher gas fees. With that being said, it is always smart to use the Ethereum gas tracker to try and mint your NFT when it is at a low point.
The best way to sell your NFT is to network and get to know people that are willing to buy your work. Apps like Discord and Twitter have become an integral part of the NFT space. This is because in order for a supporter to want to invest in you, they will want to get to know you. The supporters are not like the ones you will see on Apple Music or Spotify because those supporters don’t lose anything to stream your music since it is free. When a supporter buys an NFT, they are betting that they will be able to sell it for more in the future, like a stock. People would much rather invest their money into someone they know and have a relationship with than somebody who they have never had a conversation with.
The NFT space is risky, without a doubt, but having a strategy is the difference between an artist making hundreds or thousands of dollars.