You can buy NFT on these platforms

This is what awaits you in this article

Trading volume for non-fungible tokens (NFT) has exploded in the past year. According to a report by blockchain portal The Block, sales grew from $33 million in 2020 to more than $13 billion. The rapid increase initially continued in January, with an increase of almost 130 percent compared to December, before a significant correction took place in February.

But not only the sales, but also the appreciations of the most popular NFT are huge and attract more and more attention to the digital art and collectibles. If you want to get involved in the NFT market, you should do some thorough research before your first digital shopping trip. We have already explained to you in detail how NFT works. This article tells you where to buy NFT and what you should be aware of.

Buying Platforms: Where to Buy NFTs?

NFT are traded on an ever-growing number of digital marketplaces. Some gaming platforms, such as NBA Top Shot or the online game Sorare with its digital player cards, specialize in certain themes and objects. However, these constitute only a small niche of the overall market.

Almost all global NFT sales are accounted for by a few major online platforms, with a comprehensive offering ranging from digital and animated graphics (GIFs) to trading cards, music, internet domains and virtual world packages.

Once NFTs are configured and sold on an online marketplace, they can also be offered for sale on another marketplace.

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The best platforms at a glance

When choosing their preferred marketplace, NFT buyers should be primarily aware of the functionality and ease of use of the platform and the fees involved. NFT collectors who are interested in certain artists are usually interested in the digital marketplaces that those artists use for their auctions, known as drops.

open sea

The best known and by far the largest trading platform is Opensea. In 2021, almost 90 percent of the total NFT volume was traded on Opensea. Virtually all types of NFT are traded on the marketplace. As with other platforms, users can create their own profile on which they can also display their digital assets – in line with Opensea’s motto: “Owning what moves you and sharing with the world.” Opensea can be connected to a number of different crypto-wallets. Payment can be made on Opensea with Ethereum (ETH), Polygon (Matic) and Klaytn (Klay).

A message: Beware of fake emails on behalf of Opensea.io. You can find out more about this topic in a detailed article.

Nice gateway

Different types of NFT can also be bought on Nifty Gateway. Ethereum (ETH) can be traded on Nifty Gateway. In addition, Nifty Gateway offers the special feature that customers can link their account directly to a credit or debit card. The acquired NFT is secured in a wallet after the transaction on the platform. Buyers can of course also transfer their NFT to another external wallet. Nifty Gateway made headlines in December 2021 when anonymous online artist Pak sold his work The Merge on the platform for a record $91.8 million.

binance

Binance is actually known as the world’s largest cryptocurrency exchange. But Binance has also built an extensive NFT offering in recent months. Here you can trade with Ethereum (ETH), but also Binance Coin (BNB) and Binance US Dollar (BUSD), which are linked to the US dollar. Binance entices creators of NFTs with a 1% share of all future sales, as do sellers who first list an NFT originally acquired on other marketplaces on Binance. At Binance, German-speaking customers – as with all industry giants – also have to make do with an English interface.

Super rare

SuperRare also offers a wide range of NFTs, but the selection and number of users is significantly lower than that of the leading exchanges such as Opensea. Payment is made with Ethereum (ETH). In addition, the platform offers the owners of the SuperRare token RARE the opportunity to help shape the marketplace themselves. A virtual storefront of sorts is also available to users and artists on SuperRare Spaces, which should provide expanded opportunities for art presentation and context.

How do I pay for my NFT purchase?

Digital artworks are also commonly paid for in digital currencies. Unlike normal transactions, Bitcoin does not play a role in NFT, as these cannot be set up on the Bitcoin blockchain. Instead, NFT is mainly based on the Ethereum blockchain or on Solana or Polygon.

The fees known as gas fees apply to all transactions and vary significantly depending on the cryptocurrency used. For example, the standard currency Ethereum is considered to be relatively expensive, but at the same time particularly safe and well-established. Basically, the creator of an NFT decides which of the (crypto)currencies available on the respective platform are accepted for payment.

A few platforms like Nifty Gateway also allow linking a credit or debit card (see Nifty Gateway). This saves buyers the detour via a crypto broker and a crypto wallet.

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What laws must be observed when buying NFT?

The NFT market is developing rapidly, and the legal discussion can hardly keep up. Among other things, the taxation of trading and potential profits with NFT has not yet been clarified by the tax authorities or by the courts. Investors are therefore advised to disclose possible gains during the tax return to avoid accusations of tax evasion.

Important: An NFT purchase and transactions on wallets cannot usually be undone, although according to experts there is a general right of withdrawal when buying NFT.

In any case, investors should first familiarize themselves with the theory and practice before getting seriously involved in this market with any significant commitment. For the first purchase, it is advisable to start with small amounts and first familiarize yourself with the platform and how it works.

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