In the previous lesson, we learned about NFTs, what they are, the prerequisites to minting your first NFT collection, and how to create your first NFT.
In this lesson, we will be learning where and how to buy NFTs. Though I mentioned a couple of blockchains that support NFTs and a few platforms such as OpenSea, we didn’t delve into the details.
So consider this an extension of the previous lesson. Here, you will learn about a few popular NFT platforms used worldwide and how you can buy and sell them on those platforms.
Here’s a little side note, though most of these platforms function similarly. So the process to buy/sell NFTs on one platform will be pretty much similar to other platforms. However, they differ in the niches they cater to, the gas/trading fee (fees for transactions in the marketplace), etc.
So let’s jump right in and look at some of the best NFT marketplaces where you can buy/sell NFTs.
OpenSea is one of the first and leading NFT marketplaces in the space. The platform’s predominant niches are art, sports, virtual worlds, collectibles, trading cards, etc.
While art includes digital portraits, anime-inspired works, etc., the virtual worlds contain assets in a virtual world. For example, think of a place stored on a computer server, thus making it a digital or virtual world. The assets here can be land or space, among numerous other things.
It’s pretty simple to sell NFTs on this marketplace. All you need is an Ethereum wallet and a browser extension that supports ERC 721 tokens. In addition, the trading or gas fee is merely 2.5% of the sale, which is much lesser compared to several other platforms that you’ll see next.
What makes selling enjoyable is an hourly ranking system that displays the NFTs that are most in demand.
Rarible is another leading NFT marketplace that was recently launched in 2020. It caters to the niches of games, art, photography, memes, domains, music, etc.
While it is similar to OpenSea, it stands out by introducing its governance token. A governance token allows you to decide how the platform should be developed and the direction of growth of the marketplace.
Further, it’s working on interoperability, such that sellers can migrate their assets from OpenSea to Rarible. The gas fee on this platform is 2.5% from both the buyers’ and sellers’ ends. However, the seller can take up the buyers’ 2.5% and pay the complete 5%. Moreover, the creators also get royalties for subsequent sales made by second-hand, third-hand buyers.
Finally, the key features of this platform are that it doesn’t require users to know how to code, and they can mint their NFTs with zero coding knowledge.
SuperRare has been in the space since 2018 and has a particular niche that caters to artists. The platform has a quality over quantity policy and has a screening process that determines what artworks will be on the platform and which won’t.
The downside to this is that not everyone gets to showcase their work on the platform. But the apparent upside is it hosts you if you are good enough and gives you a place alongside great artists.
The UI of SuperRare is sleek, clean, and pretty user-friendly. So if you’re someone new in the NFT world, this is a fantastic place to begin.
SuperRare’s only downside might be its gas trading fee of 15%, which is pretty high. Though numerous other platforms charge around this percentage, it still is much higher than the previous two marketplaces.
However, the platform is pretty popular amongst artists and people who like to buy and sell antiquities. So if you’re one of them, this platform is definitely for you.
These are some of the best NFT markets around the globe, but there are more such as Foundation, NiftGateway, NBA Top Shots, and others. You can choose the right marketplace based on your niche, the gas fee, security measures, and how licensing, copyrights, etc., work on the platform.
In the next lesson, we will learn the best practices while engaging in NFT trading, i.e., buying and selling. These practices will give you an insight into how best you can leverage this space to build your brand and monetize your skills while ensuring the safety of your funds.