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How to sell NFTs?

How to sell NFTs?

May 5, 2022
3
 min read

Selling your NFT effectively requires doing your research. Let's cover how to set a price and make the sale.

By: Eric, Peter

Selling your NFT effectively requires doing your research.

In this guide, we’ll discuss how you can sell your NFT in three steps:

  1. Set a target price
  2. List NFT for sale
  3. Accept an offer

Be sure to also read our guide on how to find and evaluate NFT projects to understand the buyer’s mindset. 

What follows isn’t investment advice.

Set a target price

To set a target price for your NFT, consider:

  1. Price movements
  2. Rarity
  3. Fees

We’ll use the Peaceful Groupie NFT project as an example throughout this guide.

Price movements

Visit the NFT project’s profile and take a look at the:

Floor price: This is the lowest sale price for any NFT in the project. On OpenSea, you can filter by “Buy Now” to see how many NFTs are listed at the floor price. Many NFTs listed at floor is a sign that people are trying to dump the project.

Average historical price: This is the price trend over the past 30 days. Ideally, you want to sell when the average price is going up.

Rarity

NFT projects often have unique traits that have different rarity. If a NFT has a very rare trait, it could sell for a price that’s much higher than the floor. 

For example, suppose you want to check rarity for this Peaceful Groupie NFT

Find the rarest trait for the NFT. On the NFT page, expand Properties to see your NFT’s traits. The rarest trait for this NFT is “Horns Devil” at 0.36% of the project’s items.

Filter for the rarest trait and check prices. Tap on “Horns Devil” trait and filter for “Buy Now” to see the prices for all the “Horns Devil” NFTs. This gives you a sense of the ceiling price for your NFT. You can also use third-party sites such as Rarity Sniper and Rarity Tools to understand how rare your NFTs are.

Fees 

Consider the fees you have to pay to sell your NFT. These fees include:

After you research price movements, rarity, and fees, you’re ready to set a sale price for your NFT. Consider the following scenarios:

  • The average price is growing, and there aren’t many floor items. If your NFT doesn’t have a rare trait, you may want to list it at slightly above the floor price for a quick sale.
  • The average price is falling, and there are many floor items. If your NFT doesn’t have a rare trait, you may want to list it at the floor to sell.
  • Your NFT has a rare trait (e.g., <0.25% of items). You may want to list it at a price comparable to other NFTs with the same rare trait.

You can also decide not to sell the NFT if you believe in the project’s future.

List NFT for sale

On OpenSea, you can list your NFT for sale in two ways:

  1. Fixed price. This option is the most common. Simply set the price for your NFT and how long the listing should be active.
  2. Time auction. This option lets you sell to the highest bidder and set a minimum price (known as the “reserve price”). You might pick this option if you think the project has upside and you have a rare item.

You can read OpenSea’s official guide on how to sell NFTs. Other marketplaces will likely have similar steps .

Accept an offer

Once you list your NFT for sale, there are three ways to accept an offer:

  1. Make a public sale. Someone decides to buy your NFT at the listed price on a marketplace. This is the most straightforward path.
  2. Accept a public bid. Someone bids for a price (usually lower than your listed price) and you accept the bid. Be careful with bids because most are from bots. If you accept a lowball bid you’re leaving money on the table. You can tell if the bidder is a bot or not by checking out their profile to see if they’re making multiple lowball bids below floor prices.
  1. Do a private transfer. This is a change in ownership made outside a marketplace. You could be sharing the NFT with a friend or selling it to another member in the project’s community. Private transfers can be executed right from your wallet. Make sure you trust the party on the other side of the transaction!
Up next: NFT path coming soon

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Set a target price

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