Selling NFT Art in 2023

A guide to selling NFTs in 2023

Feb 08, 2023

The NFT market has been growing exponentially, providing the perfect opportunity for creators and collectors to make good money selling these arts.

For a clearer picture of the true nature of things, the average sales volume of NFTs every week in 2017 was only 100, as against the staggering 50,000 in 2022. This tells us about the booming market of selling NFT art.

According to the NFT market report released by Markets and Markets, The NFT market will grow at a compound annual growth rate (CAGR) of 30% from 2022 to 2027.

The market is projected to hit 13.6 billion USD by 2027, from its value of 3 billion USD in 2022. Another report by Grand View Research projects that the market will hit over 200 billion USD by 2030.

With the future looking great for NFT art, now is the next best time to learn how to sell NFT art. This article will cover everything you need to start selling and making good money from NFTs.

Straightforward Steps to Sell NFT Art

1. Select the Market of Your Choice

Choosing a marketplace to sell NFTs is the first step you must take. These days, you may purchase and sell NFT artwork at any of several online marketplaces. OpenSea, Rarible, Shopify, etc, are some of the most well-known examples.

Choosing your NFT marketplace to sell on depends heavily on the sort of NFT art you may desire to sell and the expenses associated with doing so.

OpenSea is the leading marketplace for trading non-fungible tokens. The marketplace is compatible with ERC-721 and ERC-1155 tokens, two of the most popular NFT standards.

You can use the Ethereum or Polygon infrastructure to trade your NFT artwork on OpenSeaOpenSea charges a 2.5% commission on all trades, so when you sell a piece of NFT artwork for $200, you'll get $197.5 after paying the commission, while OpenSea takes just $2.5.

Alternatively, you can list your NFT artwork on Rarible, a marketplace that facilitates the buying and selling of tokens in various industries, including but not limited to the arts, music, domain domains, and more.

To be paid, you'll need a wallet that supports any of the three blockchain technologies (Ethereum, Flow, or Tezos). Similarly to OpenSea, Rarible's transaction costs are 2.5%.

You can also sell your NFT artwork on Binance's NFT platform. The platform supports the sale of NFTs from a wide variety of niche markets, including sports, collectibles, gaming, and more. Ethereum and Binance Smart Chain are the only blockchain infrastructures compatible with the Binance NFT platform. Binance has a 1% transaction commission, less than OpenSean and Rarible.

However, a 1% royalty fee is added to the seller's bill if a third party develops the NFT.

In addition to selling your NFT on these NFT platforms, you can do it through the e-commerce platform Shopify, which facilitates a direct-to-consumer (D2C) experience through a reseller's or creator's branded storefront.

You can sell your NFT artwork on Shopify without going via an intermediary platform to a direct customer. Credit cards, debit cards, mobile payments, and the Shopify payment gateway are all accepted payment methods.

2. Get a Cryptocurrency Wallet.

After deciding on a market to sell your NFT artwork, the following step is to select a cryptocurrency wallet that is interoperable with the chosen exchange platform.

MetaMask, Trust Wallet, and Coinbase are all prominent cryptocurrency wallets. The MetaMask wallet enables transactions on Ethereum-compatible markets for NFT artwork.

Trust Wallet is your best bet if you use a mobile wallet instead. Tokens can be purchased and sold on an NFT art marketplace and safely stored in a wallet. By allowing a username instead of a public blockchain address, the Coinbase Wallet makes it possible to transmit and receive non-fungible tokens.

3. Set a Price for Your NFT Artwork

After settling on a marketplace and a crypto wallet, you'll need to settle on a rate to trade your NFT. Conversely, many feel that an NFTs value is determined solely by the price at which it is sold. To a limited extent, that is accurate, but other aspects can affect the cost of an NFT artwork.

The creator's reputation, the NFT's usefulness, the NFT's rarity, and the 30-day average price of tokens belonging to the same genre are all essential factors. Given their extreme rarity, the market value of some NFTs is bound to be above average.

The NFT's value increases if it can be exchanged in the metaverse or game for other digital products. Do NFT purchasers receive any further benefits?

An increased asking price for your NFT artwork is possible if you've established yourself as a serious player in the NFT scene. Artists like Beeple can set a premium price for their NFT artwork, knowing they would be met with strong demand.

4. Publish Your Artwork on the Internet

After settling on a selling price for your artwork, the next step is to make a listing. Sign into your account on your chosen NFT platform, then click the "Create" button.

If you click it, a new page where you can pick one or more collectibles pops up, which depends on how many of your NFT assets you have available. After that, you can give your NFT artwork a description and a name and put it up for sale.

Make sure your item has a catchy and intriguing name, but don't exaggerate its value. Token descriptions should be succinct yet sufficiently detailed to tell investors of the NFT's intended use and central concept. If you want to sell an asset, it will help if you additionally list the advantages and bonuses that come with it.

You can choose between "On Sale" and "Auction" for your listing. The "on-sale" choice is excellent if you want to sell your artwork for a specific price.

All that's required to use this feature is to input the asset's asking price and select a listing duration. In contrast, you can set a floor price for the token with an auction listing. This way, interested parties can submit offers, and you'll sell your item to the winning bidder.

5. Proceed with the Sale

After posting an ad, you should wait for potential buyers to make an offer on the NFT. Usually, many platforms will email you when a buyer makes an offer, but you should check in frequently to ensure you haven't missed any inquiries.

If you set your NFT artwork to be "on sale," the platform will alert you as soon as a purchaser is ready, keen, and capable of paying the set amount.

Conclusion

It is pretty straightforward to sell NFT art if you have the right guidance. Provided you do your research and follow the steps we have itemized for you, it won’t take long for you to make your first sale. Ensure you have all the information regarding the platform you want to use, the fees, the payment options, etc. Once you have all these covered, then you are all set.

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