Thanks to blockchain technology, traditional trading cards can now be traded as NFTs (non-fungible tokens). There are several NFT platforms that list these trading cards. This guide will explore the top three platforms you can use to buy and sell blockchain-based trading cards.
NFT Trading Card Defined
An NFT trading card is a unique digital token that can be traded on a blockchain network. All transactions involving the trading card are stored safely on the blockchain and cannot be changed.
Examples of NFT Trading Cards
Multiple NFT trading cards are available in the market. Among them is NBA Top Shot, which represents memorable moments from the NBA league.
Another popular collection of blockchain-based trading cards is Trump Digital Trading Cards, a project inspired by former United States President Donald Trump.
While some people buy NFT trading cards for fun, others consider them investments. If you are purchasing the cards for profit, there are a number of factors that you should keep in mind. Firstly, like other digital assets, NFT trading cards’ prices decline during bear markets. That means your NFT could be valued lower than the buying price, thus putting you at a loss. Secondly, you can make huge profits depending on the utility of your NFT trading card or the buzz around it. For example, holders of Trump Digital Trading Cards saw their NFTs grow by 949% when rumors began peddling around that the former president would make a comeback on social media platforms.
Top Three Platforms for Buying and Selling NFT Trading Cards
OKX NFT marketplace is a perfect platform for buying and selling NFT trading cards because it is multichain, supporting more than ten blockchains, including some of the famous ones like Binance Smart Chain, Solana, and Ethereum. Although novice NFT traders find the platform complex to use, it offers AI tools for art creation, creator’s royalties, and NFT trading at zero fees.
Besides being the leading crypto exchange by trading volume, Binance provides a platform for users to trade NFT trading cards. The exchange began supporting NFTs in 2021 and has kept adding more collections since then. The digital trading cards listed on the Binance NFT platforms are from popular celebrities and artists, with some providing unique benefits such as access to exclusive events.
Like OKX, Binance is multichain. That means it supports trading cards built on various blockchains. Note that there is a 1% trading fee charged.
US-based company Coinbase is another crypto exchange that has developed a marketplace for NFTs. Unlike most NFT platforms that no longer impose creator royalties, the Coinbase NFT marketplace ensures that all creators earn a portion of the transaction amount every time their NFTs get traded. Moreover, the platform’s easy-to-understand user interface makes it friendly to beginners. As of this writing, Coinbase NFT only supports two blockchains, Ethereum and Polygon.
How Do You Buy an NFT Trading Card?
Buying an NFT trading card on the abovementioned platforms is straightforward. Here are the steps to follow:
Step 1: Select a Digital Wallet and Create an Account
You need a digital wallet to store your NFT trading cards. You can use MetaMask or Trust Wallet.
Step 2: Choose an NFT Marketplace
Select any of the top three platforms we have explored to buy your favourite digital trading cards. Note that you will need to create a trading account first.
Step 3: Purchase Crypto
After finding the digital trading card you want, check the cryptocurrency in which it is priced. It could be ETH, BNB, MATIC, SOL, and many more. Next, buy the crypto on a centralized exchange. Ensure it is enough to cover the trading fee and the cost of the NFT trading card.
Step 4: Pay for Your NFT Trading Card
Since you found your preffered digital trading card while selecting a marketplace, it is time to buy it using the crypto you have just purchased. Once you complete the transaction, you can transfer the trading card to your decentralized digital wallet to gain total control over the asset.
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