Скачать или смотреть How To Pick The Right Place To Sell Your NFTs

How To Pick The Right Place To Sell Your NFTs. In today’s video, we will discuss how to pick the right place to sell your NFTs.

What are NFTs?
Non-fungible tokens, popularly denoted as NFTs are a type of blockchain-based tokens. In simpler terms, there are several assets that are often attached to NFTs, and you can easily authenticate them using blockchains. NFTs give you a chance to ensure the authenticity of any digital file or asset, meaning that it significantly reduces the risk of counterfeit. Typically, every single NFT token is distinct and can never be interchanged with another token.

How does one create and sell NFTs?
Creating NFTs is a seamless process. The first thing you need to do is to create an account on your marketplace of choice. The good thing about creating NFTs is that you don’t need extensive knowledge of blockchain or cryptographic hashing to create the ERC-721 tokens. All you need are the basics and you should be able to follow the instructions on the marketplace you have chosen. The platform then takes your 3D models, images, videos, or any other digital asset you have and turn it into an NFT. Now for the NFT you have created to have value, it has to have some kind of connection with the media. So, the overall value of an NFT is heavily dependent on an artist’s reputation.

Why do you need to pick out an NFT marketplace?
Generally, NFT marketplaces play a vital role in bridging the gap between buyers/investors and sellers. These specialized marketplaces allow the creators to put up their NFT artwork for sale. Once they are up for sale, buyers can easily browse through the marketplace for the non-fungible tokens and buy the asset of their choice through bidding. That said, any NFT developer, enthusiast, or artist will always have to go through the NFT marketplace list to ensure profitable deals on the various collectibles, artwork, and other digital assets.

So, what should you consider when selling NFTs?
One of the things you always need to remember is that NFT marketplaces are the official places where you can buy and sell NFTs.

1. The specific type of NFT marketplaces
There are some NFT marketplaces that are specific peer-to-peer markets, and there is another type which is universal non-fungible token websites. At the same time, there are some market places that levy minting costs, while others do not. To add to that, there are other market places that only accept a limited number and others that accept all crypto –currencies. Before deciding which marketplace to settle on, you need to thoroughly consider all these issues.

2. The Token Standard
Now, one thing you always need to know when dealing in the crypto world is that not all token standards used by all NFT exchanges are identical. The first NFT token standard that was introduced was the ERC-721 token standard for Ethereum, then every other standard, such as the ERC-1155 followed after. The ERC-721 tokens are non-fungible, meaning that each one of them is uniquely marked and worth something different.

3. The verification process for traders and creators
One of the challenges in the crypto space is that the number of scammers and impersonators seems to increase as the NFT markets continue to grow. This is actually the main reason why you need to select a marketplace that offers a transparent and comprehensive verification process for NFT traders and creators. Quite a number of people have stolen the work of creative artists then sell it for unrealistic prices online, only to fool buyers and sellers of NFTs.

4. Fractionalization
One of the most important concepts in the crypto space is fractionalization. It is what allows you to buy a fraction of an NFT instead of purchasing the whole thing. While fractionalization may dilute the ownership of an NFT, it ensures that NFTs are more accessible to the general public and significantly increases the number of investors in an NFT. Considering that fractionalization brings more people into the NFT space, the chances are that there will be more liquidity in the market and in turn a better price discovery.

5. The Price Discovery Feature
Another essential feature that any NFT marketplace should have is the price discovery feature. Price discovery simply allows you to choose the right place for your NFT, especially if you are selling it. If you are a buyer and investor, on the other hand, the price discovery feature will help you determine whether the given price is accurate or not, then make the right decision before it is too late.