Buyers buy NFTs by sending cryptocurrency (such as Ether) directly to the address of the smart contract associated with it. For example, if an NFT costs 0.012345 ETH, that amount of digital currency is required to purchase that single asset, so if you have 0x12345 coins, you will send 0.012345 Ether coins to complete the purchase.
Once this transaction is confirmed by validating the nodes on the Ethereum blockchain, the seller will receive payment and the buyer will take full ownership of the NFT. It seems a bit complicated at first, but it really isn’t. If you want to turn a digital photo of your dog into an NFT, all you need to do is get yourself a crypto wallet, create your photo, and put it up for sale on a popular NFT platform.
Where can I buy and sell NFTs?
There are several methods of buying and selling NFTs. One of the most common ways is through an online marketplace like OpenSea or other platforms like NFT Profit, which allows users to buy and sell in-game items, collectibles or other NFTs using cryptocurrency.
NFTs for sale on OpenSea can be purchased using a compatible Ethereum wallet such as MetaMask. Of all the wallets I have, I use the Metamask and Coinbase wallets the most.
Experienced sellers often create their OpenSea account by transferring their NFTs from the decentralized exchange (DEX) where they were originally purchased from an initial seller. Alternatively, if a seller has created their ERC721 token, they may have already created an OpenSea account using this method.
Other ways to buy or sell NFTs are through decentralized exchanges. For example, the 0x protocol allows for the exchange of NFTs with Ethereum-based cryptocurrencies. Alternatively, users can also buy and sell directly from other users (e.g. peer-to-peer).
The easiest way to get into the crypto and NFT game is to use a centralized exchange like Coinbase. There are many pros and cons to using a centralized exchange, but it’s usually much easier for a beginner to get started.
You can transfer fiat currency (i.e. dollars) via a bank account to your Coinbase app and then exchange the fiat currency for cryptocurrency. You can now use cryptocurrency to buy NFTs and if you eventually sell them the proceeds from the sale go to your wallet and can be transferred to your Coinbase account and from there you can exchange the cryptocurrency for fiat currency.
How much does it cost to sell an NFT?
People who want to sell their NFT usually set a price at which they are willing to sell it. The seller can choose a fixed price or opt for a dynamic price (i.e. an auction) where the buy it now price is determined by an algorithm and starts high and then decreases over time.
Funny statistic, NFT prices vary between platforms. Average prices on Mintable are $ 900 for NFT, OpenSea about $ 500 for NFT, and Valuable for $ 150. The price of NFTs tends to be highly variable depending on the specific asset, artist or creator who invented them.
Although there has been a development of blockchain-based non-fungible tokens, there currently does not appear to be any decentralized application that publicly lists information belonging to individuals on the blockchains themselves. The purchase and sale of NFTs, regardless of their price, is therefore limited to centralized markets. This is likely to change in the future.