Growing your portfolio is important if you want to sell more NFTs and make enough cash. There are several ways to promote your content.
Ideas to start making and selling non-fungible tokens (NFTs) are what a lot of artists out there are looking for to start making money. If you’re also interested in knowing exactly how to sell NFT, I’ll say you’re in the right place. NFTs are the newest trend in the cryptocurrency industry.
Although the first non-fungible token project launched in 2015, NFTs started getting popularity in 2017. According to experts, the market worth of NFTs was just $82.5 million at the end of 2020. However, at the end of 2021, the market value increased to over $17 billion. This trend shows that the NFT cryptocurrency industry is fast increasing, and the future is bright for it.
What exactly is NFT and how does it work? Are there easy ways to make or mint NFTs? What are the best ideas to start selling NFTs at various marketplaces? These are the frequently asked questions you’ll find answers to as you read further through the rest of this post.
Before going ahead to talk about the ideas for selling NFTs, let me start with the introduction – what exactly are NFTs? “NFTs” is an acronym for non-fungible tokens. These tokens are digital assets created to represent real-life objects, such as art, music, videos, and in-game items.
NFTs are more of a subset of cryptocurrency. I’m saying that because, in most cases, you need cryptographic forms of money to start buying or selling them. The only difference, however, is that cryptocurrencies are fungible assets. On the other hand, NFTs are non-fungible. That said, you can safely say that NFTs are non-interchangeable units of data, which are stored on a blockchain and could be sold or traded.
Here’s how buying and selling of NFTs work below:
- As earlier mentioned, you mostly need to buy an NFT with cryptocurrency. Top marketplaces, such as OpenSea, will allow you to make payments with Ethereum.
- Of course, there are several other types of marketplace that you could opt for. Interestingly, a couple of them will allow you to pay with fiat currency.
- On the marketplace, you’ll get an option to make an offer to the NFT owner.
- Once everything is successful and the exchange is complete, the NFT gets transferred to your wallet. Two of the most commonly used cryptocurrency wallet options are Coinbase Wallet and MetaMask.
Of course, making and selling NFTs is not as difficult as you may have thought. To do that, all you need is to follow the simple ideas below;
1. Pick your item
For you to create and sell an NFT easy, the very first thing you need is to “pick your item.” What exactly does that mean to you? I’m trying to say you need to determine what digital asset you’re looking to convert into an NFT.
Of course, this digital asset has to be unique. Yes, it could be a custom painting, GIF, music, video, meme, and many more. It’s the rarity of the digital asset that makes the NFT more valuable once you do the conversion.
2. You need a blockchain
After choosing a unique digital asset, the next thing is to find a reliable blockchain technology. You can only store your non-fungible tokens in a blockchain; this explains why you need to get one.
There are several blockchain technologies out there but most marketplaces, including OpenSea, mostly support Ethereum (CRYPTO:ETH). Some other popular blockchains you could use are Tezos, Polkadot, and Binance Smart Chain.
3. You need a digital wallet
To successfully mint and sell your NFT, you need a digital wallet. The benefit of this wallet is that it’ll allow you to gain access to your digital assets. As earlier mentioned, some of the top options here are Coinbase Wallet, MetaMask, and Trust Wallet.
As soon as you successfully set up your wallet, you need to buy cryptocurrency (Ethereum is generally accepted).
4. Now is the time to pick a marketplace
NFT marketplaces are designed to allow you to store your NFTs. That’s not all; they also allow you to display, trade, and mint (in a few cases) the non-fungible tokens.
OpenSea is arguably one of the best and most popular platforms out there. Apart from OpenSea, other reliable marketplaces are Rarible, Nifty Gateway, SuperRare, Foundation, Axie Marketplace, Larva Labs, and Mintable.
Of course, before choosing a marketplace, you need to research and choose the one that suits your NFT. Here’s what I’m trying to say; Nifty Gateway is perfect for you if you’re a world-class artist or musician. As for OpenSea, this marketplace is the ideal one for you if you need a wider range of investment options. Rarible, however, is perfect if you value royalties and profits from secondary sales.
5. Upload your NFT file
Once you’ve successfully researched and selected your NFT marketplace, the next thing is to start minting. To do that, you need to upload your file.
6. Settings for sales process
There’s no way you can sell your NFTs without first setting up how you want the sales process to go. Marketplaces are not designed the same way. Some will only allow you to set up a fixed price for your NFT. As for some others, they’ll only allow you to set a timed auction. Others will allow you to run the setup in a way that enables you to start an unlimited auction.
7. Create an auction
When setting up the sales process, you need to determine the minimum price – if you’re auctioning. In addition, a timed auction will certainly require you to choose a maximum time for holding the auction. You need to keep in mind that all marketplaces have specific commission fees they’ll charge for handling the sale of your NFT.
8. Paying for the listing fee
Have you ever heard of the term “gas fee?” If yes, you need to understand that this is what most marketplaces expect you to pay this fee after successfully performing a transaction for an NFT. For instance, if you use the Ethereum blockchain, the gas fee will go to the miners of the cryptocurrency (Ethereum).
9. Cost of selling an NFT
The cost of selling an NFT varies depending on a couple of factors. One of them is the exact type of digital asset you converted into a non-fungible token. The “blockchain fee” is another factor that influences the cost of an NFT.
10. Promoting your NFT content
Growing your portfolio is important if you want to sell more NFTs and make enough cash. There are several ways to promote your content; one way is to use Instagram and Twitter. Just ensure you use the best hashtags. Joining Discord Servers is another perfect way to promote your NFT content and make better sales.
Other ways to promote your content include:
- Promoting the NFT content on Telegram
- Hiring an influencer to advertise your artwork
- Promoting the content on Reddit
One of the best ways to achieve more money today is by selling NFTs. The NFT market is fast-growing. As such, creating/selling your digital assets is one of the most profitable things to do. The ideas listed in this post will help you get started with minting and selling your non-fungible tokens.