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If you are interested in making money then investing in NFTs could be profitable, and it’s a route taken by some NFT enthusiasts.
It’s important to note that NFTs are seen as a high-risk investment. That doesn’t mean you shouldn’t invest in them, but it does mean you need to consider how NFTs fit in with the rest of your investment portfolio. You should also consider your investment time horizon.
If you need to sell your NFT after just a few months, then that could be very risky as its value may be quite volatile. Even if you’re an experienced investor, making a large profit on NFTs is going to involve at least some element of luck.
Another way people make money from NFTs is by creating their own NFTs to sell. This is only likely to be profitable if you have a fanbase of people who are likely to be interested in buying an NFT. For instance, you might be an author, indie musician, social media influencer, or anyone else with an online platform.
Where can I sell NFTs?
NFTs are sold (and bought) through online marketplaces. Most marketplaces are open for anyone to join, but some are more exclusive and you’ll need an invite.
One good way to find the right NFT marketplace for you is to look at NFTs that you admire and see which marketplace they’re listed on. You’ll also need to check that the marketplace accepts the cryptocurrency you use.
The list of big, popular NFT marketplaces includes OpenSea, Rarible, Mintable, Axie Marketplace (Axie Infinity), and Larva Labs (Cryptopunks).
To sell an NFT on Binance, you’ll need to:
Mint (create) your NFT on Binance, if it’s not already created.
Click “List NFT” on your NFT.
Select your sale method: “Set Price” or “Highest Bid.”
Enter your sale price (for Set Price) or a minimum bid amount (for Highest Bid) and set the other options as your preference, e.g. the time and date for the sale.
Check that you’re happy with the fees associated with selling your NFT, then click “Submit.”
Your NFT will be automatically assessed before it’s listed. This will take around 10 minutes. You’ll then see a “Listing Complete” popup.
To sell an NFT on OpenSea, you’ll need to:
Mint (create) your NFT on OpenSea, if applicable.
Click your profile icon and select the NFT you want to sell, then click the “Sell” button.
Select the type of sale: “Fixed Price” or “Timed Auction.” You also have the option to reserve your item for a specific buyer.
Initialise your wallet (one-time gas fee) if you’ve not sold on OpenSea before.
Sign the transaction to confirm the listing. If your NFT was created somewhere other than OpenSea, an additional approval and signature may also be required.
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