NFT sales are the next big thing in the cryptocurrency market. As 2021 comes to a close, NFT sales are topping out around $300 million per week. That’s billions of dollars on NFTs spent each quarter.
And thousands of people are profiting by buying and selling NFTs on a daily basis. Wondering how to become one of them?
It starts with understanding how to buy and sell NFTs, then finding the best NFT marketplace to find in-demand NFTs.
But what is an NFT marketplace? And how do you know which NFT art marketplace is the best place to buy and sell? Read on below to find out now.
How to Buy and Sell an NFT
Before visiting an NFT marketplace, you need to be ready to make a purchase. Most NFT marketplaces will require you to pay with cryptocurrency.
But rather than transferring your crypto to the marketplace to make a purchase, you’ll need to use a wallet connected to your web browser. The most popular option is MetaMask, but other wallets are available as well.
This lets you connect your wallet to different websites, and make NFT purchases through your browser wallet. Your NFT is then stored in the wallet unless you transfer it elsewhere.
When funding your wallet, make sure to send more funds to the wallet than you’ll need, as you’ll typically pay gas fees in whichever crypto you are dealing in.
For example, if you want to buy an NFT that costs 0.05 ETH, you’ll want to add at least 0.08 ETH to your wallet, in order to cover gas fees for the transaction.
How to Find the Best NFT Marketplace
There are tons of places to buy and sell NFTs. But not all NFT marketplaces are created equally.
Some marketplaces only support certain blockchains. For example, Ethereum is the most popular blockchain to mint NFTs on. So there are many marketplaces that only support NFTs minted on Ethereum.
But gas fees are so high on Ethereum, and many people are looking for alternative networks to purchase on, such as Solana, to save on fees. So you’ll need to start your search by determining which blockchain you want to purchase on, and which marketplaces support that chain.
OpenSea is the top NFT marketplace for NFTs minted on Ethereum. While the original minting of NFTs often takes place on an independent website, secondary sales almost always take place on OpenSea.
But OpenSea isn’t the best for every type of NFT. If you’re interested in music, for example, you’ll need to check out a separate NFT music marketplace. Looking to collect basketball NFTs? You’ll want to head over to the NBA Topshots marketplace.
And there are NFT marketplaces that function as a brokerage, where your broker handles the buying and selling process on your behalf. They will scour other marketplaces for you, trying to find the perfect NFT to meet your needs.
Finding Your New Favorite NFT
The best NFT marketplace is the one that sells the pieces you are trying to collect, on the blockchain you’d prefer to use. While many will use platforms like OpenSea, more niche options are available if you’re looking for specific types of NFTs.
And don’t discount the brokerage option, if you have your heart set on a specific NFT and need someone to find it for you.
Looking for more NFT and crypto tips like this? Head over to our blog now to keep reading.