Early in 2021, markets for nonfungible tokens (NFTs) started to gain some notoriety, and by the end of March 2021, this new market for digital assets had a total lifetime traded volume of about $550 million. Any digital asset can be an NFT including collectibles, artwork, video game characters, virtual world objects and digitized sports.
A blockchain, often one on the Ethereum network, is where an NFT’s ownership is recorded. However, the sale of this digital asset will result in ownership transfers and the blockchain recording of the crypto payment received. This isn’t to say that NFTs and cryptocurrencies are the same. In general, one of the fundamental properties of cryptocurrencies and fiat money is fungibility or interchangeability, whereas the nonfungibility characteristic of NFTs makes them valuable.
Understand different types of costs involved
Rarity and functionality
Build your brand and improve visibility
Makes sales your proof-of-concept to raise floor price
Utilize multiple platforms and maintain some consistency in your pricing
Add value to your NFTs by offering unlockables
- Click the “Profile” button in the top right corner of the OpenSea page, as shown in the image below.
- Choose the nonfungible token from your wallet that you want to sell, or learn how to create an NFT to get started.
- Click “Sell” on the top right of the item page, as shown in the image below.
- Select the price as a fixed price or timed auction, choose a default sale period or enter a specific duration using the calendar.
- The item can also be set aside for a specific customer by typing the wallet address into the “Reserve for specific buyer” field under the “More Options” section, as shown in the image below. For this sale, OpenSea charged a 5.5% fee, including a 3% creator fee and a 2.5% service fee.
- Sign a transaction to complete your listing. A pop-up confirmation will indicate that your item has been listed for sale.
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