To buy and sell NFTs, you will require a crypto wallet and a good NFT exchange. The top 5 NFT marketplace includes Open Sea, Rarible, WazirX NFT platform, Axie Marketplace, and Nifty Gateway. As NFTs are highly speculative, you should identify your necessities and then choose a platform accordingly.
Similar to stocks, which are bought and sold through an exchange, NFTs (Non-Fungible Tokens) also require an exchange to be transferred. As these are decentralized in nature, there are no nationalized exchanges hence it is important to select a good NFT exchange to purchase and sell your NFTs.
The recent NFT boom has led the demand and prices of NFTs to skyrocket. Earlier NFTs were nothing but a method of digitizing a form of art or document on the blockchain. But many investors are currently looking at NFTs as a separate asset class to invest in. Due to this reason, millions of dollars are being invested to collect some of the rarest and popular NFTs. On the flip side, the rising demand has also led to the birth of more and more exchanges as well as more NFTs. Henceforth, it is crucial to select a good exchange so that you get the ideal NFT at a reasonable price.
Before you indulge in a shopping spree of NFTs, here are a couple of points that you should remember
Here are the top 5 NFT marketplace where you can purchase and sell your NFTs.
Open Sea tops this list as it is the world’s biggest and most popular NFT platform, that houses some of the biggest NFTs like Bored Apes, Crypto Skulls, Sandbox, Crypto Kittens, etc. Here you can purchase, mint, and sell your NFTs seamlessly. Open Sea has the highest number of creators and buyers due to which you will not experience a lack of liquidity.
Rarible is one of the oldest and well recognized NFT platforms that is useful to buy and sell NFTs in the form of photos, videos, music, collectibles, etc. The platform is built on the Ethereum blockchain and requires the RARI token for any transacts on the platform. The minting process of this platform is extremely efficient which makes it very cost-effective for creators to list their NFTs here.
Nifty Gateway is controlled by one of the well-known cryptocurrency platforms 'Gemini' (Owned by the Winklevoss Twins). This platform has sold some of the most popular NFTs by Beeple, and Musical grimes. Unlike other platforms which require a digital wallet and cryptocurrencies, here you don’t need a cryptocurrency wallet. All the NFTs are held by the platform therefore you can easily buy NFTs with your fiat currency directly.
The WazirX NFT platform is an Indian NFT exchange that is owned by WazirX, India’s largest cryptocurrency exchange. The platform was launched in 2019 and houses lakhs of Indian and overseas creators. The platform requires the WRX and BNB tokens to buy and sell any NFT. Users can mint their NFTs at an extremely low cost with the help of Binance and WazirX tokens. Henceforth this platform is a good place if you want to purchase and support Indian NFT creators.
Unlike the traditional NFT marketplaces where you can buy and sell other artworks and collectibles, the Axie marketplace is different from the rest. In this platform, you will be able to deal (buy/sell/exchange) in the gaming assets of the Axie Infinity game. Users of the Axie Infinity can exchange buy and sell various components of the game such as Axies, Land, and more items to other players in the form of NFTs.
These were some of the top and most popular NFT platforms but there are multiple other good exchanges as well. Some of them are Foundation, Mintable, SuperRare, Larva Labs, etc.
Before you select an NFT exchange it is important to evaluate your requirements and then choose a platform, according to your needs. After you select a platform, remember this is an extremely speculative asset class, therefore invest in NFTs accordingly. Some NFTs can command enormous value and at the same time, others can be worthless. Therefore, it is important you do your due diligence and proper research before you purchase an NFT.