How do I buy and sell NFTs?

The world of cryptocurrency is getting bigger day by day. Giant companies across the globe are already joining the party. A lot of places are available now on the internet where you can pay or make a transaction with cryptocurrencies. Day by day, new parts and features are being added to the business. Non-fungible tokens (NFTs)  are one of them. After Beeple made their first-ever NFT sale for $69 million, people around the world went crazy. NFTs are actually a profitable business if you understand the theory. A lot of people want to join the NFT community but don’t know how to sell or buy NFTs.

Well, in this article, I’m going to share where and how you can buy or sell NFTs. Alright, let’s start,

Buying NFTs

Some people may say that purchasing PNG, GIF, or other types of NFTs with a handsome amount of cash is just a foolish thing. But there are many people around who are willing to pay a massive amount of money on something unique and one of a kind like an NFT that they could own and easily download from some websites for free. There are reasons behind this. Why?

NFTs connect social and financial assets together, develop a relationship between people, and build a strong community membership. The details listed on the blockchain are unchangeable and contain built-in and transparent authentication. It basically allows owners to digitally sign their NFTs and also lets the audiences meet with artists. By this, anyone can buy their favorite artwork directly from the artist by joining the community. 

When you purchase an NFT, you are buying something unique and individual. In real life, there are a lot of products available, but people pay the highest for the original ones. The one of a kind. And if the product contains the artist’s autograph, the price shoots up further. 

That’s why people pay millions of dollars for some NFTs. 

Where to buy NFTs?

There are a lot of different online marketplaces in the crypto space that allow the trading of NFTs. However, most of the platforms that allow selling and buying NFTs are based on the Ethereum (ether) blockchain. There are some other non-Ethereum based platforms available such as Cosmos, Polkadot, or Binance Smart Chain, to name just a few.

Every NFT marketplace operates differently. Each of them has individual rules for trading whether you want to sell or buy.

The primary process is simple. You have to choose a marketplace that has various samples of the niche you want to buy. Then you have to enter the site, scroll, and choose the NFT you like, and check the price. After all these are complete, the site will tell you it’s process, so you can easily buy the NFT you want. Keep in mind; you cannot change a blockchain registration from one marketplace to another. You cannot unregister. If you register on OpenSea you cannot change your NFT to Nifty Gateway. If you want to use different platforms, you have to register individually. So, your OpenSea and Nifty Gateway registrations are different NFTs and that means forever.

Selling Minted NFTs

You can sell your NFT mainly in two methods. One is for selling the minted NFT, and the other is selling the NFT that you bought or want to trade. 

Let’s talk about the first way, which is selling the NFT you created or minted. 

To begin minting, you need to own a smart device, Mac computer or a PC. You then need a cryptocurrency wallet from which you can transfer the funds if required for the minting process. Lastly, you need an account on a marketplace that allows NFT trading. 

After completing the minting process, after you pay the transaction fees from your wallet, you will be able to see your brand new NFT on the platform.

Many NFT marketplaces ask the creator to set a royalty percentage before selling the NFT. The creator will get a commission forever from the market each time the NFT is sold by enabling this feature.  The royalty is charged on all future sales in perpetuity.

Platforms also give you an option to select a selling method and maybe a price to sell the NFT token while minting. 

After creating and listing the NFT on the platform, you will get an option named as “sell” button or “click to sell.” You just have to select that option, write the description, and set a fixed price. After all this, the platform will set an option called “buy it now.” Anyone who wants to buy your NFT just has to click on the button and avoid the auction process. 

How to sell NFTs you collected or bought 

The method of selling collected non-fungible tokens is way easier than the process of selling minted coins. 

You can easily resell your collected NFT on the secondary market.

Let me make the concept of Primary and Secondary markets clear for you. The primary market is the place where you buy or sell the NFT in the first place. And the secondary market is the place where you resell your NFT like second, third, fourth time. To sell NFTs; you have to own a few things, just basic things, like an account on the NFT marketplace where you want to sell your NFT, a crypto wallet connected to the platform, and some amount of cryptocurrency that is used on this specific marketplace. 

In this case, while reselling the NFT, you won’t get the royalties given by the platforms for minted NFT tokens. The original creator, who actually minted the NFT originally, receives a percentage as royalty every time the NFT sells or resells. Really a good deal for artists and creators.

Let’s talk about the process for you to sell your NFT. Okay, if you want to sell your NFTs, you have to go to your profile on the NFT platforms and choose the item you want to sell. After clicking the item, the platform will show you another option named “sell” or “list for sale.” You have to click that button then you will go to a pricing page. You then set the price and conditions for the buyer who wants to buy your NFT. 

You can also select an option to start an auction for your item. Not every platform has this auction feature; so you need to check the auction platforms specific options.

So that’s all for today. I hope after reading this article you can now easily sell or buy NFTs.

Thanks for reading.

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