People call the recent developments in NFTs as ‘a craze that’ll eventually pass soon’ as this is what happened to all of the other trends in the past. When NFTs started making headlines, it shook the entire world. Experts believe it is an extraordinary achievement in the development of art, culture, and the world. The industry has become a gateway for many traditional artists to step into the spotlight, joining the lucrative industry that could possibly change their life.
The next step after creating NFTs is promoting and selling it on the marketplace to earn profits. While it might seem a simple task, selling NFTs online and selling artworks in galleries are totally different things. Both methods require shelling out a significant amount of money to start but differ in exposure as NFTs are not guaranteed to be seen all the time in marketplaces’ homepage, compared to art galleries where people can walk around all of the exhibited artworks.
Like any products or services sold online, there are effective ways in promoting and selling your NFTs online. If it feels confusing or overwhelming, fret not! That’s what we’ll cover in this article.
Choose the right platform
The journey to selling your first NFT starts with the platform you choose. It can be sold in dedicated NFT marketplaces like Opensea and NFTing or in direct-to-consumer platforms like Shopify, but the most convenient platform is through the former.
Here is a brief overview of the NFT marketplaces today and what they offer.
OpenSea
OpenSea is the world’s largest digital marketplace for NFTs, including game items, and exclusive digital collectibles. It supports two popular NFT standards: ERC-721 and ERC-1155 tokens. Sellers can choose between Ethereum and Polygon when listing their NFT on the OpenSea marketplace.
The trading fees of OpenSea are 2.5%, which means you’ll get a little less than what you sell your NFT for. For example, if you sell an NFT for $100, you will get $97.50, and OpenSea will keep $2.50.
Rarible
Rarible is another popular digital marketplace where NFT owners can sell their digital assets. The platform accepts a diverse selection of tokens across different categories, including music, arts, videos, and domain names. To sell NFTs and accept payments on Rarible, you will need a wallet that’s compatible with one of the three blockchains connected to the marketplace: Ethereum, Flow or Tezos.
When it comes to fees, Rarible works similarly to OpenSea, taking 2.5% on both the buyer and seller side from every sale made on the marketplace.
Binance NFT Marketplace
Binance started as a cryptocurrency exchange which has expanded its business in the blockchain space over the years and is now hosting an NFT marketplace within their own platform. It allows users to sell NFTs from different categories, including art, sports, collectibles, entertainment, and gaming, and mint it on either Ethereum and Binance Smart Chain (Binance’s dedicated blockchain network).
Speaking of charges, Binance charges a flat 1% trading fee for all NFT creators and sellers, which is the lowest in the market. In addition, sellers pay a 1% royalty fee if the NFT they own was created by someone else.
SuperRare
SuperRare focuses on being a marketplace for people who are looking to buy and sell unique, single-edition digital artworks. Each artwork is authentically created by an artist in the network and tokenized as a crypto-collectible digital item that one can own and trade. They describe themselves as being like Instagram meets Christie’s, offering a new way to interact with art, culture, and collecting on the internet. It also has a built-in social network within the marketplace.
All transactions in SuperRare are done using ether and only a small number of hand-picked artists are currently in the platform. However, you can submit an artist profile and portfolio on their website if you wish to be one of the few, privileged NFT creators on their platform.
NFTing.Store
NFTing is an up-and-coming, all-in-one NFT marketplace with multi-chain functionality, multilingual features and an intuitive interface that is easy to use for everyone, especially newbies in the NFT world. NFTing aims to foster a thriving community on its built-in social platform, while activating projects and artists to unleash their creativity with zero barriers to entry.
More about NFTing here: Website | Whitepaper | Litepaper | Pitchdeck | Telegram | Discord | Twitter | Facebook | Instagram | Youtube
Create a crypto wallet
When listing NFTs in any marketplace, a cryptocurrency wallet is a must. This wallet will then be connected to the account of your chosen NFT marketplace where all the fees and profit will be debited and credited, respectively. Below are the top crypto wallets accepted on the marketplaces mentioned above.
MetaMask
MetaMask allows you to connect to the Ethereum blockchain to buy, sell, or trade your NFTs.
Trust Wallet
Trust Wallet is a great option if you are looking for a mobile wallet. It supports buying and selling of NFTs and allows you to store your tokens in a secure wallet.
Coinbase Wallet
Coinbase Wallet lets users send and receive NFTs with usernames instead of using public blockchain addresses. This helps create an experience that is similar to the digital wallets people already recognize and use like PayPal and Wise.
Price the NFT accordingly
In the blockchains space, NFTs are worth what people are willing to pay for them, which is why you’ll see people willing to spend millions over a pixelated image. The truth is that there are factors that influence NFTs pricing and how buyers see their value, and these are:
- Average price within 30 days
This is the historical price trend of an NFT in any category. Ideally, the target price should be close to the average value of similar tokens over the past 30 days.
- Rarity
NFTs with unique traits and attributes are one of the factors that drive up their prices. The popular Bored Ape Yacht Club NFT collection is the best example of this. You’ll see that no apes are similar to each other and only that less than 1% of them has the “laser eyes” trait. If your NFT has a very rare trait, go ahead and price it above the historical average — and you’ll be surprised how many people are willing to own it.
- Utility
Can your NFT be traded for a virtual item in a certain metaverse or game? Do buyers get to be a part of an exclusive club that receives extra perks such as discounts on future purchases? The utility of the underlying asset will determine whether you can demand a higher price for your NFT.
The Bored Ape Yacht Club still fit to this description as owning an NFT from their collection will also allow you to participate in exclusive events or gatherings together with celebrities in a mega yacht.
- Build a reputation
Users who have a good reputation in the NFT space can demand a higher price for the assets they sell. This usually applies to people who have already sold multiple NFTs. For new sellers with no sales history, it’s best to start closer to the historical average and move your way up — not unless you’re Jack Dorsey.
Start promoting on social media
We all know the power of social media and how it influences the movement of trends. Like all products and services today, using social media to promote your NFT for sale is a proven method. Note that there are specific social media sites where you can effectively sell NFTs. Here are the top social medias to consider:
- Telegram
- Discord
These four (4) social media platforms have millions of NFT followers that will surely notice every post that is about NFTs. If you’re just starting your NFT journey, make sure you join different NFT groups and communities.
Consider the option of hosting a giveaway and collaborating with influencers to grow your following and expand the reach of your NFT post.
