The Complete and Latest Guide to How to Sell NFTs 2023
aroundknowledge.co.id – You may have seen our previous article on how to create an NFT. Now that you are comfortable creating, the logical next 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 will discuss here.
5 Steps How to Sell NFTs
Before you actually sell your NFT, you should understand the 5 steps for selling NFT that we share. Starting from choosing the platform where you sell, creating a Crypto wallet, setting prices, listing and accepting offers.
1. Choose Platforms
The first way to sell NFTs starts with choosing a platform. Several options are available, including online marketplaces such as OpenSea and direct-to-consumer (D2C) platforms such as Shopify. P
your choice usually depends on the type of NFT you are selling and the fees associated with trading crypto assets. Let's take a look at some of the platforms and what they offer NFT sellers.
OpenSea
OpenSea is the world's largest digital marketplace for buying and selling NFTs, including crypto art, game 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 NFT on the OpenSea Marketplace.
The OpenSea transaction fee is 2.5%. This means that you can earn quite a bit less than selling NFTs. For example, if you sell NFTs 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 various categories including music, art, video and domain names.
In order to sell NFTs and accept payments on Rarible, you need a wallet that is compatible with one of the three blockchains connected to the market: Ethereum, Flow, and Tezos.
In terms of fees, Rarible works similarly to OpenSea, taking 2.5% of the buyer's and seller's side of each sale made in the marketplace.
Binance NFT Market
Binance, one of the largest cryptocurrency exchanges in the world, has its own NFT market. The Binance NFT platform allows you to sell non-fungible tokens in a variety of categories including arts, sports, collectibles, entertainment, and games.
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 NFT in their possession is 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 a D2C experience through their own branded store. 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 store. 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 Shopify NFT store. Shopify supports popular blockchains such as Ethereum, Flow, Near, and Polygon to list and sell NFTs.
2. Create a Cryptocurrency Wallet
You must have a cryptocurrency wallet in order to register the NFT 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 buying and selling of NFTs and store your tokens in a secure wallet.
Coinbase Wallet
Coinbase Wallet allows users to send and receive NFTs under their username instead of using a public blockchain address. This helps create an experience similar to a digital wallet (eg. PayPal) that people already know and use.
3. Determining NFT Pricing
There is a saying that NFTs are worth what people are willing to pay, but in fact certain factors influence how NFTs are priced and how buyers generally value them.
- This is the 30 day average price. These are the historical price trends 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, Bored Ape Yacht Club's popular NFT collection has less than 1% of monkeys with the “laser eye” trait. If your NFT has a very rare characteristic, 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 shoppers become part of an exclusive club receiving additional perks such as discounts on future purchases? The utility of the underlying asset determines whether a higher price can be demanded for an NFT.
- Creator's Communion. Individuals who build a reputation in the NFT space and follow them may charge higher prices for their assets. But if you are a new seller with no sales history, it is best to start closer to the average of your history and work your way up.
4. Create List
After setting the NFT price, you need to make a list. Log in to the NFT platform and click Create in the top right corner (if using Marketplace). Then choose from one or several collections depending on your stock of assets. You will then need to enter a title and description for your NFT.
Write a catchy title that is relevant to your digital property, but doesn't sell strongly. In the description, talk about the purpose of the token and the subject behind it.
You'll also want to mention the scarcity rating of the NFT and whether or not the buyer can receive any benefits in addition to owning the asset (usually a hint enough to interest 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 the NFT at a fixed price. To create a listing for sale, simply enter the NFT price and choose how long you want the listing to be active.
Auction
In this type of listing, you set a floor price (also known as a reserve price) for the NFT. An auction is then held where the highest bidder buys the digital asset.
5. Accepting Offers
After registering your NFT, keep an eye out for offers from potential buyers. Most platforms send notifications 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 NFT, 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 this is an auction, you will be notified of any other bids applicable to the NFT. Buyers can also send private offers offering a specific number to purchase non-fungible tokens.
Sometimes the bid may be lower than the floor price, so caution is required (such offers are usually sent by bots or enemies trying to take advantage of surveillance owner).
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