How To Buy NFT In Canada? Best NFT Marketplaces For 2024
Reviewed by Kristina Knight, Journalist , BA
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NFT trading took the world by storm when Jack Dorsey, Twitter’s founder, sold his first tweet as an NFT for $2.9 million in 2021. Since then, the demand for NFTs has grown rapidly and Canada is no exception. As more and more residents of Canada are looking to get involved in the NFT space, the need for a reliable guide on how to trade NFTs in Canada has also increased.
In this article, we will discuss what NFTs are, provide an overview of some of the best marketplaces to buy NFTs in Canada, as well as explain what you should know before investing in any type of digital asset.
What Are NFTs?
NFT stands for Non-Fungible Tokens and is a type of digital art that is built on blockchain technology. Unlike other cryptocurrencies, Non-Fungible Tokens are unique and cannot be replicated or exchanged with any other token. The uniqueness makes NFTs valuable as each NFT has its own distinct characteristics which makes it one of a kind.
For example, an artist can create a piece of NFT art using digital media such as 3D animation or photography and then tokenize the artwork into an NFT to represent ownership over it. Every time the owner sells the work on an NFT platform, they receive payment in cryptocurrency from the buyer who becomes the new owner of the NFT.
Things You Should Know Before Buying NFTs
Like any other investment, it is important to understand the fundamentals of how NFTs work before you start to buy NFTs in Canada.
How NFTs Work
NFTs are created and stored on a blockchain network such as Ethereum. By creating a smart contract, the creator of an NFT art can transfer ownership from one user to another, ensuring that the original owner receives payment for their work in cryptocurrency.
The original owner also keeps a copy of the token on the blockchain so they have proof of ownership over it. This ensures that no other user can claim ownership of it without permission from the original creator.
Are NFTs a Good Investment?
NFTs can be a great investment for those looking to diversify their portfolio in addition to regular Canadian securities. Since NFTs are unique, they tend to appreciate value as the demand for them increases over time. However, it is important to remember that like any other investment, there is no guarantee of returns and you should always do your own research before investing in any type of digital asset.
How To Buy NFT in Canada
Before we dive into the best NFT marketplaces in Canada, let’s go over a few things you should know before buying an NFT.
Open A Crypto Account
The first step in buying NFTs in Canada is to open a crypto account. This can be done at an online crypto exchange or through a broker. Once you have opened your account, you will need to verify it with the required documents such as a government-issued ID and proof of address.
Verify And Fund Your Crypto Wallet
Once you have opened your crypto account, the next step is to verify it and purchase crypto. This can be done by transferring funds from a bank account or credit card. Once your wallet is funded, you will need to purchase Ethereum (ETH) as most NFTs are traded in this cryptocurrency.
Read more: Best Crypto Wallet In 2024
Buy ETH
After funding your crypto wallet, you will need to buy Ethereum (ETH), which you can do using the same platform you used to open and fund your wallet. Once you buy Ethereum, it should take less than 24 hours for the funds to reach your wallet. More often the process is almost instantaneous.
Connect Crypto Wallet To an NFT Marketplace
Connecting your crypto wallet like Metamask wallet with an NFT marketplace is the next step to purchasing NFTs. The most popular in Canada marketplaces are OpenSea, Rarible, and Binance. Each of these platforms has its own unique features and fees so it’s important to research which one suits you best before you buy NFTs in Canada with your prepaid Ethereum.
Browse, Buy, and Store NFTs
So you have everything set up and now you are ready to buy NFTs in Canada. You can browse the different marketplaces for the nonfungible token that interest you or use search filters to find specific ones.
Once you have found what you’re looking for, simply add it to your cart and proceed with payment using ETH. After your purchase is complete, make sure to store your purchased NFT in a secure wallet as these NFTs are highly vulnerable to hacks.
Top 7 Best NFT Marketplaces In Canada 2024
We have extensively researched and compiled a list of the 7 best NFT marketplaces in Canada for 2024.
- OpenSea: Editor’s Choice as Overall the Best NFT Marketplace in Canada
- Binance NFT Marketplace: Most Affordable for Gamers
- Rarible: Most Suitable Marketplace to Mint and Buy NFTs
- Foundation: Most Comprehensive Marketplace for NFT Auctions
- Nifty Gateway: Most Suitable for Advanced and High-end Users
- Axie Marketplace: One of the Best Places for In-game NFT Trading on Ethereum Network
- Crypto.com NFT Marketplace: Most Beginner-friendly Space to Sell and Buy NFTs
7 Best NFT Marketplaces In Canada April 2024
OpenSea
OpenSea is one of the most popular spaces to buy Canada NFTs and it has a large variety of collectibles, artworks, music NFTs, and much more. It supports payments in ETH and many other cryptocurrencies.
- Various payment methods
- Free to mint NFTs
- Largest collection of NFT and digital art
- High commission on secondary sales of NFT and digital art
- No support for fiat currency
OpenSea is also the world’s pioneer web3 marketplace and the largest. Although OpenSea does not offer a mobile app at present, the web version is fully optimized to browse and use it on mobile devices.
OpenSea lets you create NFTs for free. They only charge a simple 2.5% sales commission when someone purchases an NFT on the platform.
Binance NFT Marketplace
Binance is one of the most popular cryptocurrency exchanges globally. In 2021 they launched their own NFT marketplace, which is available in both web and mobile versions.
- One of the lowest fee structures for trading own NFTs
- Free signing up to buy NFT
- Industry-leading security features to host NFTs
- Not much earning opportunities for NFT sellers and creators
- Comparatively new in the NFT market
Binance offers many NFTs and digital collectibles including artwork, music, videos, gaming items, and more. They also offer exclusive discounts for users who purchase certain tokens with their native token BNB.
Binance supports three NFC trading methods to sell and buy NFT – fixed price, auction, and through an offer. You can use both BNB Chain and Ethereum blockchain to mint NFTs on Binance.
Rarible
Rarible is an Ethereum-based token platform where users can buy, sell, create and trade unique digital art. It supports payments in ETH and other cryptocurrencies. You can quickly connect your Metamask or another digital wallet on Rarible.
- Lazy minting or minting without gas fees
- Supports major crypto wallets, including Metamask wallet
- Strong verification for creators and collectors of digital art
- Expensive to pay with credit cards
- Limited types of asset class
Rarible has various features to make the experience of NFT trading much more enjoyable for both buyers and sellers. For example, you can set your own pricing rules for each asset and even add a royalty rate when someone purchases it from you so that a percentage of any future sales goes back to you as the creator.
Rarible lets you have full control over who owns or resells your tokens by setting limited edition numbers or using whitelists/blacklists.
Foundation
Foundation is one of the top NFT marketplaces in Canada that supports private sales along with auctions, offers, and reserve auctions. The platform is super convenient for beginners to start with.
- Huge NFT art collection
- Easy and intuitive user interface
- Excellent popularity for auctions
- No support for fiat currency or Canadian dollars apart from the NFT wallet
- Accepts only ETH as payment currency
Foundation has quite a few resources on their website guiding users to create, collect, and sell NFTs. Currently, you can connect Metamask, Coinbase, and any other WalletConnect-supported wallets in Foundation.
Foundation uses ETH as its only supported currency, so you will have to fund your Metamask or other wallets with Ethereum to make a purchase on Foundation. Foundation charges a 5% marketplace or trading fee.
Nifty Gateway
Nifty Gateway is a popular NFT marketplace that was launched in 2018. The platform has an impressive list of investors and partners, including the NBA and flows blockchain, which makes it one of the most trusted platforms for buying or selling digital collectibles.
- Optional custodial wallets for added security
- Low or zero trading and gas fees
- Accept Canadian dollars through credit cards
- Suitable for advanced traders
- Fully based on Ethereum blockchain
Nifty Gateway supports payments via major credit cards like Visa, Mastercard, and American Express as well as through cryptocurrency payment options such as Ethereum and USDC. User-friendly design and easy-to-use interface have helped Nifty become one of the most popular NFT marketplaces in a short time.
Nifty Custodial wallet is one of its unique features as it allows users to store their NFTs securely and also provides a convenient way for buyers and sellers to interact without worrying about the correct wallet address.
Axie Marketplace
Axie Marketplace is a unique NFT platform that focuses on digital assets related to the Axie Infinity gaming ecosystem and not any other NFTs. They offer a wide selection of creatures known as Axies and virtual items for users to trade, collect, and play with.
- Excellent for gaming NFT tokens with support for trading cards
- Cryptocurrency earning opportunities selling and purchasing NFTs
- Trading requires multiple crypto wallets
- Not all NFTs are supported
- High trading fees for sellers
The Axie Marketplace also offers special incentives such as rewards for staking tokens or playing the game. It is powered by the Ethereum blockchain and supports payments in ETH and other cryptocurrencies like DAI, USDC, etc.
Axie Infinity does not charge anything from the buyers. The marketplace charges a 4.25% commission from those who sell crypto.
Crypto.com NFT Marketplace
Crypto.com is among the other NFT marketplaces that have launched their own NFT trading platform to stay ahead in the NFT world. The crypto platform offers a wide variety of digital collectibles including artwork, music, and gaming items among others.
- Supports multiple blockchains, including Ethereum blockchain
- Own NFT marketplace of Crypto.com, one of the most reputed crypto exchanges
- Support for hardware wallet
- Requires connectivity of Ethereum wallet to buy crypto
- PayPal not supported
Crypto.com only supports payments in their native CRO token and they charge a 1.99% commission when someone purchases an NFT on the platform. They also offer exclusive discounts for users who purchase certain tokens with their native token CRO.
Crypto.com also lets you connect your hardware wallet alongside Metamask or Coinbase wallet and other NFT wallets for added security.
How To Choose an NFT Marketplace
Before taking the plunge into buying NFTs, it is important to first understand your own goals and needs. Different marketplaces offer different features and services that cater to various types of traders and investors.
Here are a few questions you should ask yourself before selecting an NFT marketplace:
- What type of digital asset or NFTs do I want to buy or sell?
- How much am I willing to spend to buy NFTs in Canada?
- How secure is the platform?
- Is there customer support available if I need help?
Final Thoughts
Buying and selling NFTs in Canada is a great way to diversify your investments with an NFT collection. With the growing demand for NFTs, you can expect more marketplaces to enter the Canadian space in 2024. Before investing in NFT purchases, it’s important that you understand what makes NFT valuable and do your research on potential risks associated with selling or buying NFTs.
Frequently Asked Questions (FAQs)
Yes, NFTs are legal and taxable in Canada. In fact, the Canadian government has recently released a set of regulations to ensure that digital art trading platforms such as NFT marketplaces meet certain standards and comply with the relevant laws.
The top NFT marketplaces in Canada include OpenSea, Binance, Rarible, Foundation, and Nifty Gateway.
You can buy an NFT by first opening a crypto account and verifying it with your ID documents. Then you need to fund the wallet before buying ETH or another cryptocurrency accepted on the platform. Finally, you should connect the crypto wallet to one of the best NFT marketplaces in Canada before browsing through listings and selecting an asset to purchase and store securely.
Yes, OpenSea is available in Canada. The platform is one of the most popular marketplaces for buying, selling, and trading NFTs and other digital assets.
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