Specialised trading venues for NFTs

trading online

Other trading venues such as SuperRare or Rarible have focused on specialisations. Rarible is best known for its relatively easy minting of NFTs. So far, however, there are only a handful of NFT exchanges where artists can sell NFT images and others can sell and trade NFT art. However, this could change if the demand for NFTs continues to grow and the NFT market continues to expand.

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"What can you sell as an NFT? NFTs now play a role not only in art but also in video games. Here it is even possible to sell and buy virtual properties as NFTs. In the future, other applications on the NFT market are conceivable, for example with digital documents. There could also be areas of application for shares or loans."

Focus on NFT art so far

So far, the focus of NFT marketplaces has been primarily on digital art and collectibles. What should sellers look out for when selling NFT? It is important that the NFT can be transferred easily. It must be possible to transfer the token from one blockchain to another. This is usually not a problem, as tokens based on Ethereum are used. In addition, some platforms work with certain formats when tokenising or uploading the digital object. Another aspect when trading NFTs is the right wallet. Ethereum wallets are recommended, as many transactions take place in Ethereum.

Depending on the platform, the question of the appropriate price for the NFT also arises for the seller. The value of an NFT depends on

  •     the personal significance for the artist
  •     the assessment of possible buyers and
  •     conceivable increases in value

possible increases in value.

In addition, the value of an NFT can fluctuate greatly. An investment in an NFT is therefore certainly also a risk. However, the reasons for buying an NFT are very diverse. While some buyers hope for an increase in value for resale, others may personally enjoy the digital artwork.

currency exchange

Choosing the best trading platform

Choosing the best trading platform is certainly an essential aspect of selling an NFT. Platforms differ in

  •     Fees
  •     Offers
  •     specialisations and
  •     services.

OpenSea and Rarible offer numerous NFTs of all kinds. Creators upload their images or videos directly to the platform. Some NFTS on offer come from specialised marketplaces like Decentraland.

Most platforms focus on NFT art at the moment. However, this may change in the future. There are already dedicated marketplaces for NFT in Games.

Besides individual pieces, artists can also sell collections or parts of a collection. It is made quite easy for artists to convert their art into an NFT on the platforms and sell it. Often the NFT can be stored first and then later mined, i.e. stored on the blockchain.

This can involve high blockchain fees. These are called gas prices and can fluctuate depending on the time of day. Under certain circumstances, it can therefore make sense to wait for a favourable time and thus save costs.

In addition, artists can choose whether to sell their product via an auction or a fixed price. Trading fees of 2.5 per cent are not unusual.