Non-fungible tokens (NFTs) are the new trend in the crypto industry. However, every prospective investor always has questions centered around where to buy NFTs.
Over time, NFTs have revolutionized the way we engage with digital items. As a result, creators are no longer bound by platforms like Facebook or YouTube and can connect with their audience without any centralized platform or medium.
Yet despite their popularity, many people are unfamiliar with them. This is because they are one-of-a-kind digital products, similar to the Mona Lisa painting. They are unique, tradeable, and stored on blockchains.
If you didn’t previously know, NFTs could fetch hundreds of thousands, if not millions, of dollars. People like Logan Paul and Grimes have earned millions selling NFTs. The Bored Ape Yacht Club, CryptoPunks, and Beeple are among names associated with some of the costliest NFTs available today.
A critical look at current market trends shows that NFTs have enormous profit potential. According to statistics, the global NFT market grew eightfold in just two years, from $41 million in 2018 to $338 million in 2020. Moreover, NFT transactions increased by 82% in 2020 over 2019. And the overall volume of NFT sales exceeded $2.5 billion in 2021.
But before hopping on the NFT bandwagon, you need to know where to buy NFTs. This article will provide resources to help you select which marketplace to join based on your specific needs.
Top NFT Marketplaces To Buy And Sell NFTs
OpenSea is the world’s largest marketplace for buying and selling NFTs. It is interoperable with Ethereum, Klaytn and, Polygon blockchains.
Users can browse through over 34 million NFTs organized into multiple categories, from digital artworks to digital collectibles, virtual worlds, gaming items, and domain names.
Because NFTs aren’t transferred on the blockchain until the purchase finalizes, OpenSea allows creators to mint them without incurring any gas fees. That is, you may convert a digital file to an NFT at no cost and pay the gas fee when the item sells.
After the NFT sale, OpenSea receives a 2.5% commission. Buyers pay the commission on fixed-price items, whereas the sellers pay it on auctioned items.
On OpenSea, all transactions are atomic. This implies that either the entire transaction occurs or none of it happens. As a result, there is no trust issue regardless of which side acts first.
The platform is a gaming metaverse where players can create and breed pets (Axies) and compete in card games. Each Axie is unique with distinct characteristics that can be bought or sold.
Axie Infinity, built on the Ethereum blockchain, requires a MetaMask wallet to enable users to make purchases. Before they can begin playing, new players must have at least three axies. Users can swap in-game digital assets as NFTs, as well as buy virtual lands.
Axie Infinity leverages a pay-to-play-to-earn model where users can earn and cash out tokens (AXS or SLP) as a reward. Each buyer and seller pay a 4.25% commission on all completed transactions. Users must also pay a fixed fee to breed their Axie.
This is an exclusive marketplace built on the Ethereum blockchain for professional artists.
The NFTs are referred to as “Nifties.” It is a marketplace where sellers are exclusively popular musicians and artists who have sold nifties worth millions.
For example, in February 2021, Beeple’s “CROSSROAD” sold for over $6 million.
Nifty Gateway is not completely decentralized. Digital assets are held on the platform, not the blockchain. Every three weeks, Nifties go up for sale. Buyers can make blind offers, participate in lottery draws, or bid in auctions to acquire an NFT on Nifty Gateway.
In general, the resale value of nifties is substantial, and artists receive a 10% royalty on every resale. The platform doesn’t disclose its gas fees, but it does take a 5% commission on every sale and charges a $0.30 transaction processing fee.
NBA Top Shot
If you enjoy sports, NBA Top Shot is the NFT marketplace for you. It allows NBA fans to trade digital moments.
For example, if you were watching a live NBA game and captured Stephen Curry making a 3-pointer, you could mint it on NBA Top Shot and sell it. Users may save NBA “moments” on the platform.
Sellers can list or delist items from the marketplace at no cost. NBA Top Shot, on the other hand, collects a 5% commission from sellers on every transaction. Users can buy NFTs using a cryptocurrency wallet or a credit card.
How to buy and sell NFTs on OpenSea
Step 1: Get a wallet and fund it
To buy NFTs, you must have a digital wallet with funds. OpenSea accepts only Ether (ETH) as its purchase currency. To purchase an NFT buyers need a wallet and the most popular one is MetaMask.
If you are installing the wallet for the first time, be cautious of phishing and double-check that you are visiting the right website URL.
Step 2: Browse OpenSea’s NFT collections
Buyers must identify the NFT that they wish to purchase. Navigate to your OpenSea profile and select “Explore.” There, you’ll find thousands of NFT collections to choose from.
Filter through the NFT collections to narrow your search. On the top right bar, you can choose any category you like. Some categories one can find on OpenSea include Trending, Top, Art, Collectibles, Music, Domain Names, Photography, Utility, Sports, Trading Cards, and Virtual Worlds.
Step 3: Found Something? Bid or Buy directly
Certain NFTs will feature a “Place Bid” option where buyers can make an offer to the owner to purchase the item. Make sure to look at the number of bids that have already been made to get a sense of how much money to bid. Bids on OpenSea must be at least 5% greater than the preceding one.
For NFTs with fixed prices, click “Buy now” to go to checkout. The NFT’s details, such as its name, collection, subtotal, and total will display. Click the “Confirm Checkout” button.
Next, OpenSea redirects the buyer to their MetaMask wallet. They can then view the details of the transaction like the estimated gas fee and transaction duration.
If the above information is favorable, hit “Confirm” and wait for the purchase to process. Go back to your OpeanSea profile and await your new NFT. when it appears, click on it to view its details.
How to Sell
To sell, simply click “Sell” at the top right bar. OpenSea will open to a new page where the seller can fill out the terms of the transaction.
Choose whether to sell it at a predetermined price or via a timed auction, as well as the currency and the sale’s expiration date. Although the listing is free, OpenSea charges a 2.5% commission on each sale.
What is the cheapest place to buy NFTs?
Tools like rarity.tools and UpcomingNFT can help you find potentially profitable NFTs that are set to debut. Typically, the starting price for these projects is reasonable. You’ll need to go to an NFT marketplace to discover the assets themselves.
What and where are the best NFT marketplaces?
Choosing a particular platform from the pool of several NFT marketplaces can be challenging, especially since there is no right answer as to where to buy NFTs. The first step is to define your use case, interest, and preference.
Sports enthusiasts can check out NBA Top Shot. Gamers would love Axie Infinity.
Don’t have a specific need in mind? Any popular NFT marketplace with a low transaction fee that also allows users to mint NFTs for free would be ideal. OpenSea is among the great choices for an average NFT creator.
How can I buy and sell NFTs?
Get started by going to an NFT marketplace (e.g. OpenSea) login page and linking your crypto wallet. Community members can view your accumulated NFTs on your profile. Profile pages keep track of your favorite NFTs as well as marketplace activities.
You’re now ready to browse through the marketplace and maybe make a purchase. Certain listings will have a “Buy Now” option, while others will allow you to make an offer to the seller. When you click “Make Offer”, you will be able to choose the amount you are ready to pay as well as the expiration date. Following the completion of the transaction, the NFT is deposited into your wallet and shown under the “Collected” tab on your profile page.
To sell an existing NFT, go to your profile and choose the desired NFT. Locate the “Sell” button. Then, choose “Fixed Price” if you want to sell it for a set price or “Timed Auction” if you want other users to bid on your NFT.
What are some good marketplaces to buy NFTs?
Buyers can purchase NFTs from any NFT marketplace. There are hundreds of NFT markets from which to select. Several marketplaces are built on the Ethereum blockchain. So, buyers require a blockchain-compatible digital wallet like MetaMask.
How to safely purchase NFTs on the NFT marketplace?
Using reliable security and privacy features is the safest method to purchase and sell NFT. When you use an NFT marketplace, you can use a VPN. It will disguise your actual IP address, giving an added degree of security to the already secure blockchain system.
This stops unwelcome third parties from monitoring your internet activity or determining your location. Because using an NFT marketplace is similar to using any other website, privacy protection is vital.
How do you buy NFT tokens?
NFT tokens can only be acquired on decentralized exchanges (DEX) using crypto. Firstly, you must purchase ETH or any other cryptocurrency accepted by your preferred NFT marketplace. Then, you use the purchased crypto to pay for the NFT.
Where can I get the best NFT gaming services?
There are several NFT-based gaming platforms available across the world. Axie Infinity is among the most popular. Other popular platforms include Decentraland, CryptoKitties, SandBox, and Aliens World.