Now that you’ve created your unique NFTs, how do you go about putting them up for sale? How you can make money with them?
Jason Hsu, entrepreneur based in US, co-founder of KryptoGO USA, a SaaS provider for affordable KYC/AML solutions, and marketing guru at BitMart, a crypto exchange that operates in the US. In charge of token listings and their life cycles, will share with us, a few tips on how you can get profit with this new kind of digital-art nothing could be simpler.
To sell your NFTs on a marketplace, for example I’ll teach you about Opensea, you’ll need to locate them in your collection, click on them and find the “Sell” button. Clicking sell will open a pricing page where you can define the terms of sale, and you can choose whether to run an auction or sell at a fixed price.
Ether and other ERC-20 tokens are the most common cryptocurrencies to be able to sell your NFTs.
As described above, however, some platforms only support the native token of the blockchain they were built on. VIV3, for example, is a Flow blockchain marketplace and only accepts FLOW tokens, which is totally different from the Ethereum blockchain.
What are Royalties?
By clicking the “edit” button next to the collection image on OpenSea, signing the message using your wallet at all times, and scrolling down, you have the ability to schedule royalties and select which ERC-20 token you would like to receive for the sale of the NFT.
Royalties allow NFT creators to earn a commission each time the resource is sold to a new person. This has the potential to create lifelong passive income streams for artists and other content creators automatically through smart contracts.
How to buy NFT?
Before you rush into buying NFTs, there are four steps you need to consider:
- What market do you intend to purchase NFTs from?
- Which wallet do you need to download to connect to the platform and buy NFTs?
- What cryptocurrency do you need to fund the wallet with to complete the sale?
- Are the NFTs you wish to purchase sold at a specific time, such as via a bundle or art drop?
As described several times, some NFTs are only available on specific platforms. For example, if you wish to purchase NBA Top Shot packages, you will need to open an account with NBA Top Shot, create a Dapper wallet, and fund it with USDC stablecoins or supported fiat currency options. You’ll also have to wait for one of the card packs to be announced and try your luck trying to purchase them before they sell out.
Packs and art drops are becoming more and more common as a method of selling scarce NFTs to an audience of hungry buyers. These drops normally require users to register and fund their accounts in advance so they don’t miss the opportunity to purchase NFTs when they are released to the market.
Created packages and custom images can be completed in seconds, so you need to have everything ready in advance.
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