How and where to buy NFT tokens: ways to buy and receive non-replaceable tokens, marketplaces and exchanges for trading

374

In the proposed guide, the Btcnewsweb.com editorial staff will tell you how to buy NFT tokens, what they are for and how to make money on such assets. NFT is a very popular topic in the crypto industry today, which is growing and developing at a rapid pace. The direction is of interest to both content creators who want to secure copyright at the digital level, and traders who see buying, creating and selling rare collectible tokens as a way to earn extra money. Therefore, we have collected all the useful information on this topic and suggest that you familiarize yourself with it.

Since June 2021, the purchase of NFT tokens is available on the Binance NFT platform from the Binance exchange.

Understanding NFT

NonFungible Tokens (NFT) are essentially the same entries in the decentralized digital “ledger” that underlies Bitcoin and other cryptocurrencies. However, most cryptocurrencies are exchangeable, meaning one coin is equivalent to the other in terms of value. NFTs are not interchangeable. Each of these tokens is unique at the code level, that is, it is a one-of-a-kind object that can reflect ownership of anything from a rare painting to real estate. The standard of such tokens is ERC-721 or BEP-721.

It is important that each token has one hundred percent authenticity, since it is impossible to counterfeit an asset stored on the blockchain. Each individual NFT is an original that cannot be copied.

By purchasing an NFT, the user gets both actual access to the asset and a permanent record of ownership. The assets themselves can be anything. These are mainly in-game items, avatars, artwork, collectible cards of athletes or musicians, etc. Some are completely virtual and exist only within their own market (for example, online games), others can also be supplied in familiar formats such as JPEG. Although rare, there are still NFTs for real physical objects.

The total volume of the NFT market is difficult to calculate due to its special non-reproducible structure. Essentially, there is a separate market for each specific asset. Therefore, different sources consider the capitalization of NFT tokens by their own methods:

  • CryptoArt.io – about $ 200,000,000;
  • NonFungible.com – about $ 370,000,000;
  • CoinGecko.com – over $ 5,000,000,000 (considers the capitalization of not NFTs themselves, but cryptocurrencies related to NFT platforms).
Top 10 by capitalization of NFT service tokens

Why buy NFT

By purchasing non-fungible tokens, you gain ownership of the content related to them. At the same time, the content still remains free: anyone can download, watch, listen to it. At first glance, it is not clear what, then, is the value of NFT.

The bottom line is that the more content spreads on the World Wide Web, the more attention to it, the higher the interest – the higher the cultural value. Accordingly, over time, the value of NFT will grow. Although a JPEG, MP3, or PDF file can be copied indefinitely, there is actually only one token representing ownership. In part, it is this programmatic deficit that leads to the fact that prices for individual NFTs tend to the moon.

A powerful dynamic for the movement of this market is created by the passive income system for asset creators. When you buy NFT through an online aftermarket platform, the platform charges a commission between 3% and 15%, the rest is given to the creator. Then, if you sell the NFT to someone else, you get 90% of the income, but the original creator also gets income, for example, 10%. This goes on endlessly.

Where to buy NFT tokens. Marketplaces and aggregator

1. OpenSea

The main decentralized platform for trading NFT tokens at the moment is https://opensea.io/assets

buy NFT tokens on OpenSea

To work with the OpenSea marketplace, you need to connect using the Metamask Ethereum wallet. There are different types of items available for purchase:

  • Art (art objects – paintings and photographs).
  • Domain Names
  • Virtual Worlds (digital cities, islands, parcels, etc. for online games).
  • Trading Cards (game cards with characters or abilities).
  • Collectibles
  • Sports (collectible cards with athletes, as well as items for online sports games).
  • Utility (various useful items for games and DeFi applications).

OpenSea purchases are mostly paid in Ethereum, but DAI and USDC are also available. Also, some NFT creators, if it is a company, may accept their own digital assets. After choosing the desired item, just click “Buy Now” and if your Metamask wallet has enough funds, they will be debited from there. You do not need to translate anything manually.

After that, the purchased item should be displayed in the game / other application, if you are authorized there using the same wallet. If the item does not appear, then it is recommended to contact the technical support of the game.

2. Zed.Run

The zed.run marketplace serves to trade digital racehorses. The ZED ecosystem allows breeding purebred horses, each with its own level of rarity. The ecosystem is expected to have a maximum of 38,000 racehorses. For each of them, there are two main criteria that affect the price – pedigree and genotype. The smaller the genotype, the closer the specimen is to its ancestor, and therefore the cleaner the breed and the higher the price.

purchase of NFT tokens on the Zed.Run marketplace

Horses are needed for a reason, but to participate in races. Tournaments with a prize fund of up to several dollars are regularly held. The results are highly dependent on the quality of the horse.

3. Mintbase

Mintbase.io is a global platform for creating and trading NFTs. Works in conjunction with OpenSea – any contract created immediately appears on OpenSea. Tokens are minted on the Ethereum blockchain.

buy NFT tokens on Mintbase

With the help of Mintbase, even a technically unprepared person can create their own digital assets, organize distribution and buyback mechanisms. The buying process itself is similar to other online retailers such as Amazon, but there is an opportunity here to sell your scarce unique digital items on other marketplaces at the same time.

In addition, Mintbase has integration with fiat money payment methods, the Brave browser, and other tools.

Other NFT marketplaces for buying or selling tokens

In addition to those listed, you can also pay attention to the following platforms:

They allow anyone to seamlessly buy NFT tokens directly from their cryptocurrency wallet. The ranking of NFT marketplaces by trade volume can be viewed at https://nonfungible.com/market/history or https://opensea.io/rankings.

Top 10 NFT marketplaces by volume over the last 7 days

How else can you get NFT

Minting (chasing)

Almost all of the services listed above also make it possible to create collection assets on your own, and this is done very easily. Smart contracts are created using an intuitive interface, no programming skills. The creator is only asked to fill out a form where the technical parameters of the NFT will be indicated. Here you add a cover / logo, a link to a page with details about the object, and the main file itself, be it an image, a music record or a program.

On OpenSea, after adding three tokens, you can verify the album and start selling NFT. The cost is determined for each asset individually, taking into account its characteristics. Everything is absolutely free. Connect through a wallet and you’re done.

creation of NFT tokens on OpenSea

Bonuses / airdrops / giveaways

The well-known resource CoinGecko distributes rewards (“candies”) to registered users, for which they can then buy various NFTs. Some of them are very cheap (for example, you can buy the first one right after registration), others are quite expensive, you need to save up sweets. Chances are these NFTs will be worth good money in the future.

Sweets are dispensed as follows: for the first day 10, for the second 20, etc. For a week – 310 candies. From the second week, everything starts anew, starting with 10 pieces.

The Binance cryptocurrency exchange regularly holds contests and promotions, where NFTs of certain new projects (for example, Axie Infinity, Aavegotchi, Sorare) act as prizes. To get a chance to win, it is enough to participate in quizzes, ask questions at AMA sessions, or trade in pairs with cryptocurrencies belonging to these projects.

Don Wonton (the developer of the Avalanche project) sometimes raffles his Twitter followers on NFT on the Avalanche blockchain. Anyone who retweets and posts their wallet address in the tweet comments can win.

Where to store purchased NFT tokens

A simple option for storing purchased NFTs is the Trust Wallet mobile wallet. It supports popular collectible token formats, allows you to view and manage them in a convenient manner. The wallet is actively used by fans of projects such as Decentraland, CryptoPunks, CryptoKitties, Lordless, etc.

You can find your tokens in the Wallet section of the Collectibles tab.

store purchased NFT tokens in Trust Wallet

Where to buy NFT platform utility tokens

Most of the sites that provide functionality for creating NonFungible Tokens also have their own tokens of common standards (non-unique). This is also an important tool, as it is often used for NFT minting and various types of economic transactions.

Examples of such tokens (top 5 in terms of capitalization as of March 2021):

  • Enjin Coin (ENJ);
  • Flow (FLOW);
  • Decentraland (MANA);
  • SAND (SAND);
  • Gala (GALA).

These assets are traded like regular cryptocurrencies on various centralized and decentralized exchanges: Binance, KuCoin, Uniswap, Bittrex, Gate.io, 1inch. The rating of internal tokens of NFT platforms can be viewed at https://coinmarketcap.com/nfts/ or https://www.coingecko.com/ru/nft.

Trade ENJ / USDT on Binance

Outlook: Does NFT Have a Future?

Thanks to the digital royalty system (endless income for content creators), NFT is a natural extension of platforms for creators like Patreon. When an artist or musician mints NFT, they give their fans an additional opportunity to express their approval and affection. This is a kind of artifact that has value for fans. However, unlike a regular physical souvenir, buying NFT, you do not just give the author a one-time bonus, but provide him with endless income from further sales.

Actor William Shatner believes that NFTs are the coins of the future and a real phenomenon for selling rare items on the Internet. In 2020, 89-year-old Shatner sold some memorabilia in the form of virtual trading cards on the Wax blockchain (there were also cards such as dental x-rays or candid photos). It took only 9 minutes for all the objects to be sold. Shatner’s head shot, for example, went for $ 6,800.

Conclusion

Now that we’ve covered how and where to buy NFT tokens and what to do with them, you can more confidently dive into this exciting and innovative field. And while many compare the current situation to the ICO bubble in 2017, predicting all NFTs will zero out in the coming months, there is definitely much more benefit here. The main thing is not to forget that any alternative markets are high-risk, so you need to invest with caution.

Leave A Reply

Your email address will not be published.