Introduction
Ever wondered why people are buying digital art, trading video game characters, and spending millions on things you can't hold? Welcome to the wild world of NFTs!
This guide is your friendly passport to exploring NFTs without getting bogged down in tech jargon. Buckle up, because we're about to show you how to buy your first NFT without the headache.
What Are NFTs?
Non-Fungible Tokens (NFTs) are unique digital assets that represent ownership of real-world or digital items. Unlike cryptocurrencies, which are fungible and interchangeable, each NFT is distinct and cannot be replicated.
Why People Buy NFTs?
Imagine owning a one-of-a-kind trading card, a killer outfit for your favorite game character, or a piece of digital art by your favorite artist. That's the magic of NFTs! They're like certificates of ownership for unique digital stuff, and owning one gives you bragging rights and can even be an investment.
People buy NFTs for a variety of reasons, reflecting their interests in ownership, investment, and community engagement. Here are some key motivations:
Ownership and Scarcity
NFTs provide a clear record of ownership for digital assets. Unlike traditional digital goods, NFTs are often limited in quantity, making them more valuable and desirable.
Investment Potential
NFTs can increase in value over time, offering potential investment opportunities. Some NFTs have seen dramatic price increases, fueled by market speculation and demand.
Collecting and Artistic Expression
NFTs allow collectors to build collections of digital art, music, and other items. Buying NFTs directly supports creators and artists.
Social Status and Community
Owning certain NFTs can be a sign of social status or prestige. NFTs often come with access to exclusive communities and events.
Top 10 NFT Marketplaces in India
NFT Marketplaces are like online stores where you can buy and sell NFTs. Here are the top 10 NFT marketplaces as of 2024:
Rating Guide:
- ⭐⭐⭐⭐⭐: Highly Recommended. Ideal for users with specific needs or high net worth.
- ⭐⭐⭐⭐: Recommended. Excellent overall performance, suitable for most users.
- ⭐⭐⭐: Worth Considering. Has specific advantages but may have some shortcomings.
Rating Criteria:
- Liquidity: The volume of trading and the availability of buyers and sellers.
- Variety of NFTs: The range of NFTs available, from art to collectibles to gaming items.
- Fees: The transaction fees charged for buying and selling NFTs.
- User experience: The ease of use and the overall user interface.
- Community: The size and engagement of the community.
TOP 10 NFT Marketplace Comparison and Recommendations
| Marketplace | Rating | Supported Coins | Comments |
|---|---|---|---|
| OpenSea | ⭐⭐⭐⭐⭐ | ETH, MATIC, KLAY, SOL and more | Most popular and versatile. |
| Rarible | ⭐⭐⭐⭐ | ETH, XTZ, FLOW, MATIC, SOL | Strong community and creator tools. |
| SuperRare | ⭐⭐⭐⭐ | ETH | For art enthusiasts and serious collectors. |
| Foundation | ⭐⭐⭐ | ETH | Exclusive and curated platform. |
| Nifty Gateway | ⭐⭐⭐ | ETH | High-profile drops and curated collections. |
| LooksRare | ⭐⭐⭐🌟 | ETH | Community-driven platform with lower fees. |
| Magic Eden | ⭐⭐⭐ | BTC, ETH, SOL, ETH on Base, MATIC | Solana-focused marketplace. |
| Binance NFT Marketplace | ⭐⭐⭐⭐ | BNB, BUSD | For Binance users and those seeking Binance-exclusive NFTs. |
| Axie Marketplace | ⭐⭐⭐ | SLP, AXS | For Axie Infinity players. |
| Zora | ⭐⭐⭐ | ETH | For developers and those seeking customizable NFT experiences. |
Disclaimer: This information is provided for informational purposes only and does not constitute financial advice. You should conduct your own research before making any investment decisions.
Which Marketplace Is Best For NFT?
- Newbies: OpenSea and Binance NFT Marketplace are great starting points for beginners due to their vast NFT selection and high trading volume.
- Intermediate Users: Rarible and LooksRare offer active communities and flexible trading mechanisms, making them suitable for users with some experience.
- Advanced Users & Collectors: SuperRare, Foundation, and Nifty Gateway focus on high-end art and are ideal for collectors seeking rare pieces.
- Developers: Zora offers high flexibility, allowing developers to create custom NFT marketplaces.
- Traders: LooksRare and Magic Eden have high trading volumes, making them suitable for short-term trading.
1. OpenSea
- Recommendation: ⭐⭐⭐⭐⭐
- Supported Coins: ETH, MATIC, KLAY, SOL(display-only; buying and listing not currently supported), Arbitrum, Optimism, Avalanche, Zora, Base,Blast, Sei
- Suitable Investors: All levels of investors, from beginners to advanced. Largest marketplace with a vast array of NFTs.
What is OpenSea
OpenSea is the largest non-fungible token (NFT) marketplace, allowing users to buy, sell, and trade unique digital assets.
- Founded: 2017
- Supported Categories: Art, collectibles, virtual lands, sports assets, domain names, and more
- Active Users (January 2024): Over 3 million
- Daily Trading Volume (January 2024): Around $4.5 million
OpenSea Pros
- Extensive Marketplace: Offers a wide variety of NFTs across different categories.
- User-Friendly Interface: Simplifies browsing, buying, and selling NFTs.
- Free Minting: Lowers the barrier to entry for creators.
- Cross-Marketplace Aggregation: Provides access to listings from multiple NFT marketplaces.
- Advanced Trading Features: Offers tools for high-volume traders, such as optimized gas fees and bulk listing options.
OpenSea Cons
- Centralization: As a centralized platform, OpenSea has significant control over the NFT ecosystem. This goes against the decentralized principles of cryptocurrencies and blockchain.
- Insider Trading Allegations: In 2021, OpenSea faced allegations of insider trading after an employee was accused of buying NFTs that were about to be featured on the platform's homepage.
- Royalty Limitations: Caps creator royalties at 10%, which may be lower than some other marketplaces.
- High Gas Fees: Can eat into profits for buyers and sellers, especially on the Ethereum network.
OpenSea Fees
| Fee Type | Amount |
|---|---|
| Transaction Fee | 2.5% of sale price |
| Gas Fees | Varies depending on Ethereum network congestion (can exceed $150) |
| Creator Royalties | Up to 10% of sale price (if applicable) |
Seaport Protocol: Aims to reduce gas fees by up to 35%.
2. Rarible
- Recommendation: ⭐⭐⭐⭐
- Supported Coins: ETH, XTZ, FLOW, MATIC, SOL
- Suitable Investors: Artists and creators, collectors seeking unique NFTs. Known for its governance token and creator-friendly features.
What is Rarible
Rarible is a decentralized NFT marketplace established in 2019 that operates on multiple blockchains, allowing users to create, buy, and sell unique digital assets.
Rarible Pros
- Decentralized and Open-Source: As a decentralized marketplace, Rarible operates on a non-custodial basis, meaning users retain control over their assets.
- Multi-Blockchain Support: Rarible supports multiple blockchains, including Ethereum, Solana, Polygon, Tezos, and Flow.
- No Upfront Gas Fees: Rarible offers a "lazy minting" feature, allowing users to create NFTs without paying upfront gas fees.
- Credit Card Payments: Rarible enables users to purchase NFTs using credit cards, making it more accessible for those who may not hold cryptocurrencies.
Rarible Cons
- High Transaction Fees: Rarible charges a 2.5% fee on both the buyer and seller sides of transactions, totaling a 5% fee overall.
- Smaller User Base: May limit visibility and liquidity of NFT listings.
- Lack of Mobile App: Less optimized user experience for mobile users.
- Decentralization Concerns: May attract scammers and malicious actors due to lack of regulation.
Rarible Fee
| NFT Price Range | Buyer Fee | Seller Fee |
|---|---|---|
| Over $4,000 | 0.50% | 0.50% |
| $2,000 - $4,000 | 1% | 1% |
| $400 - $2,000 | 2.50% | 2.50% |
| $100 - $400 | 5% | 5% |
| Up to $100 | 7.50% | 7.50% |
- Users can avoid platform fees by locking 100 $RARI tokens.
- In addition to the platform fees, users must also pay gas fees for transactions on the Ethereum blockchain.
3. SuperRare
- Recommendation: 🌟🌟🌟🌟
- Supported Coins: ETH
- Suitable Investors: Collectors seeking high-quality digital art. Focuses on curated collections and single-edition NFTs.
What is SuperRare
SuperRare is a curated NFT marketplace that focuses on high-quality, one-of-a-kind digital art pieces.
- Founded: 2018
- Blockchain: Ethereum
- Key Features: Curated single-edition digital artworks, artist approval process, and ongoing royalties for creators
SuperRare Pros
- Curated High-Quality Art: Focuses on unique, single-edition digital artworks.
- Royalties: Artists receive 85% of the sale price for primary sales and a 10% royalty on secondary sales.
- Exclusive Platform: By allowing only a limited number of artists to mint NFTs, SuperRare maintains exclusivity.
- Native Governance Token: SuperRare has its own governance token, RARE, which allows holders to participate in decision-making processes related to platform governance.
SuperRare Cons
- Single Payment Method: Only accepts Ethereum.
- High Fees: SuperRare charges a 15% commission on primary sales, and buyers incur a 3% transaction fee on purchases.
- Invite-Only for Artists: SuperRare operates on an invite-only basis for artists, meaning that not just anyone can mint and sell NFTs on the platform.
- Limited Accessibility for Beginners: The high-end nature of SuperRare may deter novice users and budget-conscious traders. The average sale price for digital artwork on the platform is around $4,000.
SuperRare Fees
| Action | Fee |
|---|---|
| Gallery Fee for Artists | 15% on primary sales |
| Marketplace Fee for Buyers | 3% on purchases |
| Gas Fees (Minting Artwork) | Varies based on network demand |
4. Foundation
- Recommendation: 🌟🌟🌟
- Supported Coins: ETH
- Suitable Investors: Artists and collectors seeking exclusive NFTs. Invite-only platform with a focus on curated content.
What is Foundation
Foundation is a curated NFT marketplace that connects digital creators, crypto enthusiasts, and collectors, focusing on high-quality digital art and empowering artists.
- Founded: Foundation was launched in 2020 by Kayvon Tehranian and Matthew Vernon.
Foundation Pros
- Curated Marketplace: Focuses on high-quality digital art.
- Diverse Selling Options: Allows artists to showcase their work in various ways, including auctions and direct sales.
- Auction-Style Sales: Foundation utilizes an auction model for selling NFTs, creating excitement and competition among buyers.
Foundation Cons
- Exclusive Payment Method: Only accepts Ethereum.
- High Service Fees: 15% fee on primary sales can be steep.
- Invitation-Only for Artists: Limits opportunities for new artists.
- Limited Accessibility for Beginners: High-quality focus and auction model may deter newcomers.
Foundation Fees
| Fee Type | Amount |
|---|---|
| Primary Sale Fee | 15% of sale price |
| Secondary Sale Royalty | 10% of sale price |
| Gas Fees | Varies depending on Ethereum network congestion |
Note: Gas fees can fluctuate significantly, sometimes reaching hundreds of dollars during peak times.
5. Nifty Gateway
- Recommendation: 🌟🌟🌟
- Supported Coins: ETH
- Suitable Investors: Collectors looking for high-profile artists and curated drops. Platform backed by Gemini.
What is Nifty Gateway
Nifty Gateway is a prominent NFT marketplace that specializes in digital art and collectibles, operating on the Ethereum blockchain.
- Founded: Nifty Gateway was established in 2018 by Duncan and Griffin Cock Foster and was later acquired by the Winklevoss twins.
Nifty Gateway Pros
- Curated Selection: Focuses on high-quality NFTs from well-known artists and celebrities.
- Auction and Drop Model: Offers both auction-style sales and scheduled drops.
- Multiple Payment Options: Accepts credit cards, debit cards, and Ethereum.
- No Gas Fees: Simplifies the buying process and reduces costs.
- Gifting Feature: Allows users to send NFTs to others.
Nifty Gateway Cons
- High Fees: 15% service fee on primary sales.
- Limited Withdrawal Options: Withdrawals to bank accounts are only available for U.S. bank account holders. Non-U.S. Users must withdraw funds to a Gemini account.
- Security Concerns: The platform has experienced security issues, including a notable hack where user accounts were compromised, resulting in the theft of valuable NFTs.
- Custodial Nature: Nifty Gateway operates as a custodial NFT marketplace, meaning that users do not hold their NFTs in a personal wallet unless they withdraw them from the platform.
Nifty Gateway Fees
| Action | Fee |
|---|---|
| Custodial Sales (credit card/ETH) | 5% service fee |
| Ethereum Wallet Sales | 2.5% service fee + gas fees |
| Artist Fee | 10% (included in total fees) |
6. LooksRare
- Recommendation: 🌟🌟🌟🌟
- Supported Coins: ETH
- Suitable Investors: ETH holders looking for rewards and lower fees. Fork of OpenSea with a focus on community governance.
What is LooksRare
LooksRare is a community-focused NFT marketplace that rewards users for buying and selling NFTs. It aims to compete with OpenSea by offering a 2% sales fee and a modular smart contract framework.
LooksRare Pros
- Low Platform Fees: Charges a 0.5% fee on NFT transactions.
- Staking Rewards: Offers staking options with rewards in WETH and LOOKS.
- Rewards for Active Users: Rewards users with LOOKS token for buying, selling, and listing NFTs.
- Aggregation with OpenSea: Allows users to buy NFTs listed on OpenSea directly through the platform.
- Advanced Features: Provides bulk buying, collection-wide offers, trait-based offers, and multi-item cancellation.
LooksRare Cons
- No NFT Minting Features: Creators must use third-party services to mint NFTs.
- Limited Blockchain Support: Operates solely on Ethereum, potentially leading to higher gas fees.
- Concerns About Wash Trading: LooksRare has faced criticism for potential wash trading, a practice where users buy and sell the same NFTs to inflate trading volume and earn rewards. This can distort the perceived popularity and value of NFTs on the platform.
LooksRare Fees
| Fee Type | Amount |
|---|---|
| Protocol Fee | 0.5% on NFT sales |
| Gas Fees | Variable (based on network demand) |
| Creator Royalties | Optional (set by the creator) |
7. Magic Eden
- Recommendation: 🌟🌟🌟
- Supported Coins: BTC, ETH, SOL, ETH on Base,MATIC
- Suitable Investors: Solana NFT collectors. Popular for Solana-based NFTs.
What is Magic Eden
Magic Eden is a leading NFT marketplace primarily known for its focus on the Solana blockchain, although it has expanded to support Ethereum and other blockchains.
- Launch Date: September 17, 2021
- Key Feature: Leading NFT marketplace on Solana, capturing a large share of trading volume
Magic Eden Pros
- Low Transaction Fees: Charges a flat 2% fee.
- Launchpad for Creators: Enables creators to mint and launch their projects directly on the platform.
- Wide Selection of High-Quality NFTs: Features popular and sought-after collections.
Magic Eden Cons
- Limited NFT Collection: Fewer options compared to larger marketplaces.
- Mobile App Limitations: Does not allow for creating or purchasing NFTs on mobile.
- Closed Source Software: Lack of transparency raises security concerns.
Magic Eden Fees
| Fee Type | Amount |
|---|---|
| Transaction Fee | 2% of sale price (split between buyer and seller) |
| Listing Fees | 0% |
| Bid Fees | 0% |
| Creator Royalties | Set by the creator (up to 10%) |
| Network Fees (Gas) | Varies depending on Solana network congestion |
8. Binance NFT Marketplace
- Recommendation: 🌟🌟🌟🌟
- Supported Coins: BNB, BUSD
- Suitable Investors: Binance users and those seeking Binance-exclusive NFTs. Integrated with the Binance ecosystem.
What is Binance NFT Marketplace
The Binance NFT Marketplace is a centralized platform that allows users to trade and create various types of NFTs within the Binance ecosystem.
- Launch: June 2021
- Key Features: Buying, selling, and creating NFTs within the Binance ecosystem
- Types of NFTs: Digital art, collectibles, gaming items, and mystery boxes
Binance NFT Marketplace Pros
- Low Transaction Fees: Charges a 1% fee for both creators and resellers.
- Mystery Boxes and Unique Offerings: Add excitement and surprise for collectors.
- Integration with Binance Ecosystem: Leverages the platform's large user base and liquidity.
- Creator-Friendly Policies: Offers royalty fees and premium event creator benefits. Premium event creators can receive up to 90% of sales profits.
Binance NFT Marketplace Cons
- Minting Restrictions: Only pre-approved artists can mint NFTs.
- Limited Access for U.S. Users: Not available to U.S. customers.
- Centralized Platform: Raises concerns about control and transparency.
- Limited NFT Variety: Fewer options compared to larger marketplaces like OpenSea.
Binance NFT Marketplace Fees
| Fee Type | Amount |
|---|---|
| Trading Fee | 1% on NFT sales |
| Listing Fee | Free |
| Royalty Fee | 1% to the creator on resales |
| Minting Fee | 0.000001 BNB (Binance Smart Chain) |
| Gas Fees | Variable (depends on blockchain) |
| Deposit/Withdrawal Fees | Varies (based on blockchain) |
9. Axie Marketplace
- Recommendation: 🌟🌟🌟
- Supported Coins: SLP, AXS
- Suitable Investors: Axie Infinity players. Used exclusively for trading in-game assets.
What is Axie Marketplace
Axie Marketplace is the official NFT marketplace for the popular blockchain game Axie Infinity, where players can buy, sell, and breed Axies, the digital pets used in the Axie Infinity game.
- Purpose: Official NFT marketplace for Axie Infinity
- Blockchain: Ethereum
Axie Marketplace Pros
- Dedicated Ecosystem: Designed specifically for Axie Infinity.
- Play-to-Earn Model: Allows players to earn cryptocurrency.
Axie Marketplace Cons
- High Marketplace Fees: 4.25% fee on sales can reduce seller earnings.
- Initial Investment Requirement: Requires owning at least three Axies.
- Limited NFT Variety: Focused exclusively on Axies and related items.
- Dependence on Game Popularity: Marketplace success is tied to Axie Infinity's popularity.
Axie Marketplace Fees
| Fee Type | Amount |
|---|---|
| Marketplace Fee | 5.25% on sales (deducted from seller) |
| Gas Fees | Variable (based on network conditions) |
| Breeding Fee | 0.5 AXS per breeding transaction |
10. Zora
- Recommendation: 🌟🌟🌟
- Supported Coins: ETH
- Suitable Investors: Developers and collectors seeking customizable NFT experiences. Platform for building custom NFT marketplaces.
What is Zora
Zora is a decentralized NFT marketplace protocol that allows users to easily mint, buy, and sell NFTs on the Ethereum blockchain. It is designed to be permissionless and supports royalty payments for artists. Zora has been used by various notable NFT projects, including Bored Ape Yacht Club, CryptoPunks, and Azuki.
Zora Pros
- Zero Marketplace Fees: Reduces costs for creators and collectors.
- Decentralized and Permissionless: Fosters inclusivity and innovation.
- Support for Multiple Media Types: Attracts a diverse range of creators and collectors.
- Creator-Centric Approach: Empowers creators with control over their work and profits.
- Royalties: Artists can earn royalties on secondary sales of their NFTs, with the most common royalty rate being 10%.
Zora Cons
- No Built-in Auction Features: Limited selling options for creators.
- Limited NFT Variety: Primarily focuses on digital art and creator-focused NFTs.
- Less Established Reputation: May not have the same level of user trust as more established marketplaces.
Zora Fees
| Fee Type | Amount |
|---|---|
| Marketplace Fee | 0% (no fees for listing/selling) |
| Minting Fee |
0.000777 ETH (for ETH listings) 5% of purchase price (for alternative tokens) |
| Gas Fees | Variable (based on Ethereum network conditions) |
How to Buy Your First NFT in India?
- Set Up Your Crypto Wallet: Choose a reputable wallet like MetaMask (popular browser extension) or Trust Wallet (mobile app with multi-chain support).
- Fund Your Wallet:
- Exchange Platforms: Use Indian exchanges like WazirX, CoinDCX, or Coins.xyz to buy cryptocurrency.
- Peer-to-Peer Trading: Explore platforms like LocalBitcoins to buy cryptocurrency directly from other individuals.
- Choose Your NFT Marketplace: Select the best platform for your needs from a curated list of top 10 Indian-friendly NFT marketplaces.
- Connect Your Wallet: Open your chosen marketplace and click "Connect Wallet." Ensure you're connected to the correct network (e.g., Ethereum, Binance Smart Chain) based on the marketplace and NFT requirements.
- Explore and Purchase: Browse NFT collections that interest you. Understand "gas fees" (transaction fees) paid in the underlying cryptocurrency (e.g., Ethereum) which can vary depending on network traffic. Follow the instructions to complete your NFT purchase, typically involving confirmation through your connected wallet.
A Step-By-Step Guide: Buying Crypto On Coins.xyz
1. Create an account:
Head over to Coins.xyz and sign up for a free account. Make sure to verify your identity for full functionality.
2. Navigate to your Portfolio:
On the Coins.xyz website, go to your Portfolio. You will see your token balances.
3. Find Ethereum (ETH):
Look for the "ETH" symbol. Click the "Buy/Sell" button next to ETH. In the dropdown menu, choose "Convert." Specify your purchase amount.
4. Review and Confirm:
Coins.xyz shows the current exchange rate and how much crypto you'll get for your purchase. Review everything carefully. You have a limited time (usually 7 seconds) to confirm.
- Happy with the details? Click "Confirm" to buy.
- Times up? Click "Refresh Rate" for a new quote.
5. Track your purchase:
Once confirmed, the transaction will be processed, and your purchased ETH will be reflected in your Coins.xyz wallet.
Conclusion:
The world of NFTs is exciting, dynamic, and full of possibilities. With the knowledge you've gained from this guide, you're now ready to explore the top Indian NFT marketplaces and embark on your own NFT journey.
Remember, buying your first NFT is just the beginning. You're entering a vibrant community of collectors, artists, and enthusiasts pushing the boundaries of digital ownership.So, dive in, explore, and discover the potential of NFTs firsthand!
