An NFT marketplace is a platform for people to buy and sell NFTs. Well-known ones include OpenSea, Crypto.com, Rarible, Binance, and more.
Most of those marketplaces are based in the global north, and I personally associate much of the NFT movement with western countries. But in reality, Malaysia is definitely not lagging behind. After all, it’s already produced quite a few marketplaces.
Just because it’s based in Malaysia doesn’t mean your Ringgit will suffice on most of these platforms, though. To mint, sell, and buy NFTs on these marketplaces, you’ll still need a crypto wallet.
Many of the following marketplaces listed use MetaMask, a cryptocurrency wallet that is used to interact with the Ethereum blockchain. As such, it supports ETH and ETH-based cryptocurrencies and tokens.
1) Pentas.io
Pentas.io has quickly become one of the most recognisable marketplaces in Malaysia. Earlier this year, the company said that it’s already seen over 150K transactions in the span of 6 months.
While PENTAS seeks to be an inclusive marketplace that tokenises culture and heritage, it includes a wide range of NFTs that aren’t necessarily cultural. A quick scroll through their feed shows all types of art styles and photography.
PENTAS operates on the Binance Smart Chain (BSC) and uses the Binance cryptocurrency, BNB, which co-founder Irsyad Saidin told Vulcan Post was a cheaper option for users, despite being lower in popularity compared to Ethereum.
In 2021, digital artist Beeple sold an NFT on the Ethereum blockchain for US$69 million, which skyrocketed the gas fees for the blockchain, making it more expensive to mint an artwork on the Ethereum chain.
Top existing artists on PENTAS include users such as badape, Rich Cats Nation, RoachPunks, and PandaPunkNFT, all of whom are verified creators on the site. According to PENTAS, verification is given on a case-by-case basis and mainly for artists who are at risk of impersonation, and their full verification process can be found here.
Artists are allowed to set a certain percentage as royalty for secondary sales on their collectibles.
Latest gas fees at time of writing: 0.00117172 BNB (US$0.45).
Standout point: Thorough verification process.
2) NFT.my
A collaboration between punks.my and NFXT community, NFT.my’s (or NFT Malaysia) goal is to provide a platform that “makes it easier for the community to buy and sell NFTs on BSC.” As such, this platform boasts a 0% marketplace fee and pays artists royalties on every transaction made on their work.
However, there are only around 20 NFTs minted through this site itself. Instead, the marketplace is populated with artwork minted on other sites such as PENTAS since it acts as an NFT aggregator for Malaysians.
NFT.my is a direct and streamlined platform where anyone can easily search up NFTs and track the activity in the marketplace. It also has a “Shill Zone” where individuals can promote their NFTs, further developing the “aggregator” role NFT.my seeks to play.
Latest gas fees at time of writing: 0.00117488 BNB (US$0.45).
Standout point: NFT aggregation.
3) NFT Pangolin
Launched recently by MyEG, NFT Pangolin aims to be a global marketplace for regional creators to issue and sell NFTs. Unlike the above marketplaces, it uses Ethereum cryptocurrency.
As mentioned, Ethereum’s value makes minting more expensive, but according to NFT Pangolin’s FAQ, it supports lazy minting. It’s where artists can publish something for sale on NFT Pangolin, and the minting process will only be done when there is a confirmed transaction or purchase. This makes minting more cost-effective for both buyer and seller.
NFT Pangolin is also linked to OpenSea, meaning that anything published on NFT Pangolin will appear on OpenSea too. A portion of the minting fees charged to issuers on this site thus goes to OpenSea.
To create an NFT on this marketplace, you have to first fill out a contact form. There’s currently only a handful of featured creators on the platform including Vinn Pang, Momentum Alpha, and Johan Ishak.
Latest gas fees at time of writing: N/A.
Standout point: Easy, cost-effective minting.
4) TRART
According to its website, TRART is “an international platform with NFTs (non-fungible tokens) from well-known artists around the world”.
One of the elements that make TRART unique is the use of TRART coins. RM13.90 will get you 300 TRART coins. Users may top-up their coins using Maybank or Public Bank. Beyond usage on the platform itself though, TRART coins appear to hold no other utilities.
Right now, NFTs listed on the marketplace are going from 100 to 2,000 TRART coins.
TRART also helps convert real-world artwork to digital assets, ranging from animation, digital effects, and more according to its FAQ, which is helpful for established artists who are new to the NFT scene.
To put your artwork on this site, you will have to email the team. The platform currently features collections by well-known artists such as Shaogao and comic publisher Kadokawa Gempak Starz.
Latest gas fees at time of writing: N/A.
Standout point: TRART coins are used for transactions on the platform, and can be topped up without a crypto wallet.
5) NFTapir
This platform calls itself “Malaysia’s first curated NFT Marketplace”, aiming to create and support an ecosystem for Malaysian artists. In line with its focus on the local, the marketplace is indeed filled with artwork inspired by local structures and locations.
In order to make NFTs more accessible for Malaysian artists, NFTapir runs on the Polygon blockchain and offers “true gas-free minting”. Since the gas fee is around US$0.01, the platform is able to absorb all the fees by minting it first then passing the NFT to the creator’s wallet.
“By offering ‘true gas-free minting’ is our effort to de-complex the journey so artists don’t need to go scout for tokens and figure out how to buy from crypto exchanges,” co-founder Zang Tan said to Vulcan Post.
NFTapir uses a “Phygital” system, meaning the platform digitises physical artwork into NFTs so collectors can obtain tangible art pieces along with the NFTs. As such, many of the artists on this platform primarily deal with physical art.
This marketplace is still onboarding artists, but as of now, it’s featuring artists such as Chenyi, Lok Kerk Hwang, and Alex Leong.
Latest gas fees at time of writing: 0.006559488 MATIC ($0.01).
Standout point: Gas-free minting.
6) Artlab
Similar to NFTapir, Artlab bundles physical art along with the digital NFTs. But this marketplace isn’t like the others as the art is traded using fiat money. Artlab is technically selling physical artwork first and offering NFTs as a bonus.
Founder Sebastian Jurkowski told Vulcan Post that the advantage of having an NFT alongside the art is so everyone can see the complete ownership history and price, making art a liquid asset.
Currently, the only creator on the platform is photographer heartpatrick, but Sebastian shared that he’s in the middle of talks with other artists for onboarding last we spoke.
Latest gas fees at time of writing: N/A.
Standout point: Sales of physical artworks with NFTs as a bonus.
- Read more articles we’ve written about NFTs here.