Wondering how to buy, collect and sell Non-Fungible Token?
Then, this post is for you.
By now, you’ve probably heard a lot about NFTs, or non-fungible tokens.
Anyone can now have the ability to digitize literally anything and everything. From memes, to art, music, videos, domain names, digital houses and sports collectibles.
NFTs first rose to prominence in early 2021, when Mike Winkelmann, a digital artist who goes by the name Beeple sold an NFT for $69 million. And it goes beyond art.
Even tweets hold value, with Twitter co-founder Jack Dorsey selling off the first-ever tweet for a massive $2.9 million.
And it’s not showing any signs of slowing down.
If you want to jump aboard the ship and ride out the NFT wave, read on, I’m going to show you how to buy and sell these NFTs, or non-fungible tokens.
There are plenty of NFT marketplaces out there that allow you to easily buy, sell and trade digital assets.
However, trying to find the best ones is an extremely time consuming and confusing process. Thus, I’ve performed some detailed research and turned over a fair few rocks to bring you this tantalizing list!
Here’s a list of NFT marketplaces that you can consider minting, buying or selling NFTs.
- Binance NFT – a single platform to create and trade top NFTs
- OpenSea – mint, buy and sell NFTs across all categories
- Rarible – create, buy and sell quality NFTs
- SuperRare – exclusive, single-edition digital artworks
- Axie Infinity – play to earn NFT marketplace
- Valuables by Cent – buy and sell tweets
What is a non-fungible token (NFT)?
CryptoPunk #5822 from Lava Labs’ series of 10,000 unique characters sold for 8,000 ETH, $23.7 Million USD in February 2022. (Image credit: Lava Labs)
First things first, let’s get clear on what NFT is.
NFT stands for non-fungible token. Which means that hidden in those artworks, there’s a unique string of code, registered on a virtual ledger called blockchain to establish proof of ownership.
But, what do the terms fungible and non-fungible mean?
Put simply, anything that’s mutually interchangeable is a fungible token.
For instance, $1 is always equal to any other $1 bill. The same is true for cryptocurrency like Bitcoin. 1 Bitcoin = 1 Bitcoin.
On the other hand, non-fungible token works differently. Each NFT is completely unique. It is not interchangeable. It means that you can’t exchange one NFT for another.
Interestingly, anyone can turn practically anything into an NFT. Any digital content and even physical things can be made into NFTs. You could turn your cat, a selfie, a house or a car into an NFT.
In short, NFTs are unique virtual tokens that can represent ownership of unique items, like memes, artwork, music, clips, avatars, in-game assets, and sports trading cards.
It offers a revolutionary new way of owning, selling and buying art.
If you’re an artist, designer, or digital creator, NFT represent a way to make money from your work that might otherwise difficult to monetize. Most importantly, you can earn from your content, over and over again, as every future sales of NFTs will automatically generate royalties.
Ready to venture into NFT space? Let’s get started.
How to Buy and Sell NFTs
Before you start buying and selling NFTs, there’s a few things that you need:
1. Cryptocurrency wallet
To buy and sell NFTs, you need a wallet to store your cryptocurrency. Simply connect your crypto wallet to the marketplace of your choice so you can start buying and selling NFTs. Examples include Ethereum-compatible wallet like MetaMask, Binance and Coinbase.
2. Cryptocurrency
Don’t forget to fund your crypto wallet with some cryptocurrencies. You can easily convert your cash into digital currencies and vice versa on major exchanges like Binance and Coinbase.
Different NFT marketplaces support different types of cryptocurrencies. So check out which cryptocurrencies are accepted by your preferred marketplace, though most of the sites support ether (ETH), the native currency of the Ethereum network.
You pay for an NFT with your crypto coins.
To mint your own NFT, you’ll need to pay for “gas fee” which is the cost of doing the transaction so you can put whatever you’re creating on the Ethereum blockchain.
3. NFT marketplace
NFT marketplace provides you with the opportunity to browse, buy, sell, trade, collect, bid on, and showcase NFTs. Most NFT marketplaces offer minting services in which you can create your own NFTs.
These platforms facilitate direct trading between potential buyers and sellers. And they’ll take a fee for each transaction.
Creating an account on NFT marketplace is free of charge.
So choose a platform from the listed NFT marketplace below, and sign up for an account.
How to create your own NFT
Here’s a step-by-step guide to help you create your own NFT.
- Decide what you want to mint as NFTs. NFTs are cryptographic tokens that represent ownership of a unique digital object. You can turn anything digital, sell it, market it, and earn a living by monetizing the content.
- Decide the blockchain you want to put your NFT on. Each blockchain has its own advantages and disadvantages. Ethereum is one of the most commonly used blockchains but the gas fee can be very high. Solana is a cheaper alternative but it’s quite new.
- Buy some crypto coins on exchanges like Coinbase, as you will need to pay for fees.
- Choose a crypto wallet to keep your NFTs after minting.
- Create an account on a NFT marketplace.
- Submit your file, mint your NFT and list them for sale.
Best Place to Buy and Sell NFTs
1. Binance NFT
Creators, artists and crypto enthusiasts can easily create, hold, and trade top NFTs on the platform.
Currently, Binance NFT offers three main functions:
- Events: Buy premium and exclusive NFTs created by global leading artists
- Marketplace: Mint, purchase, and bid on NFTs from creators around the world
- Mystery Box: Stand a chance to win rare NFTs in a box full of surprises
If you already have an account, you can start using it to trade NFTs. If not, you can quickly create a free Binance account here.
To buy and sell NFTs on Binance, make sure your Binance wallet is funded with BNB, ETH or BUSD. Otherwise, you can purchase these crypto directly on Binance. Binance NFT Marketplace runs on the Binance Smart Chain, so all fees are paid in the native BNB token.
When you buy or sell an NFT, Binance charges a flat 1% trading fee. It’s free to list your NFTs. If you’d like to mint your own new NFT, it costs 0.000001 BNB for each creation.
Creators will get 1% royalty payment every time their NFT is traded. This can be a great source of passive income for popular artists.
Pros:
- It’s run by the world’s largest crypto exchange
- Stand a chance to win NFTs with the Mystery Box
- Easy to use
Cons:
- Need to pass KYC requirement
Categories: Gaming, virtual land, artwork, videos, virtual characters, audio tracks
2. OpenSea
No list of NFT marketplaces is complete without OpenSea.
Launched in 2017, OpenSea is the world’s first and largest peer-to-peer marketplace for crypto collectibles.
As of February 2022, OpenSea currently boasts more than 489,000 users, more than 2.6 million NFTs and over $4.5 billion trading volume.
One main feature of OpenSea is the free mining tool. This tool is particularly great for illustrators, artists and content creators who want to create and showcase their own NFT projects.
With the Collection Manager, users can create NFTs for free at any time, without paying any gas. Selling these NFTs is also gas-free. All you need is creativity and OpenSea account.
If you want to develop your own NFT smart contracts, you can do so by paying gas fee.
OpenSea charges a flat-fee of 2.5% on every NFT sale.
You can also set a creator earnings amount of up to 10%. This means you can earn royalties every time your NFT sells in OpenSea.
For buyers, you can either purchase a fixed price NFT directly from seller, or bid on NFT in auctions.
Apart from buying and selling NFTs, you can also get NFT details and search collectibles on OpenSea.
To use OpenSea, you’ll need an Ethereum wallet, such as MetaMask and Coinbase wallet.
The most common cryptocurrency used to buy, sell and trade NFTs on OpenSea is ETH. There are 150 other payment tokens to choose from, such as DAI, USDC, $WHALE, and $UNI. As of writing now, fiat money like USD and EUR is not supported.
Pros:
- Ability to create NFTs for free with lazy minting
- Extremely well-known in NFT community
- Low, transparent transaction fee of 2.5%
- Many different types of NFTs are supported
- Support over 150 payment tokens
Cons:
- Do not accept traditional money like USD, EUR
- Low entry barrier, so the platform can be flooded with tons of low-valued NFTs
3. Rarible
Pro:
- Intuitive and user-friendly interface.
- Credit card is supported
- wide range of quality NFTs
- Free minting tool is available
Cons:
- Competitve marketplace
Categories: Digital art, photography, music, games, metaverse, memes
If you’re looking to collect rare digital artwork, then you should at least check out SuperRare.
SuperRare is a great place to collect and trade unique, single-edition digital artworks from top artists.
Unlike other NFT marketplaces, SuperRare positions itself as a social network for CryptoArt. Think of SuperRare like Instagram meets Christies.
You can follow your favorite artists, discover the latest artworks from a curated list.
What makes SuperRare different is that creators are vetted and they only onboard a small number of hand-picked artists. SuperRare emphasizes quality over quantity.
You can be sure that each artwork is authentically created by an artist in the network.
This explains why SuperRare takes a higher fee compared to other sites.
To buy and sell NFTs on SuperRare, you’ll need to load your crypto wallet with Ethereum.
Pros:
- Social network for crypto arts.
- Feature authentic, quality and exclusive 1-of-1 NFTs from the world’s top artists.
Cons:
- Higher fees.
- For primary sales, there is a 15% commission (creators receive 85%). For secondary sales, creators receive a 10% commission (aka royalty), providing passive revenue from an artwork if it continues to trade on the secondary market.
- Buyers also have to pay a 3% transaction fee for each purchase.
- Only selected artists can join their platform
- Highly restricted to digital art
Categories: Digital art
5. Axie Infinity
Axie Infinity a play-to-earn NFT marketplace.
You can breed, collect and fight creatures known as Axie, a Pokemon-inspired digital pet. As a player, you have ownership over these unique creatures, which can be traded to earn money.
If you’re looking to earn a full-time income as a gamer, Axie Infinity is a great place to start.
The platform offers various money-making opportunities:
- Fighting monsters or other players
- Complete daily quests
- Bread your own Axies
- Rent out your Axies to earn cash
- Buy, sell or trade Axies
One of the biggest drawbacks of using Axie Infinity is that you will have to first buy three Axies from the Axie marketplace before you can earn. And it might take you some time to familiarize yourself with the user interface.
Pros:
- Well-known platform for gamers
- Offer various money-making opportunities
Cons:
- Focus on gaming NFT
- Need to setup a Ronin wallet
- You have to purchase a minimum of 3 Axies before you can play on the platform
Categories: Gaming
If you are an avid Twitter user, you’ll love Valuebles by Cent.
Cent’s Valuables is a fun way to monetize your time on Twitter. You can buy or sell tweets for Ethereum using the platform.
To sell a tweet, you’ll need a Twitter account. Simply connect your Twitter profile to Valuable so that they can verify which tweets are yours. Next, add Metamask to your browser. Now you can accept any offers for tweets via Valuables directly. Or you can paste url to your tweet in the and click Tweet It to let your followers know it’s for sale.
To purchase a tweet, go to Valuables and enter the url of the tweet you want to make an offer on. Yes, you can do so, even if the tweet isn’t been minted yet.
For each sale or trade, Valuables will take a 5% fee.
Pros: Fun and easy way to connect with followers while earning from your tweets
Cons: NFT market for tweets only
Categories: Tweets
Conclusion
There you’ve it, 7 best NFT marketplaces for creating, collecting and trading NFTs.
Each NFT platform offers different benefits, fees and interfaces.
Pick the one that best fits your need.
The best all-in-one platforms are Binance. The most popular are OpenSea and Rarible. For video gamers, Axie Infinity offers a great opportunity to make money while playing.
As the world of NFT is moving fast, new platforms will constantly spring up. I’ll be updating this post regularly if I find any better Non-Fungible Token marketplaces come up.
Do you buy/sell Non-Fungible Tokens?
Which is your favorite NFT marketplace to trade Non-Fungible Tokens?
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