Makersplace

Makersplace Review

Makersplace has been active since 2018 and is based in the US.

If you're looking for cheap NFTs from unknown artists, you might find them here as well, but most of the NFTs minted and sold here are produced by more well-known NFT-creators. The long list of creators with NFTs sold on this marketplace includes names like Yura Miron, Silvio Veira, Dmitri Cherniak, Dreamonaut and Frenetik Void, to name a few.

What is an NFT Marketplace?

An NFT Marketplace is a marketplace for NFTs. So far so good. But what is an NFT?

NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.

Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).

Makersplace Focus

The key focus of Makersplace is exclusive digital art, but there are also less exclusive art here as well. The NFTs are based on the ETH-blockchain.

Layout of Makersplace

Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from Makersplace's browse section. You can use their search field to search for an NFT, or find one based on the category, popularity, how recent it is and much more.

If you zone in to one of the specific NFTs, in this case the NFT called Silence between the Notes created by the artist Ruslan Bolgov, the page layout is as follows. As can be seen from the picture below, the layout includes information on the price, how many people that have seen it, how many editions there are, file sizes, information on the artist's followers, and much more. 

Makersplace Fees

When you buy an NFT somewhere, it is customary for the relevant NFT Marketplace to charge a fee for enabling the sale. This fee is typically a percentage of the NFT's sale price and is normally paid by the buyer. This can be compared with how regular art galleries normally take a share of the sale of any paintings etc. hanging in the gallery when a sale is executed.

At Makersplace, you will have to pay 15.00% in service fees. We do not know of any other NFT Marketplace charging higher fees than this, but there are a few charging exactly that (15.00%). There are also 12.50% in fees for any secondary sales on the Makersplace Marketplace, out of which 2.50% goes to Makersplace and 10.00% goes to the creator as a royalty. These fees are excluding the Ethereum gas fees that the Ethereum network requires in order to process transactions. 

While 15.00% is on the highest end among NFT Marketplaces, it would be considered a very competitive fee compared to an ordinary physical art gallery (where 30-50% in gallery fees is not entirely uncommon).

Accordingly, if you purchase an NFT at Makersplace and you have to pay USD 1,000 for it, be advised that USD 150 of this is not paid for the actual NFT but to cover fees in addition to the actual value of the NFT.

Makersplace Payment Methods

A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal-deposits.

Makersplace is one of them. Through PayPal and Stripe, you can pay and receive payment here with and to your credit or debit cards and your PayPal-account. This is a very competitive feature and Makersplace really distinguishes itself from most other NFT marketplaces by this offering.