This article was last updated on June 10, 2022
While most people nowadays seem to be talking about cryptos and other assets in the digital space, not everyone is exactly sure where to buy NFTs. This new technology, while promising, is still surrounded by uncertainty and doubt. Many people are reluctant to get involved due to the young age of the market and the high chance of fraud. NFTs and cryptocurrencies are also highly-technical subjects, which is another aspect that often scares off potential investors.
As a result, we have put together this list of the best marketplaces where you can safely and easily buy or sell non-fungible tokens.
Table of contents
- What Are Non-Fungible Tokens
- Types Of Marketplaces Where To Buy NFTs
- Where To Buy NFTs
- How To Buy NFTs
- Popular Cryptocurrencies Used To Buy NFTs
- Conclusion On Buying NFTs
What Are Non-Fungible Tokens
Non-fungible tokens are unique assets backed by blockchain technology to provide exclusive rights and ownership for everything from images to in-game items and even real-world objects. Non-fungible means that each one is unique and cannot be replaced by another of its kind. This is different from cryptocurrencies, for example, where two Bitcoins are completely interchangeable and possess the same value.
When you buy NFTs, you will receive a receipt for the underlying code behind the particular asset. As such, you will be verified as its sole owner and can do with it as you like. There are numerous applications for NFTs. Collectors use them to verify the authenticity of their digital goods. This has created a huge online market for art and other assets. Meanwhile, developers and programmers can use the technology to split up various valuables into smaller pieces in a process known as “Tokenization.” This innovative technology has the potential to create a new virtual world of finance and can be used for a variety of other applications.
Types Of Marketplaces Where To Buy NFTs
There are two general types of NFT marketplace – Peer-to-Peer and Curated.
Peer-to-peer marketplaces are ones where buyers and sellers trade with each other while the platform only facilitates the transactions. All of the assets on these websites are owned by customers, and no tokens are sold by the platform holder. Popular examples include OpenSea, Mintable, and Rarible.
Curated marketplaces, on the other hand, are highly selective when it comes to what is listed on them. Instead of allowing sellers to list their tokens directly on the marketplace, such platforms will act as intermediaries. If you would like to sell your token on one of these platforms, you will first need to submit it for approval. If accepted, it will be listed on the marketplace, and you will receive compensation once the token has been sold. SuperRare and Foundation are two popular curated marketplaces. Meanwhile, those looking to buy NFTs will have to pay a premium for the high-end service.
Where To Buy NFTs
There are many marketplaces out there that offer NFT services. On these, you can mint, sell, or buy NFTs. The various marketplaces provide different services as they attempt to differentiate from each other. Some websites will try to maintain extensive catalogs for their customers, featuring large amounts of NFTs from multiple platforms. Meanwhile, others will create a more exclusive and curated experience with only select tokens being allowed on their platforms.
For a more detailed overview of non-fungible tokens and how they work, check out our extensive guide on what are NFTs.
OpenSea is one of the largest marketplaces when it comes to non-fungible tokens and a go-to place to buy NFTs. Founded in 2017, it houses an extensive catalog of more than 34 million NFTs. These can be either images, gifs, videos, audio files, or 3D models. All of the listed items are owned and sold by users rather than the website itself. OpenSea also offers a cross-platform experience as it will list NFTs from other marketplaces as well.
When you have chosen your desired NFT, you can purchase it with Ethereum or another one of the more than 200 accepted tokens. The website also supports a variety of wallets, including web3 ones like MetaMask, which allow you to make purchases without setting up an account.
You can also mint tokens on the platform with some of the lowest fees around. One of its unique features is the residual royalties that you can earn as a creator. If you choose to activate this, the website will apply a small fee to the transaction whenever other users resell the NFT within the marketplace. This will then be paid out to you and allows you to receive a continued revenue stream beyond the income from the initial sale. The website also has dedicated apps for both iOS and Android, which, while a common feature, should not be overlooked as it allows you to easily trade while on the go.
Foundation is another popular NFT marketplace that provides a more niche service. While other platforms aim to create a large and diverse offering of tokens, Foundation does the opposite. Their catalog is highly curated and more difficult to get listed on. Sellers must receive a special invite in order to put their tokens up for sale.
Meanwhile, buyers will need to pay service fees which are among the highest in the industry – 15%. This is on top of the standard gas fees that the Ethereum network charges to process transactions. As a result, listings on Foundation are priced higher than standard and will usually start at around the $1,000 mark.
The platform itself is built on the Ethereum blockchain and only accepts payments in that currency. In order to buy or sell any tokens, you will first need to set up a wallet on the Foundation website and add funds to it from an outside wallet. This means that you will also have to pay the additional fees required for this extra step.
While pricier, Foundation has been home to some prominent and highly-coveted non-fungible tokens. These include the viral Nyan Cat meme and Edward Snowden’s own NFT, which depicts the activist over a series of court documents. Artists who are approved to sell on the platform enjoy a lucrative income and can be sure that they are getting some of the best prices on the market. If you are looking for more high-profile and art-centric works, then Foundation is the place to buy NFTs like that.
Rarible is another popular marketplace that allows users to trade non-fungible tokens with one another. While no different from most other platforms, Rarible is currently restructuring its system and will soon become a completely autonomous platform that is controlled by the Ethereum blockchain. As such, it will be available without the need for permission. The community will be able to vote on suggested improvements to the platform through the use of RARI tokens. Currently, the company distributes these to active buyers, sellers, and other users of the platform.
Currently, Rarible allows for the buying, selling, and creation of both single and series of NFTs. Here, members can trade images, GIFs, videos, audio files, in-game items, metaverse assets, domain names, and DeFi tokens. The website charges a 2.5% fee, regardless of whether you are buying or selling a token. This is separate from the gas fees necessary for the transaction to be executed by the Ethereum blockchain.
Meanwhile, both sellers and buyers will need to connect a crypto wallet before they can execute any transactions on the website. Do keep in mind that Rarible only works with web3.0 wallets like MetaMask.
Crypto.com is one of the largest marketplaces in the field. However, it is most well-known for its cryptocurrency exchange and wallets. The company has recently expanded into the NFT space and now supports selling, purchasing, creating, and storing non-fungible tokens. However, this service is still new to them and somewhat barebones when compared to others.
Crypto.com supports two payment options. The first is credit/ debit cards. This is very simple to use and ideal for newcomers who might not have a crypto wallet. Using this method, you can purchase NFTs using fiat currency and will not need to learn how cryptos work straight away. Alternatively, you can make a purchase with a supported cryptocurrency through Crypto.com Pay. Here, you can buy currency from the website’s exchange or connect to a supported outside wallet.
The platform also boasts an impressive zero transaction fees policy which saves customers a lot of money and is sure to attract plenty of users. And if that’s not enough, the website has also partnered with several popular celebrities and brands to create collaborative tokens. Rapper Snoop Dog, the Aston Martin Formula 1 race team, the Italian Serie A, and BossLogic all have their own non-fungible tokens and sit among the top creators on the platform.
As the name suggests, SuperRare is another exclusive and highly-curated NFT marketplace. The website aims to recreate the look and feel of real-life art galleries and dealers by providing a high-class service. Inside the catalog, you will find beautiful and unique pieces of crypto art. There are no gifs or meme NFTs to be found on the website. Many of the available tokens are also exclusive to this platform, so you won’t be able to find them anywhere else. SuperRare’s dedicated editorial team assures that everything they feature on the marketplace is up to par with the platform’s standards.
However, this premium experience does come at a cost. Just like Foundation, SuperRare charges a 15% service fee for initial sales made through the website. There is also a 3% charge to the buyer every time a token is sold. In order to buy or sell on the website, you will have to connect a crypto wallet first. SuperRare supports all WalletConnect compatible wallets. However, the website only processes payments with Ethereum.
One aspect of SuperRare which is very attractive to sellers is the royalties feature. Through this, creators will receive a 10% commission every time someone decides to buy NFTs of theirs, beyond the initial sale. While not unique, the website further expands on the feature by also granting a 1% commission to the first collector to have bought and sold the token.
Related: How To Create NFT Art, Promote It, And Profit
Nifty Gateway is a non-fungible token marketplace that focuses on exclusive partnerships. The aim is to create a catalog of unique NFTs that their customers won’t be able to find anywhere else. However, this does not make it a highly-curated marketplace like Foundation or SuperRatre. While a minority, regular NFTs are also available on the website. The prices are also much more approachable here and cater to a broader range of customers.
Another big draw are the regular “drops” that the website organizes. These are scheduled releases of limited exclusive NFTs by popular creators. Such drops have recently become common practice for all hype-related goods ranging from sneakers to video game consoles. Nifty has so far collaborated with famous artists such as Deadmou5, Grimes, Beeple, Steve Aoki, and others to bring limited runs of NFTs.
Nifty Gateway charges its customers a 5% fee for every transaction. Additionally, gas fees are also something to keep in mind. Setting up an account is relatively easy, and customers can pay with their credit or debit card. This will be welcome news for those who don’t already have cryptocurrencies or who don’t want to go through the extra steps of setting up a wallet.
One concern here could be security, as Nifty Gateway has been the subject of hacking attacks in the past. During the “NFT Heist” of March 2021, hackers stole hundreds of thousands of dollars worth of NFTs from users’ accounts. Furthermore, they used their saved payment information to purchase additional NFTs that they then also transferred to foreign wallets.
Top Shot is the National Basketball Association’s own take on non-fungible tokens. Top Shot allows customers to purchase mystery packs of five highlight reels from archive footage. Opening these is a similar experience to opening packs of regular trading cards and can be very exciting for fans hoping to pull their favorite moments. Alternatively, you can also buy single cards from other sellers on the community marketplace. However, in order to do either one of those, you will need to sign up first.
Top Shot’s ecosystem is more closed off and does not allow trading the tokens with outside platforms. This means that you can’t list your NBA highlight reels on OpenSea or any of the other cross-platform marketplaces. While this might be a turnoff for some, Top Shot is quite streamlined and has plenty of functionality on its own.
You can make payments either with a credit or debit card or via a selection of supported cryptocurrencies. The former is especially convenient for the more casual customers that sports card trading attracts, as many of them are not that into crypto. Meanwhile, the supported cryptocurrencies are Bitcoin, Bitcoin Cash, Ethereum, USDC, and DAI.
Binance is another large cryptocurrency exchange platform. It supports the widest selection of altcoins and tokens and has recently expanded into the NFT space. Their new non-fungible token marketplace allows you to mint, sell, and buy NFTs on an open market. However, navigating the website can be a bit tricky at first, as it is part of their larger overall Binance platform.
Once you get the hang of it, you will be able to trade tokens in categories like art, entertainment, sports, Esports, gaming, collectibles, and more. Purchases require cryptocurrencies, as this is the only payment method that the website supports. Conveniently enough, as one of the largest exchanges, Binance allows you to both set up a wallet and purchase the necessary currency, all on the same platform. Fees are also minimal and will not take a huge toll on your budget.
If you are looking to trade on a platform that renowned entrepreneurs endorse, then Mintable might just be for you. Notable billionaire and crypto enthusiast Mark Cuban is one of the platform’s backers, and he is not the only one. Several joint ventures and other venture capitals contributed towards the company’s series A round of investments to raise $13 million.
The platform itself is fairly straightforward and easy to use. What sets it apart from the competition is its aim to eliminate gas fees when it comes to minting new NFTs. The platform’s gasless market allows creators to list their tokens prior to actually submitting them to the blockchain. This way, they can offer them for sale without having to pay the upfront costs. This also means that you can sign up and start using the platform straight away.
Coinbase is a popular cryptocurrency wallet and exchange platform. Recently, the company announced its upcoming project, Coinbase NFT, which is its expansion into the market. While still not active, Coinbase NFT will be an extensive social platform and marketplace where users will be able to create, buy, sell, collect, and display their most prized non-fungible tokens. The platform is definitely something to look forward to, as it promises to bring loads of functionality and features to its customers. For now, you can sign up for the early access waitlist on the Coinbase official website.
How To Buy NFTs
Set Up A Crypto Wallet
Before you can head over to any of these websites to buy a non-fungible token, you will first need to set up a crypto wallet to store them. Only some of these actually support NFTs, so make sure that the one you choose can, in fact, hold non-fungible tokens. However, as NFTs have increased in popularity, more and more wallet providers are adding them to their services. As a result, you shouldn’t have any trouble finding a good one that is well suited for your purposes.
Once you have chosen your wallet, head over to its website and set it up. Oftentimes, this will require information such as your full name, email, date of birth, and nationality. The website might also require an identity verification process. To complete this, you will need to submit a copy of your photo ID.
Aside from the wallet, you will also need enough cryptocurrency to buy the NFTs you have chosen. If you already have this, then that’s great, but if you do not, then you will need to head on over to a crypto marketplace. There, you can buy the necessary currency by either using another crypto that you already have or a fiat payment method.
Some marketplaces offer both crypto and NFT services, so make sure to check your chosen one. Making both purchases within a single platform will save you the extra hassle and additional fees. If they are separate, you will need to transfer the purchased cryptocurrency from the exchange platform into your wallet.
Register For An NFT Marketplace
Next, set up an account on your preferred NFT marketplace. Depending on the platform, you might have to go through a verification process here as well. Registering an account should be pretty straightforward, and all you need to do is follow the on-screen instructions. They will guide you through the process.
Read next: Crypto Arbitrage – How To Make Money From Market Inefficiencies
Link Crypto Wallet
Some NFT marketplaces offer integrated wallets as part of their platform. If this is the case with yours, you can skip this step. However, if it does not provide this service, you will need to link an external crypto wallet. This should also be a relatively simple process accessible through a “Link Wallet” feature on the marketplace.
Transfer Funds From Crypto Exchange To Crypto Wallet
Now that you have linked your wallet, you will need to transfer your cryptocurrency from your exchange account into the wallet. This might be a tad more complicated, as it will likely require you to enter the very complicated wallet address. This can be found in your wallet account and is a long string of letters and numbers. Be extra careful to copy this exactly and not make any mistakes, as all transactions are final and cannot be reversed.
Buy The NFTs That You Have Chosen
When buying non-fungible tokens, you have two options. You can either bid for them or buy them out. Since NFT marketplaces operate via auctions, most sales will occur with buyers bidding over the token. Whoever offers the most cash wins the auction and receives the NFT. Alternatively, if you really want to get an NFT and don’t want to risk losing out in an auction, you can buy it out immediately. However, in these cases, the price will be higher than the current bid.
Interesting read: What Does Stonks Mean And Why Are Stonks Popular?
Once you have successfully won an auction or bought an NFT, you will be taken through the platform’s payment process. This will consist of several steps and will allow you to complete the payment, including all gas and service charges.
And that’s it! Once your payment has gone through successfully, you will receive your NFT and can enjoy it. As its new owner, you will also own the underlying unique code on the blockchain, which verifies its authenticity. This gives you not only exclusive ownership but also all of the perks and bragging rights that come with your particular non-fungible token.
Popular Cryptocurrencies Used To Buy NFTs
NFTs can be based on various cryptocurrency blockchains. They will usually be priced using the underlying coin. However, some platforms allow you to pay with other cryptos or even fiat money. While there are numerous currencies that you can use to purchase NFTs, there are a handful of popular ones which you will often come across.
Ethereum (ETH) is the second-largest cryptocurrency and blockchain in the world. It is also the second most valuable one, surpassed only by Bitcoin. Due to its blockchain technology, which allows the minting of various tokens, Ethereum quickly became the most popular option to buy NFTs. If you are looking to buy your first non-fungible token, chances are, you will most likely be paying for it with Ethereum.
- Binance USD
Binance USD (BUSD)is another widely-known coin developed by Binance. While a newer and less well-established marketplace, Bianance’s NFT marketplace is still among the top ones in the space. It offers a sizable selection of tokens and uses its own Binance coin as the currency for most transactions.
- Fiat Currencies
A few NFT marketplaces also support good old-fashioned fiat payment methods. These will usually be larger platforms that are more well-known for being cryptocurrency exchanges or payment services. This is an excellent option for those who aren’t looking to set up a crypto wallet or deal with the hassle of exchanging coins before they can buy NFTs.
Conclusion On Buying NFTs
Just like there are all sorts of non-fungible tokens, so are there various marketplaces where you can shop for NFTs. Each one caters to a specific set of customers, and you can choose the one that best suits your needs. Depending on its main selling point, each marketplace will have both upsides and downsides. While some might have lower fees, others will offer a better selection of non-fungible tokens. We hope that this guide has been helpful in your research to find the right place for you.