The Hustler's Digest StaffDo you know what NFT is? Read this article to learn how to sell an NFT and everything you should know in-depth.
As a creative-minded person, you must be thinking about making an NFT and selling it to make it a source of earning money. You can sell NFT even if you are not a master at it. By learning the ways and processes, you can get it done quickly. If you are new to the market and want to sell your NFT, know what exactly it means. Also, you must grasp the idea of the market where you should sell it at high prices.
Technology has made everything so easy that you can make money at any place. Now you don’t need to run to purchase or sell anything. You don’t need to head towards marketplaces to sell your creativity and skills. You can make an account and post whatever you want to show the world. It is the easiest way without facing any troubles. In simple words, everything is just a click away. All you have to do is to find the right and best practice.
Selling NFTs helps you make money by investing a short amount into them. NFTs are worth millions of dollars now, and people are desperate to invest in them. Follow this article to know the ideas on how to sell an NFT and everything related to it.
What is an NFT?
An NFT (non-fungible token) is a non-interchangeable component of data stored on a blockchain, a form of digital ledger, that can be sold and traded. It is traded over the internet as a digital asset. An NFT is generated and traded in cryptocurrency, digital cash with an encrypted key usually in a random string of numbers. Each NFT represents a real-world object like music, a video, an in-game item, or a kind of virtual baseball trading card. NFTs are non-replicable and non-interchangeable. They verify and store on the blockchain.
NFT is a new technology important for artists, creators, and businesses. These digital assets are sold and bought online, typically with cryptocurrency. It is the item that an identical item can replace with a dollar bill. An NFT is unique and can’t be copied or substituted. You must know the statue of liberty, the Mona Lisa; these are non-fungible items. NFTs are popular today because they offer a unique marketplace for digital assets and the companies creating their own NFTs.
In addition, NFTs allow users a flexible way to store, control and protect the information related to their identity. One great benefit of NFT is that its creatives can also receive royalties from their NFTs and a percentage of future scales of their NFTs. Digital collectibles, videos, drawings, and digital works are popular NFTs. Use your brain to sell digital art using technology.
The market for NFTs has surpassed $40 billion in value by the end of 2021. From images to videos to songs, NFT is logged and authenticated on cryptocurrency blockchains, primarily Ethereum. Each NFT is stored on the blockchain, with an identification code and metadata that makes it unique, like a fingerprint.
How do NFTs work?
NFTs transform a digital work of art and other collectibles into a verifiable digital asset traded on the NFT market or NFT blockchain technology. NFTs come with their unique information, including ownership and transaction details stored under its smart contract. NFT creators can add details to their NFTs such as the creator’s identity, secure links to files, and much more during transactions.
People interested in investing or collecting non-fungible tokens need a digital NFT wallet. A digital wallet is a cryptocurrency wallet that fully supports the blockchain protocol on which it builds the NFTs. Users generally use Bitcoin, Ethereum network, and dogecoin as cryptocurrencies which are the medium of exchange. Other blockchains can implement their versions of NFT. A blockchain is a distributed public ledger that records your transactions.
NFTs are held on the Ethereum blockchain specifically, while others support them. An NFT is created or minted from digital objects representing tangible and intangible items such as GIFs, art, music, virtual avatars, collectibles, and designer sneakers. Once you log in your content onto the blockchain, every transaction from transfer to sales is recorded on the chain, creating an easily accessible ledger of provenance and price history. The main impact of NFTs is making it easy to own and sell digital content of your choice.
In the past years, digital artists built up large followings on social media to attract freelance commercial work. They might sell prints and other merchandise with their designs, but they had to face trouble monetizing digital art directly. Consumers asked; why I should pay to buy something that I could screenshot for free?
Is it easy to sell an NFT?
One of the main steps to sell an NFT includes choosing a blockchain platform. You can take a few more steps to sell the NFT. These steps involve minting the NFT, listing the NFT for sale, and then managing the sale of the NFT. Read the following steps to sell an NFT.
Choose a platform for minting
When you begin making an NFT, research and find out which blockchain platform is best to sell the NFT, when choosing a blockchain platform, consider a few things, such as the creator fees paid to the blockchain for every scale and if the platform specializes in certain digital assets.
For example, if you sell an NFT on the Ethereum blockchain, you may have to pay transaction fees commonly known as “gas.” On the largest NFT marketplace, OpenSea, NFT creators pay one-time registration fees, and the platform does not charge for creating and listing an NFT collection for sale.
Mint the NFT
Before selling an NFT, you need to make or mint the digital asset. NFT minting is creating digital art or digital content as a part of the blockchain. The method of each NFT marketplace is different. Most marketplaces make it easy with a few clicks and then upload the file.
List the NFT for sale
After minting the NFT, you will have the option to list the digital asset for sale on the marketplace. You will see the other options, such as the price, the auction time, and the types of cryptocurrencies accepted. Depending on the marketplace, you may owe Ethereum “gas fees” while listing and other fees from the market.
How do I sell my NFT digital art?
When you choose to mint your work and turn it into an NFT, you turn it into digital art. Create a Web3 wallet and fund wallet with ETH. Then prepare your artwork and submit it on an NFT marketplace. After that, promote your content.
Log in to your account if you want to sell your NFT digital art on the most significant marketplace, OpenSea. Then tap on ‘profile’ in the upper right-hand corner. After that, browse your NFT collection and click on the NFT you would like to sell. Once you find the NFT you intend to sell, select ‘sell’ at the top right-hand corner of the page to be taken to the listing page. In the next step, choose how to sell your NFT. At this point, you will see the options to choose the price, type of auction, duration of the sale, and even kind of buyer.
You will see two types of auctions on OpenSea: ‘Fixed price’ and ‘Timed auction.’ By choosing the ‘fixed price,’ the price stays fixed. Now select how long you want your item to be listed for sale. Default options are one day, three days, or one week but it’s up to you to choose any duration you would like using the calendar. At the last step, you can choose to sell your NFT as a bundle or reserve it for a specific buyer. If you decide to reserve your NFT for a particular buyer, simply turn on the toggle and paste their address into the field ‘reserve for a specific buyer’.
There are two types of fees; a 2,5% ‘service fee’ and a 5.0% ‘creator royalty fee.’ As an NFT creator, you can choose to make a royalty every time your NFT is sold. Other fees can vary depending on the number of people trading on the blockchain. The highest percentage to be deducted from an NFT on OpenSea is 12.5%. Pay fees and finish your NFT listing.
If you are selling an NFT on OpenSea for the first time, you need to complete two one-time transactions. Firstly, to initialize your wallet for making sell orders, and secondly, to allow OpenSea access to your item or collection when a sale occurs. You are required to pay the transaction fees once. Lastly, a popup will appear, and you will have to approve a signature request to finalize your NFT listing. That’s it! You have listed your NFT for sale successfully.
Once you mint your NFT, the transaction and any NFTs you list for sale afterward will appear under your profile’s ‘activity’ tab.
Can you sell NFT art?
You can create and sell NFT art. If you want to put an existing NFT on the market, go to your profile and click on the desired NFT. Then tap on the blue sell button at the top right of the screen. Pick a fixed price option if you want to sell it for a specific price. Pick a timed auction if you wish people to bid on your NFT. Selling an NFT is not easy. Creating doesn’t cost money but minting and selling your NFT art incurs Ethereum network and marketplace costs. Trading NFTs can be uncertain, given the volatility in the young movement.
Suppose you have an idea of making NFT because everyone seems to do it. Make sure you sell that and consider a few things, such as transaction fees. There are a lot of platforms that let you sell NFTs across a wide variety of blockchains. Do the research as much as possible and choose the right one for your project. On the other hand, a few platforms let you make NFTs for free.
How can I sell NFT fast?
Take help from social media platforms to sell your NFT fast. Showcase your artwork on Twitter, Facebook, Instagram and join Reddit NFT groups. Keep actively posting and promoting your NFT. Instagram is a fantastic platform to showcase your portfolio. If you wish to sell multiple NFTs, upload all of them. Do not take social media for granted; it plays a significant role. Read the instructions below on how to sell an NFT fast;
Make an Instagram professional page and upload your NFTs there. It is a crucial space to showcase your portfolio. In this way, the collectors exhibit your current projects and see your past work. Post stories relevant to your content and post daily to catch more audience’s attention. Add hashtags in your post captions to reach more people across the globe. Hashtags can help you to appear more in searches.
Although artworld doesn’t consider Twitter as a visual platform yet, it can be helpful with the new NFT profile picture feature to increase your visibility. Another platform, Reddit, is for community discussion, which has the potential to make your work go viral in a few minutes. You can join groups on Reddit that have nearly 8 million users.
To catch more attention, provide the backstory of your NFT. It is probably the best way to weave into the NFT community. If you are an artist, you must explain the backstory of art and provide written introductions whenever and wherever you show your work. Write short but meaningful descriptions of one or two sentences.
How to get someone to buy my NFT?
It depends on your ability to make people believe that your NFT is worth the price you are selling it for. An NFT’s price is community-driven that starts from you as a seller. Make your NFT unique that people crave to buy. Make it so good that people ask you for more, make them ask you, is that limited edition?
As a creator, maintain your NFT well to resist the corrosion brought by time. You can promote yourself in the world of NFTs through simple conversations. It is the best way to prove helpful in making someone buy your NFT. Speak your creative mind in discord channels, attend calls and streaming parties. Use Twitter to advertise your NFT. Keep in mind that unique NFTs attract people and can help to increase their appeal to have people buying them.
You must have seen celebrities posting their napkins with signatures and selling them in thousands due to their status. If you are an unknown artist, you must be creative to catch people’s attention. People measure the value of an NFT considering three factors: rarity, utility, and tangibility. Make sure your NFT is as unique as nobody can find another one to replace yours. Rarity and scarcity can make it stand out in the market.
When people buy and collect any NFT, they do not feel regretful since they paid a massive amount to get them. If artwork is valuable, you should create it elaborately and mint the NFT carefully to get the best profile for your NFT. While describing metadata, give a clear explanation about your NFT. Customize it to reflect the characteristic style and unique features of your NFT from the perspective of content and expressive form.
Tangibility is a way to lend your NFT to any other person, and if they buy it, they can resell it or rent it to someone else for a fee. This will bring extra benefits to them.
How much does it cost to sell an NFT?
Usually, there is a fee for buying or selling an NFT on a marketplace. The largest NFT marketplace “OpenSea” charges 2.5% per transaction. It allows creators to charge up to 10% as a royalty fee. Some other marketplaces, such as SuperRare, charge more. Creating an NFT is free while selling it is not. The users can modify the cost in the selling price of their NFT. Most NFT traders trust the platform OpenSea.
NFTs prices are skyrocketing. Meanwhile, there are various other layers; one blockchain is faster and offers cheap fees for more affordable NFTs. Keep in mind that cheap NFTs increase the chance of fraud. Some sophisticated NFT buyers prefer Ethereum-based NFTs because there is less chance of fraud and ‘rug pulls’ than other layers of one network. Many companies try to obscure gas fees, eliminate the need for a crypto wallet, and otherwise make buying NFTs simpler.
On OpenSea, you have to pay about $150 to set up an account that allows you to mint unlimited NFTs for free. According to Nerds chalk, on Ethereum, the most popular host for NFTs, or blockchain, you can mint an NFT for $70. Some cryptocurrency analysts believe that minting a digital artwork NFT can cost as little as $70 to $100.
How to set up a wallet?
Wallets are the applications used to store your cryptocurrencies and any NFTs you mint or buy. If you are new to it, you can worry about using a wallet compatible with your blockchain. You may have heard of MetaMask’s wallet.
Ethereum-based applications like OpenSea widely support MetaMask’s wallet, and others can be used either as a Chrome/Firefox extension or as an iOS/Android app. Coinbase also has a wallet that you can use as an extension or an app. You can consider Coinbase’s wallet if you are planning to get into crypto more broadly as it has support for blockchains not based on Ethereum, like Bitcoin.
MetaMask and Coinbase Wallet’s setup processes are similar to each other. Once the browser extension or app is installed, tap the “create new wallet” button. Coinbase will ask you for a username to set your own choice. Both apps will ask you for a password. Make sure to choose a solid and secure password.
After that, both MetaMask and Coinbase will give you what’s known as a “seed phrase.” It is 12 random words. It is imperative not to lose this step because if you uninstall the app or set your wallet on a new device, it will help you recover your account. It would be great to store it in a safe location, such as a password manager. MetaMask will ask you to recount the phrase back. Coinbase wallet will ask you if you wish to store an encrypted copy of it on the cloud if you set it up using the app.
If you are settling Coinbase up with the extension or choosing to manually back it up instead of saving it to the cloud, the process as MetaMask will be the same where you have to enter the phrase manually. If you lose your password or the security phase, you will be unsuccessful with MetaMask and Coinbase wallets. Simply it means that you will lose access to any cryptocurrency or NFTs stored in the wallet.
The last step is to connect your wallet with the NFT marketplace you plan to use. In OpenSea, clicking the “Create button” in the top left prompts you to connect your wallet. Then you will see a list of compatible wallets. Choosing your wallet will encourage you to go through the connection process. In MetaMask or Coinbase, you will see a pop-up asking you if you want to connect your wallet. It can be accomplished with a few clicks.
Conclusion
Every creative artist must find ways to sell their NFTs and make billions of money through that. As NFTs are unique pieces of data stored on a blockchain, they are highly demanded in today’s world of technology. Some people think that NFTs are bubbles that will burst, and some believe that NFTs will drive the digital economy shortly. This technology is in the initial stages but seems to revolve around the globe very soon.
