In addition to a wallet, users should also hold ether, which is the underlying crypto currency of the Ethereum blockchain. Since most NFT are based on Ethereum, Ether is the preferred means of payment for all costs that arise on the blockchain. Ether can be bought on crypto exchanges or from brokers with crypto trading.
We cannot finish this ranking without the legendary Nyan Cat by Chris Torres, which was sold for 300 ETH. Chris sold the NFT on the Foundation platform within a day after remastering the original GIF, which was posted on YouTube in 2011. Racing is now also involved. The F1 Delta Time supercar was recently sold for 415.5 ETH.
The NFT phenomenon is particularly popular among those under 50. Born or raised in the digital age, their culture seems alien to older generations. Ultimately, both NFTs and traditional works of art are speculative assets that rely on their own cultural ecosystems to increase in value. However, with the current growth path, NFTs are poised to outperform the physical alternative as they are more flexible, robust, easy to sell and obtain.
A filled Ethereum wallet is usually mandatory
Before interested parties can purchase their first NFTs, they should make sure that they have an Ethereum wallet such as MetaMask or MyEtherWallet. This is often a prerequisite for buying NFTs and then storing them.
Mostly necessary to buy NFTs : Ethereum
Trading on a blockchain is chargeable.
The costs incurred include gas prices. These are paid to the miners to validate transactions. The word gas is a kind of metaphor. It is the fuel that keeps the Ethereum network alive, similar to one
About NFT marketplaces
Binance – the all-rounder
The leader among the crypto exchanges is Binance. With its own blockchain and its own cryptocurrency, it is only logical that Binance also offers a marketplace for NFTs. The NFTs on Binance are traded on the in-house Binance Blockchain, payment is preferably made with the Binance Coin (BNB). Alternatively, Binance also accepts Binance USD (BUSD) or Ether (ETH).
There are three ways to buy NFTs on the platform: via the marketplace, via special events that promise exclusive NFTs from celebrities, musicians or professional athletes, or via mystery boxes. The mysterious boxes contain random NFTs and are classified according to rarity.
As is usual with NTFs, some of Binance’s offer a fixed price, while others can be bought at auction. The transaction fees for buying an NFT on Binance are one percent. The possibility of minting your own NFTs on Binance does not yet exist, but should be possible in the near future.
OpenSea – nobody offers more
The counterpart to Binance on the NFT market is OpenSea. The platform has existed as the first transshipment point for NFTs since 2017. From then on, OpenSea has blossomed into the world’s largest trading center for non-fungible tokens.
The OpenSea offer is divided into different categories. There are NFTs in the fields of art, music, sports, but also domain names, trading cards and utility tokens. The latter go hand in hand with an exclusive benefit. In total, there are more than 20 million NFTs on OpenSea. NFTs from other platforms can also be traded there.
In order to be active on OpenSea, interested parties need an Ethereum wallet and the corresponding change in ether. They are not only required for trading; they are also a prerequisite for shaping an NFT. Anyone who sells a work on OpenSea has to pay 2.5 percent fees. This makes Opensea one of the cheapest trading venues.
FTX – NFTs are not one of the strengths of the crypto exchange
FTX is a well-known crypto exchange that also offers NFTs for sale. Here, too, interested parties can buy cyber currencies and NFTs at the same time. Over 700 NFT collections are available to users.
In contrast to many other trading venues for NFTs, FTX quantifies prices in US dollars. So everyone knows roughly where he is. However, the fees on FTX are tough. It is true that trading classic digital coins is cheaper than almost any other platform, but NFTs have their price. Both buyers and sellers pay five percent fees per transaction.
If you want to mine your own NFTs on FTX, you have to fill out an application form. This is also the case with many other trading venues.
SuperRare – for scene enthusiasts
For real art lovers, the SuperRare platform is an option. The NFT marketplace specializes in particularly rare digital works of art. SuperRare users can also take part in digital art exhibitions and show off their talent in art competitions.
Every work on SuperRare has been created by an artist from the network. There it is considered a privilege to mint your own NFTs. The designers are carefully selected within an application process and the rush is great.
In general, the community is an important part of the SuperRare concept. Users can create social profiles and interact with each other. There are currently around 26,000 NFTs available on SuperRare. The platform charges a three percent fee for the purchase of an image. Payment is made in ether as usual. Sellers pay 15 percent in the first round of sales and 10 percent in the second.
Rarible – hardly any barriers to minting NFTs yourself
Another popular platform on which users can purchase NFTs is Rarible. Fans of digital art objects will find a large selection here. Whether pictures, videos, music or other funky motifs, there is something for everyone here. As on other NFT marketplaces, an Ethereum wallet is also required for Rarible.
NFTs can then be traded using the cryptocurrency ether. Anyone who has discovered an interesting piece can buy it immediately. If no price is stored, bids must be submitted. The fees amount to 2.5 percent of the transaction amount for both buyer and seller.
Users can also create NFTs themselves on Rarible and shape them. In contrast to other platforms, there are hardly any obstacles to this on Rarible. This means that even hobby artists can let their creativity run free.
Nifty Gateway – can also be used without a wallet and ether
Nifty Gateway joins the ranks of the major trading venues for NFTs. Music icons like Mick Jagger or Eminem have already sold non-fungible tokens here.