How to Buy NFTs: Which Marketplace is Best?

18/03/2022
blog

There’s a lot of talk out there about NFTs. But for all that talk, it’s awfully hard to find practical information about how to engage in the ever-growing NFT marketplace.

So how do you go about actually buying one of these things? And why would you even want to? Let’s lead you from a novice NFT purchaser to a non-fungible token collector in this guide.

Click to check out Music Treasures – Vidalgo NFT collection at OpenSea

Why buy NFTs?

If you’re wondering how to buy NFTs, let’s start with the most basic question first. Why would you want to purchase an NFT? While there’s lots of reasons that people participate in NFT marketplaces, often it’s because they hold value. The now-famous Beeple averaged over 127,000 dollars with their NFT art.  There’s clearly a business here with some real value being exchanged.  And with the rise of cryptocurrency, the value of the things we buy with them also increases. Surely one reason many people decide to step into the NFT marketplace is to make money.

We’d argue though that you should also be interested in NFTs beyond the quick money.  At their core, NFTs are art.  Sure, they’re not the same sort of art that is hung up in The Louve, but that doesn’t mean you shouldn’t approach them with the same level of reverence.  The people who are creating NFTs put their time, energy, and talents into their work.  Simply because the end product is digital, doesn’t mean it should be devalued. 

So, if you want to buy NFTs make sure you want to buy them as an investment that both your pocketbook and your soul will enjoy.

Where do you buy NFTs?

There’s no one quick answer here.  As NFTs continue to rise in popularity, so do the options of how to buy NFTs.  NFT marketplaces all have one thing in common though- they’re where makers and investors can exchange money for these digital products. 

When you’re considering an NFT marketplace consider the following factors:

  • Do you ever want to create (mint) NFTs yourself?
  • What is your preferred method of payment? Are you ETH dependent or are you open to niche tokens?
  • Do you care more about curating a collection or more about a reliable investment?

Let’s look at a few of the most popular NFT marketplaces out there today:

Click to check out Music Treasures – Vidalgo NFT collection at OpenSea

OpenSea

OpenSea is simply put, a dominant NFT marketplace compared to many others. While it does a large volume of the NFT exchanges out there, it’s important to know why.  NFT marketplaces generally vary in terms of what sort of NFTs you can purchase and how you can purchase them.  OpenSea remains a dominant contender because they support a wide variety of file formats and crypto payment options. It also allows for creators to create (or “mint”) their own NFTs.

For sheer value in accessibility, OpenSea is a great place to start if you’re interested in how to buy NFTs to begin your NFT collection.

Rarible

Rarible shares OpenSea’s value for supporting a wide variety of file types.  Similarly, they also allow creators to mint using their platform.

However, what makes Rarible a different NFT marketplace is the use of the Rarible token.  To participate in this marketplace, you’ll need to convert your existing cryptocurrency to the RARI token. The system is still built on the Ethereum blockchain – which should be familiar if you’re into cryptocurrency.  While it may not be quite as beginner friendly as OpenSea, this one shouldn’t be too tough to lean into.

There have been some big brands that have worked on releasing Rarible and that’s what’s keeping them competitive with OpenSea.  Companies from Adobe to Taco Bell have jumped into the Rarible marketplace with their NFT drops. So, if you’re a big player wondering how to buy NFTs, this is a great place to start!

Click to check out Music Treasures – Vidalgo NFT collection at OpenSea

Foundation

Foundation.app values simplicity in their NFT marketplace.  Everything works with Ethereum, so creators and collectors are speaking the same language. The difference with Foundation?  The creators need to be personally invited before they can mint an NFT on the marketplace. 

Now if you’re a creator, this may make Foundation a more complicated NFT marketplace for you to jump into.  But if you’re a collector, there’s certainly some benefits here.  The Foundation community works to ensure some more consistent value standards for the NFTs out there.  While many say Foundation isn’t the best NFT marketplace to start from, that may be because they’re not considering it from the side of the purchaser.  Frankly, if you primarily want to know how to buy NFTs and engage in the NFT marketplace as a collector, Foundation does offer a great place to start. 

Mintable

Mintable is another NFT marketplace built on Ethereum. While it works very similarly to other NFT marketplaces, this one was backed by billionaire Mark Cuban. It’s relatively easy to use and intuitive and a great option for getting started.

One of the reasons why Mintable works best for beginners is that it allows for more open, affordable options for creators to get started.  Again, this is great for creators, but it may not be right for you if you primarily want your role to be that of a collector or investor.  In fact, compared to some other NFT marketplaces, the actual transaction fees are a bit higher. However, with this, you’d also have access to more creators and unique work.

Click to check out Music Treasures – Vidalgo NFT collection at OpenSea

So, what’s next?

While you’re welcome to jump into any of these NFT marketplaces and start purchasing, it’s best to keep learning and growing with the NFT community.  Learning about NFT drops, following high-profile creators, and getting in touch with other investors are great ways to actually make money in this variable new marketplace. 

Before you get started and throw ETH at a digital download, check out the ever-evolving communities on Discord and Twitter surrounding NFTs.  While these communities will help you learn more about the marketplaces themselves, it’ll also help connect you with the community at large.  As NFTs truly represent a decentralized form of art, connecting with the community is a huge component in making sure you invest in something that holds value beyond just your eyes only.

You got this!

Perhaps most importantly too, remember that NFTs are supposed to be fun.  If you’re not enjoying the work you’re doing on each NFT marketplace or enjoying connecting with the community, maybe they’re not for you.  NFTs are not simply a get rich quick scheme for a new generation, they’re a way people can share in the value of creation.  And the answer for how to buy NFTs is just that simple. Believing to your core that the NFTs you purchase are valuable to you is paramount.

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