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All Details You Need To Know To Buy and Sell NFT Without Risk 

The trend of Non-Fungible Token (NFTs) has taken over the world. The unbelievable numbers of transactions and trading in the NFT industry are proof of it.

The reason behind the craze over NFTs? Anyone can earn or profit from buying, selling, and reselling their own created or previously bought NFTs. A designated marketplace has also been developed to help people get the best and easiest way to buy and sell NFTs.

We will discuss all the information you need to know about the NFT marketplace, NFT creation, the NFT buying and selling process, and everything in between. But before going into that, let’s understand the idea of NFT in brief.

What is NFT?

In the NFT marketplace, people buy and sell digital arts, music, games, videos, and similar products. You can download and save them on your computer or your phone. However, what is the reason for the sudden rise of NFTs? Is it a vulnerable air bubble that can burst anytime, or is it here to stay for good?

Before getting deeper into the truth, let’s understand the concept with an example. 

We invite our friends to our apartments and homes in the present world, but things will no longer remain the same in the Metaverse world. With a set of virtual reality goggles, you will invite your friends to your digitally decorated space.

But, how will you decorate your digital home or space? You can purchase and own digital art, music albums, games, or animation to decorate. Your virtual guest could be surprised to discover the viral artwork that belongs to you and is presented in your digital home. A whole new world of experience is about to open up in the metaverse world. 

The term “Non-Fungible” refers to something that cannot be interchanged. This means if you have a 20 dollar note, you can interchange this with your friend’s two 10 dollar notes. But can you interchange Pablo Picasso’s very own Monalisa art with anything? No, that’s only one piece in the world. Digital art pieces are only produced in one piece in the digital world. The token is the identity that represents to you, your friend, your visitor, and the whole world that you are the owner of that particular digital art. It carries both your and its identity in a significant manner.

What to Buy and Sell in the NFT World?

Are you a digital artist? Do you create videos? Or do you have a popularity for making memes? If you’ve said yes to any of these, then you’ve got the chance to explore and expose your talent in the digital NFT marketplace.

Digital artists are getting a massive opportunity on the NFT platform to showcase their talent. Some digital arts are selling even at 69 million dollars! The platform provides an excellent opportunity for you to enter the digital world. 

NFT world is primarily beneficial and a great place for 3D designers, graphic designers, character animators, VFX artists, and other professionals. NFT is not confined only to digital art. Music, games, videos, JPEG, PNG, GIF, or even this digital article can be sold in the NFT marketplace. And it’s not for a low price. The price matters depending on your art’s meaning and popularity. Still, we can assure you that your effort won’t go in vain if you come up with something extraordinary.

Start with NFT Wallet

Your first step towards entering the incredible NFT world is creating a wallet. The digital wallet will store all your cryptocurrency used in NFT transactions. 

Step 1: Choose Your Wallet

There are a lot of NFT wallets in the marketplace. But to make it a little easier for you, we have shortlisted some of the best wallets.

  • Metamask
  • Coinbase wallet
  • Wallet Connect
  • Fortmatic

Among them, Metamask is the easiest one to use. You will find it in the android play store and IOS store. For web browsers, Metamask is available as an extension. 

Step 2: Registration

You need to register to use your preferred wallet. Registration in crypto-based wallets is both secure and easy to handle. 

Please note that you must keep your information in a safe place while registering in the wallet: the password, secret words, and every detail. Unfortunately, the wallet does not offer any password retrieval functionality to change your password later. You might also be required to enter a secret code every time you log in to your wallet. Every user gets only one chance to store and remember their passwords and secret phrases or codes. So make sure you save it somewhere securely. 

Step 3: Choose the CryptoCurrency

There are many cryptocurrencies in the marketplace—Bitcoin, Ethereum, Dogecoin, DAI, Polygon, etc. From there, you need to choose a cryptocurrency according to your preference. We suggest choosing one with higher stability in the market. Ethereum is a popular choice and one of the highly-rated cryptocurrencies that makes it easy for beginners.

Step 4: Deposit Crypto Currency Into Crypto Wallet

In the NFT world, all transactions are based on cryptocurrency. So, you have to deposit some cryptocurrency into your crypto wallet. You can use your debit card to convert your dollar into your preferred cryptocurrency form. 

Sometimes, the bank may block these transactions by identifying them as suspicious transactions. If this happens, don’t hesitate to get in touch with the bank to resolve the issue.

You can also buy cryptocurrency from your meta mask wallet. All functionalities are smooth and accessible in a Metamask wallet, from purchasing to withdrawing cryptocurrency. You can also use different parties to recharge your wallet. CEX.io can help you in this process. 

Through CEX.io, you can deposit cryptocurrency by following the mentioned process:

  1. Download CEX.io and create an account.
  2. Go to the “buy” and “sell” options, from where you can buy and sell cryptocurrency.
  3. Enter the amount of your money that you want to convert into cryptocurrency. While you enter the dollar value, it’ll show below how much crypto you’ll get with this amount.
  4. Add your bank card information where the money will be transferred.
  5. Enter your name and crypto wallet address. You’ll find your wallet address from the wallet account. The wallet address is a 42 digit number that is unique for every user. 
  6. Complete the process by clicking the “Done” option.

You can easily withdraw the cryptocurrency from the wallet too. You need to go to the withdrawal section and follow your required withdrawal amount. Every time you withdraw your currency, you’ll get a notification about the withdrawal. If you find any suspicious movement, you can check it by visiting the “activity” section of the wallet.

Step 5: Connect your Wallet to the NFT Marketplace

Meta mask and other wallets can easily be connected to all NFT marketplace. Opensea, Rarible, and SuperRare are some of the widely used marketplaces where you can go to buy and sell NFTs. Find the connect wallet menu from the website, enter your wallet details, and connect your wallet to that specified market.

If you’re a beginner, it’s better to start with Opensea and Rarible. As soon as you gain expertise, explore the other marketplaces.

How to Sell NFT in the Marketplace

This is one of the significant portions of this article. You can definitely make a living through digital creativity. Suppose you are a digital artist, 3D animator, musician, or any skilled and creative professional who creates products that can be uploaded and found on a digital platform; you’re all set for the NFT world. But before that, you need to know the details about how to sell NFT in the marketplace.

Step 1: Create Your Own Art

From simple to sophisticated, all kinds of digital art can be sold at the NFT marketplace. One can’t predict how much money an art will be sold for. Most NFT buyers value the art’s meaning, background, and popularity to make a call before buying. 

You can use Canva, photoshop, Illustrator, or any kind of digital media to create your own digital art. Solidworks and Autocad-made 3D designs are also pretty popular art forms. Your music and your own created video can also be sold on the marketplace. So, you don’t need to develop an extraordinary idea or design to sell it. All you need is proof of your identity and validation that you create the art.

Generally, the main creator of the art gets the most benefit from every transaction. Each time art is sold, the creator gets royalty. The royalty range varies from 2% to the mentioned rate by the creator.

Step 2: Choose the Marketplace

Amazon offers products with their price, description, and reviews. Like Amazon and Flipkart, NFT also has a separate marketplace to buy and sell NFT. Here are Some of the common names of the NFT marketplace for your easygoing.

 Opensea

Opensea was founded in 2017, and it’s the first and the largest marketplace for NFT buying and selling. It has 300,000 users, more than 34 million NFTs, and more than $4 billion in trading volume. 

Location: New York

Categories: Digital art, music, games, domain names, virtual worlds, sports, collectibles

Rarible

In the Rarible marketplace, a user can buy, sell and mint NFT. The layout of the Rarible is similar to Spotify, and users can scroll down it. A live auction option is also available in this marketplace.

Location: Wilmington, Delaware

Categories: Digital art, photography, music, games, metaverse, memes

Mintable

Do you want to mint free? Gasless? Okay, Mintable has the option to serve this awesome feature. You can use Meta Mask here as your Crypto wallet. Both buying and selling can be done through Ethereum and Zilliqa blockchain coins. Buyers can buy an item through an auction where the winner will be notified via email.

Location: Singapore

Categories: Digital art, photography, videos, games, templates, domain names

SuperRare 

You will get a social media flavor if you use SuperRare as your NFT buying and selling marketplace. You can buy and sell single-edition digital artwork here. This site is well-trafficked, and the Time magazine cover is sold here for $300,000.

Location: Newark, Delaware

Category: Digital art 

NBA Top Shot

NBA top shot is the favorite marketplace for the sports NFT collectors. Launching in 2020, it already has more than a million users, around 1,50,000 to 2,00,000. Users visit here daily. NBA top shot moments videos, player stats, and box scores can be found here.

Location: Vancouver, Canada

Category: Sports collectibles 

If you are a beginner, it will be helpful for you to start with Opensea and Rarible marketplace. There is a huge collection in these two markets, and the operations process is also easy to understand. 

Step 3: Update NFT’s Information

All the NFTs need information about the owner and the price. It is a crucial part of the process. The owner’s name is generally collected from the updater profile names. Then, the price is defined by the creator. He can ask any price for his NFT, but the asking price should be mentioned in the crypto format. You can find the equilibrium dollar amount below your asking crypto price.

You can also add a description there. The description can mention the meaning and value of this art. 

Users can also provide their art-related details on external platforms. Say you put up a video on YouTube describing your recent piece of art. Just with a simple link added in the description box, you can direct your viewers to witness the art in the NFT world. 

There is another useful option known as “Unblockable content.” Though it’s not mandatory to do, it’s more like a gift. Suppose you want to offer something extra like video ownership with your uploaded art. In that case, you can add and mention and offer this gift through this option. 

Step 4: Select the Cryptocurrency Medium

There is a lot of cryptocurrencies found in the market. Ethereum is used widely in the field of NFT. 30 transactions can take place in a minute through Ethereum 1.0. Blockchain specialists expect that Ethereum 2.0 can withstand 100,000 transactions in a minute.

Polygon cryptocurrency can also be chosen as a medium. The polygon cryptocurrency provides a benefit. You can mint without gas-fee through this cryptocurrency. Other cryptocurrencies include WRX, dogecoin, and many more.

Step 5: Fix the Price and Duration

Now, it’s time to set the price for your NFT. If you choose Ethereum as your cryptocurrency, you need to enter the price in the Ethereum unit. You can set the price 0.001 Ethereum to any price. The USD value will be shown at the bottom. 

You can select the time frame for your auction. If you choose a timed auction, your NFT will be sold at the highest bid within the mentioned time frame.

Let’s understand the matter with an example. Let’s say you chose seven days duration as your time auction to sell your NFT. Now, the NFT will be at the auction place for seven days. Within these seven days, the bidder that bid the highest will be nominated as a buyer of this NFT. It won’t be available for auction after seven days.

Step 6: Service Fee and Gas Fee

You need to pay a service fee when you sell your NFT in the marketplace. The service fee rate may vary from 2% to 5%.

Gas Fee is another charged fee. It’s more like a banking fee. When you mint the NFT, this gas fee is applied. Minting can cause high carbon emissions. A gas fee is charged to help reduce carbon emissions. But, the big problem is the high charge of gas fees. Your NFT price can be 0.001 ETH, but the NFT marketplace charges you more than $200.

There are many ideas on how to reduce these gas fees. The gas fee rate is minimum if you transact early in the morning. The gas fee increases during peak hours. So try to complete the transaction process early in the morning. It is expected that Ethereum 2.0 will reduce the gas fees significantly. Then, more transactions will take place in a minute.

Step 7: Listing and Open to Market

After completing all the above processes, your NFT is ready for the marketplace. Now all you need to do is list the NFT in the marketplace. As soon as the NFT is listed, all the history related to the NFT will be displayed to everyone. The original owner of the NFT will be displayed. If a new person buys the NFT, his information and buying value will also be displayed.

NFT marketplace gives total transparency to all. Some buyers are doing a reselling business. Through reselling business, they buy the NFT at a low market price, hold it for some time, and if they think it’s the right to receive higher value, they approach to sell the NFT to others. This reselling information is also shown clearly at the side of the NFT description or price box.

Reselling is mainly helpful for creators. Every time an NFT is resold, the creator gets a royalty from that reselling. Royalty amounts can be 2%, 3%, 5%, or anything. 

How to Buy NFT from the Marketplace

You can buy NFT from the same selling marketplace. Openspace and Rarible are the two largest marketplaces that have a massive collection of NFTs. You can scroll through the uploaded NFT and choose one of your preferences. If your crypto wallet is already connected with the buying marketplace, you just need to pay the price to buy the NFT.

But, if your wallet isn’t connected, you need to connect your wallet with the marketplace first. Then, you need to pay the bill in cryptocurrency format. As soon as you pay the bill, the payment will be transferred to the seller account, and you will be identified as the new owner of your newly bought NFT. Blockchain technology makes your buying process as smooth as butter.

Final Thought

You can make the best use of the NFT marketplace if you have a little skill, whether as a seller or buyer. Tech people are now highly interested in NFT, and they are buying NFT at a medium to high price. As the whole process is monitored by blockchain technology, you don’t need to stress over the safety of your money or cryptocurrency. 

If you have the skill and can come up with something unique, we hope that good things will happen.

Our guide aims to provide you with full detailed insight about how and where to buy and sell NFT. Keep exploring the NFT marketplace and let your creativity shine in the digital world.

Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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