It’s near impossible to go online today without hearing about NFTs. So it’s a perfectly fair question to ask: What are they? And then a perfectly fair follow-up question to ask: Why did someone pay $69 million for one of them — especially since it’s just a jpeg I’m looking at for free and they don’t even get the ownership rights to the image itself?

There are lots of articles that get into the nuts and bolts of what NFTs are (check out our in-depth primer on NFTs if you want a thorough overview on the present and future), so we’ll just hit the quick basics here before we jump in. Non-fungible tokens (NFTs), at their core, give you the ability to track and verify ownership of digital assets. This tracking is done on the blockchain and because it’s non-fungible, that means it can’t be altered or replaced. Whether it’s a collectable piece of art, an item in a video game, or the verification of authenticity on an expensive watch, this emerging technology allows people to exchange, track, and monetize all sorts of items with a digital footprint.

The potential use cases for NFTs are vast, from logistics to music to even physical real estate; right now, there are people out there dreaming up applications for NFTs no one else has even thought of. But, in today’s stage of early adoption, collectibles (particularly digital artwork) are far and away the most popular type of NFTs — and the type that are getting the loudest and splashiest headlines. As a result, most markets for NFTs are geared toward these items.

With how fast they are growing, you are likely familiar with the concept of what an NFT is. However, you may not know how (or where) to buy them.

This guide will help you get started. Or, if you’re a more seasoned NFT pro, it will help you refine your acquisition strategy. In this article, we’ve put together a simple step-by-step process for buying your first NFT as well as a breakdown of the top general and niche NFT marketplaces.

NFT basics: A step-by-step guide to buying NFTs

How to sign up for an NFT marketplace

NFTs are, by and large, sold at marketplaces. Most marketplaces will require you to create an account before you can buy any NFTs. The signup process varies on a site-by-site basis. For some, you need to create a profile by providing a username, email, and password or using a single sign-on (SSO) for your Google account. For others, you simply need to connect a web wallet (more on this below).

How to buy NFTs at an NFT marketplace

While some sites accept payment in dollars (USD), most NFT marketplaces use cryptocurrencies as a medium of exchange. The most widely-used crypto is Ether (ETH), the currency for the Ethereum blockchain (as the majority of NFTs are currently built on that blockchain).

No matter what currencies your preferred marketplace accepts, you will need to create a crypto wallet to make purchases. This wallet stores the keys that enable you to access your crypto funds, which are stored in a wallet address on a blockchain. You can use the wallet to sign transactions and initiate deposits and withdrawals of all the supported coins.

There are two broad categories of crypto wallets: software and hardware. Software wallets are known as hot wallets because they are connected to the internet. Hardware wallets are known as cold wallets as keys are stored on a physical device that is not able to connect to the internet on its own. Because they aren’t connected to the internet, cold wallets are generally more secure than hot wallets.

For most marketplaces, you will need a hot wallet to buy NFTs. There are three types you can choose from:

Web wallet: A wallet that you access through a browser extension
Desktop wallet: A desktop application that runs on your computer
Mobile wallet: A mobile application for smartphones

How to set up your web wallet

Most web wallets are simple to set up. After you download the software, you create a new wallet by setting a password that is used to access the account. You are then given a recovery phrase consisting of 12 to 24 words. This phrase essentially serves as a master key and backup phrase for the account.

If you are unable to access your wallet, you can restart the software and enter the recovery phrase to restore the wallet. This helps to prevent you from losing your funds if you were to lose or break your device. But anybody who uses the phrase can gain access to the account, so it must be kept private.

After you write down your recovery phrase you can begin using your wallet.

Setting up a MetaMask wallet

Below we will walk through an example of how to create a MetaMask web wallet. Go to MetaMask and find the extension for your web browser of choice. Once you have downloaded and activated the extension, open it and click Get Started.

On the next page, select Create a Wallet.

Enter a strong password for your wallet, agree to the terms of service and click Create.

After you create your wallet, you will receive your recovery phrase. Again, be sure to write this down and store it in a safe place as it is the only way you can regain access to your wallet.

And that’s it. Once you click Next, your wallet will be ready to use. New MetaMask accounts start with an ETH address. You can add other ERC tokens to your account to deposit and send funds. You can also connect other blockchains like the Binance Smart Chain and integrate all their supported tokens.

Other popular wallet providers for buying NFTs include:

Wallet Connect (supports most hot wallets including Trust and Atomic Wallet)
Fortmatic
Portis
MathWallet

Where do you store the NFTs you buy?

Like cryptocurrencies, any NFTs you buy exist on the blockchain, in the wallet address used to complete the purchase. Most NFT marketplaces sync with your wallet so that you can view and manage your NFT collection from your marketplace profile. When you want to sell your NFT, you can use your account to create an offer or accept bids from potential buyers.

While web wallets hold access to the NFTs, for some the UI does not support NFTs. This means you can not see them in your wallet. MetaMask is one example as NFTs are not natively supported by their desktop extension.

If you want additional security for your NFTs, you can use a hardware wallet in addition to your hot wallet. Popular cold storage devices like Ledger and Trezor work with MetaMask so that you can interact with NFT marketplaces from the protection of your hardware wallet.

Other things you need to know about buying NFTs

Buying vs bidding

NFT marketplaces support several types of transactions. Creators can list their items for sale the same way a merchant would on an eCommerce site. They can also run timed auctions in which the highest bidder gets to purchase the item.

Even when an item is not listed for sale, NFT holders can receive offers from potential buyers. If the offer is good enough, they can choose to exchange the NFT for payment.

Gas fees

If you’re familiar with cryptocurrency, you likely already know what gas fees are. These fees are part of every transaction that involves the Ethereum blockchain. While transaction fees are common, gas fees can be problematic due to their size.

These fees can often run in the hundreds (or thousands) of dollars, even if you are purchasing an item less than three figures in value. Gas can be hard to pin down as the fees fluctuate over time.

In simple terms, the more active the network is, the higher the fees. This means that if a lot of people are trying to buy NFTs at the same time, the fees will be higher for everyone.

You want to be aware of the scope of potential gas fees before making a purchase. Because most marketplaces require you to use a web wallet, you will need to send ETH into your wallet, which will incur its own fee.

If you end up not having enough in your account to complete the transaction you’ll have to send more in (and pay more gas) or try and wait it out for a lower fee.

Verified NFTs

When searching for NFTs, you should look for items from verified collections and artists. Because it is easy to reproduce digital works, many scammers will attempt to create fake versions of popular pieces. The bigger marketplaces will verify collections and display a verification badge on the sales page so that you know it is legit.

The 10 best large NFT marketplaces

Now that you know the mechanics of buying an NFT… where should you go to buy one? We’ve put together this list of the best large NFT marketplaces, each of which is bringing something of value to the table and should have NFTs for all price ranges and investment goals.

1. OpenSea - best for depth of NFT selection

Supported Currencies: ETH, WETH, DAI, USDC
Supported Wallets: MetaMask, Fortmatic, Wallet Connect, Coinbase, Trust Wallet, Portis, Bitski

We start our list with the most widely-used NFT marketplace, OpenSea. If you’ve been trying to discern where your friend got their new profile pic, this is likely the place. Many top collections choose to mint and launch their NFTs on OpenSea. Beyond having a large audience base, the marketplace’s 2.5% commission fees are substantially lower than some of the other markets on this list.

OpenSea is equally attractive from a buyer’s perspective as the intuitive interface makes it easy for people of all experience levels to find NFTs. You can use the Ranking pages to see which collections are trending and each listing has a detailed trading history for that item.

The marketplace works with the most popular web wallets including MetaMask, Formatic, and Wallet Connect. Items are listed in ETH but can be purchased using several currencies including DAI and USDC. After you connect your wallet you can buy and deposit ETH on OpenSea using your credit card.

Any NFTs you buy will appear on the Collections page of your account. There you can manage your items and field offers from prospective buyers.

If you want to manage your NFTs on your phone you can, as OpenSea recently launched a mobile app. The app also lets you browse collections and view marketplace stats. At this time, buying and selling are not available through the app.

In less positive news, the marketplace got into some trouble recently as an executive was outed for insider trading. The head of product was purchasing NFT collections prior to them being listed on the market’s homepage. He would then sell them for a quick profit as the price jumped after the front page listing. The company has acknowledged the incident and has enacted new policies that restrict employees from buying or selling collections that OpenSea plans to promote.

2. Rarible - best for top NFT collections and popular creators

Supported Currencies: ETH, WETH, USD (credit card)
Supported Wallets: MetaMask, Fortmatic, Wallet Connect, Coinbase, Torus, Portis, MyEtherWallet

Rarible is an NFT marketplace that is owned and governed by community members that hold the RARI token (it’s a prominent example of a DAO, or decentralized autonomous organization). Most of the market’s listings are for digital art but you can find items in other categories as well.

Rarible features popular NFTs like PudgyPenguins, Loot, and ArtBlocks, and there are verification badges for collections to help prove authenticity. You can follow your favorite artists to view all their created works and the NFTs they have purchased themselves.

Rarible allows you to buy items instantly using ETH or a credit card. You can also place bids on both listed and unlisted items. After you purchase an NFT, you can manage your items within your Rarible account.

3. Super Rare - best for shopping the world’s top artists

Supported Currencies: ETH, RARE
Supported Wallets: MetaMask, Fortmatic, Wallet Connect

Super Rare is another NFT marketplace centered around digital art. Unlike Rarible and OpenSea, the market consists primarily of single-edition pieces instead of multi-set collections. Only select artists can list their artwork, helping to ensure that all items are of good quality.

Like a popular art gallery (or even art movement!) in real life, Super Rare has an active and passionate community. There are frequent exhibitions, projects, and special releases from featured artists. Sellers can list items for instant purchase or receive offers from potential buyers. The platform also supports live auctions where buyers have a specified amount of time to bid.

To buy an NFT on SuperRare you need to create an account with an email address and password. After that, you can connect your wallet and find the NFTs you want to buy. The marketplace has less robust discovery features compared to OpenSea but you can still filter items by price, listing type, and mint date.

4. Mintable - best large marketplace for music and game items

Supported Currencies: ETH, ZIL, USD (credit card)
Supported Wallets: MetaMask

Mintable is an NFT marketplace (and a DAO you can buy into to vote on the future of the platform) featuring a wide range of items including artwork, collectibles, music, video game objects, videos and domain names. There is a mix of single edition and collection items, and sellers can list items for immediate purchase or run an auction to find the highest bidder.

You can pay for NFTs using both cryptocurrency or your credit card. To purchase NFTs on Mintable you need to create and connect your wallet; then any items that you buy will appear in your Mintable account for you to manage and list for resale when the time comes.

5. Nifty Gateway - best marketplace for buying in USD

Supported Currencies: USD
Supported Wallets: n/a

Nifty Gateway is an online market for digital art NFTs, or as they call them, Nifties. Items are only available from authorized sellers so the marketplace has a high bar for quality. The platform offers frequent NFT drops and a schedule you can view to find new NFT releases to buy before they sell out.

Once NFTs are on the secondary market, sellers can run auctions or list their items for instant purchase. If you are interested in an item that is not for sale, you can set a price alert to get notified when it is listed for sale. You can also sign up to receive notifications for any new binds on the item.

Unlike most of the other NFT marketplaces on this list, Nifty Gateway does not currently accept cryptocurrency. All items are denominated in USD and you need to pay using a traditional fiat-based method (credit or debit card).

Even though purchases are made in USD, NFT purchases are still securely stored on the Ethereum blockchain. Nifty Gateway makes it easy to transfer any items you purchase to your own private wallet.

6. DMarket - best large marketplace for video game NFTs

Supported Currencies: BTC, ETH, LTC, USD
Supported Wallets: DMarket wallet, MetaMask (coming soon)

DMarket is an online marketplace for video game NFTs and other virtual in-game items. The marketplace integrates directly with the Steam gaming platform so any items you purchase are automatically synced with your Steam account.

You can find NFTs for popular games like Dota 2 and Counter-Strike. The top NFTs at DMarket generally are lower in price compared to NFTs at other markets on this list. Instead of art pieces drawing upward of four-figure sums (or higher), there are weapon skins and character clothes that you can buy for a few dollars.

To buy items on DMarket you need to create a DMarket account. You can sign up using your email or you can connect your Steam account. After that, you need to fill up your DMarket wallet before you can place any orders or bids.

There are a variety of funding methods you can choose including Bitcoin, Litecoin, Ethereum, Skrill, or debit/credit card. Once you buy some items you can manage, trade, and sell your inventory directly within DMarket.

7. MakersPlace - best marketplace for art drops

Supported Currencies: ETH, USD
Supported Wallets: MetaMask, Coinbase

MakersPlace is an NFT marketplace with single and multi-edition digital art pieces. Most of the artwork is dynamic but you can find static images as well. Like other marketplaces on our list, MakersPlace offers a strong sorting and filtering functionality to make it easy to find pieces that match your needs.

MakersPlace features a mix of auctions, drops, and for-purchase items. Buyers must create an account using their email or an SSO for Google or Facebook to access the platform. You can then purchase items with your credit card or with ETH.

8. Foundation - best for rare digital artwork

Supported Currencies: ETH
Supported Wallets: MetaMask, Wallet Connect

Foundation is another marketplace that focuses primarily on digital artwork. Pieces in the marketplace are listed at a reserve price. Once a buyer places a bid at or above this price, a 24-hour auction for the item begins.

And if you’re getting burned out on creating accounts for all of these different marketplaces, you can buy NFTs on Foundation without having to create an account. You simply need to connect your web wallet and place your bids. All items are listed and paid in ETH.

9. KnownOrigin - best for finding up-and-coming artists

Supported Currencies: ETH, USD (credit card)
Supported Wallets: MetaMask, Wallet Connect, Fortmatic, Portis, MathWallet

KnownOrigin is an NFT marketplace featuring a collection of digital artworks from world-class artists — even up-and-coming artists who aren’t famous but are creating great stuff. Most of the pieces are single edition but you can find multi-edition sets as well.

The KnownOrigin marketplace features frequent drops to keep the community active and give users the chance to get pieces before they hit the secondary market. To buy a piece, you need to connect your web wallet. You can then pay using ETH or your credit card.

10. Curate - best for low fees

Supported Currencies: XCUR, USDXC, ETH
Supported Wallets: Own

Curate is an NFT marketplace featuring artwork, video game items, and other digital goods. If you’re not a fan of excessive gas fees, Curate may be right for you. The marketplace is entirely gasless so you don’t need to worry about paying more in fees than you do for your NFT.

Curate was originally only available through its mobile app but the platform just recently unveiled a desktop app. All items are listed and settled using Curate’s XCUR token. When you create a Curate account you will receive an XCUR wallet to deposit funds to use for purchases.

Keep an eye on Curate going forward. With free minting, low commissions compared to other marketplaces, and the upcoming support for physical goods, look for many talented creators to start listing their work on Curate.

Other notable general/large NFT marketplaces

The 10 best NFT niche marketplaces

The marketplaces we’ve just discussed are larger, more general spots to buy NFTs. But not all NFT marketplaces are like department stores; some specialize in very specific NFTs targeted at one niche or fan base. Some also use less common cryptocurrencies than the large marketplaces featured above. Here are 10 of those more niche marketplaces that are also great places to buy.

1. NBA Top Shot

Supported Currencies: BTC, ETH, BCH, DAI, USDC

NBA Top Shot is a marketplace where you can buy and sell NBA and WNBA digital collectibles. Most of the NFTs are short highlight clips. The edition sizes are on the larger side, helping to keep the price for individual items lower.

To use the marketplace, you need to create an account and verify your phone number. After that, you need to deposit fiat or cryptocurrency into your account to use for purchases. When you buy an NFT you can manage and resell your items within your Top Shot account.

2. Axie Marketplace

Supported Currencies: ETH
Supported Wallets: Ronin Wallet, MetaMask

Axie Infinity is currently the most popular play-to-earn crypto game. Players can earn the Axie Infinity Shard (AXS) and Smooth Love Potion (SLP) tokens by completing tasks in the game. The main focus is breeding, raising, and battling pet-like characters known as Axies.

Axies, land, and other items in the game are stored on the Ethereum blockchain as NFTs. Owners can list these various items for sale on the Axie Marketplace — meaning this joins Roblox and a small handful of other video games as games where you can make some serious real money. To purchase an NFT, you need to create a Ronin Wallet and set up an Axie account.

3. NFT Showroom

Supported Currencies: SWAP.HIVE

NFT Showroom is a digital art marketplace built on the Hive blockchain. Most of the listings are single-edition dynamic pieces. Items are sold through both instant purchases and scheduled auctions. All prices are listed and paid in SWAP.HIVE.

To buy artwork from NFT Showroom, you need to create an account on the Hive blockchain. You will also need to download the Hive Keychain browser extension to be able to log into your account when using the marketplace.

4. Decentraland

Supported Currencies: MANA
Supported Wallets: MetaMask, Wallet Connect, Fortmatic

The Decentraland Marketplace is an NFT shop for the virtual world Decentraland. Resources in the game are stored as NFTs, allowing players to have ownership over the items they acquire. They can then list their items on the marketplace for bids or immediate purchase.

Items are listed and paid in the Decentraland cryptocurrency MANA. You can quickly buy any NFTs you find interesting by connecting your preferred web wallet. This web wallet is also how you connect to and play the Decentraland game. Because of this, any NFTs you buy from the marketplace are instantly ready for you to use in-game.

5. Autograph / DraftKings Marketplace

Supported Currencies: USD
Supported Wallets: DraftKings Wallet

Autograph.io is a niche NFT marketplace co-founded by Tom Brady that works with top athletes (including Tiger Woods, Wayne Gretzky, Simone Biles, Tony Hawk, Naomi Osaka, and Derek Jeter) to create and sell limited-edition digital collectables.

Autograph is a part of the DraftKings Marketplace, which is aiming to be a broader sports-related NFT marketplace (at the present, however, DraftKings Marketplace is only selling NFTs from Autograph).

6. Enjin Marketplace

Supported Currencies: ENJ
Supported Wallets: Enjin Wallet

The Enjin Marketplace is an online shop for video game NFTs and other digital collectibles. Most of the items are from games that use the Enjin blockchain platform, but you can find some artwork and other interesting items with enough browsing.

The marketplace makes it easy to track the transaction history and circulating supply for all the listed items. Transactions occur using the ENJ token. After you find an item you like, you can buy it by connecting your Enjin Wallet and scanning the QR code.

7. Venly

Supported Currencies: USD

Venly is an NFT marketplace for buying and collecting digital art, in-game items, and other collectibles. There are items available on multiple blockchains including MATIC, BSC, and AVAX. Sellers can list their NFTs with buy now or quick bid options.

To purchase an item, you need to create a Venly account. All items are listed and paid in USD. When you create an account, you will get an ETH address you can use to deposit USDC. Venly also allows you to top up funds via PayPal.

8. Async

Supported Currencies: ETH, USD
Supported Wallets: MetaMask, WalletConnect

Async is an NFT marketplace for dynamic digital artwork and music. The artwork consists solely of single editions, however creators can create several ownable layers for a single piece (known as the Master piece).

If you own a layer of a piece you can initiate state changes that alter the appearance of that layer. This ultimately changes the look of the master artwork.

Sellers can host an auction date or list their items for instant purchase. All NFTs are listed and paid for in ETH. After you create an Async account, your profile will have an ETH wallet you can deposit funds into. You can also connect to popular web wallet providers like MetaMask.

9. PlayDapp

Supported Currencies: ETH, PLA
Supported Wallets: MetaMask, Wallet Coinbase, Portis

PlayDapp is an NFT marketplace for items in a variety of blockchain video games on its own PlayDapp platform (including CryptoDozer and others). You can find everything from playable characters to resource packs and land. The platform is multi-channel, featuring support for both Ethereum- and Polygon-based NFTs.

To use PlayDapp, you need to connect a web wallet. Most items are listed with ETH as the price, while a few are listed in the PlayDapp token PLA. You can manage your collection in PlayDapp to see the stats for your items and field offers from potential buyers.

10. Atomic Hub

Supported Currencies: WAX
Supported Wallets: WAX Cloud Wallet

Atomic Hub offers digital NFT collectibles across the WAX and EOS blockchains. There are also plenty of items from various blockchain games. Like other markets with collectibles and game items, you can find NFTs across all price ranges.

Atomic Hub transactions are made using the WAX cryptocurrency. To purchase an NFT, you need to create an account using a WAX Cloud Wallet.

Other niche NFT marketplaces

The latest in NFT marketplace news (December 2021)

As you can see, there is no shortage of places to buy quality NFTs. Whether you’re looking for the next art collection to take the world by storm or that special item to give you an edge in your favorite game, you are sure to find what you need.

As you build your collection, it’s important to stay up to date on what’s happening in the world of NFT marketplaces — and there’s a lot happening in that world all the time. Here are some of the big recent developments in the space in October 2021:

NFTs have become a $27 billion segment of the crypto market at the end of 2021.
A 12-year-old girl made $1.6 million by selling her original NFTs.
Miramax has sued Quentin Tarantino over his plan for Pulp Fiction NFTs.
As big as NFTs may be to a lot of us, only 2% of Americans say they're interested in receiving them as holiday gifts this year.
USA Today sees big things for NFTs in 2022, including new connections between fans and creatives.

Written by Brad Taylor

Bradley is a content writer specializing in commerce and crypto.