NFT Marketplaces: Where To Buy NFTs
| KEY TAKEAWAYS: |
| — Non-fungible tokens are digital and therefore require digital platforms for buying and selling them. — NFT marketplaces are used for buying, selling, and even minting NFTs – but knowing where to start can be tricky. — Marketplaces are based on particular blockchains, with the main ones catering to NFTs on Ethereum, Solana, and Tezos networks. |
You’ve heard the buzz, but you might be wondering where to buy NFTs. Here, we give you the ultimate guide for every blockchain.
Non-fungible tokens (NFTs) are digital assets that use blockchain technology to and can prove ownership. Just like the blockchain they are deployed on, NFTs are immutable and completely traceable. Accordingly, you can use NFTs to prove ownership of just about anything digital or physical. NFTs allow us to digitize anything; from a piece of digital art to a digital representation of a physical deed to a house.
As a result, there are now countless platforms aiming to support each type of non-fungible token. But which platforms are best for finding NFTs to buy? And how do they even work?
You might know where to buy Bitcoin, but buying NFTs is a little different. Just like there are countless types of NFTs, there are an overwhelming number of platforms supporting them. Each platform has its advantages and disadvantages: Some focus on creators and others focus on traders. Then, some charge exorbitant fees and some don’t respect creator royalties. When deciding where to buy an NFT from, it’s important that the marketplace suits your needs.
So where do we start? And what is an NFT marketplace anyway?
Let’s dive in and explain exactly what you should know about NFT marketplaces so you can make an informed decision about where to buy your next NFT.
What Is An NFT Marketplace?
On a base level, an NFT Marketplace is a platform that lets you buy and sell non-fungible tokens. Usually, they accept cryptocurrencies, but many also accept fiat payments through services like Moonpay. Most marketplaces only support one or two networks, meaning you will only be able to buy NFTs on that specific chain, be it Ethereum, Solana, or similar. However, only chains capable of deploying smart contracts have their own NFT marketplaces, as smart contracts are the backbone of NFTs.
But how can you get in on the NFT action? That’s where NFT marketplaces come in.
What Is an NFT Marketplace For?
NFT marketplaces let you buy, sell and visualize your digital assets. In fact, some of the top NFT marketplaces also let you create NFTs. This process can vary slightly for each marketplace, but their basic features allow for:
Visualizing NFTs
They provide a platform where you can see your own NFT collections and check out other people’s through profiles on the platform (similar to social media, only without interaction).
Buying NFTs
Markets allow you to browse NFTs and collections and have search functions for finding what you want. You can usually filter NFT by specific characteristics and price. Plus some marketplaces even show you an NFT’s rarity and rank. Buying NFTs usually requires cryptocurrencies. While some platforms offer the option to pay for blockchain assets with fiat currencies (such as Euros or Dollars), most only accept crypto. Of course, this also requires a crypto wallet.
Selling NFTs
NFT marketplaces also let you sell NFTs. Anyone can sell an NFT, whether that’s the token’s creator or collector. Each marketplace differs, but they usually offer several selling options. For example, you could list an NFT for a set price. Or you could set up more complicated sales depending on the platform, such as timed auctions, dutch auctions, bulk listings, and more.
Which Marketplace Is Best: Where Do I Buy NFTs?
The best marketplace for you depends on what kind of features you’re looking for. If you’re a creator, you might want a marketplace to offer minting capabilities. If you’re a trader, you’ll likely want to find low platform fees. Buying and selling NFTs is easy once you know which features are best for you.
On-ramp Services Are Great For Beginners
Some platforms facilitate the transition to web3 by offering on-ramp services. This means you can use your credit card to buy tokens directly through the NFT marketplace, instead of going to a crypto exchange.
The Best Marketplaces For Creators Can Mint NFTs
Creating a new NFT is called minting, much like you would “mint” traditional currencies. Only some marketplaces allow users to create a new NFT. But those that do let you upload whatever file you want to store or sell, such as a work of art or music.
Some platforms, such as OpenSeam also offer lazy minting. This only mints the NFT once a buyer wants to purchase it – and also charges the buyer instead of the seller. While it’s a risky move, as collectors rarely like paying increased fees, it reduces the barrier to entry for creators.
The Best Marketplaces For NFT Traders Can Bypass Fees
Marketplaces provide a platform for sellers to market their NFTs in exchange for a small commission at the point of sale. They get access to clients, and the platform gets a cut. Fee structures can vary from platform to platform, with some NFT marketplaces charging sellers up to a 10% platform fee on each sale. If you’re a big trader, this fee will eat into your profits.
Royalties also differ across marketplaces, with some respecting creator royalties and some finding loopholes in which buyers can bypass these creator fees.
So now you know how an NFT marketplace works and what it can do, let’s dive into how to choose where you should buy NFTs. Here are the top NFT marketplaces, and an explanation of their best features:
Top NFT Marketplaces on Ethereum
Ethereum was the original network to make NFTs popular. All of the most popular NFT collections, such as the CryptoPunks, launched on Ethereum. Today, it boasts some of the biggest blockchain games and expensive pieces of NFT art. However, you’ll find some Ethereum NFT marketplaces have some unique features which may make them your best choice.
OpenSea
Easily the most popular NFT Marketplace is OpenSea, which carries everything from trading cards to Ethereum Name Service (ENS) NFTs. OpenSea is notable for being one of the very first NFT marketplaces, and today offers virtually any type of NFT imaginable, including audio files, digital media, and virtual worlds. It’s great for beginners; it is free to join and browse and makes it easy to mint or buy NFTs with ease. They even accept over 150 payment methods. OpenSea also allows lazy minting, meaning you have the ability to list NFTs before minting them. This allows users to pay the gas fee only once the NFT has been sold.
All Networks Supported: Ethereum, Polygon, Arbitrum, Avalanche, BNB Chain, Solana, Optimism, Klaytn
Rarible
Rarible is also a decentralized peer-to-peer marketplace where people can purchase NFTs (such as artwork and digital media) that were made by digital artists.
This NFT marketplace also uses its own governance token, called RARI, to decentralize the running of the marketplace by allowing its community to vote on big decisions.
All Networks Supported: Ethereum, Polygon, Tezos, Immutable X
SuperRare
SuperRare is a digital market most popular for serious artists selling single-edition digital artwork. It caters to the top end of the market, and its focus is on exclusivity, uniqueness, and high-end art. To keep it exclusive, it utilizes an invite-only approach. Getting an invite can be a lengthy process, with some artists struggling to ever establish themselves on the platform.
All Networks Supported: Ethereum
Nifty Gateway
Nifty Gateway is a centralized NFT platform, which comes with its own risk. The platform uses native hot wallets. This means any coins or tokens in this wallet aren’t truly yours, as the platform controls the corresponding private key. This is convenient since you don’t need to worry about managing your private keys, but it also means you don’t fully control your assets. This can be risky as if the platform closes down or runs into financial trouble, your assets could be at stake.
All Networks Supported: Ethereum
If you’re looking to start your NFT journey on Ethereum and want to use any of these marketplaces, you’ll need to use MetaMask wallet. Not sure what that is? Check out the Ledger Academy article on how to use Metamask with Ledger devices safely.
The Best Marketplaces for NFTs on Solana
Solana rose to prominence with the promise of minimal gas fees and low energy consumption. If that sounds good to you, you might consider grabbing yourself a Solana-based NFT. Solana NFTs became extremely popular in 2022, but with a series of network outages, some of its most popular collections planned to bridge to other chains. Solana NFTs are still in circulation though, and the best NFT marketplaces on Solana tend to support some other blockchains now too.
Solsea
SolSea was originally the most popular NFT marketplace on Solana and is generally recognized as the first. It launched calling itself Solana’s answer to OpenSea. While it still has a cult following and offers a great choice of Solana NFTs, it’s by no means the most popular NFT marketplace for Solana. That title is reserved for the next contender.
All Networks Supported: Solana
Magic Eden
Magic Eden called itself the “OpenSea killer”. And in fact, it did a great job of securing a dedicated community of enthusiasts. Magic Eden was so popular with the Solana community that in 2022 it also started supporting Ethereum NFTs. Now, it’s one of the only NFT marketplaces that still rivals OpenSea. To solidify their place in the list of best NFT marketplaces, Magic Eden offers a launchpad for creators and aims to give artists support where other marketplaces aren’t so effective
All Networks Supported: Solana, Ethereum, Polygon
To optimize your safety on any Solana NFT Marketplace, check out the Ledger Academy article on how to use Phantom Wallet with Ledger devices.
Where To Buy Tezos NFTs
If you’re interested in getting started with NFTs – but you’re finding some of the price tags a bit steep, you might prefer to dip your toe in the water. Tezos blockchain-based NFTs could be a great starting point for you. While it’s a smaller NFT market, it may be the best option for you if you like laid-back and art-driven marketplaces.
Objkt
A popular marketplace for Tezos native NFTs is Objkt, which is a decentralized platform used for bidding on and selling tokens – you’ll need Temple Wallet to interact with the platform.
Fxhash
Fxhash is a generative art marketplace centered on the Tezos market. To explain, generative art NFTs are pieces of art created by code. With the rise of Art Blocks on Ethereum, fxhash saw itself filling that role for the Tezos ecosystem.
Go forth and explore
In the age of Web 3.0, NFTs are an essential element of the transition that will see our digital existence become less and less separate from our real life. Non-fungible tokens aren’t just for technology experts: by allowing us to digitally transform processes that were previously difficult to track, they give many groups, including artists, gamers, and more a way to digitally own – and control – their digital experience.
Now you’ve got an overview of the expanding ecosystem – and where to buy NFTs no matter what you’re looking for – you’re equipped to get started on your own journey.
Knowledge is Power.
