The NFT market keeps growing, with every artist wanting to jump in on the action. Over $400 million in NFTs were exchanged on different marketplaces during the last three years. But, of course, most of the mainstream public has only heard about NFTs in the past year, which means the market has boomed significantly since then.
A booming market means that it's now the right time to sell your NFT. But, where do you go to sell it? How can you get the most out of your NFT? If you're new to the NFT world, we recommend our article on creating NFTs first, as it provides a more detailed explanation of NFTs and the blockchain. Then, this article will go into more detail about the various marketplaces on which you can sell your NFTs. So let's begin.
Unlike physical or digital goods, you cannot sell your NFTs on any site. Due to the complexities of the blockchain, you can't create a website and sell on there. Therefore, you need to sell your NFTs on one of the various marketplaces designed for this.
This section breaks down some of the most popular websites, explaining what they offer, the advantages of selling there, and the disadvantages.
We’ll begin by listing the most popular NFT marketplace, OpenSea. Think of this as the eBay or Amazon of NFT sales, in that no other website quite surpasses its popularity as of this time.
Like Amazon or eBay, you can find almost anything on there. Virtual real estate, trading cards, domain names, tokens, art, the list goes on and on. If an artist can turn it into an NFT, you can find it on OpenSea. Over a million items are for sale, and becoming an artist is easy.
While you have to be approved for sale, it's pretty easy to do so. You don't need a VIP invitation or an extensive portfolio. You only need a wallet, some ETH, and the ability to pay the gas fees.
With OpenSea, you can list your NFTs as fixed price, meaning that a buyer can put the money down and own your NFT, or you can list it as an auction, adding some intense competition and the ability to earn even more.
OpenSea does have some disadvantages. Due to it being the largest and most accessible NFT platform, there is competition, and without a fanbase or marketing plan, you may have difficulties sticking out. Another disadvantage is that you can only buy and sell in ETH. If you like having a variety of cryptocurrency payment methods, you may want to look somewhere else.
Rarible is quite similar to OpenSea in many ways. Like OpenSea, you need ETH, and you can buy and sell NFTs at a fixed price or as an auction. However, there are some differences between the two.
For one, Rarible is a bit more exclusive than OpenSea. Rarible has a stricter verification system if you want a verified badge.
While it is possible to sell without a verified badge, it can be tough to attract potential customers. One reason is that an artist with a verified badge has proven to have an audience and sell legitimate NFTs.
To be verified, you need to apply with your social media profiles, which require a strong following and community. You must verify that your work is truly yours. As some people will steal art to sell as NFTs, this system helps to keep potential art thieves from being recognized. Once you have enough information, you can submit it for verification. It can take around a week for you to learn whether you've been approved or denied.
While the verification system can be a hassle, it does prove to your audience that you’re serious and allows you to be on your way towards being a top seller. If you’re a top seller, you can earn over $100,000 weekly, and you are eligible for a 10% royalty should a buyer resell.
What’s interesting about Rarible is that you can integrate OpenSea with it. This way, you can get the best of both websites by using OpenSea to manage your Rariable assets. You’d never see that with, say, eBay and Amazon.
SuperRare is a marketplace with even more artist curating than Rarible. Anyone can purchase an NFT on this marketplace. However, an artist needs to go through its strict system to sell.
One reason for this is that SuperRare is still in its launch phase, meaning that the website wants high-quality artists. As such, they accept artists through invite-only. So if you have a large following, there's a good chance you may receive an invitation from SuperRare.
To better increase your odds for an invite, you can also fill out a form on their site to get you noticed. With applying, you should bring your A-game, showcase your portfolio, and explain why you should get an invite. It's one of those cases where you may want to pay a professional writer if you feel like your persuasion isn't too good.
As the site evolves, SuperRare plans to make it easier for artists to sell there. However, being one of the first on the website does give you an advantage. With SuperRare, you can classify your art through specific tags, telling your audience what type of art it is. So, for example, if you're a surrealism artist, you can classify your art as such and attract potential buyers.
Because of its quality control and exclusivity attract buyers who have thousands, if not millions, to spend. You only have to pay a 15% service fee and a 3% service fee if your work sells, and you do get 10% in royalties.
Existing creators receive 85% of the amount they sell per item and get a 10% royalty commission if a collector resells their work. Meanwhile, the buyer pays a 3% transaction fee at the purchase time, which goes to SuperRare.
There are other marketplaces to sell your NFTs, with new ones appearing all the time. These three are the big ones right now, but you may also want to check out these marketplaces as well.
Foundation has existed for about a year, yet it has made some waves, selling over $100 million. The marketplace has similarities to SuperRare, as it's invite-only. However, if you can get on there, you can make some serious money.
Nifty is another curated platform, with some big celebrities and NFT influencers selling on it. Grimes and Beeple are two such examples, with the latter once selling an NFT for $69 million. You can also sell through fiat currency, though Nifty uses its wallet to store NFTs, not your own.
Mintable is an up-and-coming marketplace designed to be similar to OpenSea, in that it's for everyone. Not much else to say about this one other than it may be worth trying out.
With that, these are some of the biggest marketplaces in the NFT world. The marketplace sphere is constantly evolving, meaning that there's always a new marketplace over the horizon. We recommend following the latest news to see what new marketplaces are rising and possibly consider being an early adopter.
Now that you know this let's discuss how to sell an NFT.
Like creating an NFT, selling it is pretty easy to know all the steps. Here is a five-step process to bring your NFT to the masses.
In the crypto world, the wallet is the key to it all. The wallet uses the blockchain to make transactions and store your NFTs, meaning you need one if you want to do anything in this sphere.
Luckily, most NFT marketplaces make it easy to obtain a wallet. For example, when you sign up for OpenSea, it lists several wallets you can pick from, all based on Ethereum (ETH). Most NFT platforms use ETH, so you need a wallet that supports the currency. Think of it like visiting another country, where you need a wallet full of their currency to make any purchases.
The most popular wallet is MetaMask, the first wallet you'll see when you choose one on OpenSea. This wallet is an extension for Chrome, Brave, and other browsers, meaning it's easy to set it up and use it. With MetaMask, it's relatively easy to set up, but we'll have a guide if you still have questions.
To keep in mind, MetaMask will give you a recovery phrase, which is 12 words. We recommend you record this securely, preferably in an area where a hacker won't reach. For instance, you could always write it down and put it in a safe.
Of course, MetaMask is not the only wallet out there, as several others use ETH. However, that is another article for another time.
You won’t be able to make any purchases or pay any fees if you open your wallet and there’s a digital moth that flies from it. Therefore, you need to purchase ETH to fill your wallet. However, where do you go?
There are several cryptocurrency exchanges or brokers to pick from if you want to purchase ETH. You can find a broker or exchange on ethereum.org and choose your country. Then, the website will give you a list of reliable places for you to purchase ETH.
Many exchanges have their own rules. For example, some will allow you to purchase using fiat currency with traditional payment methods such as credit cards, debit cards, or bank transfers. Others may require you to exchange one cryptocurrency for another.
A good broker or exchange will make receiving ETH simple. For example, with BC Bitcoin, a broker with ETH, you need to provide your wallet's address. Of course, brokers and exchanges can be an entirely different article in itself, so stay tuned for that sometime.
If you’re an artist interested in NFTs, then chances are you already have an idea of the artwork you want to make. If you don’t, then make your art.
NFT marketplaces accept a variety of art, from images, video, audio, or even 3D models. However, most websites have an upload limit; for example, OpenSea doesn't allow files above 100MB, so keep that in mind.
Art is subjective, so we have no idea which art piece will ring closest to your audience. We will say that the art piece should be unique to the website you're selling it on. If you can own it on any other website, it won't attract many people.
The next step is to choose a marketplace to sell your NFT. You can choose from many websites, but if you're a newbie, we recommend OpenSea. It's the most accessible, and you can always move to other sites if you feel you've outgrown it.
Like any website, signing for OpenSea is easy. You can click "Create" in the top right corner and connect your wallet. Afterward, you go through the process of creating your account.
You can create your username and make a bio when signed in. Be sure that your username is memorable and your bio explains everything there is to know about you. A good biography isn't too long but isn't too short, either. Afterward, you'll need to give your email and verify it through your inbox, standard account verification protocol.
When your account is good to go, click Create again and select Submit NFT through the dropdown menu. Then, click Create New collection. Your collection can consist of a single NFT or a series of NFTs. Either way, name your collection, give a description that's under 1,000 characters, and upload a logo. Your logo should be 350x350.
While you're at it, be sure to add any further details if needed, such as social media, header, and what currencies you accept. Adjust your royalties, too. When your profile is good to go, now is the time to upload your NFT. First, go to your Collections and select Add New Item. Then, upload the artwork, being sure it's under 100MB.
Once you've begun the uploading process, you can then fill out any relevant details for your NFT. For example, you’ll see an area called Properties, Levels, and Stats. This section gives you the ability to fill out metadata for your NFT.
For art, you only need to worry about properties. You must give information such as when the NFT was created, keywords used for finding your NFT, and any other relevant information your NFT needs. For example, you may want to upload the edition of your NFT if your NFT isn’t a single one.
Click the Create button and pay for the gas fee when done. Once everything goes through, you've minted your NFT. Afterward, you can go to Collections, click Edit, and be able to submit your art for approval.
Approval can be quick, or it may take a few days. It all depends on what day you submitted it and the number of people who have also submitted art. So be patient, as it will all be worth it when you get the notification that your artwork is good to go.
With that said, others can see your art if you don't authenticate it, but approval shows that your art is authentic. More people will be interested in purchasing when work is certified. You can select the Sell button on your listing when approved, then select the pricing model. Either fixed or auction is fine, so choose whichever you feel is applicable.
Once everything looks good, you can select Post Your Listing, and then your art is on its way to being sold once the gas fee transaction goes through.
Like any artist, you need to market your work well to succeed. If you have a large following, you increase your chances of finding an eager buyer for your work. So sharing your NFTs on your profile isn't just a good idea, but it's also a requirement by OpenSea and other websites.
If you don't have a large audience, you can promote your artwork through free NFTs. Yes, you can release free NFTs, and it allows your OpenSea profile to gain some traction. Think of it as offering a free sampling to get people interested in buying a complete package.
Participating in NFT communities and using traditional online advertising techniques are several ways to promote your art. For example, you can always run ads on social media platforms to get people interested in your art. On the other hand, you may try word-of-mouth marketing techniques if you don't want to send money on advertisement.
Like any artist, how you advertise can depend on your art style. Of course, advertising is an article in of itself, so stay tuned for that.
Now that you've listed your first NFT, you're on your way towards making some money. Of course, like any market, it can take a bit to grow your audience and get noticed, but once you do so, you'll find that you can make hundreds, if not thousands, on this platform. The sky’s the limit of what types of NFTs you can sell as well.
To increase your chances of becoming big, you need to know the latest news, tips, and tricks. So follow us for the latest in NFT and crypto speculation and news.
Before we go, here are some FAQs that will answer some other questions you may have.
Royalties mean that you earn a percentage of the sales if the person who bought your NFT sells it to another person. For example, you sell an NFT for $100, and someone who buys it sells it to someone else. So if you have 10% royalties, you can earn $10 before fees.
Choosing how much you want for royalties is something to think about, as there's no right or wrong answer. The more your royalties are, the more you can earn. However, too much can deter some people looking to purchase your art to sell later.
We should mention that the number of royalties you can choose differs from marketplace to marketplace, with some allowing more flexibility than others. So make sure you check every royalty and how much you’ll get from this when you sell before you decide on one NFT royalty or another.
Most NFTs use Ethereum, but other blockchains do exist. For example, Tezos, Binance Smart Chain, Zilliqa, and other blockchains allow NFT minting.
There is a double-edged sword for minting on other blockchains. You may pay cheaper gas fees, but you will have a small platform in return, as Ethereum is still the place to sell NFTs.
With the market constantly evolving, it is possible that one of these blockchains rises to the top and defeats Ethereum, but only time will tell. Experiment with various blockchains and see which works the best for you.
As you probably know, some artists have sold their NFTs for millions of dollars. With that said, these artists tend to be the exception, not the rule. When you're starting, you probably won't make millions. However, it can require you to build a following, use innovative advertising to have the right eyes on your art, and be a great artist in general.
The key to making good money is not selling yourself short but being realistic about how much you expect this art to earn. Remember, you have competition