20 Tips for Selling NFTs
20 Tips for Selling NFTs
As word spreads about the rise of non-fungible tokens (NFTs), being one of the most talked-about topics out there right now as covered over at runrex.com, we are seeing more and more people looking to get in on the action and sell NFTs. Through the following 20 tips, this article will look to outlined what NFTs are and how you can sell them, and so much as more as far as selling NFTs is concerned.
What are NFTs?
NFTs, or non-fungible tokens, are unique digital items with blockchain-managed ownership as articulated over at guttulus.com. Each NFT is unique and can’t be replaced or exchanged like-for-like, hence why they are non-fungible.
How do NFTs work?
As is explained over at runrex.com, NFTs, just like cryptocurrencies, are digital tokens logged on a blockchain ledger and traded across the network. The trading of NFTs offers many benefits such as transparency, security, and immutability.
What can NFTs be used to represent?
NFTs can be used to represent virtually any type of real or intangible item as discussed over at guttulus.com, including:
Virtual items within video games such as skins, weapons, avatars, and currency
Collectibles such as digital trading cards
Tokenized real-world assets such as real estate and cars, etc.
Video footage of iconic sporting moments
What is minting?
When it comes to selling NFTs, one term you will hear quite a lot is minting. This is the process of turning your work into an NFT and refers to the act of creating a new token on the blockchain that will forever be attached to the content.
You can create, buy, and sell NFTs on NFT marketplaces. There are various NFT marketplaces out there where you can go to sell NFTs. However, you should know that not all NFT marketplace can facilitate the same NFT because of the various token standards.
Examples of popular marketplaces
As is discussed in detail over at runrex.com, some of the most popular NFT marketplaces include:
Nifty Gateway, and many others
How to sell NFTs
According to discussions on the same over at guttulus.com, to sell your NFTs on a marketplace, you will need to first locate them in your collection, click on them, and then find the “sell” button, which you can click on to start the process of selling your NFTs.
Steps for selling NFTs
Setting up your wallet
The first thing you will need to do, as covered over at runrex.com, is to set up your crypto wallet, which you will need to store your crypto and NFTs. MetaMask is the most commonly used crypto wallet out there. Once you have installed MetaMask, link it to your NFT marketplace account. If you are using OpenSea, which is currently the largest NFT marketplace, you should head to the OpenSea website, click on the icon in the top-right corner, then “My Profile”, and then press “Sign In” and follow the instructions in your wallet.
Creating your collection
If you are to sell NFTs, you should first have something in your collection to sell. As already mentioned, the process of turning your work into an NFT is called minting, and once you have created your collection, you can be able to sell NFTs.
Clicking on the sell button in your collection
Clicking on the sell button once you locate your collection when looking to sell NFTs will take you to a pricing page where you can define the conditions of the sale, including whether to run an auction or sell at a fixed price.
What are the cryptocurrencies you can sell your NFTs for?
As per the subject matter experts over at guttulus.com, Ether and other ERC-20 tokens are the most common cryptocurrencies that you can sell your NFTs for. However, it is worth noting that some platforms only support the native token of the blockchain they were built upon. For example, VIV3 is a Flow blockchain marketplace, which means it only accepts FLOW tokens.
Decide how many editions you want to sell
When selling NFTs, you will have to decide how many editions you want to sell. As discussed over at runrex.com, it doesn’t just have to be one single edition as, theoretically, you can actually sell different NFTs of the same artwork.
Any drawbacks to selling different NFTs of the same artwork?
As mentioned in the previous tip, it is possible to sell different NFTs of the same artwork – they will still be unique as they will have different “digital fingerprints”. However, according to guttulus.com, a major drawback of doing this is that it will likely bring down your asking price for each NFT.
Gas fee may be required for the first sale
It is also worth noting that on NFT marketplaces like OpenSea, you will need to pay a gas fee before you can list your NFT for sale if you have never sold on the platform before. This transaction is meant to essentially create a personal trading smart contract for your wallet and you only have to do it once on OpenSea.
What is gas fee
You can think of gas fee as Ethereum blockchain transaction costs and is the fee required to complete a transaction on the blockchain. It is worth noting the marketplaces such as OpenSea have no say in setting gas fees as they are determined by supply/demand across the network.
Additional gas fee if you list your NFT in a currency that isn’t ETH
It is also important to note that if you decide to list the items you are selling on marketplaces like OpenSea, you will also be asked to approve that token for trading which incurs additional gas fee. However, as explained over at runrex.com, this is also a one-time fee which means that you won’t need to pay anything the second time around.
You will also be required to choose your reserve bid, which is the minimum amount that you are willing to sell your NFT for. According to the subject matter experts over at guttulus.com, when considering your reserve bid, you shouldn’t be tempted to go too high as to price yourself out.
You can also be able to set royalties which will allow you to earn a commission every time the asset is sold to a new person. By clicking the “edit” button next to the collection image on OpenSea, signing the message using your wallet, and scrolling down, you have the option to program in royalties and select which ERC-20 token you would like to receive for selling the NFT as outlined over at runrex.com.
Do you lose your copyright once you sell your asset?
No. While NFTs are designed to give the buyer ownership of the work, creators still retain copyright and reproduction rights which means that you can sell an NFT of your most popular photograph, for example, and continue to show it on your Instagram or website, license it to your companies, sell prints in your online shop, and much more.
Collectors also often use the OpenSea rankings page to discover new and exciting creators, which is something you need to be aware of if you are listing items on OpenSea and other marketplaces that have rankings. If you can leverage marketing to generate a few early sales, you can climb up the rankings and get yourself in front of more buyers.