All the hype that got NFTs in the limelight to the millions of audiences across the globe is producing more crypto NFT artists or is making traditional artists adopt the crypto world at an unprecedented rate.
Seeing the success of NFTs, from famous artists, athletes, musicians to gamers, everyone wants a piece of NFT income that can potentially make them millionaires overnight or boost their millions of assets worth further.
While the NFTs can be minted virtually and realistically for any type of asset, digital or tangible, it raises a critical question: How To Choose NFT Marketplace as a creator or brand?
How to Choose NFT Marketplace For Brands & Creators
Like the various types of NFTs that exist on the different blockchain platforms, numerous kinds of NFT marketplaces offer the sale of NFTs with several differentiating attributes and features.
These NFT marketplaces are either managed by private organizations or by the creators of blockchain technologies to provide a decentralized marketplace for selling collectible assets on the global market.
Since cryptocurrencies can support anonymous transactions with complete transparency, the activity of trading NFTs largely depends on Choosing NFT Marketplace that offers essentials like Royalties, permanence, and so on.
So, let’s determine some of the vital foundational aspects that can help brands and creators pick the correct NFT marketplace for themselves.
Key Criteria for Choosing NFT Marketplace
The criteria listed below may not be completely exhaustive, but they can serve to answer some crucial questions that you must ask yourself before minting an NFT item for sale at any of the available and soon launching NFT marketplaces.
- The Audience for Your NFT
Choosing NFT Marketplace based solely on its popularity may seem the ideal thing to do, except when it comes to finding the audience to whom you’ll present it for sale. Sure, listing your first or Nth number of NFT on a popular marketplace could reach more influencers and buyers.
However, the same aspect essentially also muddies the waters for the chances of you selling your NFT for what it may be worth to you. In such cases, considering listing your NFT(s) on NFT platforms with an exclusive audience can work in your favor if you’re sure of finding a buyer based on the rarity or uniqueness of your NFT asset.
Thus, first, determine the type of audience you wish to target for your NFT.
Foundation is a wonderful platform for NFT creators and brands as they accept and send invites on a verification basis by its existing list of creators and veterans. Such a marketplace can potentially make your NFT meet the eyes of rare professional collectors. On the other hand, if you want your NFT to have maximum chances of getting sold, choosing Rarible and OpenSea is the way.
- Does the NFT Marketplace Match Your NFTs Worth?
When you want your NFTs to be sold for higher prices, and you know your piece of asset is worth all that money, then listing it on a recently launched NFT trading platform may not earn you as much as you may desire, in terms of both fame and crypto monetary reward.
Furthermore, not to discredit your NFT, but if it’s not meeting the dimensions or type of the rest of the listed NFTs, then selling it on a platform with similar kinds of NFTs would prove more useful. For instance, selling your cryptokitties on Foundation will be less feasible than listing them on OpenSea.
- Adjacent Brands & Creators on the NFT Marketplace
The hype NFTs get also catapulted the NFT marketplace since they were then frequented more by notable auction houses and collectors. Similarly, popular creators listing their NFTs on the same platform, you have chosen, will work for you, too, depending on the type of NFT you’ve created.
Still, Choosing NFT Marketplace should also include checking NFT creators other than those that are popular as their NFTs could potentially steal the chances of your NFTs from being sold to the highest bidder. If you’re a brand with, say, an apparel business, then listing your NFTs on the same platform shared by your competitor can work negatively for you when their collection is more revered.
Similarly, musicians, artists, gamers, etc., should note the adjacent creators and brands on the NFT platform as it can both work for you or cost you precious sales.
- NFT Curation Policies
Another vital information that you must obtain when Choosing NFT Marketplace is to check with their NFT curation policies. Selling NFTs on a marketplace that cares little about its creators or does not offer them the flexibility to put diverse NFTs could be detrimental to your sales.
For instance, a typical NFT marketplace will only offer drops instead of providing one-off sales. Such models prevent you from sharing your NFT with several buyers who can together boost the worth of your NFT, especially when it’s linked to a prominent personality, event, or subject.
As a brand and as a creator, you should learn which NFT marketplace policies align best with the type of collection you’ll put on their market. Placing your NFTs on platforms that don’t verify the ownership of the asset or the listing creator is a big no-no.
- Supported Payment Systems
This criterion is subjective to the creator and the brand who want to list their NFTs on platforms. Marketplaces that accept only cryptocurrencies will only attract those users who are willing to convert their fiat money to complete their purchases.
However, marketplaces that also accept Fiat Money via Debit Cards, Credit Cards will have a wider audience. Still, the complete or partial non-existence of concrete crypto trade laws enacted by the country of the owner/creator/seller could also influence this decision.
For example, some countries have completely banned the use and collection of cryptocurrency, wherein concerned parties receiving the earning from NFT sale are forced to convert it into fiat money instead of retaining it for as long as they prefer. All because of fearing capture, contempt of the law, and other severe legal charges.
- Environmentally Responsible
As it happens in the crypto world, the practice of acquiring crypto money is quite taxing on the natural environment because the machines mining cryptocurrency requires enormous amounts of energy resources. Still, some marketplaces take this seriously by adopting sustainable energy consumption measures.
Such NFT marketplaces will likely remain in business longer than those that aren’t careful about giving back to the community. Sooner or later, crypto practices will demand stricter energy consumption laws than those already in place by several world governments, leading to the shutdown of most marketplaces we know today.
Thus, Choosing NFT Marketplace that understands accountability is also an essential component in deciding which marketplaces get to have your NFT. For instance, if you’re an environmentalist who is listing an NFT on a marketplace that cuts corners about its accountability to the environment will get bad press, whether you knew about it or not.
- Royalties
Though this criterion is listed further below in this list, it’s an unmistakable aspect that you should consider when you’re selling NFTs. Creators and brands want to ensure that their NFTs can offer them maximum rewards, and some platforms provide such facilities by offering royalties.
Some NFT marketplaces also allow the creator to define their Royalty percentage, which is fantastic, except those marketplaces may not receive the best of traffic at all times. Thus, calculating which platform meets the best of both worlds and listing your NFTs on it is only good business.
Read More: Earn CryptoNFTs Royalties & Avoiding Scammers
Takeaway
From the various guides populating the internet on How To Choose NFT Marketplace, compound all the information you see and obtain before listing an NFT based on following a hype. Even if you have already sold one or many NFTs, Choosing NFT Marketplace based on these criteria for listing your next NFT will reward you better.