Where to Buy NFT Art
The rapidly developing NFT segment of the crypto industry attracts the attention of many internet users, traders, investors, creative people, and crypto enthusiasts from all over the world every day. Which is not surprising. It’s hard to ignore a technology that provides an opportunity to make a profit.
Interest is stimulated by the media, which periodically report on a new millionaire who quickly made a fortune on NFTs. Moreover, the age of these lucky entrepreneurs varies from adolescence to old age, which indirectly indicates the simplicity and accessibility of the process. We will tell you what an NFT is, how to create your collectible token, and where to buy and store such a digital asset.
In this article, we will tell you where to buy NFT art and where to sell it profitably.
Read more about the NFT hype here.
What is an NFT?
Non-fungible tokens (NFTs), or “unique tokens,” are entries in the blockchain that serve as the foundation for any crypto asset. However, traditional cryptocurrencies are replaceable — for example, one bitcoin is no different, including the cost of the virtual coin, from another bitcoin.
In contrast to other digital assets, each NFT is unique (non-fungible, or non-interchangeable) at the code level — the only collectible objects confirming ownership of digitized values (works of art, copyrighted content, videos, GIFs, etc.), as well as tokenized analogues of real assets. The latter in the form of collectible tokens are, at least so far, extremely rare.
So, an NFT is an original token, the authenticity of which is provided by the blockchain. Simply put, forgery is a priori excluded.
The first ecosystem that provided the possibility of minting NFTs was the blockchain of token No. 2 (Ethereum). Today, users have a wide selection of NFT-compatible Blockchains – Binance Smart Chain, Polkadot, Tron, Tezos, and other chains. Popular standards for unique tokens are ERC-721/1155 and BEP-721/1155.
Read more about various crypto wallets here.
Where to buy NFT art
There are several trusted NFT platforms where you can buy and sell NFTs.
This is a full-cycle platform — creation, purchase/sale, and storage of unique tokens — from the largest centralized crypto exchange, Binance. The author or owner of the digitized work can sell their property for BBB, BSD, or ETHERNET.
The commission is 1% of the total transaction amount. The owner of the original, when reselling the NFT, pays a percentage to the author. Sales are supported at a fixed cost, through an auction. By choosing the latter option, it is necessary to indicate the minimum price of the lot.
Read more about Binance here.
OpenSea’s DEX platform is a favorite among marketplaces. As a rule, calculations are carried out in ETH, but the platform also supports DAI and USDC. NFT developer companies can charge fees in their own altcoins.
OpenSea offers a wide range of products. Here you can buy/sell works of art, domain names, collectible objects, sports cards, items and accessories for blockchain games, and other digitized valuables.
On MetaX NFT, a decentralized marketplace within the OKX crypto exchange, you can mint non-fungible tokens on the Ethereum and OEC blockchains and buy/sell collectibles. Supported formats are pictures, audio, and video.
There is a royalty commission — a percentage set by the creator of the NFT, which will be credited to the author of the original with each resale of their work. Objects of fine art, attributes of virtual game worlds, sports, trading cards, etc. are all available. Payment is charged in ETH.
A domestic marketplace that has managed to reach the international level. It has a distinctive feature in the form of the service coin RARI.
The simplified interface of the platform allows you to create a collectible token or buy/sell a unique digital asset in a few clicks, and the lack of re-moderation, which complicates the listing of an NFT, attracts many creators to this site. The commission is from $30 to $100 in ETH equivalent.
An intuitive interface, easy navigation, comprehensive functionality for NFT trading, and finally, the beneficiary in the form of Gemini crypto exchange are the facts that inform the good reputation of this marketplace.
The defining advantage is the ability to buy/sell collectible tokens for fiat. The seller can withdraw the proceeds from the sale immediately to a debit/credit card. The placement of the digitized asset is free, but a commission of 15% of the total amount is charged for each transaction.
The best NFT marketplaces are here.
How to make money on NFTs
Alternatively, you can become a guru of this innovative IT technology, develop a training program and sell it through your own channel or blog on YouTube. For instance, Instagram is a win-win option, given the growing popularity of NFTs among users of different age categories. Or adopt the following ways of earning on non-fungible tokens:
- Trading collectible digital items — buy low, sell high.
- Creating your own NFTs and monetize the output of your creativity.
- Participation in NFT airdrops (free token distributions), obtaining unique digital assets in Metaverse — blockchain games.
How to become an NFT artist? Learn more in our guide.
How to buy NFT art
Let’s analyze the procedure using the example of buying a unique crypto asset in the marketplace of the CEX-Binance exchange. The first step is to register an account on the trading platform.
Then you need to decide on an NFT platform. For example, BakerySwap, Juggerworld, or Treasureland. All protocols support several types of bidding — at a fixed price or through an auction.
The first option is elementary — click the “Buy” option under the digitized work you like. Funds from the spot wallet will be automatically debited, and a unique crypto asset will be displayed on the user’s account. The second option is somewhat more laborious as it requires a number of actions:
- 1. Click the “Place a bet” option.
- 2. In the tab that appears, indicate an amount higher than the previous offer by the minimum step set by the marketplace.
- 3. Having prescribed the size of the offer, click “Place a bet” again, thus placing it.
- 4. A window will appear confirming the previous action. From now on, it will not be possible to cancel the transaction — the funds will be blocked until the end of the auction or until another user raises the bid.
- 5. Having become the owner of the NFT, the token can be immediately put up for sale at a higher price. The proceeds from the sale of a non-fungible BNB, BUSD, or ETH token should not be exchanged for fiat for withdrawal to a bank card, but be used to play on the volatility of crypto assets on the spot Binance market, increasing the profit of the initial transaction.
How to create an NFT token or art
On OpenSea, for example, in which the creation and storage of non-interchangeable works of digital creativity are free, the procedure is as follows:
- 1. Register in the marketplace and connect your own Metamask wallet.
- 2. In the platform menu (upper right corner), click on the “Create” heading and select “Submit NFTs” in the window that appears.
- 3. Prepare the file. An NFT can be considered a type of art, but the token does not necessarily have to reflect some masterpiece. Moreover, the value of unique digital assets from an artistic point of view is very doubtful. Simply put, even a first-time photo is suitable, for example your pet, or a general composition.
- 4. Create a collection. Enter the name and logo, and post a brief but catchy overview of your creativity. If the concept is vague, just a name is enough.
- 5. Tick the box indicating you agree with the terms and conditions of the site.
- 6. Upload content. The marketplace supports JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF. The maximum file size should not exceed 100 MB. The latter condition is due to the fact that collectible tokens function more efficiently with short videos and audio materials or small pictures.
- 7. Click the “Add New Item” option and accept the terms of another agreement. Add the product of creativity, to denote the number of copies.
That’s it, you’ve become the owner of a free NFT of your own production. In order to verify the newly-minted collectible token and put it up for sale, at a fixed price or through an auction, you will have to pay the tariffs set by the platform.