Six Things To Consider In The NFT Marketplace As A Buyer

NFTs marketplaces are platforms where NFTs can be stored, displayed, traded and in some cases minted (created). Think of it as similar to Jumia and Konga where goods are displayed. However, in the case of NFT marketplaces, they are not just stores to buy and sell digital art. They have several communities where artists, creators and collectors can meet. Alas, there are many of them to choose from making it difficult to find the right one. If you are looking for an NFT marketplace to buy NFT, here are six things to Consider.

Single vs. Multiple Projects: Some marketplaces support only one project. That means there is only one project for one artist on the platform. For example, marketplaces such as Axie Infinity, CryptoPunks, NBA Top Shot, and Mobox support one project. The advantage to this is that they have lower gas fees. Hence they are ideal for those who don’t have a large budget or are a beginner collector. On the other hand, multiple projects mean that the platform supports different projects by one artist. The NFT marketplaces here are on Ethereum and had high gas fees. Examples include OpenSea, Rariable, SuperRare etc

Information Provided by NFT Marketplaces: Some products require their specifications listed e.g electronic gadgets. NFTs are also like that. The specifications are information about the product, in this case, digital Art. A good NFT marketplace must be able to provide buyers with complete information about the projects. The information can be the number of NFTs available for purchase by an artist, the price of each NFT etc.

Security: NFTs are purchased with cryptocurrencies. A marketplace susceptible to hacking means that it is not secure for buyers. Through the marketplace, buyers’ wallets I.d may be exposed to hackers and they may end up losing money. Hence, a good NFT marketplace needs to have a highly secure environment to protect the creators as well as the buyers. A buyer should check if a marketplace has advanced encryption of some private information, require identity verification and provide insurance for transactions to prevent fraud.

Advanced Search Functions: A marketplace is filled with all kinds of NFTs. This makes finding pieces you will like difficult. What makes this easy is the advanced search functions. It gives collectors quick access to reliable and accurate data. Again, a good marketplace should provide more visual data to give players a clear understanding of what is happening in the marketplace as well as to aid in determining which NFTs are more worthy of investment. Lastly, it should have different search functions to meet the needs of buyers, e.g. specific names, types, or creators.

The Convenience of a Digital Wallet: just like single or multiple project support, some NFT marketplace support several wallets while others support one. Multiple wallets mean that the marketplace will also allow multiple payment options. This is helpful if a buyer wants to buy NFTs with the payment method he uses via his crypto wallet.

Marketplace Rating: Lastly, before you choose any marketplace or product, it’s important to check the reviews. A review gives you a better idea of other people’s experiences, allowing you to make an informed decision and what you can expect.

Bottom line

The rave about NFTs will continue and many new marketplaces are likely to be created. With the many available options for creators and buyers, choosing the right marketplace can help you find the right NFT while getting higher returns.