How to Sell NFTs

How to sell NFTs? Crypto art enthusiasts and those looking for a profitable business are looking for the answer to this question.

These digital certificates that attest to the ownership and uniqueness of a digital asset can be worth millions of dollars. For this reason, the idea of creating and selling NFTs to make money is quite widespread today. The market is lively especially in the US, but has now also taken hold in Europe.

Compared to the boom year in 2021, when the NFT sector had reached 40 billion dollars in value, today the market is experiencing a bearish phase. NFT revenues are expected to reach 683.9 million dollars in 2024. Much less than three years ago, but still an interesting figure for such a niche sector.

Is it easy to sell NFTs? How to do it? Where do you have to go and what do you need? Is Selling NFTs for free possible or are there costs to be faced? The time has come to clear up all doubts and explain, step by step, how to sell an NFT and try to earn money.

You can take a look at the most expensive NFTs sold so far to get inspiration and, having learned the basics and also clarified how to create an NFT, we now focus on the sale, which can take place directly or at an online auction.

How to sell an NFT?

In general, for the selling NFTs you need to know how to follow some key steps.

First of all you need to create or mint your NFT, through ad hoc apps and platforms.

It is then necessary to have a cryptocurrency wallet to be able to enter the NFT business, both as a buyer and as a creator/seller: transactions take place on blockchain and you need cryptocurrency (the most commonly accepted is Ethereum) to manage any earnings that will derive from the sale of your digital works, so you need a crypto wallet that connects to the NFT platform.

Having made these necessary premises and before going into detail, here are the steps to follow to sell an NFT:

• Buy Ethereum to fund your crypto wallet;
• Open an account on a crypto wallet and add some cryptocurrency;
• Connect your crypto wallet to an NFT platform;
• Create your NFT and upload the file you want to transform into an NFT;
• On the chosen NFT platform, decide how to sell your NFT, whether directly or at auction, set a price and add title, description and details

Where to sell NFTs? The OpenSea and Binance platforms

The sale of NFTs takes place in specific virtual markets, intended as digital spaces where you can sell, buy and browse the non fungible token created by artists.

Marketplaces are platforms that the user has at his disposal for these operations. Some of the most famous where NFT auctions take place are OpenSea, Binance, Rarible, SuperRare, Nifty Gateway.

The best platforms for buying and selling NFTs certainly include OpenSea and Binance, the most popular marketplaces.

Below is a simple guide on how to navigate and sell NFTs on these two platforms.

How to sell NFTs on OpenSea

OpenSea is the largest and most popular platform for creating and buying and selling NFTs.

Part of its fame is also due to the fact that there are no gas fees: OpenSea uses the Polygon (MATIC) blockchain, which allows you to create and sell NFTs for free and buyers to no longer pay blockchain fees when making transactions on the platform.

To sell NFTs on OpenSea you need:

• Create an account
• Connect the crypto wallet (e.g. Metamask) to OpenSea
• Create an NFT on OpenSea by going to My Collections > Create a Collection
• Add an NFT by pressing the Add item button at the top right and then press Upload NFT
• Press Sell and then set the selling price, the currency, view the commissions applied on the sale (between fees and royalties) and click on Complete listing
• Sign/authorize the transaction through your crypto wallet and once the listing has been confirmed you will receive a confirmation from the platform.

How to sell NFTs on Binance

On Binance NFT you can sell NFTs in two ways: at a fixed price or auction in real time. The supported currencies are BNB, BUSD and ETH.

The creator is paid a royalty of 1% for any subsequent trading of their NFT on the platform. You can sell both an NFT that you created and an NFT that you bought and own in your collection.

You can auction your NFT with the Highest Bid option or make an instant sale with the Set Price function.

In the first case you need to set the minimum bid for your sale and choose the cryptocurrency you prefer as your payment method.

In the second case, set the price that you want to be paid immediately to buy your NFT, also choosing the cryptocurrency for payment among those supported by the platform.

At this point, set the date and time when the sale will end, keeping in mind that the limit is 7 days from the time of listing.

Finally, choose the category suitable for your NFT, enter the description and useful details, read all the conditions and commissions associated with the sale of your NFT and press Submit. Before the actual sale, Binance must manually examine and approve the NFT. The procedure usually takes 4 to 8 hours.

Practical tips for selling NFTs successfully

Knowing how to choose the platform for selling your NFT may not be enough to earn enough and be successful.

If, in fact, you are passionate about crypto art and you strongly desire to receive a profit from this digital market, it is important to follow some practical advice:

• use the Twitter profile to share the link of your NFT gallery;
• spread your works of art to sell on Instagram;
• share on social media the time-lapse of the creation of your NFT to sell;
• use hashtag aimed at the greater diffusion of your work, such as:
  nft #nftart #nftartist #nfts #nftcollector #nftcommunity #cryptoart #cryptoartist #nftphotography #nftanimation #nftvideo #digitalart;
• use the Discord platform to chat with other crypto artists and upload the gallery of NFT works;
• subscribe to a newsletter for NFT hunters such as NFT Hunters;
• use Reddit to promote your works.

One last piece of advice is to always operate with the utmost caution: selling NFTs is in fact an activity that takes place entirely online and scams are always around the corner.

The platforms for safely selling non-fungible tokens are those with the most users. Finally, never click on promotional sites and check the wording of the URL of the chosen platform.

How much does it cost to sell NFTs

Those who want to create and sell NFTs must know that there are costs to bear: to perform a function on the Ethereum blockchain, including the creation or minting of an NFT, taxes (gas fee) are paid. The cost can vary and depends on both the amount of energy used and the time. It ranges from $1 to over $1,000, according to Slate.

However, there are some marketplaces that allow you to create NFTs for free, like OpenSea and Rarible, and that charge the gas fees to the buyer, not the creator. There are also blockchains that have no gas fees or much lower fees, like Polygon on Opensea.

NFT creators often have to pay fees up front, while some platforms charge artists a small percentage, like 3%, of the final sale price for an NFT they create.

Original article published on Money.it Italy. Original title: Come vendere NFT