Complete and Latest Guide on How to Sell NFT 2023
alloverknowledge.co.id – You may have seen our previous article on how to create NFTs. Now that you are comfortable creating, the next logical step is to learn how to sell NFTs.
After all, the crazy talk about how to sell NFTs is probably one of the biggest reasons why NFTs have gotten so much attention in recent months. It's your turn to get in on all the action.
If you feel confused or overwhelmed by the process, don't worry. That's what we'll discuss here.
5 Steps on How to Sell NFTs
Before you actually sell your NFT, you should understand the 5 steps on how to sell NFT that we share. Starting from choosing the platform you sell on, creating a Crypto wallet, determining prices, creating listings and accepting offers.
1. Selecting Platform
The first way to sell NFTs starts with choosing a platform. Several options are available, including online marketplaces like OpenSea and direct-to-consumer (D2C) platforms like Shopify. P
Your choice usually depends on the type of NFT you are selling and the costs associated with trading crypto assets. Let's take a look at some platforms and what they offer NFT sellers.
OpenSea
OpenSea is the world's largest digital marketplace for buying and selling NFTs, including crypto art, gaming items and exclusive digital collectibles. Supports two popular NFT standards: ERC-721 and ERC-1155 tokens. Merchants can choose between Ethereum and Polygon when listing their NFTs on OpenSea Marketplace.
OpenSea transaction fees are 2.5%. This means you can earn a little less than selling NFTs. For example, if you sell NFT for Rp. 1.5 million, you get Rp. 1.4 million and OpenSea gets Rp. 37 thousand.
Rarible
Rarible is another digital marketplace where NFT owners can sell their digital assets. The platform accepts various tokens across categories including music, art, video and domain names.
To sell NFTs and receive payments on Rarible, you need a wallet that is compatible with one of the three blockchains connected to the marketplace: Ethereum, Flow, and Tezos.
In terms of fees, Rarible works similarly to OpenSea, taking 2.5% from both the buyer and seller sides of every sale made on the marketplace.
Binance NFT Marketplace
Binance, one of the world's largest cryptocurrency exchanges, has its own NFT marketplace. Binance's NFT platform allows you to sell non-fungible tokens in a variety of categories including art, sports, collectibles, entertainment, and gaming.
Two blockchains are supported: Ethereum and Binance Smart Chain (BSC). Binance charges all NFT creators and sellers a 1% transaction fee, the lowest on the market. Sellers also pay a 1% royalty fee if any NFTs they own were created by someone else.
Sell NFTs on Shopify
Shopify, a popular ecommerce platform, started accepting NFT sellers in July 2021. Shopify's infrastructure allows creators and retailers to offer D2C experiences through their own branded stores. Instead of using a marketplace, any NFT seller can sell digital assets directly to customers.
This also provides other benefits. For example, NFT merchants can accept debit, credit, and mobile payments through their stores. Shopify also has its own payment gateway called Shopify Payments. Merchants do not pay transaction fees for payments processed through this gateway.
You can also add alternative payment methods, such as cryptocurrency, to your NFT Shopify store. Shopify supports popular blockchains such as Ethereum, Flow, Near, and Polygon for listing and selling NFTs.
2. Create a Cryptocurrency Wallet
You must have a cryptocurrency wallet to list NFTs for sale. The most popular wallets that support NFT sales are MetaMask, Trust Wallet, and Coinbase Wallet. Below is a brief overview of each.
MetaMask
MetaMask allows you to buy, sell, or trade NFTs by connecting to the Ethereum blockchain.
Trust Wallet
Trust Wallet is a great choice if you are looking for a mobile wallet. You can support the buying and selling of NFTs and store your tokens in a secure wallet.
Coinbase Wallet
Coinbase Wallet allows users to send and receive NFTs with their username instead of using a public blockchain address. This helps create an experience similar to digital wallets (e.g. PayPal) that people already know and use.
3. Determining NFT Prices
There is a saying that NFTs are worth what people are willing to pay, but the truth is that certain factors influence how NFTs are priced and how buyers generally value them.
- This is the 30 day average price. This is the historical price trend of NFTs across all categories. Ideally, your target price should be close to the average value of similar tokens over the last 30 days.
- Rarity. Some non-fungible tokens have unique characteristics that increase their price. For example, the popular Bored Ape Yacht Club NFT collection has less than 1% of apes with the “laser eyes” trait. If your NFT has extremely rare characteristics, continue to price it above its historical average. (People will still live.)
- Public service. Can NFTs be exchanged for virtual items in certain metaverses or games? Will buyers be part of an exclusive club that receives additional perks such as discounts on future purchases? The utility of the underlying asset determines whether a higher price can be commanded for an NFT.
- Creator's Communion. Individuals who build a reputation in the NFT space and follow them can command higher prices for their assets. But if you're a new seller with no sales history, it's best to start closer to your historical average and work your way up.
4. Create a List
After setting a price for your NFT, you need to create a listing. Log in to the NFT platform and click Create in the top right corner (if using Marketplace). Then choose from one or more collections depending on your asset inventory. You will then need to enter a title and description for your NFT.
Write a title that is catchy and relevant to your digital property, but not a strong sales pitch. In the description, talk about the purpose of the token and the subject behind it.
You'll also want to mention the NFT's rarity rating and whether or not the buyer can receive a profit in addition to ownership of the asset (usually enough clues to pique the interest of potential customers).
Next, select the type of listing you want to create. On a marketplace like OpenSea, you have two listing options.
Sale
Select this option to sell NFTs at a fixed price. To create a listing for sale, simply enter the price of the NFT and choose how long you want the listing to be active.
Auction
In this type of listing, you set a minimum price (also called a reserve price) for the NFT. An auction is then held where the highest bidder purchases the digital asset.
5. Accepting Offers
After listing your NFT, keep an eye out for offers from potential buyers. Most platforms send a notification when someone bids on your listing, but it's a good idea to check regularly so you don't miss any requests.
If you choose a fixed price and someone decides to buy that amount of NFTs, it is considered a public sale. In this case, you will be notified that your digital assets have been sold and fiat or cryptocurrency has been credited to your account.
However, if it is an auction, you will be notified of other applicable bids for the NFT. Buyers can also send private offers offering a specific number to purchase non-fungible tokens.
Sometimes the offer may be lower than the minimum price, so caution is required (such offers are usually sent by bots or adversaries trying to take advantage of surveillance owner).
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