The popularity of NFTs has skyrocketed in recent years, with a market valuation of $40 billion by 2021. The exciting world of non-fungible tokens seems to have exploded out of nowhere.
Now they are all the rage, and people are not only talking about them but also about developing, buying and selling NFTs. Artists, art collectors, and visionaries looking to invest and make good money are realizing the promising potential of these digital assets through the NFT marketplace.
In this article, we will be discussing what the NFT marketplace is and the five best places to buy and sell NFTs in Africa.
What is NFT/NFT Marketplace
NFTs are digital assets that represent real-world art forms such as painting, music, and video. As “irreplaceable,” each NFT is unique and cannot be replaced by another NFT. For example, a dollar is fungible – a dollar in your hand is worth precisely the same as a dollar in someone else’s. NFTs are designed to give buyers exclusive ownership of the artworks.
Think about the physical art world: anyone can buy a print of the Mona Lisa, but only one person can own the original. These digital assets have become known for their uniqueness and exclusivity. They have gradually become a popular way for creatives to sell their digital artworks and works to admirers who buy art.
This is where the NFT marketplace comes in. NFT marketplaces are platforms where NFTs can be minted (created), stored, viewed and traded.
Five (5) Best Places to Buy NFTs in Africa
- OpenSea: OpenSea is the world’s first and largest marketplace where you can buy and sell NFTs. It is compatible with Ethereum, Polygon and Klaytn blockchains. You can browse over 34 million NFTs on this platform, organized into various categories ranging from digital art to collectibles, game items, virtual worlds, and domains.
One of OpenSea’s best features is that the platform supports over 150 cryptocurrencies as payment methods. This allows investors to buy and sell NFTs with their crypto balances easily. Regarding fees, OpenSea charges sellers a 2.5% transaction fee when an item is sold, and buyers pay no fees (other than standard network fees). Finally, OpenSea supports 14 different crypto wallets, and users can link their wallets to the marketplace with just a few clicks.
- Rarible: Rarible is one of the best NFT art marketplaces for investors as the platform has a vast collection of digital art and photography, games, music, domains and even metaverse projects. The platform charges buyers and sellers a 2.5% fee, which is at the higher end of the cost spectrum. However, Rarible supports multiple chains and can host NFTs based on Ethereum, Flow, and Tezos blockchain.
One of the great things about Rarible is that users can buy NFTs using a credit or debit card. Supporting 190+ countries makes it easy to buy Rarible NFTs worldwide, making it one of the largest NFT marketplaces. Finally, Rarible also supports a range of wallets such as MetaMask and Coinbase to ensure investors can keep their assets safe after purchase.
- Mintable: Mintable is an NFT marketplace built on the Ethereum blockchain, ideal for those new to the space. The marketplace, launched in 2018, aims to make the buying and selling process easy. In terms of asset selection, Mintable currently offers NFTs in categories such as art, music, video, sports, collectibles, and more.
Mintable currently supports the Ethereum, Immutable X and Zilliqa blockchains, ensuring investors have many assets. Regarding the purchase process, Mintable allows users to pay with ETH or credit/debit cards. It’s worth noting that paying with a card has a 5% service fee, so these transaction costs can be high. Finally, beginners will be happy to know that linking a crypto wallet and starting investing is easy and can be done in minutes.
- SuperRare: SuperRare is also building a marketplace for digital creators similar to Rarible. The site contains artwork, videos, and 3D images, but collectors can use Ethereum to buy art.
SuperRare recently announced its eponymous token based on the Ethereum blockchain. These tokens are used to find and manage new talent for the market. Like Rarible, SuperRare NFTs can be bought and sold on OpenSea.
- Nifty Gateway: Nifty Gateway focuses on “premium” NFT releases with a limited number of assets. The platform features a variety of well-known artists and creatives with previous work by Steve Aoki and Grimes. Because these NFTs are highly sought after, Nifty Gateway’s options are more suited to high-end investors.
Nifty Gateway is part of Gemini, a cryptocurrency exchange founded by the Winklevoss Twins. If you live in the US, you can buy NFTs with a credit or debit card. However, if you are outside of the US, you must use the cryptocurrency stored in your Gemini account. Finally, Nifty Gateway charges a 5% fee for each NFT seller and a $0.30 transaction fee.
Deciding which marketplace to buy NFT tokens for the first time can appear terrifying, although you can make the process a lot easier if you use the information in this article.