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Blog|NFT|Best NFT Exchanges to Buy and Sell Your NFT
Published February 7, 2022|7 min read

Best NFT Exchanges to Buy and Sell Your NFT

Finding the best NFT exchange is important if a user is interested in selling or buying NFTs. Those mean non-fungible tokens. Each NFT is unique. Different types of content can be turned into NFTs, such as images, videos, highlights of matches, and more. Everyone can become a creator of such a file. Now, go through this helpful guide to learn everything you need to know about picking the right NFT platform.

What Is NFT Exchange?

It is a platform that allows conducting various transactions with NFTs, such as creating, storing, buying, and selling. In essence, it can be compared to Google Mail, which people use for managing their emails. Such exchanges are based on Blockchain technology, which ensures a range of benefits like enhanced security, convenience, transparency, and more. At this point, it is important to understand the difference between crypto coins and NFTs. While cryptocurrencies of the same type, such as Bitcoin, are interchangeable, an NFT is not equal to another NFT.

There are several NFT platforms to choose from. All of them have certain peculiarities that should be taken into account when picking the right NFT exchange.

How Does It Work?

Such platforms work similarly to cryptocurrency exchanges. An NFT platform has all the necessary tools for users to create digital files as well as to conduct buying and selling transactions. Items for sale can be easily found. File owners can set a fixed price or offer their digital files on auctions. The interface, fees, type of digital files, and other matters depend on the NFT exchange.

To start using such marketplaces, users need to register and connect their crypto wallets to their accounts. These platforms utilize certain transaction protocols called smart contracts. They ensure connections between the buyer and the seller, providing a user-friendly and convenient experience.

The Types of NFTs You Can Buy

To find the best NFT exchange, it is essential to know what types of NFTs exist. This information is provided below:

  • Digital collectibles
  • Artworks
  • Event tickets
  • Music and media
  • Gaming
  • Best NFT Exchanges

    Users can pick from many NFT exchanges. While some of them are more popular than others, a single platform cannot satisfy the demand of all users. Therefore, it is recommended to familiarize yourself with the choice, learn how they are different one from another, and then pick something perfectly matching your preferences. Here are three exchanges to consider:

    WAX.Io

    It may be the best NFT exchange to sell and buy collectibles and video games. Developers can create high-quality dApps and NFTs with its help. It surely belongs to popular NFT networks among gamers. Some of its most known partners are:

  • Capcom
  • Topps
  • Atari
  • Funko
  • Sony’s Funimation
  • Various interesting features are provided by this platform, such as:

  • application and video game integrations
  • effective marketing tools
  • V-commerce capabilities
  • OpenSea

    It is the largest marketplace for NFT users. It offers all sorts of digital assets. Everyone can join this platform for free and access plenty of amazing offerings. It boasts a user-friendly process of creating NFTs, also known as “minting.” The platform supports artists and creators and allows them to enjoy the easy process.

    More than 150 tokens can be used on this marketplace. It is the best NFT exchange for beginners. In fact, OpenSea was the first marketplace, which is still head and shoulders above its competitors.

    The variety of features used on this marketplace includes:

  • timed auctions
  • lazy minting
  • reserve prices
  • More than 700 projects can be found at OpenSea. It helped many valuable collections to become known, for example, Sorare, which is a fantasy football game. Since 2020, it has been possible to process payments using credit cards and cryptocurrencies. Gas costs are equally spread between owners and buyers.

    Nifty Gateway

    It is a great choice for art creations. There are plenty of digital files available, such as videos, music, etc. The platform is powered by Gemini, a crypto exchange. NFTs built on this platform are called Nifties. They are created based on Ethereum.

    Another important thing about this platform is that NFTs are not stored on the personal wallets of users but Gemini or Nifty Gateway.

    How to Choose a Good One

    Various factors are taken into account when choosing the best NFT exchange. You need to find out what they are when going from one website to another and comparing the conditions.

    Here are the criteria to keep in mind:

  • Token standard. Token standards may vary, depending on the platform. For example, the first standard introduced by Ethereum was The ERC-721, and after that, lots of other standards were developed. ERC721 tokens are unique, non-fungible items. It is the most popular choice among NFT traders.
  • Marketplace type. Some NFT marketplaces can be used for offering various types of digital assets, while others are created for NFTs of a certain type.
  • Verification procedure. Since NFT marketplaces keep growing in popularity, they attract scammers. To offer additional protection, some platforms would require creators to undergo a verification procedure. So, choose something between such NFT exchange platforms.
  • Fractionalization. It allows purchasing part of an NFT instead of the whole file. This is how the number of investors can increase since the price for the asset becomes more affordable. So, if you are interested in this type of service, you should choose a corresponding platform.
  • How to Set Up an Account

    The procedure of setting up an account depends on the NFT exchange. Usually, it involves the following steps:

  • Choose the platform that fully matches your needs. We have provided a few helpful tips on what to pay attention to when choosing the right platform. You can go through the list of available options, compare them, and pick the option that fully matches your needs.
  • Set up a wallet. They are applications that allow storing your cryptocurrencies. This is where you will also store your NFTs once you create or buy them. You can pick from different types of crypto wallets. For example, some of them are created as applications for mobile users, while others can be installed in browsers as an extension. It is also essential to make sure that the wallet is compatible with the platform’s blockchain.
  • Connect your wallet to the marketplace. Now that you have picked the best NFT exchange and set up your wallet, you need to connect them. On many platforms, you can do this by simply clicking the Create button. Anyway, it should not be difficult if the platform has a user-friendly interface.
  • Now, you are ready to start creating your NFTs or doing other actions on the platform.

    Is It Safe to Use NFT Exchanges?

    It is not totally safe to use NFT exchanges. Their popularity is growing day by day, which attracts scammers aiming at stealing NFTs or deceiving users in any other way. Scammers may pretend to be someone else to steal other people’s funds or personal data.

    One of the risks is to purchase fake NFTs. Scammers may sell assets with fake certificates of ownership. Creators may not even know that their works have been copied and sold to others.

    NFT safety depends on the security measures used by centralized platforms to protect the private keys to the assets stored by them. However, even if the most advanced technologies are used, some risk still exists.

    Another major problem is when NFTs purchased by users become unavailable for them. When the purchase is finalized, the user gets a reference to the file. For some reason, NFT platforms may restrict access to their resources where the file is stored, and, in this case, users cannot access it.

    NFT users can protect their assets and data by using additional security tools offered on the platforms. They need to familiarize themselves with how a certain blockchain works to easily distinguish any scam attempts. Even after illustrating the vulnerabilities of NFT exchanges, it is important to emphasize that such digital platforms still beat traditional opportunities of collectors and creators.

    Conclusion

    It is certainly a good idea to start using a reliable NFT exchange for creating your own digital assets. Such exchanges are convenient and relatively secure environments for buying and selling NFTs. When it comes to finding the best NFT exchange, users need to consider important factors determining the quality of a certain platform. Also, individual preferences should be taken into account. Eventually, it is possible to check out several platforms and pick the one that matches your requirements the most.

    Frequently Asked Questions

    What Is NFT Exchange?

    It is a marketplace based on Blockchain technology that allows creating, storing, selling, and buying various NFTs.

    How to Choose Best NFT Exchange?

    Different factors should be taken into account, such as ease of use, suitability for a certain NFT type, security, prices, and more.

    What Is The Best NFT Exchange?

    There is no single exchange that would be suitable for everyone’s needs. Users should pick one depending on many factors, such as their own preferences and peculiarities of a certain marketplace.