How to Buy and Sell NFTs? Important Things You Should Know

    Tanya Sharma
    Tanya Sharma
    Published on January 25, 2023 8:01 AM
    Buy and Sell NFTs: There are two ways to go about selling NFTs. One way is that you own an NFT. Alternatively, the person selling an NFT can mint it.
    How to Buy and Sell NFTs? Important Things You Should Know
    Source: Unsplash

    Non-fungible tokens (NFTs) are collectible crypto assets that have been available since the notion of Bitcoin Colored Coins first arose in 2012. These coins were just satoshis – minuscule fractions of a bitcoin – that had been marked, or "colored in," with unique information that could be linked to real-world goods.

    Whether you're interested in NFTs as an artist, collector, investor, or gamer, your adventure will begin with you exchanging money for digital currency. You'll receive a wallet first, then join a crypto exchange and buy your digital currency. Finally, you'll join an NFT marketplace and use your cryptocurrency to purchase a chunk of data that symbolizes your small piece of the digital ownership pie.

    First of all, Let’s go through “How NFTs are made and then we will discuss how to Buy and sell digital collectibles.

    How NFTs are Made?

    Making your own NFT, whether a GIF or an image, is a pretty simple process that does not necessitate extensive knowledge of the crypto sector. NFT artwork can also be utilized to make collectibles such as digital trading card sets.

    • Flow by Dapper Labs

    • Tron

    • EOS

    • Polkadot

    • Tezos

    • Cosmos

    • WAX

    Each blockchain has its own NFT token standard, wallet services, and marketplaces. For example, if you create NFTs on top of the Binance Smart Chain, you can only sell them on sites that accept Binance Smart Chain assets. This implies you won't be able to sell them on platforms like VIV3, a Flow-based marketplace, or OpenSea, an Ethereum-based NFT marketplace.

    How to Buy NFTs

    Before you go for your debit card, you should know that NFTs are purchased with cryptocurrencies. The majority of transactions on OpenSea, the leading marketplace, are made with Ethereum, and a cryptocurrency wallet is required to participate. OpenSea's current competitors include SuperRare, Nifty Gateway, and Rarible. Coinbase Wallet and MetaMask are two popular bitcoin wallets.

    Certain NFTs, as you may have guessed, are only available on specific platforms. To buy NBA Top Shot packs, for example, you must first make an account with NBA Top Shot, then create a Dapper wallet and fund it with either the USDC stablecoin or compatible fiat money. You will also have to wait for one of the card pack drops to be released before attempting to purchase them before they sell out.

    Pack and art drops are becoming more popular as a way to sell rare NFTs to a ravenous consumer base. These drops typically need users signing up and funding their accounts ahead of time so that they do not lose out on the opportunity to purchase NFTs when they drop. Pack and art drops can happen in a matter of seconds, so you should have everything prepared ahead of time.

    How to Sell NFTs

    To sell your NFTs on a marketplace, find them in your collection, click on them, and then find the "sale" button. By clicking this, you will be taken to a pricing page where you can set the terms of the sale, such as whether to have an auction or sell at a fixed price.

    The most common cryptocurrencies for which you can sell your NFTs are ether and other ERC-20 tokens; however, certain platforms only support the native token of the blockchain on which they were constructed. For example, VIV3 is a Flow blockchain marketplace that takes only FLOW tokens.

    In order to complete the process of listing NFTs on a marketplace, some marketplaces charge a fee. While this is not true for every platform, it is important to keep this in mind when developing NFTs.

    Is Now a Good Time to Buy and Sell NFTs?

    It's the same tale as any new craze that emerges in today's culture. It begins as something that only a few individuals are aware of. Then more people grab on, developing into an over-hyped freight train that invites inspection, criticism, and analysis, particularly on social media.

    Non-Fungible Tokens are no exception. NFTs are now riding a high wave of buzz and hype, and it appears like someone is introducing a new NFT at every turn. NFTs have been released by celebrities such as Eminem, Snoop Dogg, Grimes, Shawn Mendes, Lindsay Lohan, and even Captain Kirk himself, William Shatner.

    Who knows how long the NFT market will remain scorching? So, sure, it is an excellent time to purchase and sell NFTs because the market is volatile. Collectibles are volatile, and their value is entirely psychological. After all, markets for collectibles like baseball cards, comic novels, and Beanie Babies have peaked.

    NFTs FAQs

    Can you buy NFTs and sell them?

    You cannot buy and sell NFTs on the same exchange as you purchased your cryptocurrency. To put your ETH to use, you must first register with a marketplace where individuals may showcase, buy, sell, and exchange NFTs. Then, you'll connect your digital wallet, cryptocurrency, and all, to your new NFT marketplace account.

    What to use to buy and sell NFTs?

    Coinbase Wallet, MetaMask, Trust Wallet, Enjin, and D'Cent are among the wallets that qualify. An NFT developer must also load their wallet with a certain quantity of Ether (ETH) tokens, which will eventually cover transaction costs.

    Is investing in NFT a good idea?

    NFTs are a consistently rewarding investment alternative. Here are some of the reasons: Creates Tokenized Asset Value - NFTs tokenize tangible assets like artworks. This prevents work from being duplicated and limits ownership to the artist.