Over the past two years, Non-fungible tokens (NFTs) have exploded in popularity, becoming one of the most prominent and surreal trends in the DeFi and p2p space. Some NFT art collections like “The Merge” and “Everydays: The first 5000 days” have been sold for more than $69 million and $90 million, respectively, setting up a new precedent for the NFTs domain. Following this hype, an elevated number of crypto enthusiasts, creators, and investors have become interested in this distinctive blockchain-based asset class.
NFTs are collectible digital items stored on the blockchain or distributed ledger, utilizing the underlying technology of cryptocurrencies. They can be present in any virtual form, such as artworks, videos, soundtracks, game tokens, avatars, etc., and can be bought, sold, or traded via crypto coins.
One of the key features of NFTs is that, unlike cryptocurrencies, each one of them is completely unique and non-exchangeable. In other words, each non-fungible token is only one-of-a-kind, holding an individual value and distinct characteristics.
You may also like: 10 Best NFT Marketplaces in 2022
What are NFT marketplaces?
NFTs provide sellers and content developers with an ideal opportunity to generate earnings from their digital works. However, they need a platform to interact with buyers, display their content, and sell it for a specific price. It is where the NFT marketplaces come into the picture.
NFT marketplaces are online platforms where NFT pieces can be minted, stored, recorded, and traded by users. They are markets for buying and selling NFTs, as e-commerce websites are for real-life goods. These digital markets provide the creators with a stage to approach a large community of NFT lovers and grab beneficial returns on their non-fungible artwork or other items. Note that the transactions on NFT platforms are carried out via cryptocurrencies through the linked crypto wallets.
This article has focused on the NFT marketplaces suitable for Indian participants to easily list their works and invest in NFTs. Let us look at the 5 best NFT marketplaces in India and why they can be a good option for you.
5 Best NFT Marketplaces in India
1. WazirX NFT
WazirX market is one of the most popular NFT marketplaces in India, introduced in 2021 by WazirX, a well-known Indian cryptocurrency exchange. This decentralized NFT platform is powered by Binance Smart Chain (NSC) and lists a large variety of digital collectible items. It catalogues high-quality artworks and content from Indian artists, with themes related mainly to Indian culture and environment. However, many collections with universal concepts and basic/standard motifs are also present.
For gaining access to the WazirX marketplace, you need to connect your cryptocurrency wallet with it. The platform supports various wallets via the WalletConnect protocol for payments and transactions.
The WazirX NFT marketplace integrates four primary segments. They are:
- The Create section directs the users to link their cryptocurrency wallets and create or upload their NFT artworks for sale.
- The Discover section displays about 50 artworks daily to promote emerging creators and artists.
- The Creators portion shows the list of the creators who are active on the platform, along with the number of their total creations and followers.
- The Collector section exhibits various users who had collected the NFTs from the WazirX marketplace. The account names are listed with the number of total collections they have bought and followers.
Creators and collectors with significant participation and a good activity record are given a blue verified badge that is displayed in front of the names. Moreover, the WazirX website assimilates a “stats” portion that demonstrates the top NFT collections according to the volume traded and several other attributes.
How to buy and list/mint NFTs on the WazirX marketplace?
To buy a specific NFT from the WazirX market, you just need to place a bid (if it is a piece of the auction) or directly buy it if the creator allows it. For buying, it is necessary to connect your cryptocurrency wallet with the marketplace and deposit the required funds in it. Currently, the supported wallets include Ledger, Tokenary, Infinity wallet, Ambire, and many more.
To mint or list your NFT, you have to visit the “create” tab, upload your artwork, set up the necessary details & price, fix a royalty percentage, and save or publish it. According to our survey, the NFTs were listed with a price in WRX or BNB only. So, we conclude that members can only utilize these two tokens for minting, selling, or trading NFTs at WazirX. Keep note that the platform charges a 5% sales commission (covers both the platform fees and gas fees of the BSC) when an NFT is sold.
OpenSea is the largest and most well-known NFT marketplace worldwide, incorporating a huge community of NFT investors and creators. Since 2017, the platform has been a top choice of the most famous NFT artists with its open-world and decentralized infrastructure. OpenSea records multiple NFT categories ranging from art and photography to music and sports-related digital items.
The platform has geared up its structure by incorporating the Polygon and Klatyn blockchains in addition to the original Ethereum network. The diversity of blockchains, especially the Polygon chain, has made OpenSea more accessible to users who can now mint NFTs without any gas fees. Moreover, OpenSea has an easy-to-use interface with simple design and holds a vast collection of top-notch NFTs, making it an ideal destination for NFT enthusiasts.
Supported currencies and crypto wallets
To become a part of the OpenSea community, you have to make an account and set up a cryptocurrency wallet supported by the platform. OpenSea allows linking a wide variety of wallets but recommends Metamask for desktop use and Coinbase wallet for its mobile app. Other notable wallets you can use include Trust Wallet, Portis, Fortmatic, and Venly.
Moreover, OpenSea supports more than 150 cryptocurrencies for transactional purposes, with Ethereum/WETH, USDC, and DAI being the most commonly used currencies.
Recently, the platform has announced its partnership with MoonPay, allowing the members to utilize fiat currencies for NFT purchases. The newly introduced methods include Mastercard, Visa, Apple Pay, and Google pay.
How to create and sell NFTs on OpenSea?
After linking a crypto wallet and completing your profile, you can start minting NFTs at OpenSea. To develop a single NFT, you just need to visit the “create” section, upload your work, and add the necessary description and name. You can also mint an NFT collection by visiting the” create a collection” tab and filling in the required details. Moreover, you can always add new items to your already-launched collections.
Afterwards, you can launch your NFTs for selling by tagging a specific price to them or including them in an auction.
Keep note that if you register your NFT on Polygon, you won’t be charged any network fee; however, minting on Ethereum levies gas fees. Also, first-time sellers have to pay an initialization fee to continue. Aside from that, the platform incurs a 2.5% fee on all transactions (no service charges for buyers) and allows NFT creators to set royalties up to 10% on their digital assets.
How to buy NFTs on OpenSea?
You can buy NFTs from OpenSea that are either listed with a fixed price or displayed in an auction. For both types of purchases, you need to have sufficient funds in your wallet to cover the base price or any gas fees, if applicable.
Launched in 2019, Rarible is one of the top NFT marketplaces in India and globally, where NFT creators can mint and trade their items. The platform has more than 1.6 million active users and holds several partnerships with famous companies, brands and celebrities. Rarible enumerates a vast collection of items, i.e. more than 400,000 NFTs, with an easy-to-use interface. You can easily navigate the NFTs and filter the listings according to the NFT types, price range, blockchain type, and collections.
Rarible allows the minting of NFTs on four types of blockchains, namely Ethereum, Flow, Tezos, and Polygon Beta (recently added). For getting started and developing NFTs on the platform, you first have to link a crypto wallet supported by one of the four blockchains. For instance, Ethereum supports Metamask, Coinbase, Formatic, etc., whereas Flow only supports Blocto wallet.
Creating NFTs on Rarible
For minting an NFT on Rarible, you have to decide on one from the four blockchains; each chain incorporates different network fees and features. Next, you can create a single NFT or an NFT collection by uploading the file or artwork, name, and description. You can also set up a royalty percentage for your work and add unlockable content to increase your piece’s worth.
The platform deducts 2.5% service fees from both the sellers’ and buyers’ sides. Moreover, note that you can pass on the gas fee (if applicable) to buyers instead of paying it yourself; however, it would increase the price of NFT for the respective buyers.
Buying NFTs on Rarible
You can buy NFTs on Rarible by paying a settled price or participating in an auction. For buying through auction, you have to place a bid, and the highest bidder would be given the NFT at the closure of the auction.
Be aware that there are multiple transaction methods to buy NFTs on Rarible under the different blockchains. You can buy Ethereum based NFTs via your connected crypto wallet (ETH coins) or Visa/MasterCard. On the other hand, you can purchase Tezos NFTs only via Tezos coins but not through bank cards.
Established in 2021, Foundation is a relatively new NFT marketplace that has quickly built a solid reputation due to its high-quality artwork listings. The platform connects the NFT buyers and sellers by recording more than 177,000 NFTs available in different formats. Foundation offers an easy-to-use and attractive interface, displaying trending auctions, featured collections and NFTs, and featured profiles on the homepage to promote artists’ work.
NFT collectors can easily join Foundation by connecting a crypto wallet and funding it with ETH, as the market is powered on the Ethereum blockchain. The platform currently supports WalletConnect compatible wallets like Ledger, Tokenary, and SecuX, amongst others. Buyers can collect the NFTs in four primary ways: they can buy instantly, make direct offers to creators, place a bid in auctions, and set up private sales.
On the other hand, the process to become an NFT seller or creator at Foundation is relatively unique from other marketplaces. Creators have to be invited by the community members to be able to mint NFTs and become a seller on this platform. After receiving an invite, you can link the crypto wallet, complete the profile, and mint your first NFT.
Foundation charges 5% on all transactions, while royalties can be set up to 10% by the original artists.
Launched in 2018, Mintable is one of the best NFT marketplaces in India and worldwide, allowing users to mint and buy a variety of digital assets, ranging from art, music, and videos to sports and utilities. The platform works on only the Ethereum blockchain – the Ethereum mainnet and L2.
Mintable offers a Pro account to users who want to advertise their products, customize their store page, and access the 24/7 customer service. Additionally, the platform integrates a Mintable Academy to help the members learn about NFTs and how to start earning from these digital collectibles.
A unique feature of Mintable is that it offers a “gas-free” minting option, allowing the creators to develop their NFTs without paying any network fee; however, they still have to pay a 5% marketplace fee. Besides gas-free NFTs, there are two other types, namely printable series (not minted until purchases) and normal items (traditional NFTs), that are charged a gas fee in addition to the marketplace fee.
How to mint and sell NFTs on Mintable?
You have to link a crypto wallet for creating and selling NFTs on Mintable. After setting up the wallet, you can select the type of NFT you want to mint. If you go for an NFT category besides the gas-free one, your wallet needs to have some ETH for covering the gas fee. Afterwards, you can upload the file, fill in the name and description, and set a price. Finally, you can list your item for sale so that it can appear in the NFT marketplace.
Keep note that you can create your own store for selling your NFTs or list your items within the already-present Mintable store.
How to buy NFTs on Mintable?
You can easily buy NFTs on Mintable by browsing the different categories listing thousands of items. Currently, the platform offers two payment methods for purchasing Mintable NFTs, i.e. crypto and credit cards.
You can buy the non-fungible assets via your connected crypto wallet (Metamask) or pay with a credit card without any involvement of cryptocurrencies.