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Last Updated: Feb 7, 2022

MakersPlace

New York, United States

OVERALL
RATING

4.9
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MakersPlace NFT Marketplaces Review

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Kresimir Ilicic

Expert Analyst & Reviewer

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icon Updated on: Feb 7, 2022

MakersPlace is an NFT marketplace based on the Ethereum blockchain. One of the key features this marketplace has compared to others is the ability to purchase NFTs with your PayPal account. Keep reading because we are doing a full MakersPlace NFT marketplace review.

It surprised us to hear there is an NFT marketplace that supports PayPal. Even though that’s a step away from decentralization, it’s still a good way to slowly introduce people to the world of NFTs

Spec

TOTAL NFT 9000+
NUMBER OF CATEGORIES 4
TOTAL SALE VOLUME $31.43 Million+
Tokens ETH, FIAT (PayPal)
Wallets Supported Any Ethereum WEB3 wallet
Fee 15.00%
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OVERALL
RATING

4.9
Visit Website

PROS

Both crypto and FIAT supported

High-quality art

User-friendly design

Many famous artists

Custom collection profile pages

CONS

High marketplace fee

Low amount of NFTs

MakersPlace NFT marketplace Pros

We have already mentioned that MakersPlace supports PayPal. Believe it or not, you can count such NFT marketplaces on the fingers of one hand. Most other marketplaces support only cryptocurrencies.

This is a great feature because not everyone is tech-savvy, but they might still want to invest in NFTs. Sure, it’s a step away from decentralization because blockchain should be decentralized and anonymous, while PayPal is the exact opposite. However, people still don’t understand the concept of blockchain completely, so this approach might help them.

MakersPlace has a bunch of high-quality NFT art. Mostly because they are an invite-only marketplace and that eliminates low-quality artists. You can find different categories on this marketplace, from music to animations.

The website has a super simple design. It is very user-friendly and even people new to the NFT space will easily navigate through it.

There are many famous artists on MakersPlace such as Deadmau5, Pak, Jose Delbo, 3LAU, and others. This is also one of the reasons why we like MakersPlace, even though it doesn’t have as many NFTs as its competitors, there are many great artists and the quality of NFTs is pretty high.

One key feature that separates MakersPlace from other NFT marketplaces is the custom collection profile page. This is also known as the “drop” page. You may find all the information regarding the collection here.

The order of karros on makersplace
The Order of Karros on MakersPlace

MakersPlace NFT marketplace Cons

The first thing that we don’t like about MakersPlace is high marketplace fees. On every successful sale, MakersPlace will automatically charge you 15%. That means if you sell your NFT for $100, you’ll get $85 and $15 goes to MakersPlace.

Usually, only one blockchain supported, especially Ethereum is a downside when we are rating marketplaces. However, users can pay with PayPal, so we can say there are multiple options for users.

Another downside is the low amount of NFTs available on this marketplace. Even though the MakersPlace mostly has high-quality NFTs, there is still only a low number of them. We’d love to see more creators added to this marketplace so we can enjoy more NFTs as well.

An invite-only system is great if you want to keep the quality of NFTs high, however, that also creates a barrier for some creators.

What blockchain is MakersPlace NFT Marketplace working with?

Right now the main blockchain MakersPlace is working with is Ethereum. Currently, transaction costs are super high on the Etherereum blockchain and sometimes they reach even $150 per transaction. That being said, there is an alternative payment way for MakersPlace users.

That alternative is PayPal. MakersPlace users can trade NFTs with PayPal and avoid high transaction costs and exchange fees. If someone wants to buy an NFT but avoids the process of trading on an exchange, MakersPlace is an ideal choice.

Sure, PayPal is not a service working on blockchain. However, most people simply want to buy NFTs and hold or flip them. They don’t care if it’s a true blockchain or something else. Most other marketplaces have a fair share of centralization as well, so this is nothing new.

We believe this is ideal for users who are new to the NFT space.

Are there any minting fees?

No, there are no extra minting fees on MakersPlace. However, there are blockchain fees though. Minting is a process when the NFT becomes a part of the blockchain. “Added” means that transaction has to go through, and since each transaction has “gas fees”, you’ll have to pay for them.

Since MakersPlace is on the Ethereum blockchain, minting fees can get pretty high for the creator. Unfortunately, creators cannot pay for the minting through PayPal since the process happens on the blockchain.

Also, MakersPlace has a 15% fee on primary sales and 2.5% on secondary sales (while 10% goes to the original creator).

Is there a listing fee on MakersPlace?

No, there isn’t a listing fee on MakersPlace, you only need to pay for already mentioned blockchain fees. You can list as many NFTs as you want, as long as you pay all the fees.

What fees are there on MakersPlace?

  • Fees related to minting NFT
  • Sending your NFT
  • Bidding with ETH
  • Changing the price of your NFT
  • Burning an NFT

Some NFT marketplaces might charge you an extra just to list the NFT. Luckily, that’s not the case with MakersPlace as you don’t have to pay anything extra. Just pay for the blockchain fees previously mentioned and you are good to go.

What file formats are supported?

MakersPlace supports most digital image file formats. These include file formats such as:

  • JPG
  • PNG
  • GIF
  • MP4

We’d love to see a better way, perhaps a filter, on MakersPlace that would allow us to browse through different categories. Right now browsing through the marketplace feels like a trial & error.

Most file formats on MakersPlace right now are in “.PNG” formats. Digital images are dominating this NFT marketplace. However, you can also find a lot of different videos as well.

Can I decorate my collections on MakersPlace?

We have already mentioned custom collection profile pages in the “PROS” section. You can decorate these collections on MakersPlace however you want. We love this feature because you can edit your collection so it really stands out when compared to others.

This “collection profile page” is also known as the drop page. Drop refers to a collection “dropping” on a certain date hence its name. You may find all the basic information about the collection on the drop page.

As you may see on the image above, the drop page has a title, author, and a long description of the collection. When you scroll down, you’ll mostly see all the art included within this collection. However, as we have previously said, this also depends on how to artist decides to customize the drop page.

You’ll also probably find a timer ticking until the drop is out.

What NFT wallets are supported?

MakersPlace supports most Ethereum wallets that include but are not limited to MetaMask, Trust Wallet, and others. You can also use MakersPlace-issued digital wallet, but you can also use it to create NFTs.

MakersPlace warns its users not to send any tokens to this wallet as it cannot store cryptocurrency.

If you already have an Ethereum wallet, you only need to connect it to the MakersPlace NFT marketplace. We had MetaMask, which is a WEB3 wallet and all we had to do was next:

  • Sign up for an account on MakersPlace website
  • Go to your account settings
  • Select “Connect a Collection Wallet” as seen on the image down below
  • If you are logged in to your WEB3 wallet such as MetaMask, approve the “sign” request after selecting the previously mentioned button
  • That’s it, you have successfully added an Ethereum wallet to your account

Now you can either add funds to this wallet or through PayPal. Since the Ethereum transaction fees are currently super high, using PayPal might not be a bad solution. Hopefully, when Ethereum 2.0 is out, we’ll see much lower transaction fees.

You can only add one wallet per account on MakersPlace. If you are unsure what NFT wallet to use, take a look at our best NFT wallets ranking.

Does MakersPlace support auctions?

Yes, MakersPlace supports auctions, but also other buying formats. There are three different ways you can buy or sell an NFT on MakersPlace. The first buying format is the previously auction format, and the other two are:

  • Buy now – As you may figure from its name, buy now is a buying format where you purchase or sell an NFT for a fixed price.
  • Make an offer – You can always send an open offer for an NFT. Also, if you are a creator, you can receive offers.

If you are a creator, choose what selling format fits you the best. Usually, people that already know how much their NFTs can sell for will go for a “buy now” fixed listing. On the other hand, new artists that are experimenting will list their NFTs through an auction.

There is also a “reserve price” you can add to your auction. Basically, the auction will start once someone bids over the reserve price. A 24-hour timer will start and the highest bidder will win the auction.

Who is a perfect client of MakersPlace?

Anybody who wants to get involved with NFTs, but doesn’t yet know how to, should join MakersPlace. Not only will you see some of the top-quality NFTs, but you’ll also be able to buy them with PayPal. You don’t need to worry about complicated tech stuff, just register and start buying NFTs.

Still, if you have already used other NFT marketplaces, you can also use your WEB3 wallets on this one. This includes all Ethereum WEB3 wallets such as MetaMask. Use these wallets to purchase NFTs just as on any other marketplace.

MakersPlace is not just for beginners though. As we have already said, there are many quality NFTs on it. When we say quality, we actually mean the NFT art is of high quality.

If you are a creator, you’ll only get approved if you got a great portfolio. Also, a big number of followers on social media will help you get into MakersPlace faster. Most NFTs published on MakersPlace are successfully sold sooner or later.

If you are talented enough, chances are, you’ll make much more money selling on MakersPlace than on any other real-world gallery.

Can you promote your NFT on MakersPlace?

Other than editing your collection, there isn’t a way to highlight or promote your NFT on MakersPlace. Highlighted drops are automatically shown on the homepage based on how many people are viewing that NFT or collection.

Still, you can promote your NFTs on social media or other marketing channels. Why? Because it’s free, and millions of people can see it. That doesn’t mean social media doesn’t have its bad sides:

  • Spammers
  • Competition
  • Specific rules – For example, Twitter doesn’t allow ads with the keyword “NFT” in it
  • Too broad audience – Not everyone on social media wants to see your NFT project. You can target the NFT audience with hashtags, but that costs a lot.

You’d have much more luck advertising directly to NFT buyers. However, you would pay a lot because NFT is a competitive niche. It doesn’t matter if you try to advertise on Google or other social media platforms where the NFT keyword is allowed, the pricing is still high.

However, you can advertise on our website.

We offer direct advertising to people from the NFT space at the lowest rates. Our website is growing every day and the ad prices will increase as well. In case you want to know more, take a look at the list your NFT section of our website.

Does MakersPlace provide any support?

Yes, MakersPlace has a support e-mail where you can reach them for any kind of issues you stumble upon. If you are a creator, you can also use the “bubble” at the bottom right on the store page.

There are also many different help articles posted in the “Frequently Asked Questions” part. These helpful articles include answers in these categories:

  • Buying on MakersPlace
  • Reselling on MakersPlace
  • Selling on MakersPlace
  • How MakersPlace works
  • Blockchain and Digital wallet

In these help articles, you can learn both about the MakersPlace marketplace and about the NFTs in general. There are approximately 35 “frequently asked questions” answered in the MakersPlace support section.

Are there any partner programs?

At this moment, there aren’t any partner programs on MakersPlace. You can still reach out to their support e-mail and ask them about the partnership idea you have.

We hope they will add some kind of partner program in the future.

How does MakersPlace compare to competitors?

MakersPlace is one of the most popular NFT marketplaces. Art posted to this marketplace has above-average quality, and the main reason why is because this marketplace is reserved for creators who are manually approved.

A manual review of creators’ portfolios ensures only the best creators will join. This system is also visible in the Foundation, SuperRare, and some other NFT marketplaces.

Marketplace fees of 15% are on the higher end as most other marketplaces have a 2.5% fee.

This is one of the few NFT marketplaces supporting PayPal as a purchase option. PayPal might not be decentralized, but it provides a much easier way for NFT newcomers to purchase something. Other than PayPal, you can also use any Ethereum based wallet.

Still, when we compare MakersPlace to other NFT marketplaces, it’s not as good because it only supports Ethereum blockchain. As we already know, Ethereum has high gas fees (transaction costs) which are bad for NFT trading. Hopefully, that will change once Ethereum 2.0 is out.

If you are looking for a marketplace to flip NFTs for profit, there are better options. Gas fees are too high on the Ethereum blockchain at the moment, and MakersPlace is built on it.

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