The term NFT can be intimidating if you’re just getting started; however, you might find some comfort in knowing that we’ve all been there. Once you get to the basics and understand them, NFTs are not as complex as it looks. To understand NFTs better, check out our article explaining the basics of NFTs by clicking here. With that out of the way, one must also know where to buy or make NFTs.
Where to buy NFTs?
For starters, one can trade NFTs on platforms called Marketplaces. Most of these Marketplaces run on the Ethereum blockchain and accept ETH as currency. In addition, there are a few Market Places where one can directly make purchases using credit cards. However, it is ideal for one to create a digital wallet where one can store their cryptocurrencies to buy NFTs. In this article, we’ll discuss the best market places for beginners.
OpenSea is one of the most commonly used marketplaces on the internet. This popular platform was created by Alex Atallah and Devin Finzer back in 2017. It is a go-to place for NFTs ranging from artworks and photography to music, virtual worlds, etc. It extends operations across Ethereum, Polygon, and Klaytn. Apart from including a wide range of NFTs on one platform, one of the perks of Open Sea is that it is simple to use.
One of the prerequisites of using any marketplace is a digital wallet. A digital wallet stores cryptocurrency that one needs to buy NFTs. One of the commonly used digital wallets is MetaMask. Once MetaMask is connected to your web browser, you can go to OpenSea and explore various NFTs available for purchase.
At the time of sale, there is an additional gas fee that one has to pay to support the smooth functioning of the blockchain. The gas fee varies from time to time and is highly volatile. Once you purchase an NFT, you claim complete ownership of the asset until you sell it to someone else. One can also create NFTs on OpenSea, and the process is highly simplified.
Rarible is similar to Open Sea in including a wide range of NFTs in a single platform. However, Rarible has a unique feature where it mints its tokens called RARI. It runs on the Ethereum blockchain, as well as Tezos and Flow. Additionally, it also accepts payments via Credit Cards. Rarible is a relatively new Market Place, which hit the market in 2020 yet is far more decentralized than OpenSea. People holding RARI tokens have the authority to vote for any changes in the policies.
Users on Rarible have to pay a gas fee of about 2.5%, which is the same as that of OpenSea. However, Rarible offers far more royalty fees to the original creator of a particular NFT. Royalty fees may range up to 50%. Rarible is also one of the most secure Market Places on the internet.
If you’re wondering where to buy NFTs that guarantee excellent quality, Foundation is the place you are looking for. Foundation is primarily art-based and is a great Market place for beginners as it seems similar to social media websites. It incorporates a social blog, activity feed, followers, etc. In addition, Foundation has a community of users who can interact with and empower each other. However, one of the cons of Foundation is that it works on an invite-only policy for creators. This ensures only high-quality and curated lists of artworks are available on the platform. However, buyers do not require any invites to purchase NFTs on Foundation.
Like OpenSea, Foundation also gives a royalty fee of 10% to their creators and 85% of the total sale price. Besides being the go-to place for quality digital artworks, Foundation is extremely easy to use, especially if you’re just starting to explore NFTs.
Knowing where to buy NFTs is key to smooth, hassle-free transactions. We have discussed the three most easy-to-use Market Places for NFTs: OpenSea, Rarible, and Foundation. However, there exist many more marketplaces that one can explore for a broader perspective. We have an article on the best marketplace places available on the internet, and you can read that here.
Once you have zeroed down on your marketplace of choice, you must also choose a Digital Wallet to store your cryptocurrencies, as most of the websites allow purchases only through crypto. MetaMask, Trust wallet, etc., are a few of the reliable digital wallets.