NFts are digital assets that act as secure proof for ownership of an item or items in a collection stored on specific blockchain ledgers. An NFT is a non-fungible token that cannot be reproduced or changed. They are usually associated with easily-reproducible items like photos, artworks, videos, and audio. NFTs have become increasingly popular because they can’t be reproduced, making tracking who owns the item more accessible.
How do you buy NFTs?
When you buy NFTs, you need a digital wallet where you can store your cryptocurrency. Most NFTs are currently purchased with Ethereum network’s currency (ETH). Fortunately, ETH can be easily converted into U.S. dollars through various crypto exchange platforms like Gemini, Kraken, and Coinbase. There are many marketplaces to purchase NFTs, which we will get into later, and most often, NFTs are auctioned off. So, you put in a bid, and the highest bidder receives the NFT. However, the are some marketplaces that offer a fixed price for the NFT.
What can be sold as an NFT?
Almost anything can be sold as an NFT, which is why it is such a popular marketplace for artists. Anything digital is available, from video games, digital art, illustrations, animations, short films, music, memes, domain names, and virtual fashion. Artists have the opportunity to sell their work in such a way that they receive royalty through resales - an ideal space for artists to break the typical stereotype of “the starving artist.” For art lovers, collectors use NFTs to support up-and-coming artists and well-known artists alike while showing off their own art collections.
How do NFTs work?
Sales and ownership of NFT’s are governed by smart contracts, which are considered complex transactions. Thus, Ethereum and Solana, blockchain networks, support NFTs through their users’ apps that they build for storing personal data and complex transactions, like smart contracts. More recently, Bitcoin, which mainly operated as a cryptocurrency and payment network, has introduced the Taproot code upgrade, enabling more secure complex transactions. Thus, Bitcoin could support smart contracts for NFTs in the very near future.
The negative aspects of NFTs
Before we get into the best marketplaces to buy NFTs, there are some drawbacks that we should mention. Despite the many benefits of NFTs for expanding the artistic sphere, however, downsides come with NFTs. Without major regulations, instances of fraud and theft are reported. For owners, commissions and fees vary significantly for each NFT. The biggest downside of NFTs is the enormous environmental impact because of the carbon emissions it creates from the use of electricity to run the blockchain networks.
Marketplaces to buy NFTs
There are many marketplaces from around the globe to purchase and sell a range of NFTs. To help you along the process, we have compiled a list of 4 different NFT marketplaces that you can use.
Mintable
Mintable, based in Singapore, offers a marketplace for buying and selling digital art, photography, domain names, and templates. This site has “gasless” NFTs, which means that people can sign up and upload an NFT without paying beforehand. Gasless NFTs open up a considerable space for more people to buy and sell. Minted is built on Ethereum and Zilliqa blockchains and integrated with MetaMask, allowing users to establish cryptocurrency wallets. The site has both listed and bidding items that buyers can purchase.
OpenSea
OpenSea is located in New York and was founded in 2017 by a development time that considers itself “the first and largest marketplace for user-owned digital goods.” OpenSea has more than 34 million NFTs ranging from sports, music, games, digital art, domain names, virtual worlds, and collectibles. OpenSea sells NFTs at either fixed prices or through auctions where buyers bid on a platform with over 300 000 users. This site uses USDC (USD Coin) or the other 150 other tokens for payment.
Rarible
Rarible, based in Wilmington, Delaware, buys, sells, and mints digital art, photography, games, music, animated videos, and GIFs. Similar to Spotify’s layout, columns are stacked for users to scroll new collections, auctions, and featured items and top sellers. Rarible will now use the RARI token on Ethereum’s blockchain as a form of governance, where the most active buyers and sellers get involved and vote on platform changes, upgrades, and decisions.
Sorare
Sorare, located in Paris, is wholly focused on sport, unlike any other sites we have mentioned. Users can enjoy a fantasy soccer league that is crypto-currency based where they can collect cards as NFTs in the 180 soccer clubs available. Users use these virtual sports cards in online competitions. Sorare only uses Ethereum for transactions on its site.
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