You might have read our previous article about how to make an NFT. Once you are familiar with how to make one, it is time to learn how to market one.
The crazy stories of NFT sellers are undoubtedly one of the main reasons NFTs have received so much attention in recent weeks. Now it’s your turn.
Do not be overwhelmed if you feel confused or overwhelmed by the whole process. We’ll help you with that.
Five Steps to Sell an NFT First Time: 5 Steps
1. Select a platform
The first step in selling an NFT is choosing a platform. There are many options, such as online marketplaces like OpenSea or direct-to-consumer platforms like Shopify. The type of NFT that you are selling and the fees associated with trading cryptographic assets will determine the selection.
Let’s have a look at some platforms, and what they offer NFT sellers.
OpenSea, the largest global digital marketplace for NFTs, is home to crypto art, digital collectibles and game items. It supports the ERC-721 tokens and ERC-1155 tokens, which are both popular NFT standards. When listing NFTs on the OpenSea Marketplace, sellers can choose from ethereum or polygon.
OpenSea’s trading fees are 2.5%. This means that you will get less than the price you sold your NFT for. OpenSea will take $2.50 if an NFT is sold for $100.
Rarible, another digital marketplace that NFT owners can use to sell their digital assets, is also available. It accepts tokens from many different categories such as music, domain names, and arts. You will need a wallet compatible with any of the three connected blockchains to Rarible in order to sell NFTs or accept payments there.
Rarible charges 2.5% for every sale on the marketplace, which is similar to OpenSea.
Binance NFT MarketPlace
Binance, the largest cryptocurrency exchange in the world, has its own NFT marketplace. Binance’s NFT marketplace allows you to sell non-fungible tokens in a variety of categories such as art, sports collectibles and entertainment. There are two blockchains supported: Ethereum (BSC) and Binance Smartchain (ETH).
Binance charges a flat fee of 1% for all NFT sellers and creators. This is the lowest trading fee on the market. Sellers are required to pay a 1% fee for NFT creations by others.
Shopify: Selling NFTs
Shopify, a popular ecommerce platform, began accepting NFT sellers in July 2021. Shopify’s infrastructure lets resellers and creators offer D2C experiences through their own storefront. Each NFT merchant can now sell digital assets directly to customers, instead of using a marketplace.
There are other benefits to this. NFT sellers have the ability to accept credit cards, debit cards and mobile payments via their storefront. Shopify has its own payment gateway, Shopify Payments. Merchants don’t have to pay any transaction fees for payments made through this gateway. Alternate payment methods, such as cryptocurrency, can be added to your Shopify NFT shop.
Shopify supports the most popular blockchains such as Ethereum, Flow and Near for selling and listing NFTs.
2. Create a crypto wallet
A cryptocurrency wallet is required to list your NFT for purchase. MetaMask Trust Wallet and Coinbase Wallet are the most popular wallets that allow you to sell NFT. Here is a brief overview of each one:
- MetaMask lets you connect to Ethereum to trade, buy, and sell your NFTs.
- Trust your wallet
Trust Wallet is an excellent choice if you’re looking for a mobile wallet. It allows you to buy and sell NFTs, and lets you store your tokens securely in a wallet.
Coinbase Wallet allows users to send and receive NFTs using usernames, instead of public blockchain addresses. This allows for a similar experience to digital wallets that people know and use (e.g. PayPal).
3. Your NFT should be priced
It is a common belief that NFTs are only worth the price they are paid. However, there are many factors that influence how NFTs are priced and valued by buyers. These factors include:
30-day average price. This is the historical price trend for an NFT in any category. Your target price should match the average value of tokens similar over the past 30 calendar days.
Rarity. Rareness. Bored Ape Yacht Club NFT Collection has less than one percent of apes that have the “laser eye” trait. You can price your NFT higher than the historical average if it has a rare trait. People will still buy.
Utility. Your NFT can be traded for virtual items in certain metaverses or games. Buyers can be part of an exclusive club which receives discounts on future purchases. Your ability to demand a higher price on your NFT will depend on the utility of the asset.
Relationship with creators. People who have a good reputation and a following in the NFT sector can command higher prices for their assets. If you are a new seller and have no sales history, it is best to begin closer to the historical average then work your way up.
4. Create a listing
After you have set the price for your NFT you will need to create a list.
Log in to your NFT platform. Click Create at the top right if you are using a marketplace. You can then choose between a single collectible or multiple, depending on how many are available. Next, you will need to provide a description and a title for your NFT.
A title that is appealing, relevant to your digital asset and doesn’t sell too hard should be written. The description should include details about your token’s purpose and the theme. It is also important to mention the rarity level of your NFT, and whether buyers will receive any perk beyond ownership. This can help you attract potential customers.
Next, select the type of listing that you wish to create. There are two types of listings available on marketplaces such as OpenSea:
This option is for you if you are looking to sell your NFT at a fixed price. Simply enter your NFT price and select the time that you wish the listing to remain active.
This type of listing allows you to set a minimum price, also known as the reserve price, for your NFT. An auction is then held, in which the highest bidder wins your digital asset.
5. Accept an offer
Keep an eye out for potential buyers after you have listed your NFT. Although most platforms will alert you when someone bids on your listing for you, it is a good idea to keep an eye out for any additional requests.
If you have set a price for your NFT and someone buys it, it will be considered a public auction. This will result in an alert notifying you that your digital asset was sold and crediting your account with fiat currency or cryptocurrency.
If it’s an auction you will be notified about all the bids placed on your NFT. Buyers may also send private offers to you, offering a specific amount for your token. Be cautious, as some offers may be lower than your minimum purchase price. These offers are often sent by bots and adversaries trying to capitalize on the owner’s oversight.
Selling an NFT can be easier than you might think.
It might seem complicated to sell an NFT at first glance. There are many things to remember, but the actual process is quite simple if you do your research.
Make sure to look at your options regarding auction settings, platforms, and payment-related issues such as fees and gateways.
Once you have all the basics covered, you can start selling NFTs.