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Among digital artists and creators, NFTs have become a possible new way to make money. As a creator or an investor, you may create or buy NFTs based on their demand in the market.
But, there is a catch. No matter how rare or in-demand NFT you have in your collection, selling them at the right time is what will fetch the profit you seek. So, it is crucial to know how and when to sell your NFTs to enjoy a substantial profit.
After minting your digital asset as an NFT, follow the below steps:
Selecting a marketplace
To sell your NFTs, first select a marketplace. There are many to choose from, and different ones specialise in a certain type of digital asset. They also provide many different options in buying and selling, which you can select according to your investment strategy.
Among the various options available, here are a few:
It is a digital market where you can put your digital assets for sale. You can use a variety of tokens in this marketplace. For accepting payments in this marketplace, you need a crypto wallet compatible with Ethereum, Tezos, and Flow.
Rarible takes a trading fee of 2.5% both from the buyer and seller in the event of a transaction.
It is the world’s largest marketplace for buying and selling NFTs. One can get game items, crypto art, exclusive digital collectables, and more. OpenSea supports the ERC-721 and ERC-1155 tokens. It would help to choose between Ethereum and Polygon while listing your NFT in this marketplace.
One thing to remember is that the OpenSea trading fee is 2.5%. So price your NFT accordingly while selling here.
Binance is a reputed cryptocurrency exchange with its own NFT marketplace. There are various categories from which you can sell your NFT – gaming, entertainment, collectables, sports, art, etc. This marketplace supports Ethereum and Binance Smart Chain (BSC).
Binance has the lowest trading fee in the market. NFT creators and sellers have to pay a trading fee of only 1%, and additionally, traders have to pay a 1% royalty if the NFT was created by someone else.
Shopify is another great platform to sell your NFTs. Its unique infrastructure allows you to have a Direct-to-consumer (D2C) experience through its branded storefront. Here, you can sell your NFTs directly to your customer instead of relying on a marketplace.
As an NFT seller, you will benefit greatly from this platform. Your patrons can use debit, credit cards, or mobile payments to transfer your money. Moreover, if you transact via Shopify’s payment gateway, Shopify Payments, you as a merchant will not have to pay any transaction fees.
Your NFTs must be on Ethereum, Flow, Near, or Polygon to sell on Shopify.
Creating a crypto wallet
Based on the blockchain that you used to create your NFT, you need to have a crypto wallet that supports that particular blockchain. Without a compatible crypto wallet, you will have nowhere to receive your funds from the sale. Before you start selling, always check the compatibility of your crypto wallet.
Some examples of the most popular crypto wallets used by NFT buyers and sellers are:
Pricing your NFT
The next important step is to decide a price for your NFTs based on their market value and how much people are willing to pay. The factors include:
Listing the NFT for sale
After deciding the price, you are ready to list your NFT. Let’s say that you are listing your NFT on a marketplace. You can follow these steps:
When you opt for marketplaces like OpenSea, you get the following options:
Select this option when you want to sell your NFT for a fixed price. After clicking on this option, you must enter the price and the time you want this listing to be active.
In this option, you set a minimum price (reserve price), and the highest bidder gets to buy your NFT.
Managing your listing
After listing, you need to promote the sale of your NFT through your followers, via your website (if you have one) or through your social media account.
Accepting an offer
Most platforms will automatically notify you if someone places a bid on your listing. However, keeping a lookout on your social media or e-mail offers for your NFT is a good practice. It may so happen that buyers may offer you a price privately for buying your digital asset.
Note: Bots can sometimes send you offers lower than your listed price. Please be careful in such situations.
An important thing to keep in mind is always calculating the gas fees before planning your buying and selling of NFTs. If you change your listing in any way, the gas fees spent are not refundable.
The best time to determine when to sell your NFT depends on its type and the reason you bought it or created it in the first place. Let’s say you have an NFT, which has been held for a long time and appreciated. Then this is the right time to sell it off.
If you are an artist or a digital creator, you can mint your NFTs and sell them off. Many people like buying newly minted NFTs to add to their collection. They can serve as a good source of income for you.
Based on ongoing market trends, if you feel that a certain type of NFT will rise in popularity in the coming time, you can hold it off until that moment comes.
NFTs have made it easier for artists to show their creations to the world. As time goes by, its popularity will rise, and investors like you will get good profit-making opportunities if you take the correct decisions at the correct time.