NFT buy marketplaces, fees and tips

Where and how to buy NFTs? Which marketplaces are there? Fees and Tips for Buying NFT.NFTs – Instructions for Buying & Selling

At the latest when the big auction houses Sotheby’s, Christie’s and Phillips entered the trade with NFTs, the topic of crypto art or NFT art is on the screen in the art market and among collectors. The sale of the digital artwork “Everydays: the First 5000 Days” by Beeple 69.3 million dollars or the numerous record prices for the CryptoPunks of Larva Labs, in retrospect act like a catalyst for the NFT market.

NFT stands for “non-fungible token”. In short, it is purely digital collectibles that are paid for in most NFT purchases and sales with crypto currencies such as Ether (Ethereum network) or Bitcoin. NFTs are unique and quasi a digital title deed. Buy NFTs – Quick guide how it works

What types of NFTs are there?

NFT can be digital images, videos, music, domain names, virtual plots, trading cards, but also sneakers. To put it simply, everything that can be digitally mapped falls under NFT. Digital works of art are increasingly being used in the art market by established artists such as Damien Hirst or Takashi Murakami. Even individual museums have created and sold NFTs.

Photo: Larva Labs 9 Cryptopunks: 2, 532, 58, 30, 635, 602, 768, 603 and 757, Christie’s / Larva Labs 2021 Where and how to buy and sell NFT?

Trading with NFTs is mostly done via the blockchain. Most of the NFTs run on the Ethereum blockchain (token standard ERC-721). As a result, if you want to buy NFTs, you must have the cryptocurrency Ether (ETH). Cryptocurrencies such as Ether (Etherum) can in turn be traded via crypto exchanges such as Etoro, Binance, Coinbase, Justtrade, Trade Republic or similar. The purchase and sale of NFTs in turn takes place via special NFT marketplaces such as Opensea, SuperRare, Rarible or Nifty Gateway.

The number of marketplaces and alternatives for trading NFTs is increasing and growing. Because not only classic NFT market places such as Opensea, SuperRare, Rarible or Nifty Gateway offer the purchase and sale of NFTs, but also crypto exchanges such as Binance or FTX. In addition, the major auction houses from the art market Sotheby’s, Christie’s and Phillips are also entering the NFT trade.NFT Marketplaces, Fees & Payment Options NFT Marketplace Fees Payment Options Opensea 2.5% from the seller ETH, USDC, DAI SuperRare 3% from the buyer ETH Rarible 2.5% ETH Nifty Gateway 5% from seller, $0.30 per transaction ETH Foundation 15% ETH Binance NFT 1% ETH, BNB crypto wallet install, set up and buy cryptocurrency

Wallet – the first step, whether you want to buy cryptocurrencies or NFTs. A crypto wallet is a piece of software that serves as a digital wallet. By exchanging with the blockchain, the wallet can send and receive crypto-coins. The most famous wallet is currently MetaMask. If the wallet is installed and set up, it must be equipped with a means of payment. As mentioned above, most of the NFT trading takes place via the Ethereum blockchain. So you need the cryptocurrency Ether (ETH) as a means of payment. Only when your wallet is topped up or filled, you can buy corresponding digital works of art on one of the NFT marketplaces.

Photo-top: Pete Linforth from Pixabay

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• ArtReview Power 100 Ranking – NFT at #1
• Auction records for Peter Doig, Barbara Kruger & Rashid Johnson
• Beeple “Human One” Auction Raises $28.9 Million