NFTs are becoming extremely popular due to their collectibility and scarcity.
Crypto enthusiasts are flocking to the biggest NFT markets to buy their favorite tokens, gaming items, and art.
This beginner’s guide and list will help you decide where to buy and sell NFTs & crypto token nonfungible tokens and collectibles.
What Are NFTs?
NFTs are “non-fungible tokens” which means they are unique and cannot be traded one to one with another NFT.
Bitcoin is fungible because one bitcoin equals one bitcoin. One Babe Ruth rookie card is not equal to another Babe Ruth rookie card because the condition of each will be different.
How Do NFTs Work?
NFTs are tracked using blockchain technology such as Ethereum, WAX, FLOW, or Enjin Jumpnet.
This is a public digital ledger that determines the ownership of the NFT. The blockchain contains metadata which describes the unalterable properties such as the name, edition, scarcity, status, description, and image. It can also track ownership history which is one reason why NFTs can gain value.
What Is Blockchain and How Does it Work?
Blockchain technology such as Ethereum or EOS is used to create a large database that determines who owns cryptocurrencies, tokens, NFTs, and their total supply.
It cannot be overwritten or hacked in most cases due to the security of the decentralized network.
Where Do I Buy and Sell NFTS?
The most popular platforms are Opensea, WAX, Nifty Gateway, Rarible, Mintable, and even eBay.
The types of NFTs you can buy are:
Here is a list of popular NFT marketplaces and how to use them:
WAX.io NFT Exchange
A highly active market is Wax.io. Here you can mint your own NFTs easily while also buying, selling, or creating auctions. Selling NFTs can be a great way to build you online presence or community if you want to be an NFT creator.
WAX currently has little to no fee for transactions. If you do not want to pay the gas fees on Ethereum, try using WAX.
You will need to use the WAX protocol token to participate in the sales.
It can be a little difficult to get WAX for a beginner. The best thing to do is trade another cryptocurrency for it.
First, you must purchase Bitcoin, Litecoin, Ethereum, or another cryptocurrency with high liquidity.
Copy your WAX address, as it will be the “recipient” in the trade.
Your address is found in the top right of the wallet dashboard and ends in .wam.
Now you need to exchange your cryptocurrency for WAX tokens.
ChangeNow is the best exchange to get WAX, and you can swap a number of cryptocurrencies quickly. Click the button below to head there now:
Once you submit your order, please give it a few minutes to complete your exchange.
The cost of the item is listed in WAX, as seen in the example below:
The largest market by far is on OpenSea. Their site has been established for years and the offer the ability to buy, sell, and auction off your items. You can find art, gaming items, digital land, digital trading cards, and more.
You can also buy or sell bundles items which is a great way to pick up some package deals.
You are going to need Metamask to connect your wallet and Ethereum to buy or sell the majority of items.
Download the Metamask extension for your browser (Chrome, Brave, Firefox, etc.). If you are new to this, make sure to save your seed phrase and never share it with anyone.
The Metamask wallet is your Ethereum address. NFTs are assigned to this ETH address. That’s how ownership works!
Purchase Ethereum from Coinbase.
Once it is available to withdraw from Coinbase, send your Ethereum to your Metamask Wallet. Click on the fox icon to reveal your address in the browser dropdown.
Now you have “gas” in the form of Ethereum currency to purchase an NFT on OpenSea.
OpenSea accepts a wide variety of cryptocurrencies, but these listings are often project specific. ETH is by far the most common way to pay.
Gas fees can be high but many people want to make sure they secure the items they want.
Because you have to pay the gas fee in addition to the cost of the item, you must have extra ETH in your wallet to pay the fee.
If an item costs $100 in ETH, you might want to purchase $500 or more of ETH to have enough to pay for fees.
We still believe Enjin will become a giant in the NFT gaming space. They have a beautifully designed marketplace where anyone can trade Enjin coin backed crypto tokens.
Download the Enjin Wallet from your phone app store, which is an amazing wallet that not only stores the top cryptocurrencies, but also has an entire display for NFTs, tokens, and collectibles in the “Assets” section.
Next, buy Enjin Coin (ENJ) to trade on the marketplace, since it is the required currency similar to the way WAX is needed for WAX NFTs.
ENJ is now available on Coinbase!
Browse the marketplace on desktop here. When you find an item you like, scan the QR code with the Enjin wallet to make the purchase!
For example, you can buy this Golden Sword which is currently useable in Minecraft.
We’ll add some more reputable NFT marketplaces where you can buy crypto tokens as we discover them. Investing in crypto NFTs is a new trend, and being able to spot tokens with community and utility will help you best gain a return.
Nothing here is financial advice and all personal finance decisions should come with a lot of research!
Art collecting is very speculative and no one knows where the market will go. NBA Top Shots valuations also have declined in recent months.
Most of the time you will need to pay with crypto and not credit card.
Another popular website is Nifty Gateway.
Buy Blockchain Game NFTs
Buy Virtual Land NFTs
Buy Trading Card NFTs
Buy Art NFTs
Buy Sports & Collectible NFTs
Need help? Drop a question or comment below.