how to buy and sell NFTs

Non-fungible tokens (NFT or JNF, in French) are unique cryptographic assets that can be acquired or sold. Once listed in blockchain, they are authenticated and cannot be replicated. NFTs can take various forms: works of art, virtual objects (clothes, avatars, etc.), music albums, collectibles, plots in a virtual world, videos …

How to buy NFTs?

There are various NFT platforms that allow the purchase of non-fungible tokens. These marketplaces are presented in the same way as any other marketplace, and each digital work has a product sheet with its characteristics and price.

Marketplaces can be generalistic, as is the case with platforms like OpenSea, Rarible or Binance NFT. Others specialize, such as SuperRare, Foundation or Nifty Gateway, marketplaces that mainly offer art, or the Ethernity platform that specializes in sports and Axie Marketplace, which specializes in video games. These marketplaces and the transactions performed on them pass through the Ethereum blockchain where most NFTs are produced, and through the use of the resulting cryptocurrency: Ether. However, some platforms are compatible with other types of tokens, such as OpenSea, which accepts up to 150 different tokens. Other marketplaces like SuperRare or Binance NFT offer their own tokens.

To buy NFTs, you need to create an account in a marketplace. For this it is important to:

  • Hold an Ethereum wallet that supports ERC-721 (the Ethereum-based NFT token standard), such as MetaMask, Coinbase Wallet, or Fortmatic,
  • Load your wallet by buying Ether from your cryptowallet or on a crypto exchange,
  • Bid on an NFT or choose a buy it now, depending on the option or options chosen by the seller.

How to sell NFTs?

Most of the marketplaces mentioned above allow you to sell NFTs. For this, several steps are required.

1. Create a crypto wallet

This step is important because it allows you to create an account in a marketplace, whether you want to sell or buy NFTs. However, be sure to check the compatibility of the different wallets (Coinbase, MetaMask, WalletConnect, Fortmatic, etc.) with the platform you have chosen. It is from this wallet that you will be able to receive or acquire Ether, the most widely used cryptocurrency in terms of NFTs.

2. Create an NFT

NFT marketplaces do not allow graphical creation, so you will need to create your digital work using appropriate software and then upload it to the platform once your account is created. Marketplaces thus provide for tokenization, that is, store a copy of the file you want to sell in the blockchain. Given the many forms that NFTs can take, many marketplace formats are supported (PNG, SVG, GIF, MP3, MP4, etc.). Once your artwork is uploaded, you can select a title and description for it.

3. Choose the right platform

Be sure to choose the most suitable marketplace, depending on the type of NFT you want to sell. The second criterion to consider is the fees that will be deducted from your sales of the platform. They can vary depending on the marketplaces, but also on the course of the cryptocurrency.

4. Select a form of sale

In marketplaces that offer NFTs, it is possible to define different means of sale. It is especially possible to sell an NFT via an auction, a very common form of sale or via an instant purchase whose price you define.

Once sold, your NFT becomes part of a user’s collection. He may decide to keep it or resell it. You have the option to choose the percentage of commission for each resale of your NFT.

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