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As we go on this journey of learning about current popular NFT trends and understanding what they are, now is the time to touch on how to sell NFTs. This is a very popular question that comes up among those interested. First, it’s important to understand how to purchase NFTs before you get into the process of selling.
How to Purchase NFTs
When it comes to purchasing NFTs, one of the first steps is to open a digital wallet. This gives you the opportunity to store either cryptocurrencies or NFTs. Once that step is complete it is important to purchase cryptocurrency because NFTs can only be bought with crypto. Ether is a type of popular cryptocurrency that allows you to buy NFTs and can be purchased through popular platforms such as PayPal and Robinhood. According to Robyn Conti and John Schmidt, there are multiple great NFT sites to choose from when looking to finally purchase your first one. These sites include OpenSea.io, Rarible, and Foundation.
Most of the marketplaces/sites you will come across act as an auction for the NFT looking to be purchased, so it requires being bided on. Once the NFT is purchased, one of the benefits of purchasing on the primary marketplace is “the potential resale value after the product goes on sale,” according to Ryan McNamara. Purchasing on the secondary marketplace allows you to look at your current purchase and compare it to past sales. As stated before, it also benefits and supports the artist that you are purchasing from. Plus, there are bragging rights to owning NFTs. Now that we’ve touched on how to purchase NFTs, let’s go on a step-by-step process on how to sell them.
How to Sell an NFT
Step 1: Head to the Proper Website
Although you may have some ideas on creating fascinating digital art you’d like to sell, you may not know where to start. One popular site used to start that process is Rarible. This site allows you to create art and is also a bit cheaper and easier to set up, according to Tom Haselton. Once you have it set up, it’s time to click “Create” in the top right of the page.
Step 2: Get Creative
Now it’s time to get creative and design the digital art that you want to display and sell. You can also upload an MP3, PNG, or GIF with the max size being 30MB. Here is where you have the opportunity to be as creative as you’d like and get inspired by NFT trends. Or, go your own separate way and bring something new to the table. Either way, this second step gives you the freedom to bring your creativity into the NFT market.
Step 3: Set Your Price & Name Your Digital Art
Next, set a price for your NFT, which translates back to the Ether cryptocurrency mentioned earlier. Also, leave a title and description to give potential buyers a better idea what they’re purchasing with your digital art. You want to leave potential buyers with more knowledge on your digital art than they would have without a name and description added to the piece.
Step 4: Connect Your Wallet
As time passes, you will still earn income in some aspect if your digital art continues reselling on the secondary market. Going back to understanding how to purchase NFTs, remember that digital wallet we opened to store cryptocurrencies and NFTs? Well, you’re going to have to connect your wallet to the website because there is a fee for listing your digital art. Once that is paid using your digital wallet, it is ready to be listed and sold.
Step 5: That’s All Folks
Guess what? You’re done! It is listed and able to be viewed by potential buyers or searched for using the name you put your digital art under. Over time, it will sell and the price that it goes for will go to your digital wallet allowing you to do what you’d like, whether that’s buying other NFTs or pulling that money out for yourself.
In the end, the processes of buying and selling NFTs pretty much correlate with each other. Once you get the hang of one, the other becomes easier as time goes on. Either way, it is part of the process of really understanding how the NFT market works and why it is continuing to grow every day. Now that we have a better understating as to how we can buy NFTs and sell them, it’s time for you to get creative and dive into the world of digital art. With that said, our journey comes to an end.
Have any more tips on how to sell NFTs? Let us know down in the comments.
This article originally published on GREY Journal.