NFT marketplaces vary in style, format, and the nature of NFTs, thereby slightly favoring a specific audience sentiment including artists, musicians, sports fans, gaming enthusiasts, or collectors.

Open marketplaces: NFT marketplaces that are open to everyone and feature a wide range of NFTs from a variety of sources.
Specialized marketplaces: this type focuses on more specific and specialized NFTs.
Collectibles marketplaces: these focus on items such as sports or movie collectibles.
Gaming marketplaces: provide specific NFTs needed for online gaming.

Advantages of NFT marketplaces

• They facilitate the exchange of NFTs between market participants
• If you manage to acquire valuable NFTs on the NFT marketplace, you become part of a community that will accompany you on your journey in the world of digital assets
• Today, we already know a number of people who have made successful trades on NFT marketplaces, which have brought them huge profits in the tens to hundreds of times their original deposit. To achieve this, you need a lot of knowledge and to have conducted a lot of market research, as well as knowledge about the creator of the NFTs themselves and great intuition as to when to buy and sell.

Disadvantages of the NFT marketplace

• Marketplace outages when there is a large influx of users, resulting in you losing your opportunity to mint, sell, or buy NFTs
• Slow platform response, high fees, slow or inactive support for NFT marketplace users, possible asset theft. All of these are possible disadvantages of NFT marketplaces, but you have to figure them out for yourself by thoroughly analyzing the project. DYOR!

How to choose a suitable NFT marketplace

It is important to choose a suitable marketplace for NFT trading. Here are some basic criteria to make your choice easier.

1. Check if the platform has passed basic security verifications such as KYC or auditing. The role of audítors is to provide as much information as possible about the security of the platform.
2. Find out who is behind the development of the platform, what their previous experience is, how long they have been working on the current project and how active they are on Discord and social media. Ask for community references.
3. Find out what fees are included in the transactions of the given NFT marketplace and in which digital asset.
4. Determine the number of platform users and their activity on Discord - the more the better.
5. Where will you hold the NFTs post-transaction? To store NFTs, you will need your own crypto wallet that works with the particular chain you are trading NFTs on.

How to choose a blockchain with suitable NFT marketplaces for trading

1. First of all, you need to look at the number of users who are actively trading NFTs on a given blockchain. NFT trading requires sufficient liquidity so that you have someone to sell your NFTs to, if you choose to do so.
2. The speed and security of the given chain
3. The transaction fees

Conclusion

The NFT market is broad and developing day by day and gaining its position in the modern world. Almost anything digital these days – the written word, videos, video games, art, collectibles – can be tokenized on the blockchain. To choose the right NFT marketplace, you need to be clear about whether you want to participate in the NFT market as a buyer, seller or creator. Whatever you decide, NFT marketplaces will accompany you throughout your journey. Luckily for all of us, there are plenty of highly secure NFT marketplaces these days, backed by experienced developers.

Personal Opinion

If you are just getting started with NFTs, this article will help you with the first steps in choosing NFT marketplaces you want to trade on. Do not forget that the first thing you should do is a thorough analysis of blockchains. Look where the greatest liquidity for NFT trading is located, then choose a suitable marketplace. After all, we all want to get something out of the market, and without liquidity, it will be very difficult to find a potential buyer for your NFT. In this sector, I recommend first investing your time in education and only then consider trading on NFT marketplaces. There are a lot of scams, rug pulls and other unpleasant situations going on in the NFT world that you want to avoid. Remember that NFTs are very volatile and a large number of participants in this market end up losing their money.