Learning how to start selling NFTs online for the first time can be overwhelming. However, no matter if you are a creator, artist, photographer, or entrepreneur, anyone can sell nfts online via marketplaces like OpenSea, Rarible, and more.
All it takes is understanding the basics of how NFTs work, getting the right tools for the job like your digital wallet, and having a clear idea of what digital asset you plan to sell.
Marketplaces make it easy, fast, and reliable to sell nfts safely.
It’s just a matter of thinking through each step before doing it to prevent any mistakes or loss of funds when making your first sale.
Let’s dive in:
Can Anyone Sell NFTs?
Everyone can sell NFTs as long as they have a crypto wallet, with funds in the wallet using cryptocurrency and a file to upload list on a secondary marketplace like OpenSea, Rarible, Zora, or SuperRare. The majority of first-time collectors purchase $100 or more worth of cryptocurrency (Bitcoin or ETH) to fill their wallets, and that’s enough to cover fees when going to sell their first nft.
If you have an NFT already bought and you’re looking to flip it or create a piece of art from scratch and want to know how to sell it on the blockchain, either way, deciding on when you sell an NFT depends primarily on if you are ready.
When Should You Sell an NFT?
When you have no emotional attachment or no more prolonged need for the NFT, then it’s time to sell the NFT. Also, moments like when the floor price of an NFT increase and you feel it’s the best time to sell at a high. Like anything else, usually, you want to buy low and sell high.
You do not need to be a creator to sell an NFT; in fact, you can be an investor or someone looking to flip NFTs to make money.
Risks to be aware of
- High volatility in the cryptocurrency
- Purchasing an NFT that will not sell more than what you originally bought it for in the first place
Calculate How Much Money You’ll Make Selling NFTs
The average amount of money you can make when selling NFTs depends on how much sales and demand your NFT. It can range from under $100 to over $5,000. However, the main driver for NFTs value is the price of the cryptocurrency used.
Therefore, understanding the market cap becomes essential when evaluating how much money you could make and how much a future opportunity there is.
When investing in NFTs, consider picking the suitable blockchain and cryptocurrency by analyzing the market cap. You can find a market cap calculator online, which can help increase the accuracy of your analysis.
For example, the WAX blockchain has a 1,900,000,000 or 1.9 Billon circulating supply of WAXP coins. And Bitcoin has an 18,800,000 or 18.8 million circulating supply of Bitcoin tokens.
Which means WAX’s market cap is $745,529,600, whereas Bitcoin’s market cap is $700,241,155,227.
What is a good market cap for cryptocurrency?
Typically, any market cap in the billions is considered a safe investment due to its large size. Additionally, bitcoin’s been around for longer than WAX which is also something to keep in mind.
Flipping NFTs Is Different Than Selling NFTS
As a Flipper, you are only in it for the short term and likely do not have any real emotional tie to the project or artwork itself.
Additionally, a nft flipper is only focused on making a profit and getting a return on their investment within a specific time frame. At the same time, nft collectors tend to be the opposite.
They always look at nft collecting with a long-term perspective and buy nft artwork they like because it makes them feel good or reminds them of how they look.
Like flipping other collectibles such as trading cards, shoes, or funko pops, it’s usually not welcome in the community. However, you need the act of ‘flipping’ to occur in secondary marketplaces because it creates demand and hype for specific projects.
For example, look at Street Fighter NFTs as they remain in the top 10 on wax blockchain. Read more about 6 Best NFT Projects On WAX For Digital Collectors to see others.
If you are an NFT flipper, start by analyzing the following to prevent buying into a project that’s not profitable.
- Is it a new nft drop with potential?
- Who’s involved, and do they have a desirable roadmap?
- How much demand will there be, considering what you know?
Also, creators can use significant indicators to analyze the competition by looking at sales volume and rarity scores.
Do You Have to Mint an NFT to Sell It?
Lazy minting is a process where you postpone paying gas fees until someone actually purchases your NFT, and it’s technically not being minted up to that point, either.
If this is your first listing on OpenSea, you will need to pay two gas fees associated with initializing your account.
For more details on what it means to mint a nft we wrote an article: Why Mint an NFT Explained Easy for First Timers
How to Sell NFTS for Big Money
Learning to sell NFTs requires focusing on three different areas: Your Marketplace, Your NFT Project, and Your Price.
Getting started is as simple as:
- Pick Marketplace for your NFTs
- Identify what kind of NFTs sell best and competition
- Determine price, launch date, and listing options
Pricing NFTS for the First Time on Marketplaces
Pricing NFTs requires patience and understanding of the marketplace to get the most money. What’s trending? What’s popular and in high demand? Identifying the correct price for selling an NFT comes down to five critical factors:
- Check what similar artwork goes for
- Inflate numbers higher as you can’t reduce later
- Budget for fees when listing your first NFT
- Decide on how many NFTs you’ll sell in one collection.
- Set how long you’d like the NFT listing to last for online
On Open Sea, you need to complete two one-time transactions.
- To initialize your account for making orders
- To allow OpenSea access to your item within your wallet
Putting data on the blockchain has costs, as it requires energy. Miners use gas fees as a cost to solve the equations required.
It could cost around $65 to $450 for your first time; however, afterward, it’ll only cost $20 to $30.
Plan for Costs like Gas Fees and Listing Fees
“Gas” is the cost of solving those equations.
The more energy an equation requires, the higher the gas fee, the less energy, the lower the gas fee. We go in-depth about reducing gas fees in our latest article.
You’ll then initialize the wallet, approve the token, and confirm the transaction.
Can You Sell an NFT Multiple Times?
An NFT collection can have multiple NFTs within it that are similar. However, each one is a different version, and once minted, it becomes unique. Each NFT will be assigned metadata which includes a number like 1, 2, & 3, etc.
Unique NFTs can be sold more than once to multiple buyers at one time. Selling NFTs more than once is possible.
For example, NFT #1 of your collection can get bought and then sold to a new buyer and then sold again to a third buyer. However, NFT #2 and #3 can get purchased by the first buyer who originally had #1.
Plan a Launch Date for Selling Your NFTs Collection
Determining when you’ll sell an NFT is essential, and the duration of the listing helps create marketing hype.
You’ll want to plan out when you’ll launch your nft collection and how many weeks or months you’ll spend promoting a nft. You’ll need to consider your listing options as well: Bundle, Bidding, or Reserve for a Specific Buyer
Can You Cancel an NFT Listing?
Canceling an NFT listing on a secondary market is easy, and it only requires approving an intelligent contract to initiate the transaction.
Learn more about the selling nft process via this YouTuber:
After listing NFTs, you’ll have to start the promotion process and wait for bids on your NFTs.
If you’ve enjoyed reading this article you may also like:
- How Much Does It Cost to Create an NFT?
- Where to Find Free NFT Drops to Sell for Millions
- Promote an NFT Project Without Any Costs (5 Ways)
Also, consider learning more about how to flip nfts using our proven-strategy.