Shopify and NFTs

This fee is determined by the current demand on the blockchain. You can check current Ethereum gas prices by using a gas tracker. To save money on gas fees, try transacting early in the morning or late in the evening when the network isn’t as active. Leverage a marketplace – Specialized NFT marketplaces like OpenSea and Rarible are gaining popularity. Many marketplaces operate as a one stop shop where you can mint and list your NFT for sale. A community of NFT supporters then have the option to buy and trade within that marketplace.

If the customer doesn’t have a cryptocurrency wallet, then they’re prompted to create a wallet from the NFT claim page before minting and delivery. You’re simply selling the claim to own the original file to someone. You still own the rights to the song as the artist and can still put your stuff on Spotify and YouTube and all the other platforms. But how does that work with a digital files and digital art? In January 2022, OpenSea revealed that more than 80% of NFTs minted for free on the platform were either fake, plagiarized or spam.

Create a Digital File

To start, you’ll need to have some prints of your non-fungible tokens created. You can either have these prints created through a professional printing service, or if you have some basic design skills you can create them yourself. On the other hand, some platforms exclusively support the native tokens of the blockchain on which they were developed. VIV3, for instance, is a flow blockchain marketplace that solely accepts FLOW tokens. Locate your NFTs in your collection to sell them on a marketplace, and then click the ‘sell’ button to sell your NFT tokens.

  • In Mintable, for example, this can be found on the NFT details page.
  • I know a lot of people who go all in without realizing what they are doing,” says Parekh.
  • You can try out these platforms to see which one suits your needs for buying, selling, and trading NFTs.

Most wallets also come with a key phrase that you need to access your wallet. If you lose your key phrase, then you’ll lose access to your wallet for good — so store it in a safe place. Make sure you set up a strong password and enable 2-factor authentication for strong security.

What are the fees that NFT exchanges take

It is recommended that you list your NFT when Gas prices are low, for people reading who live in Singapore like me, Gas prices are cheapest from 3 pm-6 pm SGT. In this guide, we take you through a few of the common factors investors should take note of before selling. Selling NFTs is not as simple as you think, there are many factors one must consider before selling NFTs that they purchased. With your NFT successfully minted, click on and select the NFT you would like to sell. Just because you see something as an improvement doesn’t mean a potential buyer will feel the same way.

  • For illustrative purposes, we’re using Rarible, but there are many other NFT platforms to choose from and the process will generally be similar to what we outline below.
  • For example, to buy NBA Top Shot packs, you’ll need an NBA Top Shot account, a Dapper wallet, and either the USDC stablecoin or a compatible fiat currency.
  • If this is your first time selling on OpenSea, you’ll need to first setup your wallet.

To sell it, go to the top right corner and press the ‘Sell’ button. You’ll have to pay a gas cost for the first NFT you sell on OpenSea before you can list it. You have the choice of setting a price for your NFT or auctioning it . After that, click “Post Listing” and “Sign Transaction.” Now all you have to do is wait for a collector to come along and buy your work. Because the technology is in its nascent stages, now is an excellent moment to explore with it for your own work, as the market and demand for digital art continues to increase. One unspoken guideline is to avoid converting copyrighted content or assets into NFTs.

How to Market and Sell NFTs

The jargon involved in the cryptocurrency world can make this part of learning how to make and sell an NFT quite daunting, but buying currency is actually very easy to do. Just be aware that like bitcoin and many other cryptocurrencies, the value of Ether can fluctuate hugely. You’ll be taken to a screen where you can use either Apple Pay or a debit card to buy ETH. We recommend checking the fees involved as closely as possible before choosing (we’ll come back to the fees later). A step-by-step guide to how to make and sell an NFT and possibly earn some money for your art. Although you may want to buy NFTs to support artists you admire or to access private Discord servers, take time to do your research.

We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.

If the reserve is not met, the sale will typically not proceed. The blockchain may be a digital network, but it lives on actual hardware. Gas fees tend to increase when demand for a blockchain is currently high.