Welcome to the digital horizon, where pioneers like you explore new applications for cryptocurrencies and push the frontiers of technology and digital content production.
A smart NFT creator or entrepreneur may achieve success in the NFT marketplace by first researching and learning all they can about the NFTs they want to use. They should be familiar with the way the digital asset market functions, as well as its volatility, and which digital artworks, whether they be music, GIFs, films, or video game treasures, would fetch a high price on the market.
Multiple statistics demonstrate the unprecedented potential and evolution of the NFT Market. According to NonFungible.com statistics, NFT sales presently vary between 15,000 and 50,000 each week.
Prior to the late-2017 spike, there were just 100 weekly sales. Thus, this new figure alone demonstrates how much the NFT industry has expanded in just a few years. DappRadar estimates that sales during the first half of 2021 reached up to $2.47 billion. However, NonFungible.com puts the value at just $1.3 billion. Whichever figure you choose, the total remains in the billions of dollars and represents a significant rise over the prior year.
Nonetheless, selling NFTs does not end when you list your NFT on a marketplace. It is not enough to know how to pay your fees and choose the selling option that suits you. Instead, this is a complex pursuit that encompasses a plethora of factors and possibilities, which will be explored further.
You Listed Your NFT, Now What?
There are several possible avenues for selling your NFTs. The most typical method of setting the price of your NFT is via a fixed price listing. This simply means that you list it on a marketplace and wait for anyone to come along and pay it. This is the default method of selling and is likely to be the one you utilize most of the time.
Alternatively, you may offer your NFT as an auction, more precisely a Dutch auction. You define the beginning price, the final price, and the sale length in a Dutch auction. Then, during the course of the auction, the price at which anyone may purchase the NFT steadily decreases from the beginning to the finishing price, until someone buys it or the auction finishes.
Dutch auctions are advantageous when the market price of an NFT is unknown since they enable you to begin with an optimistic price and progressively reduce it to an acceptable range. Furthermore, they function effectively when liquidating an NFT. Set the price to gradually decrease from moderately low to low, and you’ll have a shot at a sale on the upper end, which you wouldn’t have had if you just advertised at a low fixed price.
Your NFT will be available for purchase on the marketplace after the listing is completed. Now it’s time to market the deal to potential customers through your website or social media sites. You may also amend or delete your NFT listing, but bear in mind that doing so may incur extra costs and any gas prices paid are non-refundable.
Moving forward, there are several critical components to selling NFTs, such as increasing awareness of your project and building a community around your NFTs.
Increasing Awareness of Your NFT Collection
To increase your chances of selling your digital art, you must understand how to advertise your NFTs. You cannot just list it and hope that it sells. Your NFTs should be advertised to your followers through all accessible social media platforms. Most NFT artists and creative laboratories communicate with their followers through Twitter, Telegram, Discord, and Reddit.
Establishing a Community
Building a community around your NFTs is a critical first step for any new NFT artist. For example, OpenSea and other prominent NFT markets accept NFT art based on social evidence. OpenSea demands that you give at least one count of the social media outlets you use to maintain and distribute your NFT collection. Spread the word immediately upon acquiring your first NFT collection.
One method to integrate your digital art into the NFT community is to explain the narrative behind it. If you are an artist, explain the context of your work and offer written introductions whenever and wherever your work is shown.
Explanations or descriptions do not have to be lengthy—they might be as little as a paragraph or two, or even a line or two if you’re really succinct. Discuss how your NFT came to be, its importance, and your future goals as a collector. From an aesthetic standpoint, you may draw attention to specific physical qualities or traits of your work, their relative significance, or your creative process in general.
Submit Your NFTs to a Variety of Markets
Avoid relying on a single NFT marketplace; instead, distribute your NFTs among numerous markets to maximize your chances of selling. SuperRare is a non-fungible token marketplace for limited-edition digital artworks, whereas Foundation is a non-fungible token marketplace for any blockchain asset.
Here are several major markets for NFTs:
OpenSea – For art collectors, rare digital artefacts, and cryptokitties, amongst other things.
SuperRare – For original and one-of-a-kind digital artworks.
Foundation – Dedicated to the exchange of digital collectables.
Add your artwork to the NFT Calendar
The NFT Calendar platform aggregates the finest NFT drops from several markets into one location. This is an excellent resource for NFT collectors, since it eliminates the need to hurry from marketplace to marketplace searching for the newest releases.
Adding your drop to the NFT Calendar is simple and takes just a few minutes. Once you’ve submitted your drop, it will be included in the list following a brief check by our staff. Submission is completely free. Furthermore, some releases are promoted on the company’s Instagram and Twitter accounts.
Selling an NFT That You Purchased
Nevertheless, the sale of NFTs is not limited to digital creators. Several collectors exchange NFTs from their collections. If you have already acquired an NFT from a creator or another collector in a marketplace, you may also post it for sale.
Selling your NFTs in the secondary market (in a transaction that does not involve the original NFT creator) is identical to the method of making your NFTs, except that no minting of the digital asset is required.
Simply move the NFT to the marketplace where you want to sell it (if it is not already there, or if you are holding your NFTs in your private crypto wallet and not making them viewable on a marketplace). Then, from inside the page of the NFT you want to sell, click on the “Sell” button. Gas and marketplace listing costs, as well as any royalties imposed by the original NFT inventor, will apply and will limit your ultimate take-home pay.
Short-term Hold
The proper timing to sell an NFT is highly reliant on the NFT’s purpose and applicabilities and why you purchased it in the first place. A short-term hold is typically between a few days to a few weeks in duration.
This technique is often based on capitalizing on the buzz around a certain project. You want to enter early at a favourable price and exit fast when interest in the enterprise reaches a fever pitch. Keep a watch out for any indicators of the project’s trading volume or user base slowing. If you’re unsure where to look for those statistics, our Resources page has some useful links.
Additionally, monitor Twitter and any other relevant social media platforms or community groups on a regular basis to gauge current attitude towards the project’s development. Are the remarks favourable or unfavourable? Are there more or fewer individuals discussing the project now than yesterday?
Long-term Investment
Certain NFT projects provide excellent long-term investment prospects. We do not advocate investing early in this approach. You’re looking for initiatives that have a long enough track record of demand and community development. When working on a game, it’s often advisable to wait until at least some game components are playable and a sizable number of people seem to like it. Additionally, choose an NFT that is in a high rarity category and will not see significant supply inflation throughout your holding period.
Conclusion
So, are you ready to sell NFTs?
If you want to sell NFTs successfully, it’s necessary to look beyond the artwork and technical features. While both are important, these are not the sole consideration. Now that you have acquired a deeper understanding of the underpinning factors of selling NFTs, it’s time for you to unleash your innovation and enter the realm of digital art.