Welcome future seller, designer, or the next Sultan Ghozali (If you don’t know who he is I highly recommend googling this legend). Now it’s time to learn how to sell NFT. I highly recommend reading our article explaining about NFT before we go further.
First thing is first, create an NFT wallet
NFT are a blockchain-based asset, hence you’ll need an NFT wallet for the transactions. An NFT wallet is a cryptocurrency wallet that works with the NFT blockchain protocol. It should also support the currency you’ll use to buy NFTs, such as Ethereum. An NFT wallet is not the same as a physical wallet, so you can’t keep your NFT in it. What it does is it give users access to the assets that are stored on the blockchain.
A few examples of some NFT wallets are:
- Trust Wallet
- Math Wallet
- Alpha Wallet
- Coinbase Wallet
Want to know more about NFT Wallets? Read this article.
Now back to the selling.
Where do I sell NFT?
There are many platforms that allow you to sell NFTs on a number of blockchains, hence it is hard to tell you a specific place to sell your NFT. This is where you have to dive deep and do some research to figure out which marketplace works best for you.
Either way, I’m still going to give you some examples. Here are two of the best-selling NFT platforms at the moment.
OpenSea is the largest NFT marketplace. You can find everything on the website which includes virtual world materials, domain names, trading cards, Arts, sports, collectibles, and utility tokens.
Rarible is another great platform for minting and selling NFT art. Top Rarible sellers make up to £100,000 (RM568,200.52) each week and a 10% royalty if a buyer resells their art for a higher price.
What’s cool about these two sites, you ask? Nobody asked actually, but I’m still going to explain.
Both of these websites use what they call “Lazy minting” systems. What’s minting? The process of minting is the act of generating or producing anything. Validating information, producing a new block, and entering that information into the blockchain are all examples of minting in blockchain.
Back to lazy minting systems.
What it does is allow you to construct NFT on Ethereum without paying anything. Yes, there are some fees that come with selling NFTs. We’ll get back to that in a bit. Lazy minting allows you to create an NFT and sell it without having to write it to the blockchain, saving you money. The fees for writing your NFT to the blockchain will be combined with the fees for transferring it to the buyer when someone actually buys it. This helps you avoid paying 40rm or more to mint an NFT that no one buys (Someone will probably buy yours though! I hope).
The Hidden Fees
Now let’s talk about the fees that comes with selling NFTs.
The blockchain charges users a “gas fee” based on the Ethereum metric of “Gwei” since Ethereum transactions take computational energy to process. Gwei is a very small amount of Ethereum that is used to assess the costs of executing transactions. The cost of gas is sometimes paid by sellers to “mint” and sell NFTs, with the proceeds distributed among the network’s miners. Gas prices change dramatically depending on the time of day. As a seller, you can save a lot of money by being patient and waiting for “gas prices” to drop.
Some platforms will let you mint your NFT for free but will charge you a fee to list it for sale.
Creating your NFT
The next step is to unleash your inner artist and get creative. PS If you already have an idea for a digital artwork or have it ready, you can skip this step because you’re one step ahead! If you’re no artist like me, you can also submit an MP3, PNG, or GIF up to 30MB in size. For the rest of you, it’s time to be creative and design the digital art you wish to sell and display. To create your own digital art, you can use websites or apps like photoshop, Kapwing Studio editor or any other editing apps.
Here’s a tip if you’ve chosen to create one yourself but have no idea what to do, browse through the above-mentioned marketplaces for inspiration.
Okay back to the selling process
After you’ve decided which marketplace to use and you have your NFT ready, link your funded cryptocurrency wallet, choose “Mint an NFT,” and upload your content. Yes, it’s as simple as that. The process varies significantly on every marketplace, but most allow you to mint an NFT with just a few clicks.
It’s finally time to sell your NFT
You’ll be given the option to post your NFT for sale on the marketplace once it’s been minted (It’s the “SELL” button). Set a price for your NFT and include a title and description to help potential customers understand what they’re getting when they buy your digital work.
At this stage, the marketplace will calculate any gas fees. The marketplace’s expenses for handling the sale will be listed as well, usually as a percentage of the final NFT sale price.
AND THAT’S A WRAP
Yup, like I said, it’s as easy as that. Once your NFT is listed potential buyers can finally find your digital art! It’s possible that the road to minting your first NFT will be bumpy. It may, however, be worthwhile, particularly if your goal is to reach out to a completely new audience with your amazing products.
Interested in buying and not selling? No worries. Check out our article below, for a step by step guide on how to buy your first NFT.