How to buy NFTs

OpenSea is a market place for digital art and collectibles with a huge sortiment.

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• biggest market place

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				Price	1 h	1 day	7 days	30 days	1 year	2 years	YTD	ATH	Market Cap
1		Ethereum - ETH		3.382,57 $	0,4%	8,1%	10,3%	28,4%	63,6%	198,1%	45,0%	-29,4%	407,330 bn $
2		Artificial Superintelligence Alliance - FET		1,27 $	-0,2%	3,8%	2,9%	-6,6%	146,0%	0%	74,3%	-61,7%	3,326 bn $
3		Immutable - IMX		1,36 $	-0,5%	6,6%	15,6%	-9,3%	-0,7%	219,2%	-39,8%	-85,2%	2,279 bn $
4		Theta Network - THETA		1,70 $	0,2%	4,5%	30,5%	30,8%	79,0%	100,2%	27,8%	-87,9%	1,702 bn $
5		GALA - GALA		0,0289 $	-0,3%	3,1%	15,5%	24,9%	16,3%	14,1%	-9,1%	-96,0%	1,157 bn $
6		Flow - FLOW		0,7295 $	0,0%	5,9%	25,5%	28,7%	13,9%	-36,6%	-23,6%	-98,1%	1,128 bn $
7		Tezos - XTZ		1,09 $	-0,5%	6,8%	53,8%	59,5%	34,9%	12,6%	-0,9%	-89,6%	1,106 bn $
8		Axie Infinity - AXS		5,85 $	-0,2%	3,7%	18,0%	11,9%	-0,8%	-15,3%	-35,9%	-96,4%	0,899 bn $
9		ApeCoin - APE		1,20 $	1,7%	5,1%	14,4%	-8,4%	-17,2%	-63,1%	-29,0%	-95,4%	0,865 bn $
10		The Sandbox - SAND		0,3543 $	-0,3%	4,3%	28,1%	28,7%	-9,4%	-36,0%	-41,1%	-95,4%	0,848 bn $
11		Decentraland - MANA		0,4277 $	0,0%	7,5%	27,8%	32,3%	5,6%	11,6%	-20,4%	-91,9%	0,800 bn $
12		Chiliz - CHZ		0,0761 $	-0,4%	4,4%	19,6%	5,6%	5,3%	-58,6%	-14,6%	-89,7%	0,695 bn $
13		Ethereum Name Service - ENS		19,51 $	0,3%	8,4%	18,4%	9,2%	131,7%	59,7%	92,6%	-74,1%	0,648 bn $
14		SuperVerse - SUPER		1,27 $	0,1%	2,9%	0,5%	-4,5%	643,8%	0%	91,1%	-37,1%	0,575 bn $
15		GMT - GMT		0,1795 $	0,5%	9,7%	26,8%	34,7%	32,6%	-51,6%	-27,6%	-95,3%	0,535 bn $
16		Enjin Coin - ENJ		0,2020 $	-0,3%	5,9%	32,0%	25,4%	-24,7%	-31,6%	-47,5%	-95,6%	0,358 bn $
17		Illuvium - ILV		43,60 $	0,4%	4,4%	15,5%	12,4%	-58,1%	0%	-53,3%	-97,7%	0,310 bn $
18		Galxe - GAL		1,90 $	3,7%	7,3%	11,1%	-2,6%	46,2%	0%	-18,1%	-66,3%	0,243 bn $
19		Yield Guild Games - YGG		0,5107 $	0,3%	7,6%	7,4%	-8,3%	41,6%	0%	15,6%	-95,0%	0,197 bn $
20		Audius - AUDIO		0,1446 $	0,0%	5,3%	12,5%	13,7%	-20,2%	-0,1%	-44,2%	-96,4%	0,185 bn $
21		WAX - WAXP		0,0426 $	0,7%	5,1%	20,9%	23,1%	-31,3%	-28,4%	-40,7%	-95,4%	0,149 bn $

NFTs and their boom

It is hard to imagine the crypto scene without NFTs these days. Inthe last few years, interest in the non-fungible tokens has increased significantly (CryptoKitties, CryptoPunks, …). However with headlines such as the sale of a Beeple artwork for 69 million dollars and the auction of the first tweet, reeling in in 2.9 million dollars, NFTs finally came into the focus of the general public.

But where and how can you buy NFTs? How does it work? Which platforms and marketplaces exist for NFTs? And where do interested parties find the best conditions? 

In the article we give insight into and an overview of the best marketplaces.

What are NFTs?

NFTs are non-fungible, i.e. unique tokens. They exist only in one instance or in very rare versions and cannot be exchanged for each other. For example, 1 bitcoin can be exchanged for any other bitcoin at will and the context would remain unchanged. 

You can find more information on NFTs, their creation and standards in the Blockchaincenter explanation article on the topic.

Currently, the market is dominated by NFTs representing digital goods. Everything from artwork and collectibles to screenshots are included. It is therefore not surprising that among the NFT marketplaces there are many platforms with a pronounced focus on digital art and collectibles. 

However, NFTs also have potential in the representation of real goods such as real estate, gold or shares. Special cases such as NFTs for loans and “piecemeal” NFTs (similar to Satoshis in Bitcoin) are also used.

What should prospective buyers look for when buying NFTs?

Potential buyers are best advised to deal with the important points in advance. When criteria and preferences are known, they are able to make a much better selection.

Interoperability

Since NFTs are one-of-a-kind items, it should be ensured that they can be easily transferred. This can become a major problem by focusing on only one ecosystem. The magic word is interoperability – the ability to transfer tokens from one blockchain to another.

While this is increasingly important in theory, it’s not a practical issue at the moment. The market is dominated by Ethereum-based tokens. ERC-721 and ERC-1155 tokens are the de factostandard.

The right wallet

To own NFTs buyers need compatible wallets. For NFTs on Ethereum, we recommend MetaMask. Wallets are needed for buying and storing NFTs.

Value of NFTs

Collectibles are oddities in a way: they can be immensely valuable to an individual, but meaningless to the general public. Or they may have high value, but the owner doesn’t view them in that light.

NFTs always carry the value that is attributed to them as individual items. And this depends on various factors. These include personal significance, the community’s current assessment and the long-term forecast of their value development.

The value of NFTs can fluctuate greatly. Consequently, the purchase might represent an investment. But it does not necessarily have to be that. Many buyers deliberately acquire individual items out of purely personal motivation.

Marketplaces for NFTs

NFT marketplaces differ based on their features and their offer portfolio. It is therefore worthwhile to choose according the criteria below:

The best known marketplaces are general ones such as OpenSea and Rarible. Buyers can acquire NFTs of all kinds, for instance artworks, music or videos. A large part of the tokens offered come from the creators registered there. They upload the NFTs directly to the platform. The marketplaces funnel more NFTs in their portfolio from other marketplaces or from specific collections such as Decentraland or Sorare, thus expanding their range. On a technical level, work to integrate royalties from other platforms is now underway.

In addition, there are a number of specialized marketplaces which only carry NFTs of one or a few categories. Among the platforms with reputation most of them revolve around art. It remains to be seen whether more providers of this type will be able to establish themselves in the coming months.

Some applications have their own marketplaces. For example, the popular NFT game “Axie Infinity” has its own marketplace where “Axies” can be purchased.

Finally, interested parties can buy NFTs from collections. The platforms mentioned above, such as Decentraland (virtual world) or Sorare (sports trading cards, each hold only the NFTs that belong to their own ecosystem. These NFTs can be user-generated. But central issuing by the platform operator is more common. Collections are not marketplaces by strict definition. On the major platforms, the most popular collections have their own sections.

Other marketplaces are:

General marketplaces

• Opensea
• Looksrare
• Binance NFT
• crypto.com NFTs

Specialized marketplaces (art)

• SuperRare
• MakersPlace Foundation

Criteria for selecting the NFT marketplace

Prospective buyers best select the marketplace based on three clusters of criteria: availability of NFTs, the funnel design of NFTs from sellers to buyers and the purchasing process.

Availability of NFTs

To date, there are few marketplaces for NFTs that are characterized by broad availability. 

The few major platforms allow buyers to access self-created tokens from individual sellers. They equally offer tokens from other marketplaces and collections. This expands the supply immensely. Specialized platforms intentionally limit the selection to serve the niche market.

Almost all marketplaces have rankings and leaderboards, which makes it easier for prospective buyers to choose. Only a few so far have so-called exclusive drops. Artists and sellers leverage them to provide exclusive content only on the respective platform.

From sellers to buyers

Sellers have access to various ways for offering their tokens, depending on the marketplace. It is now common for NFTs to be created using an editor without code. 

NFTs must be minted on the blockchain for the sale.

High-quality marketplaces make it possible for creators to choose the timing, i.e. first store the NFT and then mint it. This is useful as the process generates a significant amount of fees (gas) for generating the smart contract, at least the first time. Fees are also incurred when the smart contract is first auctioned.

Most marketplaces go by a the fixed-price model alongside the ability to sell one’s NFTs via auction. Trading fees of 2.5% (rarely 5%) are common and usually borne by the seller.

One of the clearest arguments against NFTs is that you can look at images digitally anyway and that the NFT offers no added value. Platforms offer the option to add unlockable content for buyers only.

For buyers, the secondary market can be interesting. Here, NFT owners can pass on their collectibles to users willing to buy. To allow for maximum fairness, most marketplaces have introduced royalties for the original creators. They are either fixed according to the platform or can be set individually by the creators.

Buying process

Similar to social media platforms, major marketplaces verify NFT providers to combat fraud. For buyers, the checkmarks or badges are a useful signal to build trust. However, verification is not always done to the same high standards!

As described earlier, trading fees for buyers rarely occur. However, when it comes to crypto fees care is a must. Depending on the volume, the transaction can lead to a significant amount of gas.

Naturally, most NFT buyers pay in Ethereum and can connect their wallets to the marketplace for this purpose. However, there are also marketplaces where payment is possible exclusively with the token of the connected ecosystem or where the corresponding token gives users advantages.

In rare cases, it is also possible to pay by credit card in fiat.

Buying NFTs: this is how it works

The buying process is similar across the major marketplaces. Users best proceed as follows:

1. Select the marketplace according to personal criteria (see above).
2. Connect/create wallet or connect credit card
3. Buy/get tokens of the marketplace, if applicable.
4. Ensure that sufficient budget is available
5. Select NFT and confirm purchase
6. Place bid at auction, confirmation to follow
7. Document purchase for potential tax due

Selling NFT: how it works

Sellers need to pay attention to a few more aspects of the selling process. 

1. Select marketplace according to personal criteria (see above)
2. Connect/create wallet
3. Make sure there is enough budget (gas) for initial minting and trading fees
4. Create collection if necessary
5. Go to editor, enter data, upload file save
6. Digitally sign if necessary
7. Mint
8. Set fixed price or auction with minimum price
9. Select sales currency, if applicable
10. Determine license fees, if applicable
11. Confirm outcome of auction, if applicable
12. Document purchase for applicable tax