Nifty Ideas on How to Buy and Sell NFTs

May 13, 2022

How to Buy NFT Assets

The vast majority of NFTs live on the Ethereum blockchain. So you'll need some Ethereum tokens (ETH) in order to purchase an NFT. 

If you don't already have some, you'll need to create an account with a cryptocurrency exchange that is available in your area, such as Coinbase, Kraken, Binance, or Gemini in the US.

When signing up for an account, you'll need to complete KYC (Know Your Customer), meaning you need to verify your identity using your ID and social security number. 

Once your account is set up, you'll need to deposit some funds, which can be done by linking your bank account directly for a free transfer or paying a fee to purchase using a credit or debit card.

With fiat in your account, you can purchase ETH. To use your ETH to buy an NFT on an NFT marketplace, you'll need to set up a crypto wallet. Most people use the MetaMask browser extension wallet. It's free to use and takes just a few minutes to set up.

You can then transfer your Ethereum to your browser wallet by withdrawing ETH from your exchange account to your wallet's address.

With ETH in your wallet, you can navigate to an NFT marketplace of your choice, sign in using your wallet address, and make a purchase using ETH.

Keep in mind that you'll need to pay Ethereum gas fees when transferring ETH to your wallet and when making a purchase. 

Store Your NFTs Securely

When you purchase an NFT using your browser wallet, your NFTs will be stored in your browser wallet, just like your cryptocurrency. Generally, NFTs are safe with browser wallets. But if you plan to hold your NFTs long-term, or purchase a very valuable NFT, consider storing it offline.

You can set up a cold storage wallet, such as a Ledger or Trezor wallet, to keep your NFTs and other crypto assets as safe and secure as possible. NFTs can be moved around as easily as cryptocurrency.

How to Trade NFTs

Because NFTs are assets that live on the blockchain, just like cryptocurrency, NFTs can be sent peer-to-peer without using any third-party service to facilitate the transaction. 

If you want to gift someone an NFT, you can send it to their Ethereum wallet address at any time. Likewise, you can trade NFT assets with relative ease.

If trading with someone you trust, you can each send each other the agreed-upon NFT. Otherwise, if you'd like to swap an NFT safely, you can use an app like NFT Trader to facilitate a direct swap, so you don't have to pay gas fees twice when selling your current NFT and buying a new NFT. 

How to Sell NFT Assets

If you've already purchased an NFT, then you have everything you need in order to sell one. You'll just visit the marketplace of your choice, connect your wallet, and list your NFT for sale.

Generally, you can set a fixed price, or you can host an auction for your item. You can also set a duration for the sale. 

Once you list the item for sale, anyone can find and purchase your NFT. If you didn't mint the NFT yourself, then a percentage of the sales price will be sent to the original creator. You'll also pay a commission on the sale to the platform that you are using, which is generally between 2.5% and 5%. 

If you already have a buyer who wants your NFT, with platforms like OpenSea, you can designate the specific buyer by including their wallet address. That way, you can perform a direct sale with the safety of a third party to facilitate the transaction. 

Minting Your Own NFT

Most people are content to buy and sell NFTs as collectors. But if you want to take it one step further, you can become a creator. Minting your own NFT is easy.

Minting NFTs gives you more control over your art. You can set up your NFTs to send you royalty payments each time the asset is sold on the secondary market n the future. 

And the NFT is always attributed to you as the original creator so that collectors will know if they are buying an authentic artwork. 

Launch an NFT Marketplace

Many individual creators and brands will mint a collection of NFTs on a third-party marketplace, like OpenSea. And while this is fine for those looking to experiment, those who want to build their own NFT brand should launch their own NFT storefront.

With Curios, we make it easy for you to launch your own NFT marketplace, where your customers can buy and sell NFTs the easy way. We built out the backend platform, allowing you to customize the front-end of the store to your liking.

We support clients ranging from individual artists, who want more control over their customer experience, to big businesses who want to limit the amount they need to pay on commissions. 

You can mint and sell NFTs on Ethereum or Polygon. And you can even let your customers create and sell their own NFTs right through your site.

We make it easy for customers to do business with you, by allowing them to buy NFTs with a credit card, along with crypto payments. 

The future is moving towards NFTs, and sooner or later every brand, big and small, will be in the space. Get in early by building your own marketplace and brand with Curios today, without having to start from scratch. 

Getting Into the NFT Game

NFTs have created an entirely new ecosystem on the internet and in the cryptocurrency market. 2021 was a huge year for crypto, but the shining star of it all was the surge of NFTs.

Now that you know how to buy and sell NFT assets, as well as create and sell your own NFTs, its' time to start collecting and creating.

If you want more control over your work, and how customers can purchase NFTs directly from you, then you can sign up for a free trial on Curios to see just how easy it is to launch and run your own NFT marketplace.