NFT Marketplaces
NFTs (non-fungible tokens) are unique virtual items recorded on a blockchain. They can take many forms — from in-game items and skins, to collectible cards, to one-of-a-kind digital art.
Where to buy NFTs?
Before choosing a platform, it's worth checking reviews of NFT marketplaces — they differ in fees and features. Below are the most important ones.
OpenSea
The largest peer-to-peer NFT marketplace, launched in 2017. It supports buying and selling based on the Ethereum, Polygon, and Klaytn blockchains — transactions on Polygon don't require gas fees. Using the platform requires a crypto wallet (such as MetaMask, Coinbase Wallet, or Trust Wallet) and funds in ETH for your first purchase. Creators can set royalties (a resale fee), and minting NFTs itself is free — the platform charges a transaction fee on sales (currently around 1%, though it's worth checking the OpenSea site, as it changes from time to time).
Blur
An NFT marketplace geared toward active traders, running on Ethereum. It charges no marketplace fee (0%), and its edge lies in advanced tools — real-time floor price analytics, batch listing and bidding, and the Blend lending protocol, which lets users borrow funds against NFT collateral. Because of its user profile (traders rather than collectors), Blur has far fewer monthly active users than OpenSea, but it still generates significant trading volume.
Magic Eden
The largest NFT marketplace for the Solana blockchain, launched in 2021. In 2026 the company narrowed its focus to Solana alone, winding down its earlier support for Bitcoin Ordinals/Runes and EVM-compatible networks (such as Ethereum) — if you hold older NFTs from those networks on Magic Eden, check the platform's current migration status before taking any action. Using the marketplace requires a Solana-compatible wallet (such as Phantom).
How to get started?
To buy your first NFT, you need a crypto wallet and funds in a cryptocurrency supported by your chosen platform (usually ETH). Selling your own NFTs, meanwhile, requires patience — some marketplaces charge a small fee for listing an item, so it's worth checking all the costs carefully before listing.
Risks and scams in the NFT market
The NFT market — especially during the minting phase of new collections — can be a target for “rug pull” scams: creators build hype around a project, collect funds from sales (the mint), then disappear with the money, deleting the website and social media accounts while the purchased tokens lose their value. Typical warning signs include an anonymous team with no verifiable track record, promises of guaranteed high returns, time pressure (“last spots remaining”), and a lack of any project documentation beyond a Discord or X account. Fakes of well-known collections and phishing sites that closely mimic real platforms also occur — always check the collection's contract address and the platform's entry link rather than clicking links from private messages.
Tax on NFT sales
In many jurisdictions, NFTs are not treated the same way as plain cryptocurrency for tax purposes — the simplified, flat-rate regime described in our guide to crypto tax often doesn't cover them. Income from selling an NFT is commonly treated as ordinary income or a capital gain from property rights, under general tax rules, which can mean different deadlines and reporting methods than for cryptocurrency itself. This is a complex area where the correct treatment can depend on factors such as transaction frequency or whether the activity counts as a business — when in doubt, consult a tax advisor in your jurisdiction before filing.
Frequently asked questions
What are NFTs?
An NFT (non-fungible token) is a unique record on a blockchain confirming ownership of a specific digital item — it can be an image, an in-game item, a collectible card, or a plot of land in a virtual world.
Where can I buy NFTs?
The most popular peer-to-peer marketplace for trading NFTs is OpenSea, which supports Ethereum and Polygon, among others. Other marketplaces exist too, such as Blur (geared toward active traders) or Magic Eden (focused on the Solana blockchain).
Do I need to pay tax on NFT sales?
In most jurisdictions, income from selling NFTs for fiat currency or crypto is taxable, though the rules often differ from those covering plain cryptocurrency sales — some countries treat NFTs as property or collectibles rather than currency, which can mean different rates and reporting requirements. Tax treatment varies significantly by country, so check your local rules or consult a tax advisor before filing.
How can I spot a rug pull scam with NFTs?
Typical warning signs include an anonymous team with no verifiable track record, promises of guaranteed high returns, time pressure to mint quickly, and a lack of any project documentation beyond a social media account. Always check the contract's history and community activity before buying.