Selecting the right NFT marketplace is paramount for both buyers and sellers. We feel that it’s just as important as the specific assets you’re trading themselves. It's a decision that impacts not only potential financial returns but also access to communities, support, and the overall trading experience.

As one of the leading Web 3 brands built on a foundation of NFTs, we understand the gravity of this choice. That's why we've done the due diligence on your behalf to leave you with complete clarity on the best NFT marketplaces in 2024. 

Our findings highlight five standout marketplaces: 

1. Magic Eden
2. OpenSea
3. Rarible
4. SuperRare
5. Mintable

While each has its merits, Magic Eden emerges as the favored choice for us here at Pudgy Penguins. This community-centric marketplace boasts more than 22,000,000 monthly visitors and is home to 8,000 unique collections and counting.

That being said, there are nuances you need to consider when choosing the right marketplace to buy a digital masterpiece or sell your latest creation. We’ll walk you through all these below so you can feel confident in your next steps!

What is an NFT Marketplace?

First things first, what is an NFT marketplace? As the name suggests, this is a digital platform where users can buy, sell, or trade non-fungible tokens (NFTs). But what is a digital collectible? and, why do people buy NFTs?

These tokens represent ownership of unique items or assets, often digital art, collectibles, music, or videos, verified using blockchain technology. Users must typically have a digital wallet to interact with these platforms, using cryptocurrencies like Bitcoin or Ethereum for transactions. 

Goods can be exchanged or replaced with identical items in traditional online marketplaces - and this is where NFTs and their respective marketplaces are unique. They’re one-of-a-kind, and this can be confirmed via the blockchain which provides a transparent record of ownership and transaction history.

These marketplaces serve as the bridge between creators and collectors, offering tools for artists to mint new NFTs and list them for sale. Collectors can browse these platforms to discover new pieces, bid on auctions, or make direct purchases. 

The platforms also facilitate secondary market transactions, allowing owners to resell NFTs, often with original creators receiving royalties. Each marketplace has its own set of features, supported blockchains, fee structures, and community focus, catering to different preferences and goals. 

Thus, you should weigh your options carefully before buying, selling, or trading on any given marketplace. We’ll help you do just that below as we highlight the top 5 best NFT marketplaces currently at your disposal.

What are the Best NFT Marketplaces in 2024?

More and more NFT marketplaces are popping up as innovation continues to drive the crypto industry further. While this variety is great in some cases, it can also get overwhelming for those who are just joining the market. 

So, what are the best NFT marketplaces right now? You can feel confident choosing from one of the options below, but our #1 recommendation is Magic Eden. Here’s why…

Magic Eden

• Fees: 2% per sale
• Best for: NFT collectors, flippers
• Blockchains: Ethereum, Solana

As we said from the start, Magic Eden is our preferred marketplace - and it’s clear to see why. The platform is known for its high liquidity and innovative features that empower buyers and sellers alike. 

Magic Eden is the most popular marketplace on the Solana network, boasting a secondary trading volume of $1.9 billion. The platform brings in 22,000,000+ unique monthly visitors and facilitates over 100,000+ daily wallet connections - so we’re not the only loyal users!

This platform was born when four friends with diverse backgrounds in crypto, DeFi, consumer internet companies, and management consulting came together with a vision for a marketplace that could address the shortcomings they saw in existing platforms. 

Magic Eden was the first to introduce features such as bidding, a rarity index, and a dedicated minting platform that seamlessly ties into the secondary marketplace.

The platform takes quality and curation seriously and only supports verified creators and collections. This exclusivity can limit opportunities for new artists looking to break into the space, but it offers peace of mind knowing you’re using the premier marketplace. 

While it initially catered exclusively to the Solana ecosystem, Magic Eden has expanded to support Ethereum-based NFTs, with plans to integrate additional networks. That’s to say we believe Magic Eden is only going to get better with time.

OpenSea

• Fees: 2.5% per sale
• Best for: Art collectors, NFT flippers
• Blockchains: Arbitrum, Ethereum, Klatyn, Optimism, Polygon, Solana

When most people think of where to buy or where to sell NFTs, they think OpenSea. For good reason, too - with its roots stretching back to the early days of Ethereum-based NFT trading. 

With more than a million registered users and handling over 50% of all NFT trading volume, OpenSea is a powerhouse where users gain access to a broad selection of NFTs across various categories including art, collectibles, and virtual worlds.

The platform's story began in the wake of CryptoKitties' success, which showcased the potential for blockchain-native digital items. Founders Devin Finzer and Alex Atallah quickly recognized the shift towards true digital ownership and launched OpenSea in December 2017. 

Fast forward to today, OpenSea prides itself on being the largest general marketplace for user-owned digital items. It’s a community-driven platform where anyone can list their project. This is why we created a detailed resource on how to buy NFT on OpenSea. 

That being said, the platform is not without its issues. It has faced criticism for not curating its content, leading to a proliferation of low-quality NFTs and potential for scams. This stands in stark contrast to Magic Eden, which takes curation incredibly seriously. 

As long as you do your due diligence and research any asset carefully before buying or trading, though, you can protect yourself on OpenSea or any platform, for that matter.

Rarible

• Fees: 1% per sale
• Best for: Collectors, gamers.
• Blockchains: Rarible is available on Ethereum, Flow, ImmutableX, Polygon, Solana, and Tezos.

Rarible is another unique marketplace to consider with multi-chain support, allowing users to interact with a variety of blockchain ecosystems. This inclusivity means a broader range of NFTs and potentially lower transaction costs due to the choice of blockchain. 

The platform has is its own native governance token, RARI, which gives users a say in the platform's development and the ability to vote on features and governance proposals. However, the platform's governance model is advisory, and the Rarible team retains ultimate decision-making authority.

The marketplace also enables creators to launch their own individual marketplaces, fostering a sense of community and direct engagement between artists and collectors.

While Rarible offers an aggregator service for purchasing NFTs across different marketplaces, it may have a more limited selection of NFTs compared to its competitors. 

Additionally, new creators might find it challenging to gain visibility on the platform if they aren't already influential or well-known. You’ll likely experience this issue regardless of where you list your NFT for sale, though.

SuperRare

• Fees: 3% paid by buyer, 15% royalty on primary sales, up to 10% royalty on secondary sales
• Best for: NFT art collectors
• Blockchains: Ethereum

SuperRare is a high-caliber digital art marketplace, where exclusivity and quality reign supreme. It launched in 2018 and quickly became the go-to platform for collectors seeking to acquire artwork from a curated selection of verified artists. 

It focuses on providing a premium experience, often compared to a fine art gallery, but in the digital realm. This approach has led to substantial artist earnings, with over $760 million generated for artists and $100 million from secondary sales.

SuperRare's RARE token adds another unique dimension to the platform, granting holders governance rights within the RareDAO. The community has a say in the marketplace's curation and evolution, which sets it apart from other platforms like OpenSea or Magic Eden. This is quite similar to Rarible’s RARI token.

However, the platform's exclusive nature means that it might not be the best starting point for new or unverified artists. Additionally, operating solely on the Ethereum network subjects users to its associated gas fees, which can be prohibitively high during peak times. 

As of now ETH gas fees are at an all-time high, making it more costly than ever to mint an NFT or engage in other transactions. Still, those looking for unique digital art specifically can rely on SuperRare for the most unique selection available.

Mintable

• Fees: 2.5% for regular NFTs, 5% for gasless NFTs, 10% for printable NFTs
• Best for: Creators and collectors looking for a wide range of NFT types
• Blockchains: Ethereum, Immutable X, Zilliqa

Last but not least on our list of the best NFT marketplaces, we have Mintable. This user-friendly NFT marketplace caters to both creators and collectors with many different types of NFTs. 

This includes digital art, music, videos, collectibles, in-game items, metaverse items, and even NFTs with various functionalities. This makes Mintable a versatile space for users of all interests seeking to engage with the digital realm.

One of the most unique aspects of Mintable is that it empowers creators to mint and list NFTs for free, which is particularly attractive for new creators looking to enter the space without upfront costs. This is very compelling in considering the cost to create an NFT.

The marketplace offers a straightforward user interface that simplifies the NFT minting and selling process, making it accessible to those with minimal technical background.

That being said, the fees are relatively high compared to other platforms we’ve referenced on this list. Further to that point, purchases can only be made with Ethereum, which may exclude potential buyers who prefer other cryptocurrencies given the rising cost of ETH.

Additionally, the absence of dedicated iOS or Android apps might limit the platform's accessibility for mobile users. Still, Mintable is a worthy contender on our list of the best marketplaces to buy or sell NFTs.

Ultimately, though, we want to reiterate that Magic Eden is the #1 choice - especially if you’re looking to explore the benefits of NFTs like Pudgy Penguins. Take a look at our NFTs here!

How Can You Choose the Best NFT Marketplace? Tips on Finding the Right Fit For Your Goals

We hope this guide has left you with clarity as to which NFT marketplaces you can trust - but how did we arrive at this conclusion? We’ll walk you through what we considered in curating this list so you can apply the same criteria in making your own decision.

Fees and Commissions

Every marketplace has its fee structure, which can significantly impact your profits as a creator or your costs as a collector. Some marketplaces charge a listing fee, while others take a commission from sales.

Additionally, there are often gas fees associated with blockchain transactions. Look for a marketplace with transparent fee policies that align with your financial strategy.

Evaluating Marketplace Trustworthiness and Security

Trust and security are not to be taken lightly when it comes to NFTs. This is something both buyers and sellers must prioritize. 

Research the marketplace's history and read reviews from other users. Check if the marketplace has any security certifications and what measures they have in place to protect your assets and personal information. 

Considering the Types of NFTs Available

Different marketplaces may specialize in various types of NFTs, such as art, music, virtual real estate, or gaming items. For example, Magic Eden is great for just about anything whereas SuperRare focuses exclusively on art.

So, identify the types of NFTs you are interested in and choose a marketplace that caters to that niche. This ensures you are in the right community and have access to the best selection for your needs.

Support for Buyers and Sellers Alike

A marketplace should offer buyers secure payment options, detailed asset history, and a guarantee of authenticity. Sellers need reliable listing tools, real-time analytics, and access to a broad buyer base. 

Both parties benefit from responsive customer service and educational resources that inform about NFT trends and best practices. A balanced marketplace provides equitable features that empower both buyers and sellers, fostering a dynamic and fair trading environment.

Exploring the User Experience

A marketplace should be easy to navigate and use, whether you're a seasoned trader or new to NFTs. Look for a clean interface, straightforward search functions, and clear instructions for buying, selling, and transferring NFTs. Test the platform yourself to see if it meets your usability standards.

Community and Networking Opportunities

The community that exists in a marketplace can support you and offer significant value through networking, collaboration, and learning opportunities. Engage with the community to gauge its activity level and quality before you list an NFT on the platform or attempt to buy one on it.

Marketplace Liquidity and Trading Volume

Liquidity in an NFT marketplace ensures buyers and sellers can complete transactions promptly without significant price slippage. High trading volume signifies a healthy marketplace with a robust user base, increasing the likelihood of sales and fair market valuations. 

For a thriving trade ecosystem, choose a platform that consistently demonstrates high liquidity and substantial trading volume, indicating a stable and active market conducive to frequent and reliable trading activities.

Technical Features and Innovation

Feature innovation is a huge component of what sets the best NFT marketplaces apart from the rest. Cutting-edge features like AR/VR previews, advanced blockchain analytics, and smart contract customization can enhance user experience, provide deeper insights, and offer new forms of asset interaction, setting the stage for future trends.

Accessibility and Inclusivity

An inclusive NFT marketplace prioritizes accessibility for all users, regardless of technical skill or physical ability. Features like multi-language support, easy navigation, and adaptive design for users with disabilities are essential. It should also support various payment methods and cater to a global audience. 

Inclusivity extends to educational initiatives, ensuring newcomers can learn and participate fully. A truly accessible platform democratizes the NFT experience, embodying the spirit of the wider blockchain community.

Bringing Our Guide on the Best NFT Marketplaces to a Close

As we conclude our exploration of the best NFT marketplaces, it's clear that platforms like Magic Eden stand out for their robust ecosystems that cater to both creators and collectors. 

It checks all the boxes of our meticulous selection criteria: low fees, high security, variety of NFTs, great user support, ample liquidity, innovation, and inclusivity. That being said, there are many other great solutions to consider as well.

Our blog has more resources to support your journey into NFTs like how do NFTs gain value, how to transfer NFT to another wallet, how much are NFTs worth, where to sell NFTs, and more.

At this point, though, why not take what you’ve learned and start looking for your next opportunity on one of the best NFT marketplaces we’ve listed above? Be it Magic Eden, OpenSea, or any other leading platform, you can join the Pudgy Penguins family today.

Not sure you’re ready to traverse the digital realm? We’re here for you in the physical world, too! Our penguin store has a wide variety of penguins toys to choose from.

Whether you want a new penguin plush friend like one of our penguin plush keychains that you can take on the go, or a penguin collectible that you can proudly display on your desk or a shelf like one of our penguin figurines - we’ve got something for everyone.

So, start your journey today and join a community of enthusiasts in the ever-growing NFT marketplace over in the Huddle at Pudgy Penguins!

‍