NFT For Beginners: Top 5 Tips For Selling Your First NFT
As NFT grows in popularity, so do its marketplaces; that’s why we have prepared top tips for selling your first NFT.
With demand for crypto-collectibles and crypto art on the rise, consumers are rushing to the marketplaces to place their bids for unique, one-of-a-kind crypto tokens.
According to Wikipedia, an NFT (non-fungible token) is a digital asset or a special type of cryptographic token containing unique, identifying information.
Therefore, they are not interchangeable and cannot be shared or duplicated.
It can be used to certify images, videos, memes, game assets, mp3 files, or even recipes as unique.
NFT is a token that is created on the blockchain and is forever associated with that content.
You can link NFTs to almost any type of content, as there are few to no restrictions on what can’t be tokenized.
Founded in 2017, NFTs have grown, and raised over $86 million in February alone.
1. What Is The Value Of Your Work And Why Is It Unique?
There is an ongoing debate about whether NFTs are worth buying and investing in.
What seems worthless to some is an opportunity worth investing thousands to millions of dollars into others.
An animated flying cat sold for nearly $600,000.
While a 10-second video showing a naked former president lying in the grass brought in a whopping $6.6 million.
But if something like digital art can be easily downloaded and viewed by anyone in the world, what makes its value so high and attracts buyers?
NFTs are exchangeable digital assets.
These are tracked on the blockchain and, therefore, cannot be counterfeited or hacked.
NFTs are assets with unique characteristics.
Therefore, two NFTs can never have the same value.
Suppose you and your friend each have a dollar, and you exchange your dollar for your friend’s dollar.
After the exchange, the new dollar would still be equal in value to the dollar before the exchange.
The same is true for a $10 bill.
If you give your friend a $10 bill and he gives you two $5 bills, you still have the same amount of money.
Value after the transaction.
Whether he gives you a $10 bill, two $5 bills, or ten $1 bills, you still end up with the same $10 value.
They can be divided and shared, so they are fungible.
The value of an NFT is unique and, therefore, cannot be exchanged for another NFT.
If you had the original Mona Lisa and wanted to swap it for another so that you still ended up with the same value of the artwork you had before the swap, that would not be possible.
This is simply because there is only one original Mona Lisa.
Thus, all the others are replicas and therefore worth far less than the original.
The same principle applies to NFTs.
Digital artwork is fungible until you put an NFT on it.
And then it becomes authentic and scarce.
If it’s still unclear to you why people spend a tremendous amount of money on something that can be copied?
Let me give you another explanation.
Just as there are people in the physical world who are willing to pay a lot of money for baseball cards, paintings, or teapots, there are also people who would rather invest that money in a piece of digital art.
For collectors, the art itself isn´t necessarily what makes them buy it.
For them, the real beauty is usually in the process of collecting.
Their collectibles, which include thousands of different art cards, coins, and digital artwork, excite them the most and on what they thrive.
A New York gallery owner Vincent Harrison had an excellent rebuttal for people who belittle the value of digital artworks just because they are digital.
He explained in an interview with the online magazine Wired that everyone can also see the images of the most expensive artworks on the Internet and has posters of them sold in museums.
2. Put It On The Right Marketplace
So you’ve decided to take it a step further and offer your products on some of the NFT branded sites?
As the popularity of NFTs grows, so does the range of different marketplaces available.
There are a few things to consider when choosing the best marketplace for you.
First, you need to know what type of tokens you want to sell or buy.
And second, if you’re a seller, you need to know what requirements are at certain places to get in.
No worries, we’ve done the research for you!
We have listed the best marketplaces to start with, depending on what kind of tokens you want to sell or buy and your experience as an artist.
You should also know that you will need to install a wallet for most of these marketplaces to buy or sell tokens.
In most cases, this is the MetaMask – a web plugin that is added to your website.
To buy an NFT product on these marketplaces, you need to change your currency to cryptocurrency.
The marketplace is powered by, most commonly, Ethereum (ETH).
Before you open an account, you need to install MetaMask – a browser plugin used for the Ethereum blockchain.
OpenSea is the first and largest marketplace founded in 2017 up to date.
It is where you can sell all kinds of NFT goods.
From art and gaming assets to collectibles, domain names, and trading cards.
It currently contains over 4 million NFTs.
Some of the most valuable NFTs are being sold and held on this platform.
Since everything is categorized by the type of token you want to buy or sell, it’s easy to nag.
The great thing about OpenSea is that it is constantly evolving.
It has already integrated other NFT marketplaces like Rarible into its platform.
This platform helps to provide its users with even more bundled choices.
You can also post your NFTs from other marketplaces here.
To post your work for sale, you will have to pay a gas fee, which currently ranges from $50 to $250 due to network congestion.
Founded in 2020, Rarible is both a marketplace for these assets and an Ethereum-based distributed network.
It allows assets to be traded without a middleman.
When you create an NFT on Rarible, you gain access to the NFTs through your MetaMask wallet.
From there, you have the option to either keep or sell your NFT.
The great thing about Rarible being connected to OpenSea is that you can sell your NFT and move it to OpenSea without losing the value.
The auto-filled royalty on future sales of your work is 10%, but in this marketplace, you have the option to increase that percentage to anything you want.
The royalty on all future sales is automatically collected and sent to your crypto wallet, in this case – MetaMask.
Another great thing about Rarible is that you don’t need to have an account to buy an item, just to connect your wallet – MetaMask.
Also called the Sotheby’s of crypto art, Nifty Gateway brings a Supreme-like drop culture to digital collectibles.
Total volume on this platform has grown to more than $10 million just a few months after Taylor and Cameron Winklevoss acquired it.
This is another great marketplace for beginners is Nifty Gateway because it is easy to manage.
In Nifty, you don’t need to know anything about cryptos.
For this reason, transactions are done in dollars using credit cards.
While in other marketplaces, they are done in ETH.
However, getting started in this marketplace is difficult if you are trying to sell your work.
You need to get in touch with the team at Nifty Gateway, have high-quality digital artwork, or be a well-known artist.
When it comes to buying and selling trading cards, Atomic Hub is the biggest marketplace.
Unlike other NFT marketplaces where they use ETH as a cryptocurrency, Atomichub uses Wax tokens.
They have the most extensive collection of trading cards for sale.
Moreover, there is no fee for transferring the NFTs.
This is a platform that promotes the creation and collection of crypto art.
It’s kind of a high-profile gallery where there is a selection of exhibitors who are allowed to showcase their art.
When you set up a piece for auction or sale, you can choose between the option of letting buyers bid on your work, or you can make a fixed price.
Some artists tend to buy artwork on Rarible and resell it on SuperRare.
Because of SuperRare’s high standards, bids usually start at a higher number.
People are willing to pay more for the same artwork on SuperRare than on any other marketplace.
All artists must sign an agreement that they will not produce and release the same art twice on this marketplace.
There is also a 10% royalty that you receive each time your work is sold.
Unfortunately, it may not be ideal for beginners who have no experience in creating crypto art.
For this reason, it is tough to get in as an artist as your work must be submitted for approval before being listed, and they are super selective.
NBA Top Shot
NBA Top Shot is a marketing website that has grown so much in recent months that it could soon be the leading NFT marketplace.
With a collection of baseball trading cards capturing game highlights, NBA TopShot has attracted so many sports fans who otherwise wouldn’t have signed up.
The sale of a video of the dunk by James Lebron, which made headlines everywhere, sold for over $200000.
There is so much more to be made in this marketplace as it is still in the BETA phase – an early stage of development.
NBA Top Shot expects it to remain in the BETA phase for at least another six months.
If you want to fully understand how NFTs work or would like to learn about some other marketplaces as well, check out Decrypt.
A beginner site for newcomers in the NFT digital world.
3. Social Proof And Following
We unconsciously rely on other people to show us the right actions and behaviors in a given situation.
This is true in marketing and business as well.
It is one of the most psychologically profound factors that influence consumers.
Just as NFT has received tremendous social proof by celebrities joining the NFT marketplace.
They have been promoting NFTs to an audience that previously had no idea about non-fungible tokens.
If you want to become successful and establish your name within an NFT marketplace, you need to get the social proof as well.
To get people to buy your artwork on these marketplaces, it’s often not enough to simply post your work there.
It can be tough to sell your products at a higher price if you are new to the NFT world.
To make your ratings skyrocket, you need to provide social proof.
People are more willing to bid more for your work if they know who you are.
For NFT marketplaces, there are several ways to do this effectively, with social media accounts being one of the most effective.
If you’re already an established influencer on these social media platforms, that’s great!
You can use this influence to get your followers to see and buy your work on NFT marketplaces.
Depending on how many followers you have could lead to selling one of your artworks to your followers.
However, if this is not the case, you need to focus on making your name a brand.
You want people to start talking about you.
You want them to recommend your profile and artwork to their family and friends and check out your account on the NFT marketplaces.
Not only that, you can get other social media influencers, YouTubers, and NFT artists talking about you.
4. Draw Attention To Yourself
It’s been proven that social media followers are most likely to buy something recommended by the influencer they follow.
Especially if it’s something, the influencer made themselves.
They follow you because they admire and approve of you.
And if one buys your product, the others will follow too.
Therefore, it is important to constantly inform your followers when your art is for sale or has been purchased.
The more art that was bought and the higher the prices for that art were, the more NFT buyers will buy your future art.
Just like there are communities in the gaming, art, music world, there are communities for NFT artists and collectors.
Joining these communities is one of the top tips for selling your first NFT that can be included in this area.
Clubhouses are places like chat groups.
It is where artists can share ideas and opinions, discuss the latest events in the digital world, and etc.
You can ask for advice, which is especially useful for someone just starting out.
It’s a great place to meet and network with potential buyers and other artists.
There are many clubhouses to choose from, but one of the best is NFT’s Tips.
Whether you’re interested in photography, gaming, fashion, or cars, it doesn’t matter because there are plenty of listings.
The site is really easy to get into and pretty easy to manage.
There is a wide selection of groups, or “Telegram” as they like to call it, to choose from.
Telegram is something similar to WhatsApp – an app that you download on your phone, and you are connected to people of similar interests.
5. Get Started Now
With all the hype surrounding the relatively new cryptocurrency and all the new opportunities, the market is quickly becoming overrated.
NFTs are a golden opportunity for all artists to promote themselves and their work.
It can help them make a name for themselves and make some serious money.
This is especially important for those who are digital artists.
Or even for artists who can’t otherwise find a marketplace to get their work out there.
NFTs receive the money for your sold work immediately in your crypto wallet.
Digital art allows people to work from home and engage with art.
Interest in NFT’s digital marketplace has increased dramatically and continues to grow every day.
Unlike the traditional art world, where it’s hard to find a gallery to exhibit your art or a buyer to purchase it.
Moreover, it is nearly impossible to get paid to make art and sell paintings and other artwork.
NFTs are a new, different, challenging, and exciting way to develop and get paid.
Thousands of people are joining the market every day for this purpose.
NFTs are especially useful for artists who only work in digital form and don’t know how to fit that work into a traditional art world.
As it becomes increasingly difficult to succeed in such a competitive environment, you need to get into the market while you’re ahead.
As more and more people enter the market and create new things, it will be harder to stand out if you don’t act soon.
Never in our history has there been so much excitement about collecting things as there has been in the last few months.
NFTs are definitely something that will last and are worth investing in.
Regardless of what type of artwork you produce, it’s important to remember that the market is huge, and it may take some time to get your name out there.
When in doubt, just look back at those artists who didn’t stand a chance in the traditional art world before NFT.
They never sold a piece of art; however, now, they are making thousands to millions of dollars creating and selling their artwork on NFT marketplaces.
I hope this article about the 5 Top Tips for Selling Your First NFT has given you the courage to start your career.
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