How to buy NFT
Today, most NFTs are purchased with ether (ETH), the native currency of the Ethereum network, which is easily converted to U.S. dollars on exchanges like Coinbase, Kraken and Gemini.
Unlike bitcoin, which functions mainly as a payment network and cryptocurrency, blockchain networks such as Ethereum and Solana let users build apps that can store personal data and set rules for complex financial transactions, like the smart contracts that govern NFT ownership and sales.
In order to buy NFTs, you will need to establish a digital wallet to store your cryptocurrency. Examples include Metamast, Binance and Coinbase, which you can connect to the marketplace where you plan to buy NFTs (see below for marketplaces to consider).
NFTs are often sold through an auction system where you will put in a bid for the NFT. Some sites like OpenSea offer an option to buy the NFT now for a set price.
- Axie Infinity
- Decentraland
- Foundation
- GROW.HOUSE
- MakersPlace
- Mintable
- NBA Top Shot
- Nifty Gateway
- OpenSea
- Rarible
- Sorare
- SuperRare
- The Sandbox
- Valuables
- Venly
- Zeptagram
- Zora
Where to Buy NFT
For artists, NFTs offer a new market where they can sell their work and create an automated way to recoup a percentage of resales through royalty agreements. Investors who are bullish about the technology — a group that generally overlaps with cryptocurrency enthusiasts — see NFTs as a way to financially support artists, flex their digital art collections and speculate in a market experiencing staggering growth.
Just how fast is the market growing? In August 2021, Market Watch reported that the online marketplace OpenSea saw $3.4 billion in transaction volume on Ethereum. And with venture capital pouring into the NFT economy from investors like Mark Cuban; Salesforce CEO Marc Benioff; and A16z Crypto, a subset of the venture capital firm Andreessen Horowitz, there’s reason to believe the NFT economy may be more than a fad.
Still, there have been multiple reports of theft and fraud. Fees and commissions vary widely, and the electricity needed to run the Ethereum network is a source of massive carbon emissions. Those entering the market should do so with eyes wide open, understanding that it’s important to assess marketplaces, including occasionally inconspicuous FAQs and service terms, with scrutiny.
Keeping all that in mind, if you’re wondering where to get started, here’s a look at 17 marketplaces and what they offer buyers and sellers.
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