Selling an NFT is pretty straightforward. Most NFT marketplaces let you sell these digital assets with just a few clicks.
On the other hand, getting a good price can be challenging. NFT prices usually relate to creativity, quality, the market as a whole, and your reputation among potential buyers. Secondary sales are generally influenced by the same factors.
In this article, we'll cover everything you need to know about how to sell an NFT.
Step by step
If you're creating your own NFTs to sell, a good place to start is researching what's popular. Popular concepts can vary from chain to chain. What's popular on the Hedera network may differ from what's popular on Ethereum. Although you shouldn't copy someone's style, it can be helpful to understand what types of things sell. For example, profile picture (PFP) NFTs are prevalent on most blockchains, but some audiences prefer animals, while others seem to pay more for NFTs resembling humans.
You can also check to see if there is a naming convention that corresponds to NFT sales. On the Algorand blockchain, for example, you might notice that many of the trending collections have names like "Al Goanna," "AlgoGods," and "Algorillas." You don't have to copy the naming convention exactly, but it can help to know what has worked for others.
You'll also want to build a following on social media. Twitter and Discord are the two primary platforms NFT artists use to build a community. Aside from growing your following, there are several more-technical things you'll need to do to sell an NFT.
Choose a digital wallet and set it up
A crypto wallet is one of the first things you'll need, whether you're creating your first NFT or selling one on the secondary market. You'll want to ensure you're using a wallet from a reputable source, such as Trust Wallet or MetaMask. You'll also need to ensure the wallet can support non-fungible tokens.
If you haven't already, you'll need to decide which distributed ledger you'll use to trade NFTs. Those using the Hedera Network may want to consider a trusted wallet like HashPack or Blade Wallet. Ethereum users generally download MetaMask or Trust Wallet. Alternatively, you can use a Ledger Hardware Wallet or Coinbase Wallet to store Ethereum-based NFTs.
Add cryptocurrency to your wallet
If you plan to buy NFTs and sell them on the secondary market, you'll need funds to make the purchase and cover the transaction fee. Even if you aren't buying an NFT, you'll still have to cover the gas fees for minting your digital asset. To add crypto to your wallet, you'll need to buy it from an exchange and send it to your NFT wallet address. Alternatively, many wallets have a "buy" button that lets you purchase crypto without leaving your wallet.
Choose an NFT marketplace and connect your wallet
Most NFT creators use popular NFT platforms to sell their assets. Choosing a trustworthy marketplace is essential, as you'll have to connect your wallet to buy or sell NFTs. If you're using the Ethereum blockchain, you might consider a well-known site like OpenSea or Rarible. Other marketplaces run reliably on the Ethereum blockchain, but some, such as SuperRare and Nifty Gateway, only allow you to sell your NFT artwork if you're invited.
Zuse Market is an excellent choice if you're using the Hedera network. It is one of the most well-known and popular Hedera NFT marketplaces. Still, you'll need to fill out a form and be accepted to sell your NFT collection. Hash Axis is a great option for those who want to avoid an approval process.
Upload the file you want to turn into an NFT
Technically speaking, nearly any digital file type can be used to mint an NFT. Still, you'll want to check each marketplace and NFT-minting solution to ensure they can accommodate your files. Some will support MP4 and some won't. Similarly, authors looking to mint PDFs as an NFT will have to choose a specific blockchain and marketplace that supports this file type.
Most NFT marketplaces make it easy to upload your file. Usually, you can just click the "mint" button and select the file from your computer.
Set up your NFT listing
Fixed price. Fixed-price sales let you determine exactly how much you want to make. Rather than having potential buyers bid on your NFT, they can simply buy it for the listed price.
Unlimited auction. These auctions, also known as open auctions, let potential buyers make offers on your NFT. You can decline or accept any offer.
Timed auction. These auctions let people bid on your NFT for a specific period. At the end of the auction, the highest bidder receives the NFT. You can set a minimum purchase price to ensure your assets aren't sold for less than you want to make.
Add a description for your NFT
The description field is an excellent way to explain your inspiration and tell your story. It's important to spend time crafting a meaningful description that will impress potential buyers.
Pay the listing fee to sell your NFT
There are various fees involved with selling NFTs. In most cases, you'll have to pay a fee to list your NFT, a fee to sell your NFT, and, of course, fees when you buy the cryptocurrency used to pay your NFT fees. Some marketplaces, such as OpenSea, offer a "lazy minting" service that lets you avoid some upfront fees.
Manage your listing
NFTs are immutable, so there are certain things you won't be able to change after you list them. However, most NFT marketplaces let you change the minimum price, name, description, and more.
Selling an NFT you bought
Selling an NFT on the secondary NFT market follows almost the same process, but there are differences worth noting. The NFT creator may have set a royalty fee for the asset, meaning you might pay additional fees when selling. Many marketplaces let creators set their royalties as high as 10% when their NFTs sell. Some can be even higher.
When buying an NFT to sell on the secondary market, you'll want to do your due diligence to make sure it's worth your time. Buying NFTs from new projects can be a good way to get in on the ground floor. However, you may fall victim to rug pull schemes if you buy from unestablished NFT creators.
Learning how to sell an NFT
Hedera's network and tools make it easy to buy and sell multiple NFTs. It's one of the only carbon-negative DLTs with a low, predictable fee schedule. There are a range of Hedera NFT marketplaces, secure wallets, and projects to explore. Additionally, Hedera makes it easier than ever for developers to build NFT tools and offers many tutorials and other resources.