Primary NFT marketplaces differ in certain respects from secondary marketplaces.
These types of platforms typically assist artists in digitizing their traditional artwork to sell directly on their platform, and artists that sell first and foremost on their own websites can also be seen as a primary marketplace.
Another key difference is that collectors usually list NFTs they bought on primary marketplaces on a secondary marketplace to resell them for a higher price.
Overall both types of marketplaces have their place in the NFT minting and buying ecosystem.
For creators, primary marketplaces can be utilized for a number of reasons that benefit them by being able to:
- Digitize traditional artwork into an NFT to expand on your creations and give them new life online
- List your NFTs using an auction to increase the chances of your original artwork being picked up for more ADA
- Leverage the expertize of NFT professionals to guide you through the entire process
- Harness existing payment gateways that are compatible with most wallets for faster and more efficient payments
- Easily split profits with collaborators to ensure co-creators/companies retain profits from collective works
For collectors, primary marketplaces present a few key advantages to those who get in early on a project such as:
- Take advantage of lower mint prices for an NFT than on a secondary marketplace
- Buy multiple NFTs of a single collection that you truly believe in maximize the potential returns reselling at a later stage on the secondary market
- Increase the likelihood of minting a rare NFT by being first in line to purchase on a primary marketplace
- Additional rewards for early adopters of a project such as airdrops, early access to new NFT drops and more
Browse existing primary marketplaces and grow your portfolio with our complete guide on Cardano primary marketplaces.