MakersPlace is a platform for collectors and creators of non-fungible tokens (NFTs). It offers a continuously expanding NFT selection and carries a plethora of authentic digital artwork for all levels of enthusiasts. With previews of upcoming drops appearing alongside live NFT auctions, the platform’s featured services have helped solidify its reputation in the digital art community. But what are NFTs, exactly? And how does MakersPlace work? This NFT marketplace review will help you buy, sell and create your first digital artworks.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What are NFTs?
NFTs or “non-fungible tokens” are cryptocurrencies where each unit is unique (non-fungible). This unique characteristic separates NFTs from cryptocurrencies like Bitcoin or Ether where each unit is interchangeable with the next (fungible). While the concept of fungibility may be a good place for new traders to catch up, most are looking for an easier explanation to help motivate an initial investment. For investors looking to keep things simple, NFTs are tradable, verifiable and unique digital artworks.
How to buy NFTs on MakersPlace
MakersPlace makes buying NFTs easy. When you’re ready, follow these steps to make your first purchase.
Sign up for an account with MakersPlace. MakersPlace gives users the option to sign up using your existing Facebook or Google credentials. You can also register with a separate email address and password. Once you’ve logged in, you’re ready for step 2.
From the homepage, you can head to the marketplace by selecting the corresponding menu option. Here, you can browse the platform’s latest drops and live auctions for purchasable artworks.
When you’re ready to buy your first NFT, you’ll have the option to make bids with your credit card. You can also connect a digital wallet, like MetaMask, and pay with ETH.
With your credit card details entered, go ahead and make an offer for a piece of art that speaks to you. MakersPlace will inform you regarding your minimum offer amount before proceeding.
Finally, move your NFT off the platform and into your wallet. Be sure to enter the correct address. Confirm your transaction through your wallet. Your NFT should display in the collectibles section shortly.
How to sell NFTs on MakersPlace
After buying your first NFT, you may eventually be enticed to sell – especially if the price has risen. When you’re ready, MakersPlace offers 2 distinct ways to sell your NFTs.
Set a fixed price for your NFT. Go to the “Manage Store” section found in the MakersPlace header. Click on “Set Price” and enter the price for your NFT into the field presented.
Accept an offer for your NFT. It is possible for others in the marketplace to offer a price lower than the fixed price you set. It’s up to you to accept or reject offers for your work.
How to create an NFT with MakersPlace
Minting your own unique NFTs on MakersPlace adds to the platform’s usability. Users are empowered to create and sell their own unique and authentic works of art. Artists accepted by the platform will also receive 10% of each subsequent sale of their NFTs.
Creators are accepted by invitation only. You will need to fill out a creator’s application to get started.
While you’re waiting to hear back, MakersPlace encourages artists to register as a collector.
After being approved as a creator, you will want to upload high resolution digital files for minting your NFTs. Digital creations are stored in a secure location after upload. They will only be available to you and collectors after purchase.
Congratulations. With the authenticity of your digital creation verified on the Ethereum blockchain, your art is now searchable within the NFT marketplace.
What NFTs can you buy on MakersPlace?
NFTs on MakersPlace are separated into 3 general categories: drops, auctions and popular NFTs. Filtering your search within a chosen category can help narrow the options.
Drops
Brand new NFTs are minted every day. On MakersPlace, you can choose to be notified of the newest releases from your favorite artists. Keeping up with the platform’s latest NFT drops is a fantastic way to maintain a fresh and desirable portfolio.
Auctions
Customers can also browse through the live auctions occurring in the NFT marketplace. With the ability to filter your results by purchase and reserve price, as well as by current offer amounts, you can tailor your results to match any budget.
When you’ve selected an NFT being auctioned through MakersPlace, you will be presented with the ability to buy the artwork for a set price. Alternatively, you can make an offer. The minimum bid will be shown before proceeding.
Popular NFTs
Another great way to browse NFTs available on MakersPlace is by popularity. The most popular NFTs have their own category on the platform and you can search the offerings of top artists as well as their top collectors.
Does MakersPlace have an associated token?
MakersPlace utilises the Ethereum blockchain and employs ETH for crypto transactions on the platform. By charging reasonable fees, MakersPlace is able to maintain its business model without a native cryptocurrency.
MakersPlace fees
MakersPlace NFT marketplace is currently free for use by all members. Nevertheless, due to soaring gas prices, interacting with the Ethereum blockchain can get expensive. Using a service such as EthGasStation can help keep you apprised of current fees assessed by the network.
MakersPlace charges the end user for all transaction fees. Commissions on all successful sales are illustrated in the following table:
MakersPlace fees
Initial sales
15%
Secondary sales
12.5%
Is MakersPlace safe to use?
With participation increasing in the NFT space, MakersPlace has created a reputable platform for artists and collectors to buy, sell and trade unique digital artworks. Still, participating in the NFT market comes with its own inherent risks. It’s important to keep in mind that there is no guarantee your purchased NFT will maintain its value in the marketplace.
Making the decision to purchase digital artworks often comes down to an investor’s personal comfortability in the market. For discerning investors ready to buy their first NFTs, MakersPlace offers a viable way to get started.
MakersPlace vs OpenSea
Despite the immense popularity of OpenSea, MakersPlace has created a usable alternative in the NFT space. If you’re choosing between NFT marketplaces, the following pros and cons can help to differentiate the platforms:
Pros and cons of MakersPlace
Quality artists can be found on both MakersPlace and OpenSea.
MakersPlace is free for members, charging end users all associated transaction fees.
MakersPlace allows for credit card purchases of NFTs.
The fees for successful purchases on MakersPlace are higher than some other NFT platforms.
MakersPlace frequently asked questions
MakersPlace has created a custom storefront to showcase user NFT collections, along with the tools necessary to authenticate your artworks. MakersPlace partners with multiple marketplaces, helping you syndicate your work.
While most transactions can be achieved quickly, publishing your NFT on MakersPlace may take more time. Hang tight, it may take a few minutes for the network to authenticate your upload.
Customer support for MakersPlace can be reached via email at support@makersplace.com. A support bubble for creators is also available on the store page.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Micah Carnahan is a staff writer for Finder specializing in cryptocurrency. He has written for many crypto news organizations, including The Merkle and Benzinga. Micah holds a Bachelor of Science from California State Polytechnic University, Humboldt and currently resides beneath the ever present fog of California’s lost coast.
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