NFTs can sell for a fortune. We’re talking millions here.
This tweet from Jack Dorsey, CEO of Twitter was sold for 1.29 Million Dollars.
This boring ape NFT art was bought by Neymar Jr for a fortune.
So, assuming that you already have bought NFTs, let’s talk about how to sell NFTs. First, we’ll talk about the process on how to sell NFTs and then some tips from experts.
How to sell NFTs
You can sell NFTs in five simple steps as below.
Step 1: Choose an NFT Marketplace
The first step to selling NFT is to choose an NFT market. There are dozens of marketplaces, many of which focus on certain digital assets. OpenSea now has the largest and most varied NFT market.
Rarible is also a popular place to start. This site allows you to produce art and is easy to set up.
Step 2: Connect your cryptocurrency
After that, click “Create” in the upper right of the page. Then, choose the blockchain of your choice. We recommend “Ethereum”. You should choose whichever is your favorite blockchain.
While the process varies by the marketplace, most allow you to mint an NFT in just a few clicks. Also, if you want to earn royalties (a percentage of each sale of your NFT on the secondary market), you usually set that royalty amount during the minting process.
Step 3: Mint and upload your NFT
Now it’s time to get creative with your NFT art to sell. There are different types of NFTs.
You may also upload an MP3, PNG, or GIF up to 30MB. Here you may be as creative as you want and be inspired by NFT trends. Or, take your own path and contribute something unique.
This phase allows you to express your ideas in the NFT market. You could give a proper name, description, etc for your NFT.
Step 4: Name & Price Your NFT
Set a price for your NFT based on the bitcoin you chose. Leave a title and description to help potential buyers understand what they’re buying. You want potential customers to know more about your digital work than they would have otherwise.
Step 5: Manage your NFT listing
Your NFT is now available for purchase on the marketplace. Now you must advertise the deal on your website or social media for maximum exposure. Changes or removals to your NFT listing may incur additional fees, and already paid gas payments are non-refundable.
Your NFT will continue to resell on the secondary market, allowing you to make money over time. Remember that digital wallet we established to hold cryptocurrency and NFTs?
Many NFT marketplaces charge a fee for listing and managing your NFT. Keep this in mind which marketplace you’re going with.
When to sell NFTs to make profits
If you’re an artist or digital creator, minting and selling NFTs can be a new method to make money, but it all depends on demand and customers’ willingness to pay.
Keep an eye on customer interest to optimize your selling price, but keep in mind that gas expenses can drastically lower your profit — or even generate a loss if the purchasing price is too low. For example, high Ethereum network gas taxes have hampered certain NFT developers, so don’t anticipate an easy profit.
Maybe you got an NFT for a specific reason and no longer need it, or it has risen in value. Selling may be wise if you have other financial demands or better areas to invest in. Remember to factor in marketplace listing costs, and royalties given to the original inventor when estimating potential profit or loss.
Get started with as little as $10.