NFTs took the world by storm over the last couple of years. It seems silly that people would spend incredible amounts of money on a digital property, but people said the same when domain names would get auctioned off for thousands of dollars.
NFTs also took over the art world, where someone recently paid $69 million for a digital image. Cryptoart gets bought and sold on a daily basis.
If you have a collection of artwork that you want to sell online start you should learn how to sell an NFT collection. Read on to learn how to sell NFTs successfully.
1. Know the Blockchain Terminology
NFTs are non-fungible tokens. They are a distinctive type of data that can be certified and transferred. This is important because this is how an NFT can derive value over time.
It’s similar to certifying ownership of physical property. You can then turn around and sell that property.
NFTs are stored in blockchains, which are registers that store recording of transactions. This technology is what’s underneath cryptocurrencies.
A DAO is a decentralized autonomous organization. You can see how DAOs evolved quickly in this DAO timeline.
In layman’s terms, it’s a community that makes decisions from the bottom. Most organizations take a top-down approach, where a manager makes decisions for everyone. DAOs work in reverse fashion.
2. Install Metamask Chrome Extension
You need to have a way to safely buy and sell NFTs. Metamask is a digital wallet Chrome extension that works with various NFT platforms.
Metamask is one of the most popular ways to interact with the Ethereum blockchain but there are some other options out there. I personally use Metamask connected to a hardware wallet.
Once you install the wallet, you simply need to load up your wallet with Ethereum, a cryptocurrency that most NFT marketplaces use.
3. Develop Your NFT Collection
What does your NFT collection look like? Graphic icons, photography, or any other digital image can be sold as an NFT. People have sold music as an NFT, digital art, and even the first-ever Tweet.
As you develop your NFT collection, you should create a theme around it. For instance, a certain type of photography,
4. Marketing Matters
Why does one NFT go ignored while another goes for millions of dollars? You have to create value for your NFT.
For instance, a limited edition NFT implies that not many people will have the NFT. You’re creating scarcity and exclusivity.
If you want to drive the value of the NFT, you can create additional value beyond the NFT itself.
It’s important to think about the primary and secondary market values. The primary market value is the first purchase. The secondary market is the reseller’s value.
People invest in NFTs because of the potential on the secondary market.
5. Auction or Fixed Price Sales
NFT marketplaces give you the choice to sell NFTs as fixed-price items or as an auction. Fixed price sales are good for unlimited supply items.
If you have an auction for limited edition NFTs, you can drive up interest and the value of the NFTs, increasing the amount of money you make.
The Bottom Line
NFTs are proving to be valuable digital assets. It’s an easy way to invest in art and other collectibles. As this guide just showed, you can create and sell your own NFT collection.
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