With NFTs dominating the financial landscape as of late, there are plenty of buyers and sellers eager to get in on the action. Non-Fungible Tokens are tokens that contain a form of digital media with the worth of each token different depending on the scarcity and rarity of the digital media contained in the NFT.
Nifty Gateway is a great website to start as it is one of the premier marketplaces where you can buy, sell and store NFTs. Utilising a blockchain that enforces the scarcity and authenticity of the NFT, you can browse with assurance that you are making investments that are fully informed.
With an exclusive selection of NFTs for sale, it is not as varied as other sites such as OpenSea but for those who are looking for NFTs that they can resell at a large profit margin in the future then Nifty Gateway is the best place for you to look.
Buying and selling on Nifty Gateway is just as easy as buying and selling on any regular site such as Amazon or eBay. Simply make an account on the Nifty Gateway website which will allow you to make and verify NFTs accordingly.
Next, buy a crypto wallet which is capable of holding your cryptocurrencies as well as storing your NFTs safely and securely, preventing any chances of fraud or duplication. The final stage is simply looking through the selection of NFTs available on Nifty Gateway and putting your own NFTs up for sale or making purchases.
The great thing about Nifty Gateway is that you are able to see the transaction history of each NFT so you can have a clear idea of whether or not it is a good investment.
In this article, we’ve gathered all the information on how you can buy or sell an NFT on other various websites such as OpenSea, Rarible and Cardano. It’ll give you a better understanding of how the transaction process works as well as allowing you to see what to expect when you are looking to sell or purchase an NFT.
How do I get an NFT on OpenSea?
The largest marketplace for buying, selling and storing NFTs is OpenSea. Commonly referred to as the eBay of NFTs, OpenSea sells over 20 million NFTs across over 200 categories which is the largest offering of NFTs on the market.
These NFTs are often in the common tier bracket with multiple NFTs containing the same digital content available for sale. This makes it a great starting point for those wanting to make smaller investments or who don’t have as large a budget or income for investment.
It is also one of the easiest websites to navigate due to its accessibility and ease of use. To buy or sell NFTs on OpenSea is similar to Nifty Gateway. Simply make an account with OpenSea and purchase a crypto wallet so you can store your NFTs. Once you have done this, you’ll be able to buy and sell NFTs on the OpenSea platform.
You can even create NFTs to sell on OpenSea. Simply upload your digital media content and tokenize it, which makes it an NFT and will put it in your wallet so it can be put on the platform.
Tokenizing an NFT has no transaction costs which are known as gas fees. The NFT will then instantly be uploaded and ready to sell.
So if they don’t charge you for creating (or “minting”) NFTs, then how does OpenSea make its money? When an NFT is sold, OpenSea will take 2.5% of the total sale price as commission which means you get a substantial profit from the NFT.
Unlike other competitor sites, this is an extremely low percentage as the average percentage for competitors is around 3% plus an additional service charge which OpenSea forego altogether.
This makes the ideal place for those who want to limit their fees when selling NFTs and can help generate a healthy profit through mass marketing NFTs that contain the same digital content, especially if you have a fanbase for your artwork.
OpenSea is available in the majority of countries that allow NFT trading making it one of the most popular and accessible marketplaces. It also accepts ETH and credit card payments although the latter may incur further charges depending on your credit charge provider.
Not all websites accept credit card payments and only run on cryptocurrency exchanges so this puts OpenSea ahead of the game and doesn’t force buyers to invest in cryptocurrency if you don’t want to.
Like eBay, you can place your bids with ease and follow the auction. If you win the auction then you are the owner of the NFT and it will be transferred to your crypto wallet.
OpenSea handles the transaction which is then logged on the Ethereum blockchain so all cryptocurrency, exchanges and transactions will be listed and added to the NFT’s purchase history. Whether you will then be able to make any profit on the NFT is entirely dependent on whether the NFT market is able to continue growing and whether your NFT can retain its value or even increase.
How do I make my NFT file on Rarible?
Rarible is a website that specializes in the buying and selling of NFTs that contain digital art.
Giving ownership to the artists and ensuring that they retain the rights to their art, Rarible helps to prevent scammers from uploading other people’s artwork as NFTs and generating a profit illegally without their permission. Rarible’s network is built on Ethereum and assists in trading without the hassle of a middleman.
Unlike OpenSea, you do have to pay for NFTs on Rarible using cryptocurrency, specifically Ether as this is the cryptocurrency supported by Ethereum which is the blockchain that supports the Rarible platform.
Your crypto wallet that you will have to purchase can hold your Ether as well as your NFTs, keeping it all in one place for convenience.
Rarible has a variety of advantages, especially when it comes to helping artists maintain the rights to their work, even if someone else purchases the NFT. However, it is more costly than other platforms such as OpenSea because it is more selective in its products and has a more lucrative price point than more accessible price point platforms like OpenSea.
Firstly, you have to create your account with Rarible in order to sell or buy on the platform as well as setting up a crypto wallet so you can hold all of your cryptocurrencies and NFTs safely and securely. Install the plugin into your browser so it is easier to access.
To mint an NFT on Rarible, it can be incredibly expensive as it costs a huge $677 simply to create the NFT token before it has even been sold. Rarible also takes commission at each end of the transaction process totalling 5% in total commission rate for them.
This is a much higher percentage than OpenSea so bear this in mind if you’re not wanting to pay a huge amount of fees to the platform you choose.
Although the commission rate charged by Rarible is a lot, there is a reason why they charge so much. They ensure the verification and authentication of your NFT and are one of the most reputable and respected NFT platforms on the market, particularly the high end market.
If you are wanting to enter the luxury market with your art or looking to make a pricey investment, Rarible is the online equivalent of an exclusive art gallery and ensures that you are going to be making a great investment.
Artists who upload their NFTs can set the contract terms when it comes to any further resales of the NFT. For example, they may demand a certain percentage of the total amount that the NFT is resold for meaning that no matter how many times the NFT is sold on the market, they will always receive a percentage of the profits.
Depending on the terms in the contract, the actual rights to the digital content will stay with the artist rather than the buyer meaning that the artist has the option to mint more NFTs containing the same digital content in the future then they can do so without facing any problems.
The digital content found within the NFTs should be viewed as an autographed and numbered book. If you own the first ever copy of this autographed book then it is going to hold a lot more value than buying a second edition a few years later.
Leaving the rights with the original artist will allow them to dictate how much scarcity they want their work to have on the market and Rarible is one of the best websites to do that.
Another advantage of Rarible is that it specializes in digital art so if it is an area of particular interest to you whether you are wanting to buy or sell then you will be reaching an audience that is actively looking to invest in that field rather than websites like OpenSea which have all sorts of digital content in their NFTs.
Does Cardano have NFTs?
Cardano is a blockchain that was launched in 2017 and created by Ethereum co-founder Charles Hoskinson and Jeremy Wood. It runs smart contract platforms using ADA, a native cryptocurrency used on the platform.
Releasing products that specialize in identity management and product traceability, Cardano uses Ouroboros which is an extremely advanced algorithm that helps to create blocks and verify transactions, logging it all on the blockchain securely.
What makes Cardano stand out from other smart contract platforms is how advanced their technology is. Its blockchain technology offers scalability and security and has been built on scientific theories as well as peer reviewed academic research making it highly unique.
Due to these technological advancements, Cardano is expected to grow exponentially through the course of this year and beyond, making it the perfect place to buy and sell NFTs at a low price point now in the hopes that it will increase a lot within the next few years.
Cardano has seen a huge increase in the buying and selling of NFTs on their platform thanks to the hype that has been generated around the topic over the last few months. They are a lot cheaper compared to other platforms and thanks to the NFTs being native to the Cardano platform, are viewed to be extremely valuable as assets for collectors.
Buying and selling on Cardano is extremely easy but the process is a little bit different than other platforms. Firstly, you have to sign up to Binance, which is the world’s largest online exchange for cryptocurrencies then go to your Funds and Deposits to find your Bitcoin address.
You need to Deposit the Bitcoin to your Binance Bitcoin address and wait until the coins have appeared in your account. Once they have appeared, go to the Exchange section and click Basic where you will then exchange your Bitcoin for ADA.
Click Market and type in how much ADA you wish to purchase. This will then give you the currency you need to buy and sell on Cardano. With Cardano’s popularity as an emerging NFT platform increasing, more websites such as Coinbase are allowing users to buy, sell and exchange ADA.
This is ideal for those who live in the United States and cannot access Binance.
Cardano is a much smaller platform than the larger competitors on the market but investors say that now is a good time to invest in their NFTs as they are growing at a rapid rate and the value of their NFTs will be among the larger profit margins.
If you are wanting to make a lot of money then going for smaller smart contract platforms like Cardano is the best idea as they apply the best technology available and are able to provide extra security and stability in its blockchain system.
The third generation nature of Cardano means that they have been able to review the cryptocurrency and NFT market, look at what has worked and what has failed and develop their blockchain accordingly to ensure that they don’t make the same mistakes that have previously been made in the industry.
They also aim to be one of the most sustainable platforms and are looking to amend a lot of problems that exist in the industry such as scalability and interoperability.
With more and more sites being set up where you can buy and sell NFTs, it’s important to do thorough research so you know as much as you can about the platform that you are considering conducting your transactions.
As NFTs require cryptocurrency payment which in turn is purchased with real money, this will mean that you have less chance of running into any problems regarding scammers or fraud. With NFTs being backed up on the Ethereum blockchain, you’ll be able to view all history and details relevant to the NFT.
If you’re wanting to make large investments in NFT and are hoping to resell for a huge profit margin in the future, then turning to exclusive websites such as Nifty Gateway where there is a careful selection of rare NFTs that are going to be in high demand is going to help you generate a larger profit if NFTs prove that they can maintain their value in the long run.