best nft marketplace

Top Ten NFT Marketplaces for Africans in 2021 and Beyond

The frenzy around Non-Fungible Tokens has shown no signs of slowing down anytime soon. In this article, I walk you through the top ten best marketplaces where you can buy or sell NFTs in Africa.

best nft marketplace

Summarily

  • Non-fungible tokens are unique digital assets that represent easily reproducible items such as images, videos, arts, etc.
  • NFTs contain unique data that serve as proof of ownership and can be publicly verified on the blockchain
  • A lot of NFT marketplaces have sprung up recently, offering NFT enthusiasts a place to purchase their Non-fungible digital assets.

Here are the best NFT marketplaces in the world: Opensea, Rarible, Nifty Gateway, Foundation, MakersPlace, Solanart, Binance NFT Marketplace, Mintable, Super Rare, and BakerySwap.

Up until the time when Beeple’s NFT auctioned for $69 million in March 2021, NFTs had been just another trend in the fast booming cryptocurrency space. With this historic sale, NFTs have been the craze of the crypto space ever since. Crypto Punks, Loot, Bored Apes, are just some of the NF Tokens that have pulled in considerable sales in the NFT marketplace.

Hearing about this NFT fanfare is something, knowing where it happens and being a part of it is another thing entirely. In this post, I have curated the top and best marketplace where you can buy and sell non-fungible tokens as an African.

Let’s get started!

1. Open Sea

The OpenSea NFT marketplace is the largest peer-to-peer platform for NFTs in the world. It was founded in 2017 and is based in New York, USA. As of the time of this writing, Opensea has an all-time trading volume estimated at $8.8 billion according to Dappradar. The platform has more than 4 million tradable assets and more than 130+ dApps. 

OpenSea supports ERC-721 and ERC-1151 NFTs. All comformable NFTs are allowed on the platform – rare digital items like and crypto-collectibles such as music, arts, GIFs, videos, etc.

To buy, sell or auction NFTs on Opensea, you will need to create an account on the platform. Then connect your crypto wallet (Opensea) does not support fiat currencies. Opensea simplifies the process of creating an NFT for creators via its mining tools. Creators can easily create smart contracts for their assets once the creation is complete.

In return for the services, Opensea charges 2.5% as transaction fee for all transactions on its platform. Some of the best performing digital assets on the platform so far include CryptoPunks, mekaverse, mutant cats, and Bored apes Yacht club.

2. Rarible

Rarible is a Los Angeles-based online NFT marketplace. The platform started out in 2020 and has seen increased use ever since. Rarible is community-owned and operates as a Decentralized Autonomous Organization (DAO) where community members vote by using the native governance token – RARI.

Rarible issues badges as a means of verification to collectors and creators on the platform. It also provides minting services for creators, though it charges a fee for this service. It currently ranks as the top five NFT trading platform as recorded by Dappradar.

It is worthy of note that Rarible has one of the best royalty systems in the NFT marketplace. Creators can earn up to 30% whenever their works are purchased on the platform. It also supports multiple wallets including MetaMask, coinbase wallet, and MyEtherwallet, among others.

3. Mintable

Mintable is a Singapore-based NFT marketplace that supports the sale, purchase, and minting of NFT assets. The platform only supports ETH as its means of transaction.

Some of the kinds of NFTs you will find on Mintable include music, videos, arts, images, and in-game assets. Perhaps the most notable feature of Mintable is its zero-gas fee for creators. This is quite unpopular among NFT marketplaces. 

Mintable has three categories of auctions in place, they are – Buy it Now, traditional auctions, and Timed auctions. Also, there are three classes of items on the platform – gasless, normal, and printable. Mintable charges 2.5% as transactional cost and creators earn up to 5% as royalty on the platform.

4. Super Rare

Super Rare is based in Delaware, USA, and was established in 2018. As the implies, the platform is notable for its collection of rare NFTs. Super Rare places priority on quality over quantity.

Its interface is quite simple and easy to understand. At the same time, all artworks on the platform go through a verification process before they are accepted. You will need to connect a MetaMask or Formatic wallet before you can use Super Rare.

Verified creators can earn up to 85% as primary royalty fees and 10% on secondary sales. Super Rare charges buyers 3% for purchases made on its platform.

5. Nifty Gateway

Nifty Gateway is an online NFT marketplace based in New York. It was founded in 2018. One of the unique points about Nifty is that users need not have a crypto wallet to purchase NFTs on the platform. In fact, Nifty supports credit cards as a means of payment. This is contrary to the decentralized nature of cryptocurrencies but Nifty Gateway is a renowned marketplace.

Nifty Gateway was acquired by Gemini exchange in 2019 and the move has proven to be productive. In February 2021, Nifty pulled one of the biggest sales in NFTs to date by selling brokering the sale of Beeple’s CROSSROAD for $6.6 million.

NFTs on Nitfy Gateway are released in drops that are accessible for a limited period. Nifty takes 5% commission + 30 cents for all secondary sales and allows creators to determine their royalty fees on secondary sales.

6. Foundation

Foundation is a relatively new NFT marketplace. It launched in February 2021. It is one of the fast-rising NFT platforms out there. The platform largely supports digital arts. On Foundation, creators have to be verified by the community through upvotes.

According to Foundation, more than $40 million have been made by digital art creators on the platform since it was launched. Its most notable sale so far is the Nyan Cat that sold for ETH 300.

Currently, art creators earn 85% and 10% respectively on primary and secondary sales.

7. MakersPlace

This San Francisco-based marketplace came into existence in 2018 and has since become one of the most notable NFT platforms in the world. MakersPlace prides itself on being the home of exclusive digital arts. Most artworks on the platform are only available for primary sale. The bulk of creators on MakersPlace include writers, photographers, and artists. Some notable artists to have signed up on the platform are Shakira, T-Pain, and Tom Morello.

To purchase digital arts on the platform, you can either connect your crypto wallet or use your credit card. Creators take 10% royalty fees while the platform charges 15% as transactions commission.

8. Binance NFT Marketplace

It is not surprising that the largest cryptocurrency trading platform also has an NFT marketplace. The idea of Binance’s marketplace for NFT is to cater to the teeming number of binance platform users who are NFT enthusiasts. The Binance NFT marketplace is quite easy to use if you already Binance. 

You can make purchases on the NFT platform using any of the cryptocurrencies tradable on Binance’s native crypto trading platform. Depending on what a creator has listed, you can easily make NFT purchases using ETH, BUSD, and BNB tokens.

9. BakerySwap

Unlike most NFT projects that are created on the ethereum network, BakerySwap differs totally. The NFT marketplace is built on the Binance Smart Chain. As a result, it does not have quite the large pool of users that other ethereum-based platforms hold.

However, the NFT marketplace is just one of the tradable features on the Bakerysawp platform. Users can also engage in liquidity assets trades and swaps. To trade on the platform, you will need to connect a MetaMask wallet.

Note: You can only buy NFTs on BakerySawp using BNB token (because it is the native token of the Binance Smart Chain).

10. Solanart

Just as is the case with Binance, Solanart is the NFT marketplace of the Solana blockchain network (one of ethereum’s closest rivals). Solanart has a quite limited NFT collection because artworks on the platform are curated.

The marketplace has witnessed an NFT boom recently. Some notable sales collections on the platform include Aurory, SolPunk, and Degenerate Ape Academy. You will need to have a Solana compatible wallet in order to use purchase NFTs on the platform. Wallets such as Solfare and Phantom will come in handy. The process is easy thereon.

Conclusion

NFTs have come to stay just like cryptocurrencies. If you are a creator in Africa, you might just be about to create the next big hit in the NFT space. On the other hand, if you love arts, investing in some digital arts is definitely not a bad idea.

I am confident that you will find the platforms listed in this article quite useful as you take your first step into NFTs.

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UNDERSTANDING NON-FUNGIBLE TOKENS (NFTs)

Non-fungible tokens (NFTs) have been a nascent trend in recent times in the crypto-verse, and if you have ever wondered what this crypto buzzword means then you are in the right place.

Fungible and Non-Fungible Items

Before dissecting NFTs, it is salient first, to review what the word ‘Fungible’ means. Fungible suggests any item that is mutually interchangeable, replaceable by another identical item. To illustrate, a thousand naira note is fungible and can be replaced by another thousand naira note, two N500 notes, or five N200 notes since each of these generally hold the same value. Now that we have established what Fungible items are, it is facile to appreciate what the word ‘Non-fungible’ connotes: A unique item that cannot be replaced with something else. This infers that it is an item that does not have a substitute. An example is an original piece of art such as Leonardo Da Vinci’s Salvator Mundi painting.

So what are NFTs?

NFTs are simply a representation of an off-the-blockchain asset, which holds value as a form of cryptocurrency. A cryptocurrency representation of a digital asset. Collectibles like paintings, digital trading cards, pictures, music, video footage, virtual lands, memes, or even tweets – as have been made evident in the past weeks, could be the assets it represents. Literarily anything can have an NFT. An NF token, unlike other cryptocurrencies, holds extra information, with each token having a unique identifier that distinguishes it from every other token.

According to Naval Ravikant – “By assigning a unique token to a thing, its ownership (not the thing itself) becomes programmable, verifiable, divisible, durable, universally addressable, composable, digitally secured, and easy to transfer.”

Other common tokens like Bitcoin and BNB are fungible, in that a unit can be exchanged for another unit. For instance, one satoshi of Bitcoin holds the same value as each of the many other satoshis of Bitcoins that exist. NFTs on the other hand, have idiosyncratic values. NFTs can be anything digital, but a lot of the current enthusiasm is around using the technology to sell digital art. People have realized that a distinct, digital object can be engrossing and even have a notable financial value.

The Ethereum blockchain and NFTs

NFTs are created on a smart contract platform such as the Ethereum ERC-721 protocol; in fact, most NFTs are part of the Ethereum blockchain. This is largely because the Ethereum blockchain allows the storage of extra information that makes each token work differently from other tokens. This means that it allows NFT creators to capture relevant information relating to their digital art while storing it as tokens on the blockchain.

This is not to say that other blockchains cannot implement their versions of NFTs. Indeed, at the end of last year, TRON unveiled their own NFT standard protocol named TRC-721 where NFT blockchain applications can be built on. Other blockchains enabling NFTs are Binance smart chain, EOS, Polkadot, and many more. At the moment though, the Ethereum blockchain houses most of the existing NFTs.

Key Characteristics of NFTs

Some of the characters that typify NFTs are:

  • NFTs are digitally unique, no two NFTs are the same.
  • Every NFT must have an owner and this is of public record and easy for anyone to verify.
  • NFTs are compatible with anything built using Ethereum.
  • Content creators can sell their work anywhere and can access a global market.
  • Creators can retain ownership rights over their work, and claim resale royalties directly.

How to buy or create an NFT

NFTs are bought and traded just like any other cryptocurrency based on Ethereum, only instead of buying some amount of tokens, you buy a single token. To do that, you may begin by installing Metamask, a browser extension that permits interactions with various facets of Ethereum, such as exchanges and decentralized apps. MetaMask is also a virtual wallet for Ethereum and all the tokens created on Ethereum (both fungible and non-fungible).

After installing the extension, you should buy some Ether that you can spend on NFTs. Ensure that you store your MetaMask password and your wallet’s private key somewhere safe. Then, when you visit a website that sells NFTs (such as NBA Top Shot, OpenSea, Mintable) or an exchange where you can trade for them (such as Uniswap), connect your MetaMask wallet to the site and buy your first NFT.

If you are looking instead to create your own NFT, all you need to do is have some Ethereum in your wallet, and then connect your wallet to an NFT marketplace such as Rarible.com, after which you upload your content and mint it into an NFT. Generally, the same marketplaces that enable the sale of NFTs also provide services for the creation of it.

GrimesWarNymph Collection Vol 1

Canadian musician and artist Claire Boucher, also known as Grimes, sold a collection of digital artworks for almost $6m. She announced the auction on Twitter a day before the collection went on sale on the Nifty Gateway platform on February 28th. The collection was branded WarNymph Collection Vol 1 and was created in collaboration with her brother Mac.

Jack Dorseyjust setting up my twttr

Twitter CEO Jack Dorsey, on March 6 sold his first tweet “just setting up my twttr” as an NFT for $2,915,835.47. Crazy right?. Bids were made on the platform – Valuables by Cents which lets people make offers for autographed tweets. A digital certificate was issued to the buyer – Sina Estavi, which was signed and verified by Jack.

Beeple – Everydays: the First 5000 Days

Michael Winkelmann, an American digital artist popularly known as Beeple, sold an NFT of his work for $69 million, named ‘Everydays: the First 5000 Days’ at Christie’s. The sale positions him among the top three most valuable living artists.

Chris Torres – Nyan Cat

Chris Torres proclaimed that he had opened the door to the meme economy when he sold the Nyan Cat meme for 300.00 ETH (about $590,000) in an online auction on the crypto art platform – Foundation.

CryptoKitties – Dragon

The renowned CryptoKitties’ Dragon – a cute electronic cat sold for about 600 ETH, or over $390,000. At the time of sale, the dragon became the most expensive kitty to ever be traded in the history of the blockchain-based game – CryptoKitties.

Possible Opportunities and Risks

Buying an NFT because it interests you, or maybe even to make some quick money is one thing. But investing in NFTs is another. Again, it’s a nascent space, and it can take quite a while when a seller is ready, to find a buyer who’s willing to pay a definite price for a peculiar, one-of-a-kind item.

Also, considering the digital nature of NFTs, it is somewhat convoluted to compare them to valued physical artworks such as paintings. Contrastingly, we are in a season and time where cryptocurrencies are worth a great deal of money. The cryptocurrency market cap is currently in the trillions of dollars and one Bitcoin is worth more than $50,000 at the time of this article, so items from the digital space can surely be very valuable and are capable of maintaining their value over extended periods.

Furthermore, the NFT realm is intricate because each NFT market is disparate from other NFTs, this research has to be peculiar to the singular NFT on your radar. Trading on Ethereum can also be utterly pricey as the network’s recent congestion is causing an upsurge in trading fees.

The most dominant use case of NFTs today is in the digital content space. Content creators can now enjoy the proceeds that hitherto flowed to the platforms when they sell ads to the artists’ followers. Because of the burgeoning of NFTs, creators don’t have to hand ownership of their creation over to the platforms they use to publicize it. Ownership is imbued into the content itself. So that when they sell their content, funds go directly to them.

That being said, NFT’s value is dependent on the prestige and worth that its relating community gives to it. In essence, if everyone says it is worthless, then it is. For digital contents like music, a contract can be infused in the NFT that allows royalty on the song to be shared. Also, NFTs can have a feature that enables a percentage to be paid to the originator every time the NFT is sold or changes hands, making sure that if it becomes a “big hit”, the creator gets some of that reward.

Finally, it is possible to earn money by investing in NFTs, but you will have to do your own research. Also, nothing in this text constitutes investment advice