You may have seen our previous article on
how to make an NFT
. Now that you’re familiar with making i, the logical next footstep is to learn how to sell 1.
After all, the crazy stories most selling NFTs are arguably one of the biggest reasons that NFTs take gotten so much attention in recent months. It’s your plow to go in on all the action.
If you lot’ve been feeling confused or overwhelmed most the process, fret not. That’s just what we’ll cover here.
How to sell an NFT the first time: 5 Steps
1. Choose a platform
Your journey to selling an NFT starts with choosing a platform. At that place are several options available, including online marketplaces similar OpenSea and direct-to-consumer (D2C) platforms such as Shopify. The selection unremarkably depends on the blazon of NFT you’re selling and the fees involved in trading the cryptographic asset.
Let’south take a look at some platforms and what they offer to NFT sellers:
is the world’s largest digital marketplace for ownership and selling NFTs, including crypto fine art, game items, and exclusive digital collectibles. It supports two popular NFT standards: ERC-721 and ERC-1155 tokens. Sellers can choose between ethereum and polygon when listing their NFT on the OpenSea marketplace.
The trading fees of OpenSea are 2.5%, which means you lot’ll get a little less than what you sell your NFT for. For case, if yous sell an NFT for $100, you volition become $97.50, and OpenSea volition proceed $two.50.
is another digital marketplace where NFT owners can put their digital assets upward for sale. The platform accepts a various pick of tokens beyond different categories, including music, arts, videos, and domain names. To sell NFTs and have payments on Rarible, yous will need a wallet that’s compatible with one of the three blockchains connected to the marketplace: Ethereum, Flow and Tezos.
When it comes to fees, Rarible works similarly to OpenSea, taking 2.5% on both the buyer and seller side from every sale made on the market.
Binance NFT Marketplace
, one of the world's largest cryptocurrency exchanges, has its ain NFT marketplace. Binance'due south NFT platform lets you sell non-fungible tokens from various unlike categories, including art, sports, collectibles, entertainment, and gaming. 2 blockchains are supported: Ethereum and Binance Smart Chain (BSC).
Binance charges a apartment one% trading fee for all NFT creators and sellers, which is the lowest in the market. In addition, sellers pay a 1% royalty fee if the NFT they own was created by someone else.
Selling NFTs on Shopify
Popular ecommerce platform
began to accommodate NFT sellers in July of 2021. Shopify’s infrastructure allows creators and resellers to offering a D2C experience through their own branded storefront. Instead of using a market place, each NFT merchant tin can sell their digital assets directly to the client.
This offers other benefits as well. For instance, NFT sellers can take debit cards, credit cards, and mobile payments through their storefront. Shopify besides has its own payment gateway called Shopify Payments—merchants don’t pay a transaction fee on payments processed via this gateway. You tin also add together alternative payment methods such as cryptocurrencies to your Shopify NFT store.
Shopify supports popular blockchains like Ethereum, Flow, Near, and Polygon for listing and selling NFTs.
2. Make a crypto wallet
To list your NFT for sale, you need to have a cryptocurrency wallet. The most popular wallets that back up NFT sales are MetaMask, Trust Wallet, and Coinbase Wallet. Below is a quick overview of each:
allows you lot to connect to the Ethereum blockchain to buy, sell, or trade your NFTs.
is a great option if you are looking for a mobile wallet. Information technology supports the buying and selling of NFTs and allows yous to store your tokens in a secure wallet.
lets users transport and receive NFTs with usernames instead of using public blockchain addresses. This helps create an experience that is similar to the digital wallets people already recognize and utilise (eastward.thou., PayPal).
3. Toll your NFT
In that location’s a popular saying that NFTs are worth what people are willing to pay for them, merely the truth is that certain factors influence their pricing and how buyers typically value them. These include:
30-day average price.
This is the historical price trend of an NFT in any category. Ideally, your target cost should exist shut to the average value of similar tokens over the by xxx days.
Some non-fungible tokens have unique traits that will drive up their prices. An example, the popular
Bored Ape Yacht Club
NFT drove has less than 1% apes with the “laser eyes” trait. If your NFT has a very rare trait, go ahead and toll it above the historical average. (People will still buy.)
Can your NFT be traded for a virtual item in a certain metaverse or game? Practice buyers become to exist a part of an exclusive club that receives actress perks such as discounts on future purchases? The utility of the underlying asset will determine whether you can demand a higher toll for your NFT.
Individuals who’ve built a reputation and following in the NFT space can control a college price for their avails. Only when you’re a new seller with no sales history, it’s all-time to outset closer to the historical boilerplate and move your way upwardly.
four. Create a listing
Once you prepare a toll for your NFT, you’ll need to create a listing.
Log into your NFT platform and click Create on the top right (if you’re using a marketplace). And so, choose from either a single or multiple collectibles, based on the supply of your nugget. You’ll and then need to enter a title and description for your NFT.
Write a championship that’s highly-seasoned and related to your digital asset but doesn’t brand a hard sell. In the description, talk nigh the purpose of your token and any theme behind it. You’ll also want to mention the rarity tier of your NFT and whether buyers will get whatever perk beyond the ownership of the asset (a hint is usually enough to concenter potential customers' attention).
Next, cull the type of listing you lot want to create. On marketplaces like OpenSea, yous get two options for listings:
If y'all want to sell your NFT for a fixed cost, go with this option. To create an on sale listing, simply enter the price for your NFT and choose the length of fourth dimension you desire the listing to exist active.
In this type of list, you set a minimum toll (likewise known equally the reserve price) for your NFT. So an auction takes place, where the highest bidder gets to buy your digital asset.
5. Accept an offer
Afterwards list your NFT, proceed an middle out for offers from potential buyers. While most platforms will notify yous when someone places a bid on your list, it’s good to check in yourself regularly to ensure you don’t miss any requests.
If you’ve chosen a fixed price and someone decides to buy your NFT for that amount, it’ll exist considered a public sale. In this case, y'all’ll go an alert that your digital asset has been sold and your account has been credited with fiat or cryptocurrency.
Only if it’due south an sale, you’ll become notifications almost the unlike bids being placed on your NFT. Additionally, buyers may send you individual offers where they propose a certain figure for buying your non-fungible token. Some caution is needed, equally offers could sometimes exist lower than your minimum price (such offers are usually sent by bots or adversaries attempting to capitalize on the possessor’s oversight).
Selling an NFT is simpler than it might seem
At first glance, it might seem incredibly complicated to sell an NFT. While there are a lot of things to keep in heed, the process itself isn’t and so bad once you lot practise your inquiry and due diligence.
Only make sure you expect into your options in terms of platforms, sale settings, and payment-related issues like fees and gateways.
Once you’ve got the bases covered, you’re well on your way to selling some glorious NFTs.
How to sell an NFT FAQ
How much practice NFTs sell for?
The average price of an NFT tin vary anywhere from $100 to $1,400, depending on its scarcity, utility, and popularity. Additionally, fluctuations in the value of the underlying cryptocurrency may impact a non-fungible token’south price. (An increase in the toll of ethereum may cause the cost of ethereum-based NFTs to rise, for instance).
Do I need to pay to sell an NFT?
It depends on the platform you choose. With NFT marketplaces, you lot can list your digital asset for sale without paying anything, though they practice charge a 2% to 2.five% fee on every transaction fabricated through their website. If you lot’d rather avoid transaction fees, Shopify offers a manner to sell NFTs and pay no fees with Shopify Payments, which is the visitor’s ain payment gateway.
Can I sell an NFT for greenbacks?
You can sell your NFTs for money or cryptocurrency, depending on your preference. But go along in listen that the token’s transfer volition be recorded in the blockchain to reverberate a change in asset ownership.
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