How To Buy NFT (Non Fungible Tokens) in UAE?

Page Summary

The best NFT marketplaces for UAE residents are OpenSea, Rarible, SuperRare, Nifty Gateway, and NF Trade. OpenSea has the lowest fees for NFT network purchases. Rarible allows low-cost peer-to-peer transactions. SuperRare has the best-curated content.

Each NFT marketplace has strengths and weaknesses. This article discusses how to buy NFT tokens in the UAE.

Best NFT Marketplaces:

OpenSea – Best Fees For Buying NFT Tokens
Rarible – Best Fees For Peer-To-Peer Transactions
SuperRare – Best Curated Content
Nifty Gateway – Best Prestigious Listings
NF Trade – Best For Cross-Chain Hidden Gems

RANK	BROKER	GENERAL	BEST FOR
#1	OpenSea	Impressive art selection	Best Fees For Buying NFT Tokens
#2	Rarible	Best analytics	Best Fees For Peer-To-Peer Transactions
#3	SuperRare	Allows to connect; Fortmatic, MetaMask, and Wallet Connect	Best Curated Content
#4	Nifty Gateway	Top choice for original collections	Best Prestigious Listings
#5	NF Trade	Budget-friendly and offers access to verified listings	Best For Cross-Chain Hidden Gems

Our Top 5 NFT Marketplaces are:

01. OpenSea: Best Fees For Buying NFT Tokens

OpenSea is the leading and most advanced NFT marketplace. Famous artists list and showcase their artwork with this platform. The main advantage of Opensea is its smooth access to an impressive art selection. OpenSea has low-commission fees and the biggest NFT art collection.

02. Rarible: Best Fees For Peer-To-Peer Transactions

03. SuperRare: Best Curated Content

SuperRare is a top choice for art enthusiasts. It hosts many interesting digital art collections. It allows only three crypt wallets to connect, Fortmatic, MetaMask, and Wallet Connect. SuperRare offers some of the best-curated content.

04. Nifty Gateway: Best Prestigious Listings

05. NF Trade: Best For Cross-Chain Hidden Gems

NF Trade is a new marketplace with an excellent reputation. It is budget-friendly and offers access to verified listings. NF Trade supports many blockchains, including Solana and Avalanche. It is a top choice for cross-chain hidden gems.

What Are NFT Tokens?

NFTs are digital creations that already exist in some form elsewhere, like iconic video clips from NBA games. Anyone is able to view the images or the collage of images online for free. NFT lets the buyer purchase the original item and receive built-in authentication as proof of ownership. Collectors value these digital rights more than the item itself.

Non Fungible Tokens use technology and computer science to offer significant advantages. They offer uniqueness, originality, ownership, convenience, and transfer speed. The characteristics and features come from the blockchain technology they live on.

How are NFTs Different From Cryptocurrencies?

Cryptocurrencies are fungible which means every Bitcoin is worth exactly the same amount as every other Bitcoin. Cryptocurrency blockchains function like fiat money where you can use the crypto coin to make purchases, investments, and transfer funds.

NFTs use the same blockchain technology as cryptocurrencies but their functions and uses are different. NFTs are “non-fungible.” “Non-fungible” means “unique” or “cannot be exchanged.”

Every NFT has a unique digital signature that makes it impossible for it to be equal to any another. They are not equal in value and never can be. In practice, NFT blockchains function like registries or listings of unique items like art, music, or real estate. Non Fungible Tokens are not a cryptocurrency, but users can buy NTFs using cryptocurrencies.

How Does an NFT work?

NFTs exist on a blockchain, typically held on the Ethereum network. An Non-Fungible Token is created from digital objects resembling tangible or intangible items, including art, music, videos, and collectibles. The value of those tokens exists in the verifiable and exclusive ownership rights inherent in the unique digital signature of the NFT. They have only one owner at a time. This makes it easy to verify their ownership.

What are NFTs used for?

NFTs allow artists and content creators to monetise their work without an intermediary. For example, artists no longer need a gallery to set the price and sell their art. They sell their product directly to the consumer as an NFT. Artists use the royalties program to receive a sales percentage every time a new users buy their art.

In 2021, NFTs are used for digital art sales, but they might take the form of GIFs like the Nyan Cat, Twitter Posts like a screenshot of Jack Dorsey’s first twitter post, or even when celebrities like Snoop Dog release unique memories and moments as secured NFTs.

Should You Buy NFTs?

If you have no experience in investing we do not recommend to buy NFTs. They are volatile and risky. Their future is unpredictable, and we don’t have a long track record to evaluate their performance. It might be worth investing small amounts to try them out. Investing in Non Fungible Tokens remains a personal decision. Remember that their value depends on what someone else is willing to pay for it, much like physical collectors’ items such as basketball cards. Demand will drive the price, and their popularity will establish its value. Non Fungible Tokens are subject to capital gains taxes. They’re considered collectibles, and they may not get the preferential long-term capital gains stocks do. Cryptocurrencies used to buy this tokens are subject of taxation if they increased in value since you bought them. It is best to discuss your financial status with a tax professional before investing in NFTs.

Where To Buy NFTs?

Different NFT marketplaces cater to different needs. Some offer a variety of tokens, from art to trading cards. Others focus on niche branded collectibles like the NBA Top Shot. Some of the most popular NFT marketplaces are OpenSea, SuperRare, and Rarible.

How To Buy NFT Tokens In UAE?

Step 1: Open an account with a cryptocurrency exchange
UAE residents without a US or European Bank account need to start with a BitOasis account. Based in Dubai they accept credit-card payments in AED.

Set up an account on BitOasis’ official website. You’ll create a profile with your name, address, and password. You’ll have to verify your account with a one-time passcode sent via SMS.

Step 2: Purchase Cryptocurrency
After you verify your account, you can buy your preferred cryptocurrency. BitOasis offers access to many digital coins, including Bitcoin, Ethereum, Ripple, and Tether. Our top recommendation for buying NFTs is Ethereum.

Step 3: Connect Your Cryptocurrency Wallet
A virtual wallet is necessary to buy NFTs from providers like OpenSea. We recommend you open a MetaMask wallet as it is a top choice for most marketplaces. It is a straightforward process if you use the Chrome browser. There is also an app for iOS or Android. After you install the extension or app, your wallet becomes active on the Ethereum mainnet network. This activation means it’s ready to receive currencies and digital assets.

Step 4: Transfer Ethereum From BitOasis To Your MetaMask Wallet
With your MetaMask wallet activation, you’ll receive an ETH wallet address. Return to your BitOasis account to transfer the Ethereum you purchased to your MetaMask wallet.

Under the Ethereum holding, you’ll see the quantity of ETH you currently own and its current AED value. Click on ‘Buy’ and paste the address field for your wallet on the dedicated section. Enter the amount you wish to transfer.

Step 5: Choose Something To Buy
When you decide what you want to buy, you can either make an offer or click on “Buy Now.” This will synchronize with your MetaMask wallet and complete the purchase in your name.

Step 6: Keep, Transfer, Or Sell NFTs
ETH ledger processes and validates your transaction. At this point, you might consider keeping, transferring, or selling your NFTs. Users might opt for transferring the art to a MetaMask wallet for safekeeping and browsing. It depends on your preferences and expectations.

Summary

OpenSea, Rarible, SuperRare, Nifty Gateway, and NF Trade are the best NFT marketplaces for UAE residents. OpenSea is our top choice because of its straightforward interface and low fees. Rarible is an excellent choice for low-cost peer-to-peer transactions. We recommend NF Trade for cross-chain hidden gems.

FAQ

Are NFT Tokens Safe?

NFTs exist on a blockchain and are very secure. Your wallet uses a private key for the NFT contract, a mnemonic key, or a wallet password when changing ownership of NFT contracts. The only point of security risk is your wallet. If someone gains access to your wallet, they can steal your NFTs. If that happens, you cannot get them back. Your crypto-assets are as safe as your network and computer. It is best to consider cold storage solutions for your blockchain private keys. Check out our in-depth articles for more information about cold storage.

Which Are The Advantages Of NFT Tokens?

NFTs are unique contracts on blockchains with many benefits. These use cutting-edge technology and superior security measures. NFTs focus on uniqueness, connectedness, and ease of transfer.

What Are The Disadvantages Of NFT Tokens?

There are some disadvantages to NFTs in 2021. For example, NFTs are a new technology which means a steep learning curve for inexperienced users. Many new NFT projects and marketplaces experience glitches and periods of no access to the blockchain. Check our in-depth reviews to learn more about NFT tokens, their value, and safety.

Disclaimer

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Stefan Grasic

Stefan Grasic (Dipl.-Jur) is the owner of Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active stock, CFD, crypto and general investment researcher, advising blockchain companies such as Blockbird, GoCrypto, Hive Terminal at their start up level. Stefan began trading in 2010 as a college student. Money was tight,…