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The most popular technology on the cryptocurrency market in 2021 is NFT. In a wave of hype, the NFT market has grown by more than $40 billion in capitalisation. Thanks to its great popularity, the technology has found its place among DeFi and GameFi projects, and has taken the sale of art to the next level. NFT definitely has room to grow, and these prospects are very tempting. And if you still don't know what it is and where to buy NFT, you're in the right place. In this article we will try to find out what NFTs are, tell you about top sites for buying and selling NFTs, and what the future prospects of the technology are.
What is NFT?
Imagine that you buy a digital work of art online at a reasonable price and receive a unique digital token that proves your authority over the work of art you bought. Isn't that great? That opportunity exists now thanks to NFT.
NFT stands for non-exchangeable tokens (NFT), which are created based on the blockchain technology used in cryptocurrencies. They cannot be exchanged or sold equivalently to other cryptographic assets. Each NFT acts as a digital signature, which makes it impossible to exchange or equate them with each other.
The most popular exchanges for NFTs are
1)OpenSea
Let's start our top with the most well-known member of the NFT marketplace family. As the largest NFT marketplace in the world, OpenSea plays a central role in the entire NFT ecosystem. OpenSea is a user-friendly platform that presents a decentralized system where you can both buy and sell NFT items. OpenSea is great for beginners and experts alike.
The platform is built on the Ethereum blockchain, so you must have an Ethereum wallet to buy and sell NFT on OpenSea. OpenSea supports over a dozen wallets, including MetaMask, Coinbase and Trust Wallet. The platform has a good set of tools for creating NFTs in a process called coining.
The variety of NFTs is enviable: the platform has a wide range of supported blockchains, including Polygon (MATIC), Solana (SOL), Arbitrum (ARB), Optimism (OP), Avalanche (AVAX), BNB Chain (BNB) and others. However, fiat money is not supported on the exchange.
How does OpenSea work?
OpenSea uses smart contracts designed to buy and sell unique digital assets. The platform facilitates NFT transfers, but you make transactions directly with other users on the blockchain after linking OpenSea to a supported Web3 wallet. OpenSea uses the Ethereum open-source blockchain in addition to ERC721 and ERC1155 to confirm that NFT collectors own the assets they buy on the market.
NFT minting
As we mentioned earlier, OpenSea allows you to do NFT minting. The platform does not charge a fee for minting itself, but a one-off gas fee will need to be incurred in order to create a collection on the Ethereum blockchain.
Fees
There is a free minting feature called 'lazy minting', which reduces the onerous gas fees that accompany transactions. However, OpenSea charges a 2.5% service charge when you accept the buyer's offer.
Advantages
Free coinage
Greater liquidity
Multiple payment methods, including stabelcoins
Disadvantages
High gas fee
Large transaction fee
Not available in Russia and Belarus.
2)Rarible
An equally well-known NFT marketplace is Rarible. It has been operating since 2020 and is one of the world leaders among NFT marketplaces. Created by Alex Falin and Alex Salnikov, Rarible is an open-source NFT marketplace where any user can buy, mint and sell digital items. The only currency that is accepted on Rarible for payments is Ether(ETH). To start buying or selling NFTs, you need a cryptocurrency wallet.
The Rarible feature
A key feature of Rarible is the ability to self-list. Artists can create a marketplace for their NFTs without paying any commissions or fees for the platform. In many ways, this is comparable to the status of Uniswap among crypto exchanges. Uniswap allows anyone to list cryptocurrencies on its platform without a thorough and time-consuming listing procedure. The same goes for Rarible, but in relation to NFT.
How does Rarible work?
Like OpenSea, the entire platform works through smart contracts that provide transparency and security for market participants. While NFT creators are minting their files, this generates NFTs on the blockchain. Rarible only accepts ETH digital wallets such as Fortmatic, Coinbase Wallet, MyEtherWallet and Torus. That being said, other popular wallets such as Metamask and Exodus can be connected to the exchange using WalletConnect.
Fees
Rarible will have to pay 2.50% as a commission, but there are no listing fees here. The original NFT originator may also charge a fee for the final sale amount, but is not obliged to do so.
Advantages of
Wide range of NFTs
High liquidity
Available in all countries
Broader blockchain variety than OpenSea
Disadvantages
Requires a crypto wallet for registration
No mobile app
High gas fee
3)Binance NFT
Binance has long been known in the cryptocurrency market and is one of the world's largest centralised exchanges, including for NFT. Binance NFT was launched in June 2021 after the company took advantage of NFT technology and created its own platform for NFT. The Binance NFT marketplace is where you can buy and sell digital art and collectibles.
The platform is based on Binance Smart Chain (BSC) blockchain technology. The Binance marketplace has the highest liquidity. It was originally built on the Ethereum blockchain, but later switched to BSC. However, Binance NFT has one huge disadvantage - low royalties to NFT creators, which are as low as 1%. Royalty payments are payments that are transferred to the creator of the NFT each time his or her work is sold again.
Features of the platform
Binance NFT has some payment optimisation features which are designed to make payments easier and safer for NFT market users. These features are designed to protect user accounts from phishing malware. All NFTs minted on Binance NFT are on the BSC blockchain and the minting fee is 0.000001 BNB.
There are three main functions on Binance NFT, namely:
The marketplace itself: Here you can mint, buy and bet on NFTs created by digital content creators. Thanks to the user-friendly interface, you can select and make transactions quite easily.
Reward events and auctions: Reward events showcase the work of high-end artists, musicians and celebrities that are held over a period of time. You can participate in the event by placing bids or by purchasing a particular work at the exhibition.
Mystery Box: You can buy a mystery box that contains one random NFT. Although it is randomised, some of the prizes are quite decent. There are four levels of rarity you can get, including normal, rare, super rare and ultra rare. You can also sell the unopened mystery box or the NFT you get from it.
Payment methods and storage locations for NFTs
Binance NFT offers 5 payment methods: Ethereum, Binance Coin, Binance USD, credit or debit card and Binance Pay.
Binance has an NFT wallet known as Binance Chain Wallet, it runs on BSC. It also supports wallets such as Metamask and WalletConnect. Binance NFT also allows you to store NFT received yf hardware wallets such as Ledger Nano or Trezor T.
Benefits of
Wide range of NFTs
One of the lowest fees on the market
Simple and intuitive interface
No listing fees for NFT
App for mobile phone
Good customer support
Disadvantages
Low royalty for NFT creators
Not good for NFT creators
4)Bybit NFT
Bybit is one of the fastest growing cryptocurrency exchanges with more than 5 million registered users. The creators launched the Bybit NFT Marketplace in 2022 and in such a small period of time have already managed to break out of the list of top marketplaces. The Bybit NFT Marketplace is home to many different NFT collections ranging from entertainment, games, art, GameFi, meta universe, digital art collectibles and much more. Bybit spot account holders can buy NFT using ETH, BitDAO (BIT), XTZ or USDT.
Features of the platform
All transaction fees on the platform are fixed at 1%. There is support for the most popular Web3 wallets such as Metamask, Temple and Phantom. There is support for five blockchains: Ethereum, Polygon, BSC, Tezos, Solana.
Bybit's NFT marketplace offers mystery boxes at a fixed price. Similar boxes are also available on Binance NFT. The platform allows you to open them at any time or sell them in exchange for a fee. However, the withdrawal of such NFTs is not available, nor are these tokens from unsupported networks.
Fees
Buyers of NFTs are not charged any fees on the Bybit NFT market. They could purchase freely without paying any additional fees in the form of transaction fees. However, all NFT sellers will be charged a transaction fee of 1% for each transaction in the market. Sellers will also have to pay a 1% royalty to the creator. As for the creators of NFTs, they are required to pay a commission for minting NFTs in the market.
Advantages of
No verification required
Low trading fees
Wide collection of different NFTs
No external wallet required
User-friendly interface for beginners
Disadvantages
Limited royalty of 1%.
5)Nifty Gateway
Despite being 5th on the list, Nifty Gateway is a good marketplace for NFT. The marketplace is positioned exclusively as a platform for selling digital art and music. The main blockchain on which the entire platform is built is Ethereum.
Features of the platform
To buy and sell NFT on the platform, you need a Nifty account and a cryptocurrency wallet. Two payment methods include: fiat currency via debit or credit card for US residents and ETH via your Gemini account.
Once you've signed up, purchase options include:
Silent Auctions: Unlike regular auctions, there is no auctioneer. Anyone can make a blind bid, silently and anonymously, based on the price you have listed on NFT.
Global bids: Make an offer for a particular NFT that is in the network and all owners of the asset you are looking for will be notified. If any of them accept, the NFT will belong to you.
Open Editions: An infinite amount of a particular NFT is put up for sale for a limited period of time. You need to be quick, as these windows are usually only open for the first 5-15 minutes.
Raffles: You have the opportunity to enter a raffle to win the right to purchase a specific NFT at a set price.
Fees
As with many marketplaces, Nifty Gateway's main source of revenue is a royalty charged on every sale, including secondary sales. From the price of each sale, it takes 5% of the full price in fees as well as a transaction fee of $0.30. There is also a gas fee, which should also be taken into account.
Advantages of
Ability to make fiat payments
User-friendly user interface
Has a mobile app
Disadvantages
High sales fees
6)SuperRare
SuperRare positions itself as a platform with a unique and rare collection of NFTs, which is how it got its name. SuperRare targets only a select group of carefully selected artists. As such, the platform vets every artist who appears here and only accepts a limited number of NFT creators into its marketplace. By doing so, the high quality of NFT products is achieved. The creators explain this approach by saying that they want to make the platform closer to traditional exhibitions and galleries so that users can enjoy quality art from home.
Features of the platform
The platform supports wallets like Metamask, Fortmatic and Wallet Connect. Of the payment methods, unfortunately, there is only ETH. Of the cool features, there are high royalty payments of 10%, every time the owner's work is sold. Compared to other platforms, this is times more profitable.
Fees
SuperRare's fees are slightly higher than those of other platforms. However, it also requires lower fees than a traditional gallery. Customers pay a commission of 3% of all their purchases. On top of that, don't forget the gas fee, which can vary.
Advantages
High royalty payments of 10%
High quality NFT
Disadvantages
High fees
Difficult for beginners
Invitation only works for artists
Not suitable for beginner artists
7)Sorare Marketplace
Sorare Marketplace is an NFT marketplace dedicated to football fans and enthusiasts around the world. Sorare is a blockchain-based fantasy football game where users can trade players, enter tournaments and compete for prizes worth thousands of pounds.
The coolest thing about Sorare Marketplace is that you earn points based on the actual performance of players on the pitch. It's the perfect bridge between fantasy football and live action on the pitch.
How does Sorare work?
As mentioned above, Sorare NFT is aimed at passionate football fans. The platform does not have separate categories for other artwork. Instead, it has trading cards with players from many of your favourite football clubs across the European continent to the Americas. Sorare was launched in 2018 and runs on the Ethereum blockchain.
Features of the platform
Sorare differs from other NFT platforms in the following elements:
Exchange markets: Using Sorare, not only can you bet on NFT, you can also sell your cards when they no longer fit in your deck.
Gaming Elements: Sorare is not only an NFT market, it also allows you to use the cards you have bet and won against other players in tournament style matches.
Rewards in ETH: You can potentially earn rewards in Aether by playing fantasy sports through Sorare, and offset what you spend to build your deck.
Fees
Fees are usually a percentage of the sale amount in the respective transaction. However, when you trade collectibles on Sorare Marketplace, they do not charge any fees.
Payment methods
Sorare Marketplace accepts deposits and payments by credit or debit card.
Benefits
Access to unique, limited edition digital collectibles.
Potential return on investment
Support from major brands
Disadvantages
Limited offer from NFT
Narrow user spectrum
8)Axie Infinity Marketplace
Axie Infinity is originally a GameFi project that actively uses NFT objects as part of its gameplay. Axie Infinity is capitalised at over $1 billion and is one of the most popular Play-to-Earn projects.
Axie Infinity Marketplace is an NFT marketplace for the same game, where you can buy and sell creatures, items, and virtual lands. This marketplace is completely decentralized and controlled only by the players.
How Axie Infinity NFT works
The main character in the game is the Wasps. The Axes are animated characters that are pet tamagotchis. Each such Axis represents an NFT object. Axie Infinity NFT is a dedicated in-game marketplace for buying and selling NFTs. The platform, like the others before it, is built on the Ethereum blockchain. The main reason for creating this marketplace is that you can earn money on Axie Infinity by investing money in NFT.
Fees
The platform's commission is 5.25% and it is paid by the seller. No fee is charged to buyers. Compared to other NFT marketplaces, Axie Infinity Marketplace is expensive for sellers. Other major marketplaces charge 2.5%. Keep in mind that there are gas fees for depositing Ethereum into your Ronin Wallet, which is required to use this platform.
Benefits of
Opportunity to earn cryptocurrency rewards