Buyers purchase NFTs by sending cryptocurrency (such as Ether) directly to the smart contract address associated with it. For example, if an NFT costs 0.012345 ETH, that amount of digital currency is needed to purchase the individual asset – so if you have 0x12345 coins, you would send 0.012345 Ether coins to complete your purchase.
Once this transaction is confirmed by validating nodes on the Ethereum blockchain, the seller will receive their 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, simply get 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 different methods of buying and selling NFTs. One of the most common ways is through an online marketplace such as OpenSea or other platforms such as nft profit, which allows users to buy and sell game items, collectibles or game items, 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 original seller. Alternatively, if a seller has created their own ERC721 token, they may have already created an OpenSea account via this method.
Other ways to buy or sell NFTs are through decentralized exchanges. For example, the 0x protocol allows NFTs to be exchanged for Ethereum-based cryptocurrencies. Alternatively, users can also buy and sell directly from other users (ie 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 advantages and disadvantages to using a centralized exchange, but it is usually much easier for a beginner to get started.
You can transfer fiat currency (ie dollars) via a bank account to your Coinbase app and then exchange the fiat currency for crypto. You can now use cryptocurrency to buy NFTs, and if you eventually sell them, the proceeds of the sale go to your wallet and can be transferred to your Coinbase account, and from there you can exchange 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 choose a dynamic price (ie an auction) where the buy-it-now price is determined by an algorithm and starts high and then drops over time.
Amusing statistic, NFT prices vary across platforms. Average prices on Mintable are $900 for NFT, OpenSea around $500 for NFT and Valuable for $150. The price of NFTs tend to be highly variable depending on the specific asset, artist or creator who coined them.
Although there has been some development of non-fungible blockchain-based tokens, there currently appears to be no decentralized application that publicly displays information belonging to individuals on the blockchains themselves. The buying and selling of NFTs, regardless of their price, is therefore limited to centralized markets. Chances are this may change in the future.