How To Sell NFTs You Already Own

It’s very hard to become a millionaire by selling NFTs nowadays, but if you play it smart, you can increase your chances of success of making a profit.

If you have managed to snag yourself a valuable NFT, you are probably considering if you should cash in. But how do you do that? And how do you know if the time is right?

How to sell your NFT

Actually selling your NFT is the easy part. A lot of platforms will let you list your NFT for sale on their marketplace for a variable gas fee.

All you need to do is head to your wallet and select your chosen NFT. From there, you can click the big “sell” button and chose the price you want for it. The display will then show you how much gas you will be charged for this listing and, provided you are happy, you can click “confirm”.

Your wallet will ask you to verify this transaction before it can go through.

Once this action has been completed, you should be able to see your NFT for sale on the marketplace. You will get an email when your NFT has sold and it will disappear from your wallet.

Things to bare in mind when selling

When calculating how much profit you will make from your NFT, make sure to factor in the royalties that will go to the creators and the transaction fee you will need to pay to the blockchain. These can get pretty hefty so make sure you are aware of them.

You should also try to understand as much about NFTs and the process in general. You should become an active member of the NFT and crypto community. This will allow you to chat with others, share knowledge and ask questions. NFTs can be complicated at first, but the community is there to support you. This will give you a much better understanding of the market and a better chance at success.

Timing the market

There are many ways to make money with NFTs, but all of them require a small degree of timing the market.

To put it simply, the value of an NFT is driven by supply and demand. In theory, if there are more people willing to buy from an NFT collection than there are NFTs in it, the more valuable those NFTs are.

This is why making sure there is enough demand for your NFT is a key part to sales. You will need to time the market to make sure you get what you want.

If the floor price for the collection is rising, chances are demand is also rising. However, if you sell too early, you risk missing out on bigger gains (If you have ever traded on the stock market before, this should be very familiar).

Additionally, you don’t want to leave it too late and sell after the peak. You will have missed all the hype and risk selling at a loss, or not selling at all. Your NFT only has value when there is demand for it, so make sure there is demand before you sell.

A good way to get an indication for demand is to monitor if the floor price is increasing or decreasing. This is also where talking to the community can help — they can show you if they think the price will rally or decline.

Listening to the founders and what they have planned for the project may also give an indication to supply and demand. For example, if the founders are about to hold a raffle for holders, the demand for those NFTs may increase.

However, I’m not a financial advisor so you will have to do your own research and watch the space yourself. Talk to others and get a feel for the market. It may just give you a better chance at selling.

Don’t be greedy

It can be tempting to list your NFT at a higher price and wait for buyers to approach you. However, because everyone is looking to make a profit or gain some utility, finding a good deal is unlikely. To ensure that your NFT sells and that you benefit from the experience, you must price it fairly.

You will need to find the right balance between profit and practicality. After all, you don’t want to get stuck with an NFT and miss the chance to make a profitable sale.

Cyberscrilla recommends investing in projects that benefit and give back to the community. This keeps you from becoming greedy and gives you the impression that you are adding value in the process. Who knows, this might even help your NFTs’ value increase in the process.

Guess what? We launching our own NFT project where you the audience can take control. Our missions includes community events, donating to the beloved charity NABB and several giveaways (including a classic motorcycle)! You can check out our roadmap and join our discord to be part of the ride. We are also on on Medium, Twitter, Instagram or YouTube. There is no obligation to join in, but feel free to start a conversation and get to know us.

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