The very first NFT was created back in 2014 with the code-named ‘Quantum’. Since then, the NFTs are getting in the limelight, and they have been the talk of the town lately. Many individuals have been investing in the crypto market and purchasing NFTs to stack up some good cash in the future.
They want to make a good profit out of their investment, and it is only possible once the crypto or NFT shoots like a rocket in the marketplace.
The crazy stories that have been circulating on the internet about how the NFTs are getting sold for millions have sparked one question in every other person’s mind, ‘how to sell an NFT’. What if we tell you that you can get into the NFT business and make some good profits after dropping the whole NFT collection on any platform.
In this blog, we will cover all the details and the whole process of selling NFTs in the marketplace.
The journey of selling your NFT kick-starts by choosing a platform for your NFT. There are many options available currently, which include OpenSea (the best NFT marketplace) and (D2C) direct-to-consumer platforms such as Shopify. You select the platform according to the type of NFT you are looking to sell and the fees that is involved in the trading process.
We will have a look at some of the platforms for NFT and what they are offering to NFT sellers:
OpenSea is the top-notch digital marketplace for buying and selling NFTs. The marketplace supports two popular NFT standards: ERC-721 and ERC-1155 tokens. ERC (Ethereum Request for Comment) 721 is a data standard for creating non-fungible tokens.
It is for the NFT that it is unique and cannot be divided or exchanged with any other ERC-721 token. Meanwhile, ERC-1155 is a multi-token standard that allows each token for ID to represent a new type of configurable token. They can have their own metadata, supply, etc.
Potential sellers can choose between Ethereum and Polygon whenever they are thinking of selling and listing their NFT on the OpenSea marketplace.
The trading fees of this marketplace are 2.5%, which means there will be little cut from the price of your NFT. For instance, if your NFT is up for grabs at $100, you will get $97.50, and OpenSea will get $2.50 for the trading fees. In addition to this, OpenSea is a gas-free marketplace for NFTs.
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Rarible is another digital marketplace well-known to the people who are into NFT. Individuals who are looking to sell their NFTs can put their digital assets up for sale. Rarible accepts a wide selection of tokens. It includes different categories which have music, arts, videos, and domain names.
If you are looking to sell your NFT or accept payments on this platform, first, you need a wallet that should be compatible with one of the three blockchains that are connected to the marketplace: Ethereum, Flow, or Tezos.
The fees of Rarible work pretty much similar to the way to OpenSea, taking 2.5% from both the buyer and seller side for every sale that is made on the digital marketplace.
Individuals who are into crypto know very well about Binance. It is one of the leading and largest cryptocurrency exchanges in the world. Binance has its own NFT marketplace.
The platform lets you deal in NFTs from a wide variety of categories that include art, sports, collectibles, entertainment, and gaming. Binance NFT marketplace supports two blockchains: Ethereum and Binance Smart Chain (BSC).
Binance has lower trading fees in the NFT marketplace category as compared to other platforms. It charges a 1% trading fee, which is the lowest in the market right now. In addition to this, sellers pay a 1% royalty fee if their NFT, which is owned by them, was initially created by someone else.
Making a Crypto Wallet
To sell your NFT on the platforms, you need to have a crypto wallet. There are some of the most popular wallets that support NFT sales. Below are wallets and their details:
It is one of the most popular wallets. It allows you to connect the Ethereum blockchain to purchase, sell or trade your NFTs with others.
It is a great option for individuals who are looking for a mobile wallet. It supports the purchasing and selling of NFTs. Also, users can store their tokens in a secure wallet.
Coinbase Wallet is a little different from other wallets. It lets the users send and receive NFTs using usernames instead of the blockchain addresses. With this, it helps to create an experience that is pretty similar to digital wallets people are already using.
Pricing your NFT
There’s a thing that is famous in the NFT world, which NFTs are worth what people are willing to pay for them. There are certain factors that influence the pricing of NFTs and how potential buyers value them. Below are the factors:
Rarity: NFTs have distinct and unique traits that shoot up their price in the NFT world. For instance, the BAYC (known as Bored Ape Yacht Club) NFT collection has less than 1% apes with the ‘laser eyes’ trait.
If the NFT you have has a rare feature, the chances are likely that it will go up in the pricing. You can place them up for grabs at any price, and people will still buy them.
30-Day Average Price: It is a price trend in the NFT world. The target price must be close to the average value of similar tokens over the past 30 days.
Utility: If your NFT is tradable with a virtual item in a certain metaverse or game, the potential buyers of the NFT will get exclusive perks and discounts on their next purchase. All of this will decide whether you can demand a higher price for your NFT or not.
Creator rapport: People who have built their reputation and following in the NFT world can demand a higher price for their NFTs. If you are a new seller with no sale history, it will be better to start closer to the historical average and move all the way up to the top.
Creating a listing for your NFTs
Once you are done with setting up your price for your NFT, then you will need to create a listing. Follow these instructions to create a listing:
- Log into your NFT platform.
- Click ‘Create’ on the top right (if you are on a marketplace).
- Choose from single or multiple collectibles.
- Enter the title and description of your NFT.
- Write a title that looks appealing and is totally related to your digital asset.
- Write down the purpose of your NFT in the description and also the theme behind it.
- Plus, mention the rarity tier of your NFT project and also write whether the investors will get any perks after the ownership. It is a hint to attract potential buyers.
Choose the type of listing you are creating. On exchanges like OpenSea, you have two options for the listings:
If you want to sell your NFT at a fixed price, you can opt-in for this option. Just simply create the sale listing, and enter the price and the length of time you want the listing to be live.
If you want to auction your NFT, then you have to set a minimum price for it. Once the auction takes place, the highest bidder will get to purchase the digital asset.
Once you have listed NFT, you will be getting offers from potential buyers. Most of the platforms notify you when an individual places a bid on your listing. It will be good that you keep a check on the platforms regularly to make sure that you aren’t missing any requests.
If you have listed a fixed price, and someone decides to purchase your NFT for that amount, you will be alerted that your digital asset has been sold, and your account will be credited in fiat currency or cryptocurrency.
If your digital asset is listed as an auction item, you will be getting notifications about the different bids that will be placed on your NFT. Moreover, potential buyers will be sending you private offers where they will be proposing a certain figure for your NFT.
Connect with the community
When you are getting into something, you need to connect with the community of that thing. For the NFTs and stuff, your best bet of interacting with the people who are into the same stuff will be Discord. You can join Discord for that, and it will give you enough information related to NFTs.
Also, individuals can also connect with people on different social platforms, for instance, Twitter, Facebook, etc. You can find potential buyers for your NFTs on these social platforms, and you can make a deal with them.
How much do NFTs sell for?
- The average price of NFTs starts from $100 to $1400 or in some cases it gets higher. It depends on their scarcity, utility, and popularity. Fluctuations in the value of the cryptocurrency on which the NFT is based may impact the NFT’s price.
Do I need to pay fees to sell an NFT?
- It depends on the platform you are choosing to sell your NFT. Some marketplaces charge 2.5%, while some charge 1% or 2% on every transaction made on the platform. Individuals who want to avoid trading fees can sell their NFTs on Shopify.
Can I sell an NFT for cash?
- NFTs can be sold for money or cryptocurrency. It depends on your preferences.
To conclude this, you are now aware of how to sell your digital assets at NFT platforms and marketplaces. Now you can easily release an NFT collection of your own on the platforms and connect with the potential buyers on the marketplaces.
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Muhammad Asjad Khan is an author at Technochops with 6 years experience at SEO content writing. Your Go-to-guide to writing exceptionally good content and bringing interesting information to readers.