Buy NFT – Marketplaces, Fees and Tips

Where and how to buy NFTs? What marketplaces are there? Fees and tips for buying NFT.

NFTs – Guide to buying and selling

Most recently, when the major auction houses Sotheby’s, Christie’s and Phillips started dealing in NFTs, the topic of crypto art or NFT art was on the art market and collector screens. The sale of the digital artwork “Everydays: the First 5000 Days” by Beeple for $69.3 million or the numerous record prices for CryptoPunks from Larva Labs look like a catalyst for the NFT market in retrospect.

What are NFTs?

NFT stands for “non-fungible tokens” (non-fungible tokens). In short, they are purely digital collectibles used in most NFT buying and selling with cryptocurrencies such as ether (Ethereum network) or Bitcoin. NFTs are unique and essentially a digital deed.

Buy NFTs – quick guide on how to do it

  1. Install and set up a wallet (crypto wallet like MetaMask)
  2. Choosing a crypto exchange of your choice
  3. Buy cryptocurrency like Ether (Ethereum).
  4. Fill the wallet with the purchased cryptocurrency
  5. Choosing an NFT marketplace, platform or auction house
  6. NFT purchase

What types of NFTs are there?

NFT can be digital images, videos, music, domain names, virtual properties, trading cards, but also sneakers. In short, you can say that everything that can be represented digitally falls under NFT. Digital artwork is increasingly being used in the art market by established artists such as Damien Hirst and Takashi Murakami. Even individual museums have created and sold NFTs.

Photo: Larva Labs 9 Cryptopunks: 2, 532, 58, 30, 635, 602, 768, 603 and 757, Christie’s / Larva Labs 2021

Where and how do you buy and sell NFT?

Trading of NFTs is mostly done via blockchain. Most of the NFTs run through Ethereum Blockchain (ERC-721 token standard). As a result, whoever wants to buy NFTs must have Cryptocurrency Ether (ETH) function. Cryptocurrencies such as Ether (Etherum), on the other hand, can be traded crypto exchanges such as Etoro, Binance, Coinbase, Justtrade, Trade Republic or similar. NFTs are bought and resold via special NFT marketplaces such as Opensea, SuperRare, Rarible or Nifty Gateway.

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NFT marketplaces and alternatives

The number of marketplaces and alternatives for trading NFTs is increasing and expanding. Because not only classic NFT marketplaces like Opensea, SuperRare, Rarible or Nifty Gateway offer buying and selling of NFTs, but also crypto exchanges like Binance or FTX. In addition, the major auction houses from the art market Sotheby’s, Christie’s and Phillips are also entering the NFT trade.

NFT Marketplaces, Fees and Payment Options

NFT marketplace fees payment options

open sea 2.5% from the seller ETH, USDC, DAI

Super rare 3% from the buyer ETH

Rarable 2.5% ETH

Nice gateway 5% from seller, $0.30 per transaction ETH

Foundation 15% ETH

Binance NFT 1% ETH, BNB

Install and set up crypto wallet and buy cryptocurrency

Wallet – the first step, whether you want to buy cryptocurrencies or NFTs. A crypto wallet is software that acts as a digital wallet. By exchanging with the blockchain, the wallet can send and receive crypto coins. The most well-known wallet is currently MetaMask. Once the wallet is installed and set up, it must be equipped with a means of payment. As mentioned above, most NFT trading runs on the Etherum blockchain. You therefore need the cryptocurrency Ether (ETH) as a means of payment. You can only buy corresponding digital artworks on one of the NFT marketplaces when your wallet is full.

Photo above: Pete Linforth from Pixabay

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