What Are NFT Marketplaces and How to Use Them?
NFT marketplaces are websites where users can purchase, sell, and exchange Non-Fungible Tokens (NFTs). NFTs are digital assets such as art, music, virtual property, and collectibles.
NFTs are not like cryptocurrencies, which are fungible and can be exchanged on a one-to-one basis. NFT marketplaces use blockchain technology and smart contracts to facilitate secure ownership transfers.
How NFT Marketplaces Work?
To access an NFT marketplace, users must create a crypto wallet such as MetaMask or Trust Wallet. They must then load their wallet with cryptocurrency such as Ether for Ethereum-based NFTs. Once they have registered on a marketplace such as OpenSea or Magic Eden, users can view, purchase, or sell NFTs.
Purchases can be made using fixed prices or auctions. For vendors, NFTs can be created by importing digital content and paying for minting fees. Transactions are then stored on the blockchain for openness.
Types of NFT Marketplaces
NFT marketplaces differ in terms of their platforms. General marketplaces such as OpenSea offer varied digital content, while art platforms such as SuperRare are for artists.
Gaming marketplaces such as Axie Marketplace specialize in game NFT items. Music-based platforms such as Catalog also specialize in NFT music assets.
Leading NFT Marketplaces in 2025
Currently, Magic Eden is the number one NFT marketplace, capturing a 36.7% market share with a $122.47 million monthly trading volume. It's mainly for Solana-based NFTs but has diversified into cross-chain trading.
Blur is a 25.4% market share focused on Ethereum-based NFTs but has lost recent trade momentum. OpenSea, the former market leader, has a 19.9% market share and is compatible with several blockchains, such as Ethereum, Polygon, and Solana.
The CryptoPunks Marketplace, specializes in exclusive digital art, holds 5.6% of the market, with X2Y2, a decentralized marketplace, enjoying a 1.2% share.
NFT marketplaces continue to define the digital asset space, offering safe platforms for artists and collectors to participate in the emerging NFT ecosystem.
