Where can I buy NFT? Check out the 3 best NFT marketplaces to buy so-called Non-Fungible Tokens (NFT) and digital art.
An NFT marketplace is a platform on which NFTs of all kinds can be purchased. They differ according to their offer or the blockchain on which they are based. For example, there are specialized marketplaces only for the sale of sports NFT.
Most NFT marketplaces are based on the Ethereum blockchain, but Cardano and the Binance Smart Chain support NFT.
The marketplaces are usually not compatible with one another. Otherwise, they work like conventional crypto marketplaces. A cryptocurrency is used for payment, and the transaction takes place digitally and verifiably on the blockchain.
In the following, we will detail what we consider to be the 3 best NFT marketplaces.
OpenSea was founded on December 20, 2017, by Devin Finzer and Alex Atallah in New York. Famous artists: Beeple, Banksy, HP Baxxter.
OpenSea is currently the largest NFT marketplace and is at the top for many community members. It offers various non-fungible tokens in almost all possible variants. You can choose from more than 7000 different projects. These include, for example, the areas of art, sports, collectibles or trading cards.
An interesting highlight of OpenSea is the support of ERC1155 and ERC721 assets.
Do you want to buy your first NFT? Then we are of the opinion that OpenSea is ideal for you. The large number of tutorials that can be found on the site contribute in particular to this. We are positive as it allows beginners to expand their knowledge of NFTs.
OpenSea offers tutorials to get you started in the NFT world. Also on the topic: Buying NFTs safely.
Rarible was founded in 2020 by Alex Salnikov and Alexei Falin in Moscow. Famous Artists: Lindsey Lohan, Mark Cuban, XCopy
Like OpenSea, Rarible is an “open” marketplace. The user interface is pleasant and the top NFTs are already displayed on the first page. So if you want to buy an NFT directly, you have to go to the marketplace’s homepage.
What makes this marketplace attractive to many users?
Rarible scores with collaborations with celebrities - for example, NFT by Lindsay Lohan and Mark Cuban have already been published.
Rarible is particularly suitable for users interested in special NFT because there is an actor or athlete behind it. The platform is less about being on the cutting edge of art technology on the blockchain. It’s much more about a carefree confrontation with the artists.
SuperRare was founded in 2018 by Jonathan Perkins and John Crain. Famous Artist: Hackatao
SuperRare is another promising NFT marketplace that lives up to its name. Every work of art is ” one-of-one “, a unique piece. The art shown has no minted copy. It is, therefore, “super rare”. The platform can be described as a mix of Christie’s, a famous auction house, and Instagram. And if you’re looking for an NFT, you can get detailed information about the artists directly from the platform’s editorials.
Because the SuperRare staff curates the NFT artwork, the average quality of the artwork at SuperRare is very high.
In contrast to OpenSea, SuperRare is more suitable for advanced beginners.
NFT marketplace: the most important criteria when buying
There are a few basic things to keep in mind when looking for a suitable NFT marketplace. So if you want to buy an NFT, you should consider the following two aspects.
Type and offer
To find the right NFT marketplace, you should first ask yourself one question: What do you want to buy anyway? If you are interested in art, you should look for a marketplace that publishes as many NFT artists as possible. The same applies to trading cards or sports NFTs. Many of the marketplaces are very diverse and offer different NFT – so you shouldn’t have any problems finding what you are looking for.
An example of a specialized NFT marketplace is NBA Top Shot.
So think carefully about whether you want to be active in a certain niche or whether you want to get an impression of what a marketplace has to offer in general.
Decentralized or Centralized?
There are decentralized and centralized marketplaces – just like everywhere else. Both have their advantages and disadvantages.
With a decentralized NFT marketplace, everything runs through your own wallet. This is where the transaction takes place, and the purchased NFT can be managed on it. So very simple and user-friendly. However, this also comes with a major disadvantage.
Anyone who wants to can publish an NFT on a decentralized marketplace.
This results in an apparent oversupply, in which it is difficult to be sure whether the selected NFT is a serious or dubious offer.
With a centralized NFT marketplace, you are more likely to find collaborations with larger artists. This makes the marketplace appear more curated at first glance. The main disadvantage of a centralized NFT marketplace is that of a centralized crypto exchange. You hand over control to the platform, and in an emergency, you have a problem – true to the motto: not your keys, not your coins or, in this case, not your NFTs.
Which NFT marketplace does LegitHustlin recommend?
As always in the crypto space, the same motto applies to the NFT marketplaces: everything has its right to exist.
However, if this is your first time considering buying an NFT, we recommend the beginner-friendly platform OpenSea.
Thanks to the wide range of options, almost every user will find what they are looking for, and the platform can be combined with every common wallet.
Those who prefer a curated offer are in good hands with SuperRare. Because not every NFT artist can freely offer his NFT for sale, the offer is more manageable. But here speed counts: every work of art is only available once.
You will learn the most important basics of non-fungible tokens again in the following.
What are NFTs?
Non-Fungible Tokens (NFT) are unique, digital items with blockchain-managed ownership. Examples of this could be collectibles, game items, digital art, event tickets, domain names, or even proof of ownership for physical assets.
In this case, non-fungible means "not interchangeable", simply because every NFT has unique properties. This defines them and not their value, as would be the case with fungible objects.
For example, ether, the native cryptocurrency of Ethereum, and the US dollar are fungible because they are interchangeable with one another.
Buying NFTs: 5 Steps to Digital Art
Do you want to buy an NFT? No problem, it’s straightforward. We have summarized the purchase process for you in just a few steps:
- Select a marketplace
- Create an account on the platform. Sometimes it is enough to connect a wallet (every major marketplace usually has a “How to” article, which you should read through in advance)
- Make sure you have enough budget to buy the NFT of your choice (most marketplaces accept ETH, but others have a native token that must be purchased beforehand)
- Select NFT and confirm the purchase. At an auction, you must first place a bid.
- Wait for the purchase confirmation and admire your new NFT
Selling NFTs: 5-Step Guide
Now the whole time they were just talking about buying. But if you want to sell your own NFT, we also have simple instructions ready for you here.
- Choose a suitable marketplace (as a beginner, one who does not have strict selection criteria is ideal)
- Set up an account and connect a wallet
- You need enough budget to pay for the first minting and the associated fees
- Use the marketplace editor (upload and save file, sign if necessary)
- NFT minutes and set a price (also select the currency in which payment should be made and include any marketplace fees)
Of course, you should remember that this process can differ greatly. This mainly depends on whether you want to sell on a decentralized or a central, and thus curated, marketplace.