Non-Fungible Tokens or popular known as NFTs, are non-replaceable units of digital data stored on a blockchain, that can be sold and traded typically through cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. Most popular NFTs could be in the form of music, a video, a digital baseball card, an in-game item, or a virtual art or image. What makes NFTs unique is that each one has a digital signature that can’t be exchanged allowing owners to prove ownership as well as they being original limited editions of artwork via a digital signature. In recent years NFTs have taken digital marketing by storm with auctions for digital assets in the form of NFTs. Projections estimate the global NFT sale is expected to reach some $80 billion by 2025.
Exactly How to Sell NFT
The buzz surrounding NFTs has inspired several people to turn their art forms into these digital tokens and create an NFT. If you’re really talented digital creative, you can also make some money by selling NFT’s. By selling NFTs you can also use it to create brand awareness and increase customer engagement by joining the bandwagon called NFTs. Below are some steps to follow in order to sell NFTs:
1. Learn Everything You Can About NFT’s
How to make money with NFT is easy. Smart NFT creators and entrepreneurs can succeed in the NFT marketplace by first trying to research and understand as much they can about NFTs. They should understand how the digital asset market operates, its volatility, and which digital artworks be they songs, GIFs, videos, or video game collectibles would fetch a great price.
2. Purchase Cryptocurrency
To start trading in NFTs you will need to purchase some cryptocurrency such as Bitcoin, Ethereum, and Dogecoin as a medium of exchange. This is because most NFTs marketplaces require you to open a crypto wallet. Most NFT platforms will require you to pay upfront in cryptocurrency to start minting NFTs- which entails turning your artwork into a non-fungible token that you can later be able to sell.
3. Compare NFT Platforms
Not all NFT platforms are the same, some let you mint your free cryptocurrency while other marketplaces offer a large NFT marketplace for trading. Some popular NFT platforms include OpenSea, Rarible, Axie Marketplace are NBA Top Shot Marketplace.
4. Create a Digital Wallet
Once you’ve settled on the NFT marketplace suitable you will need to link it to your funded cryptocurrency wallet. You will need a digital wallet to create NFTs and pay transaction fees in the form of ‘gas’ which essentially is the computation power you use to mint or generate your NFT.
5. Create or Buy Your NFT
By opening your digital wallet then you have accomplished the major steps towards turning your digital assets into a money-making enterprise. You can then convert your digital file into an NFT art or buy your first NFT.
6. Upload Your NFT Art File
Once you have converted your digital assets into NFTs you will be presented with the option to list them up for sale on the several available NFT marketplaces. You can use marketplaces like Ethereum blockchain, OpenSea, Rarible, or Axie Marketplace.
7. Create an Auction on Your Chosen NFT Marketplace
Once you have selected your NFT marketplace of choice you will be allowed to sell your NFT art. At this stage, you will be able to provide potential buyers with details on how to make transactions that include the selling price of the NFT, set timed auction, and the cryptocurrencies you want to be used in the transaction which NFT buyers can use to pay you. The NFT marketplace for its part will calculate the commission fees for handling the sale which may vary depending on the particular NFT marketplace.
8. Pay the Listing Fee
Most NFT listing fees have a concept called gas. which is required to successfully conduct your transaction. In the case of the Ethereum blockchain, the fee goes directly to Ethereum miners who provide the computing power required to verify transactions and keep the network running. Each transaction requires a certain amount of gas depending on the number and type of computations involved and the storage required.
How Much Does it Cost to Sell an NFT?
Blockchain transaction fees vary depending on the network’s supply and demand. During high resource demand periods, gas fees could rise. In addition, cryptocurrency prices are subject to volatility impacting the costs associated with NFTs. In most cases the price associated with selling NFTs will depend on the required resources to mint NFTs prices may range from $1 to $500, or even go higher.
9. Promote Your Content
If you really want to succeed in making some extra income through selling NFTs. You will need to constantly grow your portfolio of NFT collection. Once you created a good amount of NFTs you will need to promote your work so that you can reach a healthy amount of fans and potential buyers. Use social media such as Facebook, Twitter, and Instagram to promote your work.
Can you buy and sell NFT’s?
Yes, NFTs are the latest trend in the cryptocurrency marketplace. Through cryptocurrency, you can sell NFT art, buy music, videos, digital art, or digital memorabilia.
Is it easy to sell on NFT marketplaces?
There are a number of NFT marketplaces where selling NFTs is possible. These include OpenSea, Rarible, Axie Marketplace are NBA Top Shot Marketplace.
Do you have any legal rights to an NFT once it sells?
Non-fungible tokens are an emerging digital marketplace that requires a unique set of commercial and regulatory considerations. As transactions are carried out over the Internet, governments are slowly catching up on putting in place regulations pertaining to intellectual property rights and ownership issues.
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This article, “How to Sell an NFT” was first published on Small Business Trends
