NFT Trading is the latest trend among traders across the globe. NFT sales are up by over 700% this year and nothing seems to stop the NFT hype. If you want to get started with NFT trading you will find all the information you need in this guide.
We will discuss the best NFT trading platforms in UAE and outline their pros and cons. Read on to find out what the best NFT apps in UAE are.
Best NFT Trading Platforms and Apps in UAE
- OpenSea – Largest NFT marketplace by sales and user accounts
- Axie Marketplace – Best NFT trading platform for Axie Infinity NFTs
- Larva Labs – Best NFT app for CryptoPunks trading
- NBA Top Shot – Best NFT trading platform for basketball NFTs
- Rarible – Best DeFi NFT marketplace
- SuperRare.co – Best NFT app for unique digital collectibles
- Atomic Market – Best NFT app for sharing liquidity
- Foundation – Best NFT app for royalty-based sales
- Aavegotchi – Best DeFi staking app for NFTs
- MakersPlace – Best NFT app for exclusive content creators
Reviews of the Best NFT Exchanges in UAE
You will find more information about the best NFT trading platforms and apps in UAE below.
01. OpenSea – World’s Largest NFT Marketplace
OpenSea is the ideal NFT marketplace to get started with NFT trading. Over $10 billion in NFTs have changed hands so far on their platform. OpenSea enlists all kinds of NFTs like in-game items, digital artwork, music, GIFs, and more.
On OpenSea it is not only possible to buy or bid on NFTs. You can also upload NFTs that you have made yourself and sell these or put them up for auction. The OpenSea NFT Library consists of thousands of available NFTs. People trade NFTs in Ethereum on OpenSea, but sometimes in other cryptos like Solana.
02. Axie Marketplace – Best NFT trading platform for Axie Infinity NFTs
On the Axie Marketplace users can buy and sell Axies. These are digital creatures useable in a play-to-earn game called Axie Infinity. The Axie Marketplace runs on Ethereum and Ronin blockchains and owners of Axie NFTs are partial owners of the gaming platform. People cannot trade Axies on other platforms than on the Axie Marketplace. To date, the Axie Marketplace sold more than $2,64 billion worth of Axies.
The Axie Infinity play-2-earn game requires players to have at least 3 Axies to play. They can then ”battle” each other and earn crypto for doing so. About 1,5 million players play this NFT crypto game daily and it’s getting more popular by the day.
03. Larva Labs – Best NFT trading platform and app for CryptoPunks Trading
Larva labs is an NFT app and trading platform where you can buy and sell popular NFTs like CryptoPunks. Larva Labs runs on the Ethereum blockchain and has sold over $1,5 billion worth of NFTs. Users can play an NFT game called Road Trip with their NFTs on the website and via the app.
Lava Labs is working on a project called Meebits, a voxel-based NFT platform with unique tracing capabilities. Users can buy and sell CryptoPunks by connecting their MetaMask wallet to the platform. It is not possible to upload your own NFTs on Larva Labs.
04. NBA Top Shot – Best NFT trading platform for basketball NFTs
NBA Top Shot is the best NFT trading platform for basketball fans. Via this blockchain-based app, you can trade basketball clip NFTs. The app makes these video clips from National Basketball Association (NBA) championship matches. Users can then buy and sell tokenized digital trading cards featuring these clips. One can only buy and sell the clips the platform made and no other NFTs. It is possible to connect crypto-wallets like Binance’s Trust wallet and MetaMask to your NBA Top Shot account.
The basketball NFTs are not only sold in Ethereum on NBA Top Shot. Users can also pay with other cryptocurrencies and buy NFTs with credit cards. Users have sold for over $700 million in NFTs via the NBA Top Shot NFT app so far.
05. Rarible – Best DeFi NFT Marketplace
Rarible is the best decentralized NFT marketplace. This means there are no third parties involved and users trade NFTs with each other. On Rarible users can trade digital collectibles like GIFs, short videos, art, cards, cartoons, and audio clips. One of the best features of Rarible is that all NFTs on the platform are ‘lazy minted’. This means that Rarible hosts the NFTs and tokenizes them when a buyer shows interest. Sellers and NFT creators don’t pay high gas fees this way and the buyer pays for the minting process.
Rarible rewards user activity with RARI governance tokens. These ERC-20 tokens act as the native token of the Rarible platform like Binance’s BNB for the Binance crypto exchange. At the time of writing Rarible has a trading volume of over $250 million.
06. SuperRare.co – Best NFT app for Unique Digital Collectibles
SuperRare is a new NFT app that focuses on exclusive digital collectibles. It features 3D art, video clips, and high-quality GIFs. SuperRare vets each artist before featuring their NFTs on the platform. They also charge a fee of 15% on each sale. SuperRare rewards Digital artists via a royalty program that pays them percentages of future sales of their digital art.
SuperRare has its own $RARE ERC-20 token, which acts as a governance token within the platform. Users can connect their Fortmatic, WalletConnect, or MetaMask wallet to trade the NFTs. If you want to buy exclusive NFTs SuperRare is the right platform.
Atomic Market is a unique NFT app that runs on the EOSIO protocol. This protocol enables a low-cost, energy-efficient, and scalable framework for dApps. Users don’t pay high gas fees on this NFT marketplace because of this. The app functions as a shared liquidity platform for NFTs. This means that all NFTs listed on Atomic Market are also listed on other NFT marketplaces.
Digital artists can create their own NFTs and upload them to Atomic Market. The platform will then showcase these NFTs both on Atomic Market and other popular NFT marketplaces. Users can connect their WAX Cloud, Anchor, and Scatter wallets to trade NFTs in Ethereum. Atomic Market has sold over $100 million in NFTs to this day.
08. Foundation – Best NFT app for royalty-based sales
Foundation is an NFT app that anyone can use. It doesn’t only feature NFTs by well-known digital artists, but also smaller unknown ones. Users can upload all kinds of NFTs on the platform, ranging from digital art to video clips. Foundation charges a 15% commission for minting NFTs on their platform. Users can earn some of these fees back through a 10% royalty gain on resales of their art.
Users can buy NFTs with PayPal on Foundation. This is unique as most other NFT marketplaces only accept crypto (ETH) payments. It is possible to connect MetaMask and WalletConnect to Foundation and users can move their bought NFTs from the platform.
09. Aavegotchi – Best DeFi staking app for NFTs
Aavegotchi is a unique play-to-earn NFT game. Users buy Aavegotchis and equip them with in-game items. These items are tokenized and users can trade them for crypto. With Aavegotchi users can stake their digital tokens to earn interest on their NFTs. Aavegotchi runs on the Polygon network, which uses layer-two Ethereum blockchain technology.
Users can connect their WalletConnect, Venly, and Portis wallet to trade Aavegotchi NFTs and tokenized digital items. There are play-to-earn guilds that people can join to play the game and earn crypto together.
10. MakersPlace – Best NFT app for exclusive content creators
MakersPlace is an NFT marketplace for exclusive content creators. NFTs uploaded on MakersPlace are not featured on other NFT marketplaces. On MakersPlace you will find NFTs from famous artists only like Beeple. You can connect your MetaMask, Coinbase, or Trust Wallet to buy NFTs on MakersPlace. The available payment methods are crypto, PayPal, and credit cards.
If you are a digital artist you can only join the platform if an existing creator sends you an invitation link. MakersPlace charges a 15% commission on every sale but rewards content creators with a 10% royalty on resales.
Related: best crypto exchange in UAE overall
What is an NFT trading platform or app?
An NFT trading platform or app is a place where you can buy and sell non-fungible tokens. These are non-duplicatable unique tokens. The ownership of these tokens is registered on the blockchain. Users can see other people’s NFT collections and buy or place bids on their NFTs via an NFT trading platform. If you own NFTs, other users can see your NFT collection via an NFT trading platform or app and buy them from you.
NFTs are a way of storing valuable data on the blockchain. NFT investors trade NFTs to grow their cryptocurrency portfolio and wealth. NFT trading is like physical art trading in some ways. It is possible to invest in NFT coins or NFT tokens. This way you invest in NFT projects without buying NFT art. NFTs are part of Web 3.0 or the MetaVerse.
How do NFT trading platforms and apps work?
NFT trading platforms and apps allow users to trade and mint NFTs. The NFT trading platforms and apps showcase the latest, most popular, and most expensive NFTs to generate buyer interest. Users can browse NFT platforms to search for investment opportunities or try to sell their own digital art.
To get started using NFT trading platforms and apps you have to do the following:
- Create an Ethereum wallet (MetaMask and Trust Wallet are the most common ones)
- Create an NFT Marketplace account at your preferred NFT trading platform or app
- Deposit Ethereum into your NFT trading account
- Buy or bid on NFTs you want to add to your NFT collection
How to buy NFTs on a trading platform or app?
You buy NFTs on a trading platform or app by selecting the NFT you want to buy and paying the asking price in Ethereum or another cryptocurrency for it. You do this by connecting a crypto wallet to your NFT account and transferring the required crypto from your wallet to the seller’s wallet. In most cases, the platform does this for you when you click the ‘buy’ button.
Most NFT transactions take place in Ethereum, so you will need Ethereum before you can buy NFTs. We will tell you how to buy Ethereum so you can get started with NFT trading below.
Step 1: Sign up for an eToro account to buy Ethereum
On the eToro trading platform, you can buy Ethereum with a credit card, PayPal, or by bank transfer. eToro has a built-in wallet where you can store your Ethereum before sending it over to your preferred NFT Marketplace.
Go to the eToro website and click on ‘Start Investing’.
You will need to enter your personal details or connect with eToro with your Google or Facebook account.
Step 2: Verify your Identity
eToro has a KYC procedure in place and will ask you to verify your identity. You do this by uploading a photo of your driver’s license, passport, or national ID card. Apart from your identity you also need to submit proof of address. Upload a photo of a recent utility bill or bank statement to do so.
Step 3: Deposit funds
On eToro you can buy Ethereum and other cryptos for $50 or more. You can fund your account using one of the following payment methods:
– Bank wire transfer
– Credit cards like Visa or MasterCard
– E-wallets like PayPal, Neteller, or Skrill
Step 4: Buy Ethereum
Once you have funded your account you enter ‘ETH’ in eToro’s search feature. Click on ‘trade’ and fill in how much ETH you want to buy. You then click on ‘Open Trade’ to complete the transaction. Now you will have Ethereum in your eToro crypto wallet.
Step 5: Sign up at an NFT trading platform or app
Choose one of the best NFT trading apps or apps and register an account. We recommend signing up at OpenSea, unless you want to trade specific NFTs like Axies or basketball NFTs.
Step 6: Buy your NFT
Use the search bar to find an NFT of your liking. Once you have found one that you want to buy, send the Ethereum from your eToro crypto wallet to your NFT crypto wallet to pay for it. The NFT will now be yours and visible in your NFT collection. You can choose to keep the NFT or list it for sale.
NFTs will play an important part in Web 3.0 and MetaVerse. For this reason, it is interesting to invest in them early. In this guide, we told you about the best NFT trading platforms in the United Arab Emirates. We recommend trading NFTs at these platforms and buying Ethereum at eToro to do so.
Via eToro you can choose to invest in NFT projects like Enjin, Decentraland, and The Sandbox if you do not want to invest in NFT artwork.
Is it legal to trade NFTs in UAE?
Although NFT trading is unregulated, there is nothing illegal about NFT trading in UAE.
What is the best NFT trading platform in UAE?
We recommend OpenSea. This is the world’s largest NFT marketplace with the most users and trading volume.
Can I create my own NFT in UAE?
Yes, you can transform any image, sound, or video file into an NFT by ‘minting’ it via an NFT trading platform or app.
Can I get NFTs for free in UAE?
Yes, sometimes digital artists give away NFTs for free during NFT airdrops. You can check OpenSea and other NFT trading platforms when airdrops happen.
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All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
- 1 Best NFT Trading Platforms and Apps in UAE
- 1.1 Reviews of the Best NFT Exchanges in UAE
- 1.1.1 01. OpenSea – World’s Largest NFT Marketplace
- 1.1.2 02. Axie Marketplace – Best NFT trading platform for Axie Infinity NFTs
- 1.1.3 03. Larva Labs – Best NFT trading platform and app for CryptoPunks Trading
- 1.1.4 04. NBA Top Shot – Best NFT trading platform for basketball NFTs
- 1.1.5 05. Rarible – Best DeFi NFT Marketplace
- 1.1.6 06. SuperRare.co – Best NFT app for Unique Digital Collectibles
- 1.1.7 07.Atomic Market – Best NFT app for shared Liquidity
- 1.1.8 08. Foundation – Best NFT app for royalty-based sales
- 1.1.9 09. Aavegotchi – Best DeFi staking app for NFTs
- 1.1.10 10. MakersPlace – Best NFT app for exclusive content creators
- 1.1 Reviews of the Best NFT Exchanges in UAE
- 2 What is an NFT trading platform or app?
- 3 Conclusion