Many people became interested in the NFT market, whether it’s in-game items or works of art. Among them are collectors who saw a new era of digital art in NFTs and investors who could not miss a market growing by thousands of percent a year. Where do they buy these tokens, and what are the right steps? Let’s figure it out.
What Is the NFT Marketplace?
NFT, or non-fungible token, is a unique token (digital asset) that contains some digital content. It can be artwork, Internet memes, game cards, songs, video clip, photos…well, anything. So, the NFT marketplace is a digital platform where these NFT items can be bought and sold.
Such platforms operate based on blockchain, for example, Ethereum, Solana, etc. Depending on which blockchain the marketplace is based on, the NFTs will be presented in the appropriate standard, e.g., ERC-721 for Ethereum.
Generally, tokens are an entry in a register within a blockchain. A distinctive feature of most tokens is the principle of fungibility. It means that any Ethereum token is equal to another one. But this is not the case with non-fungible tokens.
The principle of non-fungible tokens is built on the uniqueness of each. The similar landscapes of Claude Monet and Pierre-Auguste Renoir cannot be called the same artwork. As well as the songs of Rihanna and Beyonce, although they are definitely songs, are not at all the same.
Each of the NFTs is unique and exists in a single copy. It also cannot be divided. All information about its author, buyer, and all operations is stored in the blockchain. In other words, an NFT is a digital certificate attached to a unique object (digital file), be it a song, a painting, or even a simple GIF file.
What Do You Need to Pay Attention to When Choosing an NFT Marketplace?
Since there is a great variety of NFT marketplaces for every taste, you need to consider some features and characteristics before entering one.
- Pay attention to the lots that are for sale on the marketplace. You may be interested in real works of art by contemporary artists or just in comic art or musical works of celebs. In other words, NFT marketplaces have varying degrees of the items’ rarity.
- Check the daily turnover of the marketplace. If it is large, then it indicates high liquidity, as is the case with any crypto exchanges.
- Find out what blockchain the marketplace is running on and what coins it accepts to pay for NFT art. Ethereum is the most widespread, but we advise you to double-check, so you can create an appropriate wallet and get the right crypto in advance. Check out the most reliable Ethereum wallets.
In fact, everything really depends only on which NFT you are interested in. Some marketplaces, for example, Axie Infinity, only offer creatures from their game in the form of NFT. Other sites sell memes (for example, a GIF of Nyan cat). The choice is yours. And now, let’s explore the NFT marketplaces with the highest liquidity.
OpenSea
- Built on Ethereum and Polygon.
OpenSea is the largest peer-to-peer NFT marketplace. It sells in-game items, collectibles, cards, as well as artworks, music, videos, memes, and more. In other words, the platform offers a wide range of NFT items, so you can find whatever you want. To sign up for the platform, connect your MetaMask wallet. You can also use other options like Coinbase wallet, Formatic, and more.
This NFT project is very easy-to-use. If you want to buy an item, just choose it, put a bet, and wait until it’s accepted. Then, you will be automatically charged.
Besides purchasing items, you can also upload your own masterpiece by clicking the “Create” button. Just connect your wallet and wait for the precious buyer.
Axie Marketplace
- Based on the ETH blockchain.
Axie Marketplace is the second-largest NFT marketplace of the decentralized game, Axie Infinity. The platform allows you to buy and sell in-game creatures. You can also create, breed, and sell new pets on the marketplace. To learn more about the Axie Infinity game, read our article on GameFi.
Axies are not only collectibles. You can also use them in game activities like battling against monsters and earning tokens on your wins.
To enter this NFT project, connect your MetaMask or Ronin wallet and buy three Axies for Ethereum coins.
CryptoPunks
- Based on the Ethereum blockchain.
You might have heard about this one. CryptoPunk is a series of 10,000 randomly-generated characters looking like your profile picture in pixel aesthetics.
Initially, these characters were offered literally for nothing; in other words, they were free. But nowadays, the only way to get such a pic is to purchase it. Frankly speaking, it’s not affordable at all. The lowest price for one piece is about 100 ETH, and the most expensive one was sold for $530 million.
If you are rich enough to spend so much money on one NFT, here is a brief guide on how to do it. Just connect your MetaMask wallet to the platform, make a bid, and wait for the most trendy purchase.
NBA Top Shot
- Based on the FLOW blockchain technology.
NBA Top Shot is a series of digital trading cards featuring iconic NBA videos. When a user purchases a set, it’s stored in the wallet. Users can watch it whenever they want or just resell it.
You may ask: what’s unique about this NFT project? Well, it’s super easy-to-use. Accessibility is its top priority. Users can sign up by connecting a Google account to the platform. Then verify your mobile number via SMS, and voilà! You can connect your crypto wallet to pay with crypto or even a credit card to buy with fiat currencies.
Rarible
- Based on the Ethereum blockchain network.
Similar to OpenSea, the Rarible NFT marketplace offers its customers various digital art and collectibles made by famous NFT artists.
As it was previously mentioned, you can also sign in using a variety of wallets, e.g., MetaMask, Coinbase wallet, MyEtherWallet, and more. Once you log in, you can use funds from your wallet to buy any item or even top up your crypto wallet using your bank card or account.
SuperRare
- Based on the Ethereum blockchain.
SuperRare is an alternative to Rarible but with a minimalistic user interface. The platform’s developers cooperate with the artists and content creators closely. The so-called moderators check and approve artworks before they can be listed.
The signing up process is as easy as ABC: connect your MetaMask or Formatic wallet, create a username and password, and you are all set to place some bids.
KnownOrigin
- Based on the Ethereum blockchain.
The KnownOrigin marketplace aims to provide curated and gallery-like experiences similar to SuperRare. Here, art is presented as usual: no crazy GIFs, strange photos, or acid pictures — all in all, aesthetics is in its understanding.
The platform is easy to use: connect your MetaMask wallet and bid for the NFT of your choice!
PancakeSwap
- Based on Binance Smart Chain.
PancakeSwap is a decentralized exchange platform that offers some NFT collections. It represents about 26,000 pics of the characters: Pancake bunnies, squad, etc., looking like 3D or pixelated creatures.
To buy an NFT, you should connect your MetaMask or Trust wallet, make a bid, and enjoy your experience!
MakersPlace
- Based on the Ethereum blockchain.
MakersPlace is a real boutique among the NFT marketplaces: the platform sells exclusive collections of digital fine art. It was hosted by celebrities like T-Pain and Shakira. Moreover, on MakersPlace, a well-known NFT artist Beeple dropped an art collection and set the price: only one dollar for a piece.
You can easily sign in via Google or Facebook (sorry, Metaverse). After the registration process, you are offered to select five artists to follow. Then you are ready to make a bet and purchase the NFT item with ETH or even your credit card. However, you’ll become a rightful owner only after the curator’s approval.
Binance NFT Marketplace
- Based on Binance Smart Chain.
As you have already understood from the title, this is the NFT marketplace created by Binance. The company works towards exclusive offerings and partnerships with celebrities of all ranks.
It’s super easy-to-use since you don’t need to create an account if you already have a Binance one. The process of purchasing is simple: just bid on the item of your choice. You can pay for it using ETH, BNB, or BUSD, depending on which currency the author indicated.
BakerySwap
- Based on Binance Smart Chain.
BakerySwap was one of the first marketplaces created on the Binance Smart Chain basis. This one is a small but very up-and-coming platform.
You can sign in by connecting your MetaMask wallet. Please, pay attention to the fact that you can buy NFTs only with BNB tokens here.
Solanart
- Based on the Solana blockchain.
Solanart boomed after the Degenerate Ape Academy release. So, there is no wonder that it shows us hundreds of millions of dollars in trading volumes these days. Besides the Academy, the platform offers a limited selection of NFTs.
Create and connect a Solana wallet, like Solflare or Phantom, to sign in. To start the bidding process, you’ll need to top it up with some SOL tokens.
Foundation
- Based on the Ethereum blockchain.
Having received the title of a creative playground for artists, Foundation is associated with really high-profile NFT sales. Here, Edward Snowden presented his first NFT collection, and a Nyan cat meme was sold.
Foundation is actually similar to any auction website. The registration process is quite common: you just need to connect your MetaMask wallet and place a bid.
Myth Market
- Based on the WAX blockchain.
As a matter of fact, Myth Market is the father of five small NFT markets: GPK.Market, GoPepe.Market, Heroes.Market, KOGS.Market, and Shatner.Market. So, you need to enter a submarket to buy any NFT. The platform offers various trading cards, e.g., with William Shatner, a Canadian actor, or Pepe frog, a famous meme.
Since Myth Market is built on the WAX blockchain, the only way to buy these NFT cards is by connecting to the WAX wallet and paying in its tokens.
Nifty Gateway
- Based on the Ethereum blockchain.
Nifty Gateway was acquired by the Gemini exchange platform in 2019. The marketplace became generally known in February 2021, when Beeple’s “Crossroad” was sold for a record $6.6 million at the time.
The platform is curated mindfully. It offers exquisite content, so Nifty Gateway can boast of such NFT authors as the Weeknd, Grimes, and Eminem.
The registration process is quite easy: your email address, name, username, and password are required. You can also link your profile to a Gemini exchange account. If you plan to sell NFTs on Nifty Gateway, you will be asked to verify your identity.
FAQ
Where is the best place to buy NFT?
The best place to buy NFT is whatever you find the most convenient and attractive for yourself. Each marketplace represents its artists and collectible items.
What is the largest NFT marketplace?
The largest NFT marketplace by trading volume is OpenSea, based on Polygon and Ethereum blockchains. OpenSea’s monthly volume exceeds $2-3 billion. Axie Infinity marketplace and Solanart go right after it.
What is the most popular NFT?
The most popular and expensive NFT collection that has ever been sold is Bored Ape Yacht Club. It is made of 10,000 assets. As part of the collection, the authors have created art with primates in different styles (and with different accessories). Tokens are built on the ERC-721 standard of the Ethereum network, so they are sold for ETH.
The most expensive was the Bored Ape #3749. It was sold on September 6, 2021, for 740 ETH (about $2.92 million as of the time of purchase).
Why there is no Bitcoin NFT marketplace?
Bitcoin blockchain does not provide users with smart contract technology. It is currently not possible to create non-fungible tokens (NFTs) on the Bitcoin blockchain.
Is NFT trading possible?
In some manner, NFT auctions are the places to trade NFTs. However, there are no full-fledged cryptocurrency exchanges to trade non-fungible tokens (NFTs).
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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