NFTs have completely changed the landscape of digital art and opened up a variety of channels for selling pieces for millions of naira. According to nonfungible.com, primary and secondary sales on the Ethereum blockchain reached over $15 billion in 2021, up from just $67 million the year before.
What exactly are NTFs? NFT is short for Non-Fungible Token. Digital files like images, videos, audio, and even tweets have been sold as NFT data. They are kept on a cryptocurrency blockchain. Don’t worry about blockchain; all you need to understand is that if you have NFTs, you can sell them and someone can buy them, own them, and then sell them again.
How do you sell your NFTs?
- Use an NFTs platform and payment wallet
If you want to sell a piece of art, a photograph, a video, or even a tweet, you must mint or create an NFT version of it using an NFT platform and a payment wallet.
OpenSea, SuperRare, Nifty Gateway, Foundation, VIV3, Rarible, BakerySwap, Axie Marketplace, and NFT ShowRoom are a few NFT platforms to use. The best-known is Opensea.
Coinbase, MetaMask, MyEtherWallet, Torus, WalletConnect, Fort Matic, and Portis are examples of payment wallets.
You must use your payment wallets to pay these platforms some fees before you can mint or create an NFT. Ethereum is the cryptocurrency most frequently used for NFTs when making payments.
If you already have Ethereum, add it to your digital wallet; if not, purchase it. Additionally, you’ll receive payment in a cryptocurrency that can be converted to cash.
- Connect your digital wallet to your payment platform
If your digital art keeps selling on the secondary market over time, you will continue to make money in some way. Remember that digital wallet we opened to store cryptocurrencies and NFTs, so we can understand how to buy NFTs? There is a fee for listing your digital art, so you’ll need to link your wallet to the website. It’s ready to be listed and sold once that has been paid for using your digital wallet.
When you’ve finished setting up your digital wallet, buy some Ethereum and add it to it before connecting it to the NFTs platform because you’ll need it to sell your NFTs.
- Upload your NFT
You are now prepared to upload and create your NFTs after connecting your wallet to your NFT platform.
The majority of NFTs platforms or marketplaces accept files up to 30 MB in size in PNG, GIF, WEBP, MP4 and MP3 formats.
Include a brief description of your artwork along with the percentage of royalties you want to receive from subsequent sales.
- Choose how you want to sell them
An NFT can be sold in one of three ways: timed auction, limited price auction, or unlimited auction.
You can set a price and a time for a timed auction. Limited price refers to a purchase price that must be met, whereas unlimited auctions refer to placing the item up for sale and accepting any bid that you deem reasonable.
- That’s All Folks
What’s this? You’re finished! Potential buyers can view it online and search for it using the name you gave your digital artwork. When it eventually sells, the proceeds will be transferred to your digital wallet, where you can use them however you see fit—for example, to purchase additional NFTs or withdraw cash for personal use.
In the end, the procedures for purchasing and selling NFTs are very similar. Once you master one, the other gets easier with practice. In either case, it is a step toward truly comprehending how the NFT market operates and why it keeps expanding daily. You should use your imagination and explore the world of digital art now that you have a better understanding of how to purchase and sell NFTs. So with that, we have completed our journey.