So, you’re gearing up to bring your first NFTs to market. Of course, if you want to do so, you need to sign up for a marketplace. This is where you’ll mint, and list your NFTs for sale.
There are several marketplaces online, but which is the best option for you?
The answer to that question largely depends on your unique preferences, the type of NFT or NFTs you plan on launching, and the minting features you’re looking for. Consider the four factors below before you sign up for a marketplace to mint and sell your tokens.
#1: Consider the Audience
Some marketplaces, like OpenSea, are leaders in their industries, boasting some of the largest audiences in the space. Others are relatively small fish in a wide open ocean with minimal audiences.
The simple fact is that when more people see your NFT you have better chances of selling it.
As a result, marketplaces with the largest audiences are the most appealing right off the bat, but the size of the audience shouldn’t be the only reason for your decision to choose one marketplace over another.
#2: Some Marketplaces Specialize in Certain Types of NFTs
Some marketplaces, including the most popular options, sell all types of NFTs. However, others have more of a specialized solution. For example, SuperRare is focused on rare, one-off, NFTs that are centered more around art than their utility or their involvement in one collection or another.
Think about the specific types of NFTs you’re selling and look for a marketplace that caters to that specific type. After all, one marketplace may have a million users, but if only 10 of those users are focused on rare art and that’s your category, you’d be better off using a marketplace with 10,000 users that are dedicated to rare art.
#3: Think About the Fees
There’s nothing free about the NFT industry. Even the simple act of minting your artwork to the blockchain costs money. In most cases, minting fees, or gas fees are charged at the time of the mint.
The blockchain you choose to mint on will play a significant role in your fees. For example, the Ethereum blockchain is much less efficient, and therefore more expensive, than other, newer options.
Consider the blockchains the marketplaces support and how minting on those blockchains will affect your bottom line before you choose a marketplace.
#4: Minting Features
Finally, not all marketplaces are created equal in terms of features for minting new NFTs either. Some offer gasless minting, which means you don’t pay fees to mint your NFT until it sells. Others offer bulk minting, which gives you the ability to mint an entire collection of algorithmically generated tokens at the same time.
Compare your different options and think about the features that are most beneficial for you before you decide to sign up for one marketplace over another.
That’s All for Today
That’s all for today, my friends. Come back next Thursday to learn everything you need to do in order to get set up for your first mint.
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