What is an NFT platform?
NFTs (Non-Fungible Tokens) have become very popular, exceeding the expectations of the NFT market participants last few months. The total NFT market valuation almost hit $50 billion last year.
An NFT refers to a unique digital asset that represents the ownership of a physical asset such as a video, music, photograph, art, or even real estate. NFTs run on the blockchain just like cryptocurrencies. The use of the blockchain makes it impossible to duplicate NFTs.
With that brief introduction to NFTs, let’s answer this question:
What is an NFT platform?
An NFT platform is a decentralized platform that facilitates the storing and trading of NFTs. It provides NFT users with a platform to mint, buy, and sell NFTs.
Most NFT platforms run on top of blockchain networks such as Ethereum, Binance Smart Chain, Tron, and others.
NFT platforms require users to have digital wallets to carry out transactions. The digital wallets store crypto to be used for making payments on the platform. Note that NFT platforms charge some fees for buying and Listing NFT on the platforms. These payments are mostly made using crypto. NFT marketplaces provide immutability, and ownership rights, and offer security to asset holders.
Thus, if you had the question:
“Where do I list my NFT?”
You now know that an NFT platform provides NFT users with a marketplace where to list NFT.
How to list NFT
After knowing what an NFT platform is, it’s time to know how to list NFT and sell it. Listing NFT marks the first step in selling NFTs. It’s after listing NFT that potential buyers will be able to see it.
If you have been wondering:
How do I list my NFT?
It’s your turn to learn how to do it. The following are the steps necessary to list your NFT:
Step 1: Choose an NFT platform
The first step to listing NFT is choosing an NFT platform. The NFT platform is an online marketplace where to list NFT. When it comes to choosing an NFT marketplace, there are so many options for you to choose from. Some of the common NFT platforms include OpenSea, Rarible, SuperRare, and Foundation. These NFT platforms follow nearly similar steps in listing NFT. However, they charge different types and amounts of fees for listing NFT.
OpenSea is the largest NFT platform for listing NFT. It makes it easy for NFT beginners to list their NFTs. You can also choose between Polygon and Ethereum when listing NFT on OpenSea.
Rarible accepts a wide variety of NFTs, but you will need a digital wallet that is compatible with the platform. The purpose of the digital wallet is to facilitate making payments for the NFT platform fee and receiving payments for your NFT sales.
Decide on the NFT platform where to list NFT and sign up for an account.
Step 2: Create a crypto wallet
As you are aware, most NFT platforms don’t allow you to list NFT free. Instead, they require you to pay some fee. This will be deducted from your cryptocurrency wallet. The common wallets for the NFT listing include MetaMask, Coinbase wallet, and Trust wallet.
Step 3: Set the NFT price
Many factors affect the NFT price. Examples include utility, rarity, and creator rapport. Rare NFTs have high prices. The utility of the asset represented by the NFT also determines the NFT price. NFT creators with a good reputation can set a higher price when listing NFT.
Note that if you set a low price, your profits may be swallowed by the enormous fees charged by the NFT platform.
Step 4: Create a listing
After setting the NFT price, you should create a listing.
Most NFT platforms have the “Create” button that you can click to create an NFT listing. You will also have to choose either single or multiple collectibles depending on your asset supply. You must also describe your NFT.
The title for your NFT should be attractive and related to your digital asset. The description should communicate the purpose of the NFT. It should also describe the ownership rights the buyer will get after buying the NFT.
The NFT marketplace will require you to specify whether to sell the NFT at a fixed price or through auction. With the latter, the highest bidder will purchase the NFT.
Step 5: Accept an offer
After listing NFT, you will start to receive offers from potential buyers. The NFT platform will notify you when a buyer places a bid, but it’s good to monitor for this regularly to avoid missing requests.
If your NFT listing follows a fixed price approach and somebody decides to purchase your NFT for the stated price, the marketplace will consider it a public sale. The NFT platform will deduct funds from the buyer’s digital wallet and transfer them to your digital wallet.
That is how listing NFT on an NFT platform works.