You can buy NFT on these platforms

This is what awaits you in this article

The volume of non-fungible tokens (NFTs) has exploded in the past year. According to a report by blockchain portal The Block, sales have grown from $33 million in 2020 to over $13 billion. The rapid increase initially continued in January, an increase of about 130 percent compared to December, before a significant correction occurred in February.

But not only sales, but also increases in the value of the most popular NFT are huge and attract more and more interest in digital art and collectibles. However, if you want to get involved in the NFT market, you should do some thorough research before your first digital shopping spree. We have already shown you in detail how NFT works. This article tells you where to buy an NFT and what to look for.

Buying Platforms: Where to Buy NFTs?

NFT is traded in an increasing number of digital markets. Some gaming platforms, such as the NBA Top Shot or the online game Sorare with their own digital player cards, specialize in certain themes and objects. However, these constitute only a small niche of the market as a whole.

Nearly all global NFT sales are accounted for by a few large online platforms with comprehensive offerings ranging from digital graphics and animation (GIF) to trading cards, music, internet domains and parcels in virtual worlds.

Once NFTs are set up and sold in an online marketplace, they can also be offered for sale in another marketplace.

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The best platforms at a glance

When choosing their preferred market, NFT buyers should pay attention primarily to the functionality of the platform, its ease of use, and the fees involved. NFT collectors interested in specific artists are usually interested in the digital marketplaces that these artists use in their auctions, known as Drops.

open the sea

The most famous and by far the largest trading platform is the Ubci. In 2021, nearly 90 percent of Opensea’s total NFT volume was handled. Almost all types of NFT are traded in the market. Here, as on other platforms, users can create their own profile in which they can also view their digital possessions – in keeping with Opensea’s motto: “To own what moves you and share it with the world.” Crypto wallets. Payments on Opensea can be done using Ethereum (ETH), Polygon (Matic), and Klaytn (Klay).

note: Beware of fake emails on behalf of Opensea.io. You can learn more about this topic in a detailed article.

elegant gate

Various types of NFT can also be purchased from Nifty Gateway. Ethereum (ETH) can be traded on the Nifty Gateway. In addition, Nifty Gateway offers a special feature that enables customers to link their accounts directly to a credit or debit card. The NFT earned in the wallet is locked after the transaction on the platform. Of course, buyers can also transfer the NFT to another external wallet. Nifty Gateway made headlines in December 2021 when an anonymous online artist Buck sold his work The Merge on the platform for $91.8 million.

Binance

In fact, Binance is known as the largest cryptocurrency exchange in the world. But Binance has also built a comprehensive NFT offering in recent months. Here you can trade with Ethereum (ETH), but also Binance Coin (BNB) and Binance US Dollar (BUSD), which is pegged to the US dollar. Binance attracts creators of NFTs with a 1% stake in all future sales, as do sellers who first listed NFTs on other marketplaces on Binance. On Binance, German-speaking clients – as with all industry giants – are required to comply with an English-language interface.

very rare

SuperRare also offers a wide range of NFTs, but the choice and number of users is much less than the leading exchanges like Opensea. Payment is made with Ethereum (ETH). In addition, the platform provides SuperRare token RARE holders the opportunity to help shape the market themselves. There is also a kind of virtual store window available for users and artists in SuperRare Spaces, which should provide expanded possibilities for viewing art and context.

How do I pay for my NFT purchase?

Digital artworks are usually paid for in digital currencies. Unlike regular transactions, Bitcoin does not play a role in the NFT, as it cannot be set up on the Bitcoin blockchain. Instead, NFT is based primarily on the Ethereum blockchain, Solana, or Polygon.

Fees known as gas fees apply to all transactions and vary widely depending on the cryptocurrency used. For example, the benchmark currency Ethereum is relatively expensive, but at the same time it is particularly safe and well established. Essentially, the NFT generator determines which of the (crypto) currencies available on the respective platform are accepted for payment.

Some platforms such as Nifty Gateway also allow credit or debit card linkage (see Nifty Gateway). This saves buyers getting around a crypto broker and a crypto wallet.

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What are the laws to consider when buying an NFT?

The NFT market is rapidly developing and the legal debate cannot keep up. Among other things, taxes on trade and potential profits with the NFT have not been clarified by the tax authorities or the courts. Investors are therefore advised to disclose potential earnings in the course of their tax return in order to avoid accusations of tax evasion.

Important: NFT purchases and transactions on wallets cannot usually be reversed, even if, according to experts, there is a general right of withdrawal when purchasing an NFT.

In any case, investors must first familiarize themselves with theory and practice before they seriously engage in this market with any significant commitment. For the first purchase, it is advisable to start with small amounts and first learn about the platform and how it works.

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