How to Sell an NFT: Step-by-Step Guide

April 16, 2024

Selling an NFT can be as exhilarating as it is lucrative. It is also a process riddled with uncertainty, though, which is why we created this guide on how to sell an NFT. 

Whether you're sitting on a digital masterpiece that you have been holding for some time and are ready to sell for a profit, or you created your own work of art and want to get it on the marketplace, you’ve come to the right place.

Pudgy Penguins is a great guide for this journey - after all, we carved our path by minting a vibrant colony of 8,888 NFTs back in 2021. Today, we’re a leading web 3.0 brand focused on driving innovation, fostering community, and radiating a positive ethos. 

This guide distills our expertise, leading you through the critical steps of creating and selling your NFT with confidence. First, let’s set your expectations for this project - is selling an NFT easy?

Is it Easy to Sell an NFT?

Before we walk you through how to create and sell an NFT it’s important to understand what you can expect along the way. The trust is that selling an NFT can be very easy if you take the right approach and leverage our expertise here at Pudgy Penguins.

The actual process of acquiring or creating an NFT and listing it on a marketplace is fairly simple and straightforward. The third part? Finding a willing buyer and commanding top dollar for your asset. This is where things get tricky.

There’s a lot of nuance in the NFT industry, from figuring out the ideal time to sell an asset to determining where to sell NFTs. You also need to factor in pricing, promotion, and more.

All of this is to say that yes - it’s easy to sell an NFT, but that doesn’t mean you should take all the steps that lead to a sale lightly. Each plays a key role in facilitating a smooth, seamless process from start to finish. So - let’s start by figuring out when it makes sense to sell an NFT.

When Does Selling an NFT Make Sense?

We know you’re eager to convert your digital art into cold, hard cash - but not so fast. It’s important to consider whether or not the timing is even right to sell your NFT. That is, if you want to earn as much of a return as possible at least.

It makes sense to sell when market conditions are favorable, and there is a high demand for the type of NFT you own. This means you need to keep an eye on market trends, as a surge in interest for similar assets can indicate a prime selling opportunity.

Selling might be appropriate for creators specifically when there is enough buzz around your work. This could be after a successful marketing campaign or when your art has been featured in a prominent exhibition or publication, leveraging peak interest to achieve the best sale price.

On the other hand, investors should only consider selling when your return on investment (ROI) meets your financial goals. An NFT that has significantly appreciated in value since purchase might be ripe for sale, especially if you anticipate a downturn in the market.

At the end of the day, though, sometimes you just need liquidity - either for another investment opportunity or for life itself. NFTs can be sold relatively quickly, making them a potential source of fast capital. 

However, it's crucial to balance the need for immediate funds with the potential future value of your asset. The last thing you want is to sell your NFT for fast cash only to watch it skyrocket in value a few months down the road.

So - if you’ve weighed all these factors and determined that yes, selling an NFT is the best next course of action, great. Let’s get into how to sell an NFT below.

How to Create and Sell an NFT: Step-by-Step Guide 

We’ll talk specifically about how to create and sell an NFT, as that’s what we did here at Pudgy Penguins. But if you already have an NFT and are just looking to sell an asset in your wallet, you can go ahead and skip the first step - actually bringing your NFT to life.

Overview of Creating an NFT

Begin by deciding what your NFT will represent. It could be digital art, music, a collectible, or any unique digital item. The value proposition of your NFT is what will attract buyers, so consider originality, utility, and the potential audience for your creation.

Now comes the fun part - actually producing the digital item you wish to turn into an NFT. This could involve creating a piece of art using digital design software, recording music, or coding a digital collectible. 

Ensure your content is original to avoid copyright infringement. You may end up leveraging the help of other artists along the way, and this will come with its own hurdles associated with royalties.

The cost to create an NFT is a common concern, and this is where choosing the specific blockchain upon which you’ll build your NFT comes into play. Ethereum, Binance Smart Chain, or Flow each have their own attributes worth considering. These include security features, transaction fees (often referred to as 'gas fees'), and environmental impact.

After you’ve mapped out your NFT’s journey to the blockchain, it’s time to make it happen. This is where you’ll mint the project. Wait - what is minting an NFT? This is the process of publishing your unique digital item on the blockchain, creating a tamper-proof record of ownership. 

This is typically done through an NFT marketplace or a specialized NFT minting platform. During this process, you'll embed metadata and attributes that make your NFT discoverable and verifiable. 

That being said, let’s talk about where you should mint your NFT along with choosing a wallet to store it in until it sells.

Choosing a Digital Wallet and Marketplace

You need a digital wallet that supports the cryptocurrency of the blockchain you're using before you mint or sell an NFT, so we actually need to take a quick step backwards and navigate this consideration.

The wallet you choose will store your NFT until it sells, and at that point, it will store the cash you receive from selling the asset. There are many options at your disposal, ranging from MetaMask, Trust Wallet, and Coinbase Wallet.

Once you’ve selected a wallet you need to fund it with capital. Ensure it has enough cryptocurrency to cover the cost of minting and selling your NFT, including any transaction fees.

From here, it’s time to choose an NFt marketplace to list your project for sale. Look for platforms that support the blockchain you've chosen and consider their user base, fee structure, and ease of use. 

Some marketplaces cater to specific types of NFTs, which could help target the right audience. If you’re not sure where to start, we prefer Magic Eden. OpenSea is another great choice for just about any type of NFT.

Configuring Price

As you can imagine, configuring your price is perhaps the most perplexing aspect of how to sell an NFT. Obviously you want to earn as much as possible on the sale - but overpricing your asset will lead to it sitting on the market untouched, which could devalue it over time.

Start by investigating the current NFT market to understand pricing trends. Analyze sales of similar NFTs, considering factors such as the artist's reputation, rarity, and the asset's features. This research provides a benchmark for pricing and helps you position your NFT competitively.

What affects how much NFTs are worth, you ask? How do NFTs gain value? Ultimately, it comes down to a balance of demand, rarity, and utility. If your NFT is part of a limited series or offers additional NFT benefits, such as access to events or exclusive content, it may command a higher price. 

You should also consider your specific goals with selling an NFT, as your pricing strategy may vary depending on whether you're looking for a quick sale or are willing to wait for the right buyer.

If immediate liquidity is your goal, you might price the NFT lower to attract buyers. For a more patient approach, a higher price may be suitable, especially if you believe the NFT's value will appreciate over time.

Whatever the case, be sure to factor in any costs incurred during the creation and minting process, as well as marketplace fees and transaction costs. Your selling price should cover these expenses while still offering a profit margin.

Some marketplaces offer dynamic pricing options, such as auctions or setting a reserve price. An auction can be beneficial if you expect high demand, as it allows the market to determine the price. A reserve price ensures you won't sell below a minimum value you're comfortable with.

Listing Your NFT for Sale

At this point, it’s time to actually put your NFT out into the world and hopefully, align with a buyer fast. 

Create a compelling listing that features high-quality images or previews of the NFT, a detailed description that highlights its features and value, and any background story that adds context. Transparency about the asset's history and provenance can build trust with potential buyers.

Be sure to choose the appropriate category for your NFT, as this ensures it reaches the intended audience. Accurate categorization improves discoverability among interested buyers.

We touched on this earlier, but you’ll need to decide whether to sell at a fixed price or through an auction. Each method has its advantages, and your choice should align with your pricing strategy and how you've gauged buyer interest.

Promoting the Listing

While simply listing your NFT could be all it takes to bring a willing buyer knocking at your door, you may need to be more proactive in promoting your listing for a faster sale.

Utilize platforms like Twitter, Instagram, and Discord, where NFT communities thrive. Share your listing with engaging posts that include images or videos of your NFT, and use relevant hashtags to increase visibility.

Become an active member of NFT and cryptocurrency forums and groups. Share your journey and the story behind your NFT without spamming. Authentic engagement can lead to genuine interest in your work, whereas spamming can be offputting and have the opposite intended effect.

You can also partner with influencers in the NFT space who can showcase your asset to a broader audience. Just be sure to choose influencers whose followers align with your target market for maximum impact, otherwise, you’ll get a bunch of traffic that won’t actually consist of potential buyers.

Another unique approach is to give potential buyers a sneak peek or additional content related to your NFT. This can create buzz and a sense of exclusivity around your listing. 

If you have an email list, send out an announcement about your NFT with a direct link to the listing. Personalized emails can encourage your existing network to support your sale.

Ultimately, though, you may need ot exercise patience while you wait for the right buyer - much like throwing a line in the water and awaiting a nibble from a hungry little fish. When the time finally does come to close the sale, though, here’s what you need to know…

Closing the Sale

Closing your sale is typically automated through the marketplace of your choosing, so you won’t have to do any heavy lifting. The buyer will pay the asking price or winning bid through the marketplace, which will automatically process the transaction. 

Ensure that your digital wallet is set up to receive the funds. Upon payment confirmation, the NFT will be transferred to the buyer's digital wallet, and ownership will be updated on the blockchain. You can learn how to transfer NFT to another wallet in our blog if necessary. 

Most marketplaces charge a fee for their services, which is typically deducted from the sale price. As we mentioned earlier you must be aware of these fees beforehand so you know the net amount you'll receive.

Provide any necessary support to the buyer, such as answering questions about the asset or assisting with any issues during the transfer. Good after-sale service can lead to repeat buyers and positive referrals.

Now What?

There you have it - how to make and sell an NFT! While there’s a lot that goes into it, we hope this guide has left you feeling confident in your next steps. But what do you do after the sale? 

This is a great opportunity to reinvest in your craft and consider what your next project will be. Or, it could present the perfect position to buy a project you’ve always wanted to be a part of - like Pudgy Penguins.

Our brand is all about creativity, freedom, and community. There are 8,888 Pudgy Penguins on the blockchain, or, you could consider one of our Lil’ Pudgies. There are 22,222 of these cute yet mighty companions on the blockchain, and chances are, you can get your hands on one today!

We’re not just one of the biggest names in the NFT space, we’re also driving innovation by becoming the first Web 3 brand to take things into the physical realm here in our penguin store. You have a a wide variety of penguins toys at your fingertips, including:

Each of these is a fun toy that grants you access to - where you can unlock exciting games, harness unique traits, and join a community of like-minded individuals who are passionate about spreading positivity and good vibes.

So, explore our physical toys or check out our native marketplace and see which Pudgy Penguin catches your eye today!

Parting Thoughts on How to Sell an NFT

That concludes our guide on how to create and sell an NFT. The benefits of selling NFTs include tapping into a global market, the potential for high returns, and joining an innovative community of creators and collectors.

Success in this endeavor hinges on understanding the market, pricing wisely, crafting a compelling listing, and executing targeted promotion. The key to a fast, lucrative sale is engagement - connect with your audience, tell your NFT's unique story, and foster relationships within the community.

Our blog has more helpful resources on topics like how to buy NFT on OpenSea, what is a digital collectible, why do people buy NFTs, what is an NFT for dummies, and more.

So, get started selling your NFT today - or, become a part of the vibrant and welcoming Pudgy Penguins family, where connection and collaboration meet creativity and commerce!

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