Newest Guide to Sell and Buy NFT in 2021

This guide introduced the detailed steps to buy and sell NFTs on the most reliable marketplaces – Opensea and Rarible. And some frequently asked questions about NFT selling and buying are also answered.

Friday December 24, 2021 4:49 PM PDT by Karen Greene

NFTs support item and artwork collection through the blockchain as a token.  And its non-fungible and irreplaceable character attracted a lot of attention from investors which made this phenomenon go mainstream recently around the world. 

Known for all, every cryptocurrency token owns a unique address that enables each NFT artwork to certify its own digital ownership and authenticity. It also means any counterfeit NFT digital file won’t be able to survive in the marketplace. 

The profit of NFT is started from the fully conversant Everydays: The First 5000 Day picture which reached $69.3 million. And it’s just the beginning as NFT profits go crazy. So any idea to buy an NFT and make an NFT? Let’s get it!

You should know it’s no difficulty to make an NFT file, any kind of music, images, or videos belong to NFTs artwork. All you need to do is make a digital file and upload it to the marketplace and wait for your bid, then done!

Some detailed steps to make an NFT can be found from How to Make an NFT for Free

And in this post, you are going to get to know how to sell and buy an NFT on the 2 greatest marketplaces, Opensea and Rarible.

Selling and Buying NFTs on OpenSea

The first of its kind, OpenSea is the pioneer of NFT trading platforms. 

Opensea Overview

Opensea Overview

You can find all kinds of NFT assets there. That’ll include art, collectibles, domain names, music, photography, and much more!

Here’s how to start there:

Step 1. Open account. You’ll need to connect an Ethererum wallet to the platform. The most popular are MetaMask, WalletConnect, Fortmatic, and Coinbase Wallet.

OpenSea Sigh in to Your Wallet

OpenSea Sigh in to Your Wallet

Step 2. If you’re buying, head to the Explore tab. On your right, you’ll find a search bar that lets you filter product results. Bid on what you like.

How to Buy an NFT on Opensea

How to Buy an NFT on Opensea

Step 3. If you’re selling, go back to the “My Profile” tab. Pick the category you’re selling in. On the top-right corner, there’s a sell button. It’ll give you a bunch of options which you pick based on your needs.

How to Sell NFT on Opensea

How to Sell NFT on Opensea

Selling and Buying NFTs on Rarible

Rarible is similar to OpenSea, and is also easy to use. Here’s how to start there:

Step 1. Sign in. All you need is a crypto wallet. The most popular options are MetaMask, Torus, Beacon, Blocto, and Mobile Wallet.

Rarible Overview

Rarible Overview

Step 2. If you’re buying, click on the “Connect” button. That’ll take you to the products page. Explore as you wish, and bid using the wallet connected to the platform.

How to Buy NFT on Rarible

How to Buy NFT on Rarible

Step 3. If you’re selling, create a collection (or pick an existing one). Give it a name, description, then set its price in ETH. Set royalties too if needed. Then leave it up for bid, and accept the best offer! 

Rarible Choose File

Rarible Choose File

More detailed steps to create an NFT from this video introduced how to create, sell and buy an NFT on Rarible.

Frequently Asked Questions

The previous info is good to get you started in the NFT market. But, it’s best if you learn a bit more about factors that might cost you money.

There’ll be things like transaction fees, top tokens to trade, and other info that’ll save you research time.

Q1. How Much Does it Cost to Sell an NFT?

Transaction fees differ from one platform to another.

For example, OpenSea takes 2.5% out of every completed transaction. So if you sell something worth $1000, the website gets $25.

Rarible charges a similar 2.5% per sale. It also charges them to both ends of the transaction, where it’s a part of the listing fee.

Basically, with NFT platforms, access is free, and you only pay when you make money – making it quite profitable.

And you do stand to make a lot out of those platforms. To give you an idea:

  • Average sales prices on OpenSea are at $500
  • Average sales prices on Mintable (another popular platform) are at $150

Basically, you’re not paying transaction fees on minimal gains. You pay them on really profitable products that get market attention.

Q2. How Do I Invest in NFTs?

Easy. NFTs are exchanged on special marketplaces that act similar to the world’s most known (think of Etsy for graphic design – or Amazon for home products).

Only difference is, those marketplaces specialize in digitized assets.

Almost all those marketplaces operate on an auction system. Exchange occurs based on bid/selling prices, with some NFTs getting more attention (thus competition) than others.

Obviously, with higher demand comes higher pricing.

However, do note that NFTs have a chronic volatility risk to them. That is, prices can fluctuate rapidly overnight.

Why? It comes down to fungibility (mentioned at the start of the article). NFT tokens are one-of-a-kind, and cannot be replicated.

So it’s often the case that a digital art price may fluctuate from thousands to millions of dollars in a short timeframe. Examples of those include The Merge (an art piece created by Digital artist Pak). The piece currently commands a $91.8 million price tag.

Now as an investor, you don’t have to pay the full price. After all, multiple NFT tokens are created to represent a product, where each token acts as a share in ownership.

Going back to The Merge, a total of 312,686 NFTs were launched for the product – with over 28,000+ buyers.

It’s just like buying stocks. Except that, instead of buying into a company or business, you buy into a highly-valued digitized asset.

Therefore, investing in an NFT simply involves:

  • Picking a platform – attaching your crypto wallet to it
  • Exploring its market – pick what you want to buy
  • Buy your NFT tokens to represent your share of the product

Also, do note that many NFTs can only be bought using certain tokens. That is, you’ll often find NFTs only purchasable via Ethereum.

In that case, you’ll need to load your wallet with Ethereum tokens before making a purchase.

Now, if you’re looking to invest in a special product niche, you can find websites that exclusively sell those products.

For example, let’s say you’re only looking for anime products, and are buying NFTs for them. A website like KLKTN specializes in that, selling J-culture, K-pop, and anime NFTs.

Or maybe you want to buy and sell tweets (yes, that’s a product too). An exclusive marketplace for that is Valuables.

It’s really a matter of defining what you want to buy and finding a suitable marketplace. Other than that, all online NFT markets function in the same way (more or less).

Q3. What Are the Best NFTs to Invest In?

That’s relative to your needs. Are you looking for a safe investment, or are you looking to speculate on sharp price changes?

If the answer is speculation, then the best NFTs would be:

  • (AXS). 

This coin belongs to Axie Infinity, an online game that you can partially own as a player. Its coin is AXS, which is an NFT. As of mid-November 2021, its total volume was at $3.46B, one of the highest of any product. Plus, it boasts excellent liquidity, with just over 1.2 million traders.

  • (RARI). 

The platform Rarible mentioned earlier offers its own NFT, the RARI. You can buy that coin and become a partial owner of the site. As of mid-November 2021, RARI has had just over $196 million in trade volume, with 78,000 active traders. If you’re actively growing yourself on that platform, then this is one we recommend.

  • (Crypto Punks). 

If you’ve got the funds, then go ahead and explore this medium. One of the most popular NFTs ever-made, crypto punks are limited in existence (only 10,000 exist). Plus, ownership of a single punk can’t be shared. That is, a crypto punk belongs to one person without a second.

Crypto punks first launched in 2017. They’ve been consistently featured in many mass media outlets, including the New York Times, Bloomberg, and the Financial Times. Plus, their existence is what inspired the current CryptoArt movement, which was key in popularizing NFTs as a trading medium.

However, they can be quite expensive. The Alien Cryptopunks, one of the most beloved, sold for $69.3 million at an auction in March 2021. But on that topic…

Q4. What Are the Most Expensive NFTs of 2021?

Alien crypto punk tops that list. But, we’ll mention a few more, just to give you some perspective on high those assets can go:

  • (Cryptopunk #7804) 

This one sold for $7.57 million. The art is also classified as an alien wearing a cap, shades while smoking a pipe. The pixel art was sold on March 11th, 2021 with multiple prior bids on it spanning a broad range. However, some do seem to highly value it now, with a recent bid on October 29th reaching $87.64 million.

  • (Human One)

This one isn’t a crypto punk. It’s an artwork considered a hybrid between the physical and digital. Designed by Beeple (Mike Winkelmann), the final product was sold at Christie’s for $28.9 million.

  • (Stay Free)

Remember the Edward Snowden controversy back in 2013? This is a continuation of it. In fact, the NFT was designed and sold by Snowden himself, raking in over $5.4 million. All proceeds however were given to the Freedom of the Press Foundation, an organization that supports and funds media freedom.

As for the art? The asset itself is an image of all court orders related to the Snowden controversy, and with a portrait of Edward Snowden blended in.

  • (Replicator)

Sold in April 2021, this NFT was priced at $4.1 million. Designed by Mad Dog Jones, the NFT shows a photocopier in an office at night, but with some interesting details that have garnered buyer attention.

  • (Doge)

You’d assume that a collective meme wouldn’t be up for ownership or sale to a single individual. While that’s true, and an edited portrait of the meme is still sellable. That’s what happened in early June this year, with Doge NFT selling for $4 million (just shy of 1700 ETH at that time).

As you may have noticed, NFTs sell for a lot, and this is a sharp rise that many investors have taken advantage of. In fact, the average sales price for an NFT early this year was $30. Right now, the average is at $195, essentially a 6-7 times increase in value for an entire market.

That speaks volumes of how far that market would go.

If you do plan to invest in NFTs, we do recommend dabbling in the general crypto world first. That’ll help you adjust to the levels of volatility and sharp swings that the market tends to experience. And on that topic…

Q5. How Do I Start Investing in Cryptocurrencies?

If this isn’t your first time investing, all you’ll need is a crypto wallet (an online application that holds your crypto coins) and you’re set.

From there, you can start an account on a crypto exchange. You can transfer real paper money there to buy crypto coins (like Bitcoin), which then get stored in your wallet.

It’s just like trading stocks. The only difference is, the process involves much more independence. You can really get started alone from home, without the need to visit a physical location or talk to a broker.

Other than, keep the following tips in mind when investing:

  • Only invest a small % of your portfolio into crypto. 

This might sound odd considering how far the crypto market has shot up. But, it’s still a new and unstable market, much more so than other speculative platforms. Most experts would recommend keeping crypto at 5-10% of your total portfolio.

  • Pick your platform carefully.

We’d recommend highly popular and verified platforms. Don’t join ones that haven’t been audited and promise too much, they’re usually scams.

  • Pick and stick to a currency.

 If you’re investing, you’re probably riding price hikes for the long term. We recommend buying and focusing on a select few currencies. If you do have prior trading experience, then you can double as much as you like!

Conclusion

The crypto world has been through a wild rise the past few years – and the NFT market is just one of many.

Cryptocurrencies still have a long way to go. While known worldwide, they haven’t hit a level of popularity that makes them usable in day-to-day transactions.

Until that day comes, crypto is always going to be on the rise. Pick your investments carefully, and stay safe!

author

Karen is a professional writer with a background in column writing who enjoys resolving complex topics and explaining them in interesting ways.

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