How to buy NFTs: the best platforms for buying and selling

Buying NFTs today is not as easy and immediate as making online purchases, but it is wrong to think that it is an exclusive matter of IT experts or techno-finance wizards. Anyone can buy NFTs, all you need is some cryptocurrency, a digital wallet, and knowing how to do it. Starting from where you can buy them.

The NFT platforms are virtual spaces where users can sell or buy NFTs, precisely. Those who want to participate in the NFT-mania as a creator or collector of digital resources and crypto-art must, therefore, choose the platform, also called marketplace, that best meets their needs.

Here, then, is where and how to buy NFTs on the best online platforms.

How to buy NFTs?

The first thing you need to know if you want to buy an NFT or a digital work of art is that you will need a crypto wallet compatible with Ethereum and some ETH cryptocurrency to get started.

If you are new to the game and don’t know how to buy cryptocurrencies, these guides will be useful:

• How to buy Ethereum
• Best exchanges to buy cryptocurrencies

Now that you have Ether to buy NFTs you need to set up your cryptocurrency wallet. It is possible to open crypto wallets on different platforms, such as MetaMask, Binance, Coindesk. Just go to the website of the platform you prefer and register. After opening the wallet you have to send ETH from the exchange to the wallet address.

This is the preliminary procedure for buying NFTs, now let’s move on to the next and actual step: where to buy NFTs.

Where to buy NFTs

The buying and selling of NFTs takes place on dedicated marketplaces. There are many NFT platforms where you can sell, buy, and browse the NFTs created by artists. Even if they all work similarly, they are not the same: they can differ in ease of use, commissions, type of NFTs sold, and the possibility of using only cryptocurrencies or even fiat currency to pay.

Accessing these platforms is simple: just go to the website and start browsing.

Let’s take a practical example of how to buy NFTs on OpenSea], the largest and most famous platform for creating, selling, and buying NFTs in the world. Here is a step-by-step guide.

1. Buy ETH on an exchange.
2. Transfer your ETH to a crypto wallet. A unique wallet address will be generated that you will use to complete transactions.
3. Go to the opensea.io website and press the little man icon. Click on Profile and follow the instructions to connect the crypto wallet to OpenSea.

At this point, your account is ready for use. To see the NFTs for sale on the platform, just go to Explore or type the name of the object, collection or creators you are interested in in the search bar. On OpenSea, NFTs are divided into categories: the most trendy, collectible, music, photography, sports, and so on.

Find the NFT you are interested in, press the Buy Now button if you want to buy or On Auction if you want to participate in the auction by making a bid. You can filter by price, currency, blockchain etc etc.

Top 10 platforms to buy NFTs

We have seen OpenSea, which is certainly the first on the list when it comes to platforms to buy NFTs. But there are many others. Here is an updated list of the best.

OpenSea

OpenSea is the largest and most popular platform for buying and selling NFTs, which supports a wide range of categories such as art, collectibles, music, and much more. Being one of the pioneers of the market, it has a large user base and a consolidated infrastructure.

As we have seen, to buy an NFT on OpenSea, you need to connect a digital wallet (for example MetaMask). Once connected, you can browse thousands of available NFTs and complete your purchase using cryptocurrencies (mostly Ethereum).

What to know

• Founded in 2017, OpenSea has handled billions of dollars in transactions.
• It supports both the Ethereum and Polygon blockchains, reducing gas costs.
• Sales can be done via auctions or fixed prices.

Rarible

Rarible is a community-driven platform where users can create, buy, and sell NFTs. What sets it apart is its governance system based on the native token $RARI, which allows users to actively participate in the platform’s decisions.

By registering with a digital wallet like MetaMask, you can explore and purchase NFTs. Additionally, Rarible allows users to easily mint their NFTs, an attractive option for emerging artists.

What to know

• Rarible was launched in 2020 and quickly gained popularity.
• It supports Ethereum and other compatible blockchains.
• $RARI is used for the decentralized governance of the platform.

SuperRare

SuperRare is a platform focused on unique digital art NFTs, with a strong curatorial approach. It is especially suitable for those looking for exclusive digital artworks, with high-level artists.

Users can purchase works through auctions or direct offers, by connecting their Ethereum wallet. Artists must be selected by the platform, which ensures a certain quality and rarity.

What to know

• Founded in 2018, the platform has already recorded millions of sales.
• SuperRare receives a 15% commission on primary sales and artists get 10% royalties on secondary sales.
• Focused only on digital art and not on other types of NFT assets.

Foundation

Foundation is a niche platform for artists and digital creators who want to monetize their work through NFTs. It has become known for its exclusivity, as it relies on an invitation system between artists to access the platform.

By connecting your Ethereum wallet, you can participate in auctions and bid on works. The platform is easy to use and very focused on user experience.

What to know

• Foundation takes a 15% commission on each sale.
• Artists earn 10% royalties on subsequent sales of their works.
• It has a minimalist design and a highly curated user experience.

Nifty Gateway

Nifty Gateway is known for NFT "drops", which are the release of limited collections of famous artists. It has collaborations with internationally renowned artists such as Beeple and musicians such as Grimes, which has made it a reference platform for collectors.

Nifty Gateway accepts both cryptocurrencies and credit cards, making it easy to purchase even for those who are not crypto experts. After registering, you can participate in drops or buy NFTs on the secondary market.

What to know

• Belonging to the Winklevoss brothers, founders of Gemini.
• It uses a combination of limited-time sales and auctions.
• Among the most famous sales is Beeple’s for $6.6 million.

Mintable

Mintable offers a user-friendly platform to create and sell NFTs without having to pay traditional "gas fees". This makes it accessible even for those who want to explore the world of NFTs on a small budget.

After connecting your digital wallet, you can explore the marketplace and buy NFTs using Ethereum. Mintable’s distinctive feature is the ability to mint NFTs for free, making it attractive to independent creators.

What to Know

• Founded in 2018, Mintable has attracted significant investment, including from Mark Cuban.
• Supports Ethereum and Zilliqa.
• Allows free minting via "gasless" mode.

Zora

Zora is a decentralized platform for creating and selling NFTs, with a focus on creator autonomy. It allows artists to maintain complete control over their works and the terms of sale.

Users can create and purchase NFTs by connecting their Ethereum wallet. The platform allows for dynamic pricing, allowing the price to be raised or lowered based on demand.

What to Know

• Zora uses a royalty model where the creator maintains greater control over future earnings.
• The platform has a strong focus on decentralization and user ownership.
• Popular among creatives for its transparency in terms of use.

KnownOrigin

KnownOrigin is a platform focused on digital art and supports emerging and established artists. Its focus on quality and curation of works makes it an excellent choice for art collectors.

Connect your Ethereum wallet and bid or buy NFTs directly. Artists must be approved by the platform to ensure each work maintains a certain quality standard.

What to know

• Founded in 2018, KnownOrigin is among the most popular platforms for artists.
• Primary sales have a 15% commission, while artists earn 12.5% royalties on secondary sales.
• Known for collaborations with high-profile artists such as XCOPY.

Binance NFT

Binance NFT is part of the Binance ecosystem, the largest cryptocurrency exchange in the world. The platform offers a wide range of NFTs, including art, collectibles, games, and more, with very competitive fees.

Users can buy NFTs directly using their Binance account, simplifying the entire process for those who already use the exchange. Both cryptocurrencies and fiat are supported, making it very easy to access.

What to know

• Binance NFT only charges 1% transaction fees.
• Integrates NFTs from blockchain games like Axie Infinity.
• Offers great visibility thanks to the large network of Binance users.

Solanart

Solanart is a leading NFT platform on the Solana blockchain, known for its low transaction fees and speed. It is ideal for those looking to avoid Ethereum’s high gas costs.

After creating a Solana-compatible wallet (like Phantom), you can explore the marketplace and purchase NFTs at low costs. Popular collections include Degenerate Ape Academy and SolPunks.

What to know

• Solanart was launched in 2021 and has quickly grown in popularity.
• Transaction fees are extremely low compared to Ethereum.
• Solana is known for being an eco-friendly blockchain.

How do you know which NFTs to buy?

But how do you know if NFTs are worth buying? What criteria determine the quality and value of an NFT? There are a few things to look for before spending your money on NFTs.

1. Unique properties

• NFTs often come in the form of collections. These are made up of individual works that all have different properties. If you want to increase your chances of buying an NFT with a promising value trajectory, check the ownership of the NFT and the rarity of ownership. Data that you can find in the details of the NFT for sale on the marketplace. You can also get help from ad hoc tools such as Rarity Tool, a site for monitoring the rarity of NFTs.

2. Who is the seller

• Just like on Instagram and Twitter, official sellers accredited on OpenSea have the blue tick next to their name to demonstrate that they are real and reliable. If you are interested in an NFT from an unverified seller, check their social media account to see if they have a good follower base and the blue tick, or search for information about them and the project on forums and in the NFT community.

3. Commission costs

• NFT platforms charge transaction costs, which vary depending on the platform but which in the vast majority of cases are borne by the sellers. However, some platforms also charge buyers fees: this is the case of Rarible, which charges the buyer a 2.5% fee on top of the NFT price per transaction. So make sure you are aware of any existing fees on the chosen platform before making any purchase.

4. The price performance of the seller’s NFTs

• If you want to know if the NFT you want to buy is a good investment, it is a good idea to check the seller’s account and history. Look at previous sales and the selling price of their pieces.

What to look out for before buying NFTs

Keep in mind that NFTs do not have the same liquidity as cryptocurrencies and you cannot exchange NFTs for traditional currency as easily as cryptocurrencies.

Unlike cryptocurrencies, NFTs do not derive value from their utility (as an investment asset) but from the media they represent (art, video, etc.). So investing in NFTs means investing in a collectible and its value over time will be determined by various intangible factors including the quality of the piece, its uniqueness, and the prestige of the artist who created it.

At the moment, the majority is used to selling digital art and collectibles (even if the trend of investing in virtual lands is gaining ground). NFTs could be a fad or the new frontier of collecting objects and works of art. It is still a very young market and we do not know if the novelty effect will last a long time or will run out in a short time.

Even in the case of non-fungible tokens, the basic rule of all investments applies: do not invest more than you can afford to lose.

This article is not and does not intend to be investment advice, but a guide for informational purposes. Always rely on a duly authorized professional for investment advice.

Original article published on Money.it Italy 2024-10-09 15:09:18. Original title: Come comprare NFT: le migliori piattaforme per la compravendita