3 Steps to Selling Non-Fungible Tokens (NFTs)
Are you looking towards making some extra cash from NFTs? If you are, you’ve come to the right place where tech gurus and firms have discovered new uses for cryptocurrencies and other technological advancements that will transform the digital world. This article is going to provide you with a clear guideline on how to sell your NFTs.
Before you sell your NFT. It has to have some kind of a digital certificate to show ownership. Normally, this certificate is created on the blockchain network called Ethereum.
You can create any digital content to be an NFT like a picture, a video game or music bearing in mind the money you make will depend on your creativity, your reputation, and the quality.
1. Search for a Marketplace and Create the NFT
In every business that people venture into, the first thing they look for is the market. Is the market-friendly? Am I going to earn profits? are some of the questions they ask. So, look at it as Amazon or NFT but items are sold in a digital form.
There are several marketplaces where you can sell your NFT. And a number of them specialize in unique digital assets.
Currently, OpenSea hosts the largest marketplace. It provides a large market of NFTs. After you have selected the market, use a cryptocurrency wallet and select the option “Mint your NFT” then upload your file. Each marketplace has its process of minting the NFT from one click to several clicks.
It is also important to note that monetizing your work with royalties is done during the minting process.
2. Market your NFT
When the minting process is complete you will be presented with an option that states “list your NFT” Click on the option and follow the steps that will be provided. These steps will have details like the price, auction time, and type of cryptocurrency that you accept.
If you want to sell or transfer your NFT to other marketplaces you should be aware of the additional fee that you will incur for the process.
A transaction fee will be calculated. This fee is normally the Ethereum network’s fee which serves the purposes of handling the transaction. Note that this fee varies depending on the number of users of the network at that time.
Also, each marketplace has a fee that is charged for the sale. This fee is deducted from the percentage of the final sale price of the NFT.
3. Take Charge of your Listing
After the listing process, your NFT is now ready for sale. The final and the most important step is promoting the NFT.
If you want to make a quick sale you have to be creative, promoting the NFT on your social media and website will lead to a quick sale.
Bear in mind any changes you make to the listing will incur additional charges that will affect your profit in the long run.
NFT: How do you Trade NFTs?
Anyone can sell their NFTs and not only digital creators. If for instance, you bought your NFT from a collector or a creator, you can list the NFT for sale.
How Can You Sell an NFT You Just Bought?
When you want to sell an NFT that you purchased, you will still be required to follow the same process of listing an NFT except “Minting the NFT”.
From there, move it to the marketplace to make it available. If it’s already transferred, you don’t need to repeat the process once again. Click on the button to sell and there you have it! Your NFT is ready for purchase.
Note that the handling fee and royalty charges set by the creator will still apply.
When is the Right Time to Sell NFT?
It is not an easy task selling an NFT especially if you want to sell it at a higher price than you bought. Selling it depends on what you are selling, why you are selling, and who you are selling it to.
If you are a content creator, minting and selling NFTs can be a good way for you to earn some extra “bucks”. Keep tabs on the interest of the NFT to ensure that you can sell it when the prices are higher.
Also, you need to keep in mind the handling fee that affects your profit when you make changes on the NFT. For instance, if the Ethereum network fee increases, this will automatically lower the profit of your sale.
If you want to sell your NFT on the basis that it has depreciated, you are not interested in it anymore, or you want to invest the money somewhere else, then you can sell it.
Before you get all excited, first you need to calculate your possible profit or loss after deducting the handling fee and the royalties charges imposed by the creator. You can avoid higher charges of the Ethereum network by timing when the network is not congested.
Selling an NFT is not a walk in the park, there’s a lot of work to be done to make it possible. From ensuring good timing in the Ethereum network to avoid congestion to marketing it on the social media networks. If you are a content creator looking for a business to venture into, NFT can be a good investment for you. It will offer you a new platform to explore your skills.
