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MakersPlace Pros and cons
- Supports credit card payments. Use crypto or a credit card to buy select MakersPlace NFTs.
- Transparent fees. MakersPlace takes 2.5% from each secondary sale, and the 10% creator royalty is in line with other NFT marketplaces. For primary sales, MakersPlace takes 5% in commission.
- Creators don't pay minting fees. MakersPlace covers the cost of minting a new NFT on the Ethereum blockchain, and to make up for this cost, there's a minimum list price.
- Authenticity checks. The MakersPlace team puts NFTs through a rigorous authentication process, and requires a minimum of three pieces of identity for creators.
- Marketplace isn't very intuitive. The search function on the platform is messy, and filters are limited.
- Third-party sales limited. You can only list NFTs minted on another platform as its own MakersPlace safelist, and credit card purchases aren't supported for outside collections.
- Must apply to be a creator. To become a creator and list your own NFTs, you must send an application to MakersPlace. Great for curation, but not great for new creators with limited portfolios.
MakersPlace runs on Ethereum, much like other popular decentralized applications. It's a mixed NFT marketplace that covers the cost of minting for its creators, and even allows for credit card purchases on select items — but that might be all it's got going for it.
Our take on MakersPlace
MakersPlace is a curated art marketplace for collectors and creators of nonfungible tokens (NFTs). Like other NFT marketplaces, users can buy, sell and create digital art to be sold via blockchain technology.Image source: MakersPlace
It's not as well-known as other NFT marketplaces such as OpenSea, Nifty Gateway or Crypto.com NFT — and MakersPlace trading volume doesn't quite match up to its competitors either.
MakersPlace has had a total of 235 transactions in the last 30 days, according to DappRadar, a data acquisition company that tracks decentralized applications (dApps). OpenSea has nearly 5,000 transactions in the last 30 days — a major difference.
MakersPlace requires creators to apply to mint on the platform, which isn't unusual in the world of curated NFT marketplaces. Buyers need ETH for purchases, although you can buy some NFTs with a credit card and sell specific safelisted NFTs from third-party marketplaces; again, pretty standard features.
Overall, there isn't anything particularly impressive about the platform, but there aren't any major red flags to call out either.
MakersPlace was founded in 2016, making it one of the oldest NFT marketplaces — one year older than OpenSea. The platform was founded by Daniel (Dannie) Chu, Ryoma Ito and Yash Nelapati, based out of San Francisco.
MakersPlace states its mission is "to enable a vibrant and sustainable future for digital creativity, and it starts by empowering the world's digital creators." The platform has notable investors, including Coinbase Ventures and Sony Music.Image source: MakersPlace
MakersPlace blockchain and currency
MakersPlace runs on the Ethereum blockchain, much like other popular dApps. Use Etheruem's asset ETH to make purchases, or buy particular MakersPlace NFTs with a credit card. Sellers get to decide if they'll accept credit card payments.
If you buy an NFT with ETH, the NFT is sent to your ETH-compatible wallet. If you use a credit card, MakersPlace stores the NFT in a priority wallet created when you open an account with the platform.
Compatible exchange: Gemini Cryptocurrency Exchange
- Wide range of exchangeable currencies
- User friendly
- Newcomer incentives
- Insurance on currency balances up to $250k
- Balances can earn interest
- High fees on mobile app
- Missing some notable top 20 currencies
- No linked debit cards available
Gemini's strongest point is its Gemini Earn program, which allows users to earn up to 7.4% interest on specified cryptocurrency balances.
Gemini has a wide selection of cryptos available for exchange on the platform. However, some notable entries from the top 20 by market cap are missing, such as Cardano and Solana.
|Deposit Methods||Bank transfer (ACH)
|Deposit Fees||Cryptocurrency: None
Wire transfer: None
Bank transfer (ACH): None, bank fees may apply
Debit card transfer: 3.49%
|Withdrawal Fees||Cryptocurrency: None for first 10 withdrawals of each month
Other: None for first 10 withdrawals of each month
|Trading Fees||Order amount below USD 200: USD 0.99 - USD 2.99
Order amount over USD 200: 1.49%
Convenience fee: 0.50%
What types of NFTs are available on MakersPlace
MakersPlace uses the open standard ERC-721. Any ERC-20 tokens must be wrapped with an ERC-721 token to be compatible on the marketplace.
NFTs on MakersPlace are separated into four general categories: drops, collections, auctions and popular NFTs. In terms of genres, MakersPlace is a mixed marketplace featuring 3D art, animation, education, generative, illustration and photography.
Sort results by price, or search for a specific creator or collection.Image source: MakersPlace
How to buy NFTs on MakersPlace
You need an account to buy NFTs on MakersPlace, plus an ETH-compatible crypto wallet. MakersPlace recommends MetaMask. When you create an account, it doubles as another crypto wallet where it stores your credit card purchases.
To buy NFTs on MakersPlace, follow these steps:
- Account creation. MakersPlace gives users the option to sign up using existing Facebook or Google credentials. Or, register with a separate email address and password.
- Browse the marketplace. From the homepage, select the appropriate menu option to head to the marketplace. Here, you can browse the platform's latest drops and live auctions.
- Choose your payment option. Some creators allow credit card purchases, but always accept ETH. Use a crypto wallet, like MetaMask, to pay with ETH.
- Confirm transaction. After you submit your payment and pay the gas fees, your NFT should display in the collectibles section shortly.
MakersPlace requires sellers to set a minimum list price, and shares that with buyers before continuing with a purchase. The platform states the minimum list price makes up for the cost of generating art on the blockchain — the creators on MakersPlace don't pay for the gas fee when minting a new NFT.
For auctions, tailor your results to match any budget: Filter your results by purchase and reserve price, or by current offer amounts. However, these filters are a little messy and not very user-friendly.
When you select an NFT auctioned through MakersPlace, you're presented with the ability to buy the artwork for a set price. Alternatively, you can make an offer. It shows the minimum bid before proceeding.
If you're participating in an auction, you're required to bid 10% more than the previous offer. Sellers can also set a minimum offer amount for auctioned work.
Popular creators on MakersPlace
MakersPlace is a curated marketplace, requiring creators to apply to tokenize on the platform. This is to ensure quality — and MakersPlace covers the cost of creating new NFTs on the platform for its creators.
However, large-profile ETH collections such as CryptoPunks, World of Women and Doodles aren't included on the marketplace.
A few verified creators and collections featured on MakersPlace include:
- Bored Ape Yacht Club
- Bruno Cerboni
- Mutant Ape Yacht Club
How to sell NFTs on MakersPlace
MakersPlace requires sellers to list their NFTs in ETH. Sellers can also choose to accept credit card payments priced in USD.
Here's how to list your NFT for a set, fixed price:
- Login into your MakersPlace account and connect your digital wallet. Go to the Manage Store section found in the MakersPlace header. Choose Set Price and enter the price for your NFT into the field presented.
- Wait for offers, and accept an offer for your NFT when you get one. It's 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 mint on MakersPlace
To mint your own NFTs, you must complete a creator application. If the platform accepts you, you receive 10% in royalties for each sale of your original NFTs and MakersPlace covers the cost of tokenization.
Find more information about creators on MakersPlace at MakersPlace.com/creators, where you can also request getting added to their creator safelist. Select Request an Invite, and you'll be redirected to the application.
After approval as a creator, you'll want to upload high-resolution digital files to mint your NFTs. Digital creations are stored in a secure location after upload. They'll only be available to you and collectors after purchase.Image source: MakersPlace
MakersPlace fees are in line with other NFT marketplaces.
|Primary sale marketplace fee||15%, MakersPlace takes 5%|
|Secondary sale marketplace fee||12.5%, MakersPlace takes 2.5%|
MakersPlace NFT drops
Brand-new NFTs are minted all the time. 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.
To view the latest drops, select Drops on the homepage, or view live and upcoming drops on the homepage as well.
Is MakersPlace legit?
MakersPlace is a legitimate NFT marketplace that prides itself in assisting creators. They also verify their collections and individual NFTs through a "multistep process to ensure its authenticity." The team verifies the smart contract, identities and requires creators to submit three pieces of ID.
And like most other NFT marketplaces, MakersPlace doesn't have a refund policy, so all sales are final.
There's no evidence that MakersPlace has experienced a sitewide hack, but that doesn't mean it's a foolproof marketplace. Despite its authenticity checks, there's always a risk of purchasing a fraudulent NFT, falling victim to a rug pull NFT project or other scams.
For more information on keeping your assets and crypto safe, read our NFT scams guide to learn about common NFT scams and how to avoid them.
Other marketplaces to buy NFTs
MakersPlace completes authenticity checks on its collections and creator-minted NFTs. It's a curated marketplace, requiring creators to apply to mint. And it covers the cost of minting for its creators and makes up for it with a minimum sell price — a decent trade-off.
The ability to buy NFTs with a credit card is a nice feature, but it's only available for MakersPlace NFTs — no third parties.
However, its trading volume and limited NFT collection availability tells the story that they're not much competition to other giant NFT marketplaces like Nifty Gateway and OpenSea.
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