NFTs can sell for huge sums of money. You might want to get in on the action by creating unique artworks and minting your own NFTs, or you may have purchased an NFT you want to sell. Either way, we’ll take you through everything you need to know about how and where to sell NFTs.
How to sell NFT
Selling an NFT requires a crypto wallet and a marketplace account (or someone willing to buy privately). If you’ve bought an NFT that you’re aiming to sell, you’ll likely already have a crypto wallet and a marketplace account. Here’s how to sell an NFT:
- Create a crypto wallet. You’ll get paid for your NFT in crypto (likely ETH, but this will depend on the marketplace and blockchain you’re using). You’ll need somewhere to store that crypto once you receive it, and that’s your crypto wallet.
- Upload your NFT file to your marketplace and mint your NFT, if needed. If the NFT has already been minted, you’ll need to transfer it to the marketplace. Keep in mind that you’ll need to pay gas fees upfront to mint an NFT and list it for sale unless you’re using a marketplace that offers lazy minting.
- Set up an auction for your NFT. The exact process will vary depending on the platform you’re using, but once your NFT is on the platform, it’s usually as simple as clicking a “sell” button. You can often opt to sell at a fixed price or let buyers bid instead.
- Be prepared to pay fees for selling your NFT. When the NFT sells, you won’t get the full sale price for it. The platform will take a cut. Fees vary between platforms, but 2.5% per transaction is common, and some marketplaces charge more.
How to sell NFT art?
Many artists sell NFT art as well traditional art such as paintings, sculptures, illustrations, and other physical works.
To sell NFT art, you’ll need to:
- Create a piece of artwork and turn it into an NFT, using a platform such as OpenSea.
- Alternatively, buy a piece of artwork that you believe will appreciate in value.
- Choose an NFT marketplace. OpenSea is a large and popular marketplace, and so are Rarible and Mintable. There are also specialised NFT art marketplaces like Foundation, SuperRare, and Nifty Gateway. Note that some marketplaces are invite-only.
- Promote your NFT artwork. Consider promoting it on social media, Reddit NFT subreddits, via influencer marketing, and even with paid advertising to raise awareness about you and your art.
How to price an NFT?
How much should you charge for your NFT? Whether you’re selling it for a fixed price or setting a reserve price for your auction, it’s important to have a clear idea of what your NFT is likely worth.
If you’re creating multiple copies of an NFT as a limited edition, then the value of each one won’t be so high. If you’re creating just a single copy of an NFT, it’ll be unique and more valuable.
To figure out the right price for an NFT you’ve created, you’ll want to look at what similar NFTs are selling for. This means finding other artists, musicians, or creators in your niche, who have roughly the same level of audience and profile as you. Look at what their NFTs are selling for and position yours similarly.
Some NFTs have sold for life-changing amounts of money. We mentioned The Merge and The First 5,000 Days earlier. Those are the most expensive NFTs of all time. Other high-profile examples include Clock, from Julian Assange and Pak, which sold for $52.7 million to a group of over 10,000 Assange supporters. The unique collectable characters of CryptoPunks have also made a huge amount of money collectively, with the rare CryptoPunk #5822 selling for $23.7 million.
How to make money from NFT?
If you are interested in making money then investing in NFTs could be profitable, and it’s a route taken by some NFT enthusiasts.
It’s important to note that NFTs are seen as a high-risk investment. That doesn’t mean you shouldn’t invest in them, but it does mean you need to consider how NFTs fit in with the rest of your investment portfolio. You should also consider your investment time horizon.
If you need to sell your NFT after just a few months, then that could be very risky as its value may be quite volatile. Even if you’re an experienced investor, making a large profit on NFTs is going to involve at least some element of luck.
Another way people make money from NFTs is by creating their own NFTs to sell. This is only likely to be profitable if you have a fanbase of people who are likely to be interested in buying an NFT. For instance, you might be an author, indie musician, social media influencer, or anyone else with an online platform.
Where can I sell NFTs?
NFTs are sold (and bought) through online marketplaces. Most marketplaces are open for anyone to join, but some are more exclusive and you’ll need an invite.
One good way to find the right NFT marketplace for you is to look at NFTs that you admire and see which marketplace they’re listed on. You’ll also need to check that the marketplace accepts the cryptocurrency you use.
The list of big, popular NFT marketplaces includes OpenSea, Rarible, Mintable, Axie Marketplace (Axie Infinity), and Larva Labs (Cryptopunks).
How to sell NFT on Binance?
To sell an NFT on Binance, you’ll need to:
- Mint (create) your NFT on Binance, if it’s not already created.
- Click “List NFT” on your NFT.
- Select your sale method: “Set Price” or “Highest Bid.”
- Enter your sale price (for Set Price) or a minimum bid amount (for Highest Bid) and set the other options as your preference, e.g. the time and date for the sale.
- Check that you’re happy with the fees associated with selling your NFT, then click “Submit.”
Your NFT will be automatically assessed before it’s listed. This will take around 10 minutes. You’ll then see a “Listing Complete” popup.
How to sell NFT on Opensea?
To sell an NFT on OpenSea, you’ll need to:
- Mint (create) your NFT on OpenSea, if applicable.
- Click your profile icon and select the NFT you want to sell, then click the “Sell” button.
- Select the type of sale: “Fixed Price” or “Timed Auction.” You also have the option to reserve your item for a specific buyer.
- Initialise your wallet (one-time gas fee) if you’ve not sold on OpenSea before.
- Sign the transaction to confirm the listing. If your NFT was created somewhere other than OpenSea, an additional approval and signature may also be required.
You’ll see a popup confirmation once your item is listed for sale.