Non-fungible tokens (NFTs) have taken the world by storm, and Tezos has emerged as one of the most promising blockchains for creating and trading NFTs. Tezos offers several advantages over other blockchains, including lower transaction fees, decentralization, security, and environmental sustainability. This article will provide an overview of the top NFT marketplaces on the Tezos blockchain and help you choose the best one based on your needs and preferences.
NFTs have been one of the fastest-growing niches in web3. But with multi-billion-dollar companies embracing NFTs, can we consider NFTs a niche anymore?
Undoubtedly, Ethereum reigns supreme in the NFT scene. But its grip on the NFT market is loosening, as many alternatives are popping up. One that has succeeded in establishing itself is Tezos – Let’s dive in!
What is Tezos?
Tezos is a sophisticated blockchain that utilizes a delegated Proof-of-Stake to guarantee quick and effective transactions through its ecosystem of smart contracts and dApps. The network made a sensation when it first appeared in the market during the 2017 ICO boom.
The native token, $XTZ, sometimes known as a “tez” or “tezzie,” powers the network.
Tezos differs from many other projects because it is a highly participatory blockchain.
It entails more users having influence over network policies than on other chains. Tezos NFT marketplaces benefit significantly from this since it indicates that Tezos is in an excellent position to evolve and adapt in response to market demands.
Since Tezos focused many of its early endeavors on smart contracts, it is no surprise that it also has a reasonably active NFT scene.
So, what is a Tezos NFT Marketplace?
Tezos NFT marketplace is a platform where Tezos users may generate, trade, and purchase NFT. But why should you choose Tezos for NFTs?
- Lower transaction fees: Compared to most other NFT markets, including the Ethereum ecosystem, the cost of minting NFTs and additional related charges are lower.
- Decentralization: Like Ethereum, Tezos is a decentralized blockchain run by its community rather than a single authority.
- Security: The Tezos strongly emphasizes safety, with verifications at the protocol and application levels. Tezos leverages OCaml and Michelson languages essential to mission-critical sectors.
- Environmentally sustainable: Because the network employs the proof-of-stake consensus process, it utilizes less energy than proof-of-work systems.
Besides, some top dogs are leveraging Tezos for NFTs. The NBA, Manchester United, and Ubisoft are just a few of the numerous instances of real-world usage that the Tezos ecosystem is witnessing.
How to Choose the Best Tezos NFT Marketplace?
Here are some criteria one can consider while choosing the best NFT marketplace in Tezos.
- The NFT marketplace should be decentralized.
- The platform should utilize sophisticated programming for its smart contracts and conduct periodic audits to keep bad actors at bay.
- It should employ strict authentication mechanisms, such as hardware wallets, 2FA, etc.
- The platform must rigorously verify all NFT submissions to guard against infringing intellectual property (IP) rights.
- The marketplace shouldn’t freeze during transactions.
Now let’s look at the top 3 marketplaces on Tezos.
1) Objkt.com Tezos NFT marketplace
Objkt.com has solidified its position as the industry leader for all NFT trades on Tezos. Most artists and collectors use it by default, making it the closest equivalent in Tezos as OpenSea is on Ethereum.
Objkt.com’s first page is a beautiful spot to start your NFT exploration in Tezos. Also, the “Previously Featured” section is a notable alternative to go through.
The platform has organized each item by genre or category, making it appealing. These include music and photography NFTs and abstract, glitch, street, and AI art. ‘Your profile page’ is another meticulously designed page on Objkt.com. You can change how the marketplace shows collections on your and other collectors’ profiles.
Objkt.com has the following features:
- Reprice NFTs without the need to delist.
- Royalties split.
- Add to Favorite and bookmarking NFTs to get alerts.
- Mint NFTs, in collaboration with a variety of creators.
Artists may mint NFTs on objkt.com even with a minimum of 0.0011 tez. Moreover, the marketplace enforces royalties, showing respect to artists.
Fee & Supported Wallets
Objkt.com levies a 2.5% fee for each transaction. Objkt.com supports the following wallets: Spire, Temple wallet, Galleon, Kukai wallet, Umami, AirGap wallet, Autonomy wallet, and Naan wallet.
2) Teia Tezos NFT marketplace
Teia pushes minimalism to its extreme by eliminating all extraneous elements and placing the art boldly in focus. This marketplace entered the scene shortly after the Hic et Nunc closed and has taken inspiration from it.
The homepage of the Teia displays an unending list of artworks in one column with the artist’s name and an ID.
You may see the artwork in a few different categories using the top menu, or you can search for a particular work or artist. Teia is a unique site where you can lose yourself in an endless scroll of fascinating art.
Each work of art has its page with some extra information, such as the title, a brief description, the number of copies in the edition, and of course, the price. Additionally, you may see trade history and all current listings.
On this page, you’ll also see several tags. They allow you to find more pieces with duplicate titles while providing rudimentary information about the item.
Teia has the following features:
- Virtually endless arts
- Non-profit, open-source, and maintained by the community
Fee & Supported Wallets
Tia marketplace has temporarily set its fees to 0%. Tia supports the following wallets: Spire, Temple wallet, Galleon, Kukai Wallet, Umami, AirGap Wallet, Atomex, Naan Wallet, etc.
3) fxhash Tezos NFT marketplace
fxhash is, without a doubt, one of Tezos’s finest but most unusual platforms. Although it is popularly well-known as an NFT marketplace, fxhash is also a launchpad.
An artist or other creative can launch their collection on the platform with a set edition size and an NFT price. You may mint a piece from the collection by connecting your wallet to the website until it sells out.
Regardless, the platform doesn’t offer dedicated curation, and sometimes you may encounter NFTs whose quality seems dubious. Moreover, NFTs on fxhash are typically generative; thus, you will only know a piece’s actual appearance once you mint it.
fxhash has the following features:
- Comprehensive guidelines/documentation for artists and collectors
- Sandbox support for trial mints
- Integrated launchpad system
Fees & Supported Wallets
For minting NFTs, fxhash charges a 2.5% platform fee. fxhash supports the following wallets: Spire, Temple wallet, Galleon, Kukai Wallet, Umami, AirGap Wallet, Autonomy, and Naan Wallet.
How to Mint Tezos NFTs?
We covered three of the most popular NFT marketplaces on Tezos. But how do you mint a Tezos NFT? Don’t worry! We’ll do everything step by step:
- Download and set up a Tezos-compatible wallet. Wallets that work with XTZ are widely accessible now. Popular ones are:
- The next step after creating your wallet is to purchase the XTZ coin. You can buy it on exchanges like Binance, Coinbase, Kucoin, Kraken, Gate.io, etc. Next, withdraw your $XTZ from your CEX to your wallet.
- Visit objkt.com to get started on minting your own NFT. Connect your wallet to the website. Then, click on your profile pic in the upper right section and click ‘Create.’
The website will redirect you to the ‘Create New Collection’ page after you have signed with the wallet. You need to pay some $XTZ for this step, and it typically costs 1 $XTZ to build a collection.
Then, fill in the name, description, and collection picture, and click ‘Create’ at the bottom. Your wallet will then reappear with a request for your transaction’s approval. Once you click accept, your wallet will spend around $1 XTZ to create the collection.
After creating your collection, click ‘Create’ again on your profile at the top right, and select ‘Token’ page. The NFT picture, as well as the Title, Description, Editions, and Royalty, can be set here.
Click mint once you fill in all the fields. A message will then appear asking you to connect your wallet and mint to the blockchain to complete the transaction. Finally, click ‘Confirm.’ Voilà! You have created your NFT on Tezos! But what if you want to buy one? We got you covered.
How to buy Tezos NFT?
The first few steps are the same as minting an NFT. You’ll need a Tezos-compatible wallet and some XTZ tokens.
- Choose a desired NFT marketplace on Tezos.
- Connect your wallet to the website.
- Browse through the NFT gallery and select an NFT to buy.
- Click “Buy” and approve the transaction on your wallet.
- The NFT will appear in your wallet as soon as you pay. Alternatively, you can check the transaction on Tezos Explorer.
See! Buying an NFT from a Tezos marketplace is as simple as buying from an Ethereum or Solana marketplace.
In conclusion, Tezos is a blockchain that offers several advantages for NFTs, including low transaction fees, decentralization, security, and environmental sustainability. We have discussed the top three NFT marketplaces on the Tezos blockchain and provided criteria for selecting the best one based on your needs and preferences. By leveraging the benefits of Tezos, these marketplaces are well-positioned to take advantage of the growing demand for NFTs and provide a seamless and cost-effective experience for creators and collectors alike.