How to Sell NFTs

How to Sell NFTs

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Buying an NFT is relatively straightforward. There’s a set price to buy an NFT and on some marketplaces, you can make offers, but everything can be done with a click of a button.

Selling NFTs is a big part of participating in the NFT space. There are a lot of factors to take into account when putting your NFT up for sale, so let’s walk through some of the factors. We’ll go over determining when to sell, pricing your NFT, listing your NFT, and completing the sale.

1. Determine When to Sell an NFT

There may be plenty of reasons to sell an NFT but be sure to do your research before doing so, as it’s entirely up to you when to sell your NFT.

2. Price Your NFT for Sale

Within most popular NFT collections, rarity tiers are established after the project has fully minted. This means that specific traits will be more common than others. The value of your NFT will depend on these traits and how they match up to others in the same collection.

If you have decided to sell an NFT, the first step is researching similar NFTs on the marketplace that it is sold on. Evaluate other NFTs that are up for sale with the same traits that your NFT possesses to get a sense of what the price range is.

3. List Your NFT for Sale

Once you have decided to sell and conducted your research in terms of pricing, the next step is to list your NFT for sale on the marketplace.

On many marketplaces, this means you have to pay a small gas fee to list the item for sale then set the price and length of auction. If you make a mistake or want to raise the price, you’ll have to pay a small gas fee to delist the item but won’t be charged to list any items in that collection again. Most marketplaces also charge a one-time fee to set up your account to sell NFTs.

On DraftKings Marketplace, there are no gas fees to list or change your listing. Change your price as many times as you wish until you find a buyer that is willing to pay the price you have the NFT listed for. You can also delist your items without having to pay any gas fees.

With your NFT listed, all there is to do is sit back and wait to see if your NFT sells.

4. Complete the NFT Sale

After your NFT has been officially sold to a buyer, there may be a small service fee, depending on the marketplace that you are using.

For many marketplaces, there is a difference between someone purchasing your NFT directly using the “Buy Now” function and accepting an offer.

  • If someone buys your NFT directly from the listing using a “Buy Now” function, they will have to pay a gas fee. Gas fees are a service that users must pay to perform any function on a specific blockchain.
  • If someone makes an offer that you would like to accept, it is important to know that YOU will have to pay the gas fee. Gas tends to fluctuate, so consider waiting to accept the offer until a down period when the transaction may cost less.

On DraftKings Marketplace, there is only a Buy Now option, designed to remove gas fee uncertainty, and there are no other fees to pay.

Next Steps

After you have successfully sold your NFT, the fun starts again! Searching for projects with potential for future utility and longevity might be your focus.

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