You may have seen our previous article on
how to make an NFT
. Now that you’re familiar with making one, the logical side by side pace is to learn how to sell ane.
After all, the crazy stories nigh selling NFTs are arguably one of the biggest reasons that NFTs accept gotten and then much attention in recent months. It’s your turn to get in on all the action.
If you lot’ve been feeling confused or overwhelmed virtually the process, fret not. That’s but what nosotros’ll cover here.
How to sell an NFT the first fourth dimension: 5 Steps
1. Choose a platform
Your journeying to selling an NFT starts with choosing a platform. There are several options bachelor, including online marketplaces like OpenSea and directly-to-consumer (D2C) platforms such as Shopify. The pick commonly depends on the type of NFT you’re selling and the fees involved in trading the cryptographic asset.
Let’s take a look at some platforms and what they offer to NFT sellers:
is the world’southward largest digital market place for ownership and selling NFTs, including crypto art, game items, and exclusive digital collectibles. It supports ii popular NFT standards: ERC-721 and ERC-1155 tokens. Sellers tin can choose between ethereum and polygon when listing their NFT on the OpenSea market.
The trading fees of OpenSea are 2.5%, which means you’ll get a little less than what you sell your NFT for. For example, if you sell an NFT for $100, yous volition get $97.l, and OpenSea volition continue $two.50.
is another digital market place where NFT owners can put their digital assets up for auction. The platform accepts a various selection of tokens across different categories, including music, arts, videos, and domain names. To sell NFTs and accept payments on Rarible, you volition need a wallet that’southward compatible with one of the 3 blockchains connected to the marketplace: Ethereum, Menstruum and Tezos.
When it comes to fees, Rarible works similarly to OpenSea, taking 2.5% on both the heir-apparent and seller side from every sale fabricated on the marketplace.
Binance NFT Marketplace
, one of the world'due south largest cryptocurrency exchanges, has its own NFT market place. Binance's NFT platform lets you sell non-fungible tokens from various dissimilar categories, including fine art, sports, collectibles, amusement, and gaming. 2 blockchains are supported: Ethereum and Binance Smart Chain (BSC).
Binance charges a apartment ane% trading fee for all NFT creators and sellers, which is the lowest in the marketplace. 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 adapt NFT sellers in July of 2021. Shopify’southward infrastructure allows creators and resellers to offer a D2C feel through their ain branded storefront. Instead of using a market place, each NFT merchant tin sell their digital assets directly to the client.
This offers other benefits also. For example, NFT sellers can accept debit cards, credit cards, and mobile payments through their storefront. Shopify too has its own payment gateway called Shopify Payments—merchants don’t pay a transaction fee on payments processed via this gateway. You tin too add alternative payment methods such as cryptocurrencies to your Shopify NFT shop.
Shopify supports popular blockchains like Ethereum, Flow, Near, and Polygon for listing and selling NFTs.
2. Make a crypto wallet
To listing your NFT for auction, you demand to have a cryptocurrency wallet. The virtually popular wallets that support NFT sales are MetaMask, Trust Wallet, and Coinbase Wallet. Below is a quick overview of each:
allows you to connect to the Ethereum blockchain to buy, sell, or trade your NFTs.
is a slap-up option if you are looking for a mobile wallet. It supports the buying and selling of NFTs and allows you lot to store your tokens in a secure wallet.
lets users ship 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 use (e.g., PayPal).
iii. Cost your NFT
At that place’s a popular saying that NFTs are worth what people are willing to pay for them, but 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 toll trend of an NFT in any category. Ideally, your target toll should be close to the average value of similar tokens over the past thirty days.
Some non-fungible tokens accept 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, get alee and price it above the historical average. (People volition notwithstanding purchase.)
Can your NFT be traded for a virtual item in a sure metaverse or game? Practise buyers get to exist a part of an exclusive lodge that receives actress perks such as discounts on future purchases? The utility of the underlying nugget will determine whether yous can demand a higher price for your NFT.
Individuals who’ve congenital a reputation and following in the NFT infinite tin command a college price for their assets. But when y'all’re a new seller with no sales history, it’s best to commencement closer to the historical average and move your way up.
iv. Create a list
One time you set a price for your NFT, you’ll need to create a listing.
Log into your NFT platform and click Create on the tiptop right (if you’re using a marketplace). Then, choose from either a single or multiple collectibles, based on the supply of your asset. You’ll then need to enter a title and description for your NFT.
Write a title that’s appealing and related to your digital asset just doesn’t make a hard sell. In the clarification, talk about 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 become any perk beyond the ownership of the nugget (a hint is unremarkably plenty to concenter potential customers' attending).
Adjacent, cull the blazon of listing you lot want to create. On marketplaces like OpenSea, you become ii options for listings:
If you want to sell your NFT for a fixed price, become with this choice. To create an on sale listing, simply enter the price for your NFT and choose the length of time you lot want the list to be agile.
In this type of listing, you set a minimum cost (too known every bit the reserve price) for your NFT. And then an sale takes place, where the highest bidder gets to buy your digital asset.
v. Have an offer
Afterwards list your NFT, go along an middle out for offers from potential buyers. While about platforms will notify you when someone places a bid on your listing, it’s good to cheque 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, information technology’ll be considered a public sale. In this case, you lot’ll get an alert that your digital asset has been sold and your account has been credited with fiat or cryptocurrency.
But if it’due south an sale, yous’ll get notifications about the different bids beingness placed on your NFT. Additionally, buyers may send you private offers where they advise a certain figure for buying your non-fungible token. Some caution is needed, every bit offers could sometimes be lower than your minimum price (such offers are usually sent by bots or adversaries attempting to capitalize on the owner’southward 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 procedure itself isn’t so bad in one case you practise your inquiry and due diligence.
Just brand sure you wait into your options in terms of platforms, auction settings, and payment-related issues like fees and gateways.
Once you lot’ve got the bases covered, you’re well on your way to selling some glorious NFTs.
How to sell an NFT FAQ
How much do NFTs sell for?
The boilerplate cost of an NFT tin can vary anywhere from $100 to $i,400, depending on its scarcity, utility, and popularity. Additionally, fluctuations in the value of the underlying cryptocurrency may impact a non-fungible token’s price. (An increase in the price of ethereum may crusade the price of ethereum-based NFTs to rising, for instance).
Do I need to pay to sell an NFT?
It depends on the platform yous cull. With NFT marketplaces, y'all can listing your digital asset for sale without paying anything, though they do charge a two% to 2.5% fee on every transaction fabricated through their website. If you’d rather avoid transaction fees, Shopify offers a style to sell NFTs and pay no fees with Shopify Payments, which is the company’south own payment gateway.
Can I sell an NFT for cash?
You can sell your NFTs for money or cryptocurrency, depending on your preference. But go on in mind that the token’s transfer will be recorded in the blockchain to reflect a alter in asset buying.
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