So, you want to try making money with NFTs? Welcome to the digital frontier, where pioneers like you are discovering new uses for cryptocurrencies and pushing the boundaries of technology and digital content creation. For a few speculative investors, getting lucky and buying the NFT good has paid off. But there is another way to fund this viral movement: sell NFTs.
If you’re creating any digital content, it makes sense to learn the ropes to see if selling NFT makes sense. Here is what you need to know.
How to sell non-fungible tokens (NFT)
To start selling an NFT, you must first ‘create’ one of your digital assets as an NFT, or non-fungible token, a type of digital certificate created on a blockchain network – usually Ethereum (CRYPTO: ETH) – which guarantees ownership of your work. You can make any digital creation as an NFT, from art to writing and music to video games. It is also easy to convert the file to NFT by following a few simple steps. Just keep in mind that the final selling price of your work will depend on subjective factors such as its creativity, quality, and your reputation among potential patrons.
Here are the steps to follow to close a sale.
1. Select a marketplace and create an NFT
The first step is to select the right NFT marketplace. Think of these markets as the Amazon (NASDAQ: AMZN) du monde NFT, an online repository of digital works that can be bought or sold. There are dozens of marketplaces, and many of them specialize in some type of digital asset. OpenSea currently has the largest and most diverse NFT market.
Once you’ve selected the marketplace you want to use, link your funded cryptocurrency wallet, select the âMint an NFTâ option and upload your digital file. Each marketplace’s process will be slightly different, but most let you create an NFT with just a few clicks. Also note that if you want to passively monetize your work over time via royalties (a percentage of each subsequent sale of your NFT in the secondary market, which is payable to you), you will typically set this royalty amount during the process of licensing. hit.
2. Put your NFT up for sale
Once you hit your NFT, you will have the option to list it on the market. Note that while you can transfer and sell your NFTs in other markets, this may incur additional fees.
Click on the “Sell” button and follow the instructions. Here you will be able to provide details about the transaction, such as the auction price or time limit and the cryptocurrencies that NFT buyers can use to pay you. The market will calculate at this point all the âgas feesâ which are the fees of the Ethereum blockchain network for recording transactions. These gas costs are variable depending on the current occupation of the blockchain network. The marketplace itself will also list its fees for handling the sale, usually a percentage of the final NFT sale price.
3. Manage your ad
Once you have completed the list, your NFT is available for purchase in the market. Now you need to promote the sale to potential customers through your website or social media. You can also manage your NFT list, but keep in mind that modifying or deleting the list may incur additional charges, and gasoline charges you have already paid are non-refundable.
How to trade NFTs
Selling NFT isn’t just for digital creators. Some collectors trade from their NFT collection. If you’ve ever bought an NFT from a designer or other collector in a marketplace, you can list them for sale as well.
Sell ââa DTV you bought
Selling your NFTs in the secondary market (a transaction not involving the original creator of NFT) is the same process as above, except there is no need to mint the digital asset. Simply transfer the NFT to the market where you want to sell it (if it is not already there currently, or if you store your NFTs only in your personal crypto wallet and do not have them available for viewing in a marketplace). Then click on the “Sell” button on the page of the NFT you wish to sell. Gasoline charges and Marketplace listing fees will apply and reduce your final amount, as will the royalties set by the original creator of NFT.
When to sell an NFT
The right time to sell an NFT will largely depend on the purpose of the NFT itself and why you created or bought it in the first place.
If you are an artist or digital creator, typing and selling NFT can be a new way to get paid for the work you do, so selling will largely depend on the demand for what you do and who you are doing. what buyers are willing to pay. Keep an eye out for your customers’ interest to maximize your selling price, but also keep in mind that gasoline costs could seriously reduce your profits, or even cause you to sell at a loss if the purchase price doesn’t. is not high enough. For example, the Ethereum network’s high gas charges have been a problem for some NFT builders, so don’t automatically expect your sale to result in a profit.
Maybe you bought an TVN for a specific purpose and you no longer need it, or an TVN you bought has gained in value. Selling can be a good idea if you have other cash needs or better places to invest. When calculating your possible profit or loss on the sale, be sure to include gasoline costs, market listing fees, and royalties paid to the original creator. As for gasoline costs, it is possible to reduce those with a little time for your registration, for example by avoiding the days when the Ethereum blockchain network is congested.
Selling NFTs is not easy money. Hitting and then selling your digital work will incur Ethereum network and market costs, and NFT trading can be uncertain given the volatility of this young movement. But if you are a creator looking for a new outlet to grow your business, this area of ââthe crypto world is worth exploring because it can open new doors to monetize your talents.