How to Find a Legitimate NFT Marketplace

If you’re searching for a legitimate NFT marketplace, where’s the best place to start? As the Complete Guide on Security Tokens is pretty new, there’s a lot to consider before you delve into purchasing your first NFT.

There are many different platforms out there, including OpenSea, Magic Eden, and Nifty Gateway, to name a few. But, how do you know which is right for you and what is a genuine marketplace?

Let’s take a look:

Top 7 Facts To Find A Legitimate NFT Marketplace

Overview:

1. Security

First and foremost, your data security is a vital place to start when deciding on the best NFT marketplace to use.

To ensure you’re protected throughout the process, select a platform that has adequate security measures in place.

Some of the things to look out for are enhanced encryption and the ability to use two-factor authentication.

In addition, when you set up an account and wallet, always use a strong password and choose a hardware wallet.

2. User reviews and ratings

Before you buy NFTs, it’s best to check out other people’s experiences in the marketplace.

Reviews are one of the easiest ways to spot any abnormal activity or bad experiences.

If you want more information and opinions, head to social media such as Discord to ask questions and chat about experiences with people that have used the platform.

3. Marketplace analytics

If you want to see how a platform is performing, there should be information publicly available to check out analytics.

Most reputable sites will have this data readily available for you to examine. So, watch out for platforms that don’t have it to hand.

You can also obtain analytics and statistics from resources such as DappRadar.

4. Crypto wallet compatibility

If you want to purchase NFTs, your digital wallet needs to connect with the marketplace.

Choose a marketplace that accepts multiple wallets and payment options, as this will make it easy to connect.

5. Gas fees

Gas fees are applicable throughout the process of NFT trading.

However, the issue with gas fees is the fluctuating cost depending on the blockchain and its activity.

When you set up a marketplace account, there’s also a one-off gas fee. Depending on the marketplace, you could pay up to $300 to connect your crypto wallet.

Legitimate marketplaces work to minimize these fees by offering lazy minting or functions with low or no gas fees.

6. Community

The nature of NFTs brings like-minded people together, and this expands the breadth of NFTs and their popularity.

A good NFT marketplace will foster an environment of community and open conversation about the market and data. This helps to grow the market and adapt to changes in this ever-evolving arena.

7. Easy navigation

Any legitimate NFT marketplace will be designed to make your experience straightforward.

However, the world of NFTs is vast, and getting the correct information quickly is vital to assist in the purchasing process.

Good websites will showcase everything from prices, number of bids, history, and owner information. If you can’t find this, then start asking questions about its authenticity. 

Additionals:

• Complete Guide on Security Tokens