Best marketplaces to buy and sell NFTs
The NFTs, or non-fungible tokens, have become one of the most important trends in the world of cryptocurrencies and blockchain technology in recent years. These unique and authenticatable tokens allow users to securely and verifiably own and transfer digital property.
How to buy and sell NFTs in a marketplace
Buying and selling NFTs in a marketplace is a fairly simple process. Follow these steps to successfully buy and sell NFTs:
- First, you will need a wallet or digital wallet. The most widely used and popular in the crypto space is MetaMask. Although there are networks not compatible with the Ethereum virtual machine that will require other wallets. For example, the most used on the Solana network is Phantom.
- Make sure you have enough cryptocurrencies to buy the NFT you want and pay the network fees.
- Connect your wallet to the NFT marketplace. Make sure you are on the correct platform and double-check the URL.
- Acquire the NFT. Explore the collections on the marketplace, choose the NFT you want to buy, and click on the BUY button. Accept the transaction in your wallet and within a few seconds, you will have the NFT in your wallet.
- Sell your NFT. If you later want to sell your NFT, you can do it on the same platform. Choose a selling price, publish it, and wait until someone is interested in your NFT and buys it.
Some NFT marketplaces may ask you to verify your identity or at least register with an email address, although this is not usually the case.
Remember that NFT prices can vary greatly, so it is important to research and carefully choose the NFTs you want to acquire or sell. It is also important to ensure that the NFT marketplace you are buying or selling NFTs on is secure and reliable.
Where to buy NFTs
Due to this, a large number of online marketplaces have emerged where users can buy and sell NFTs easily and conveniently. Here are some of the best marketplaces to buy and sell NFTs.
BLUR
BLUR has quickly become the most used NFT marketplace by traders, dethroning the one that had been the first in terms of market volume for years: OpenSea. It has even managed to capture 80% of all NFT trading. How has it achieved this?
BLUR was born as an aggregator of NFTs for professional traders. For months, it was in its beta phase, testing and improving analytics tools to facilitate trading for its users. In addition, the platform does not apply commissions but it does support creator royalties, which are mandatory on the platform.
In early 2023, it announced an airdrop of its $BLUR token for all users who had listed and traded NFTs during its beta phase. The airdrop was a success: it distributed over 400 million dollars among its users and its token was one of the most traded during the month of February.
Furthermore, BLUR boasts that the technology behind its smart contracts is much faster and more efficient than that of its competitors.
All of this has made it the current top NFT aggregator, but it has also prompted a reaction from its main competitor, OpenSea, which has significantly reduced its fees. Will it manage to regain the top position? Who will claim the NFT crown?
OpenSea
OpenSea is a platform for buying and selling NFTs or non-fungible tokens, which allows users to buy, sell, trade, and collect unique digital assets.
Founded in 2017, OpenSea was the largest and most active NFT marketplace at the time (until it was surpassed by BLUR in early 2023), with a wide variety of tokens ranging from digital artwork to game collectibles or music NFTs.
OpenSea was developed on Ethereum and played a key role in popularizing NFTs. Many times, 50% of all transaction fees on the Ethereum blockchain came from transactions made on OpenSea.
Currently, it not only operates on Ethereum but has transformed into a multichain platform and includes blockchains such as Arbitrium, Avalanche, BNB Chain, Klaytn, Optimism, Polygon, or Solana.
Rarible
Rarible is also a decentralized NFT marketplace that allows users to buy, sell, create, and transfer their own NFTs.
It was founded in 2018 and is one of the largest and most active NFT platforms currently, although it has always remained behind OpenSea. Rarible was built on the Ethereum blockchain, but currently supports other networks such as Solana, Polygon, Tezos, or the NFT-specialized layer 2 solution Immutable X.
Rarible has a native token, RARI. This token has been used as a method to refund high network fees on the Ethereum blockchain to users who use the platform, so it is a way to incentivize participation in it.
Users can create and sell NFTs in any format, from images to videos, music, and other types of digital content. Rarible also offers a wide range of tools and resources for creators, including the option to set dynamic pricing based on demand and a reputation system that helps buyers make informed decisions.
MagicEden
Launched in September 2021, MagicEden quickly grew into one of the most popular NFT marketplaces on the Solana blockchain.
The marketplace's low fees compared to its competitors and the widespread adoption of Solana NFTs led to significant platform growth, occasionally surpassing other more popular blockchain marketplaces like Ethereum in trading volume.
In September 2022, Magic Eden expanded to the Ethereum ecosystem, providing support for Bored Ape Yacht Club, Pudgy Penguins, Otherside, and more. Shortly after, it also expanded to the Polygon blockchain.
However, MagicEden has also been involved in several controversies, particularly due to removing the optional royalties that NFT artists receive on the platform (buyers decide whether or not to pay them).
SuperRare
SuperRare another NFT marketplace, but focused on high-quality digital artwork, which has made it one of the most recognized and respected platforms in the world of NFTs.
SuperRare is known for its rigorous curation and strict approval process for artists who want to sell their works on the platform. This ensures that only high-quality and authentic digital artworks are offered in the market, which has increased the demand from collectors.
In addition to allowing the purchase and sale of digital artworks, SuperRare also offers a platform for the discovery and exploration of digital art. Users can browse the platform and view the available artworks, as well as read about the artists and view their profiles.
The platform also provides a range of tools and resources for artists, including the ability to publish artworks, promote their works, and connect with collectors and other artists.
Foundation
Foundation is an NFT marketplace that focuses on exclusivity, quality, and especially on the artist and creators.
Like other NFT platforms, Foundation allows users to buy and sell digital artworks as NFTs, giving them ownership and control over the pieces. Additionally, the platform also offers a wide range of features for artists, including the ability to monetize their art more effectively, promote their works, and connect with collectors and other users interested in digital art.
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