How to sell NFT token at auction

Creating the stuffing

To begin with, you need an original idea for the content of future non-interchangeable tokens. It is better to create your own unique digital objects. This will increase the chances of their successful sale. However, you can try to find potentially interesting objects that will become NFT tokens, but not all marketplaces will allow you to put them up for auction.

Site selection and placement

Working with most popular marketplaces is done in roughly the same way. The example of how to create and offer for sale an NFT-token is shown on the OpenSea platform. You need to take the following steps:

1. Go to the OpenSea marketplace website and click Create. The authorization process will start.
2. Choose a wallet that will be used to pay for the services of the platform. The most popular one is MetaMask. It should be installed as a browser extension.
3. After authorization, click Create.
4. A page with fillable fields will open. Here you select the object that will become NFT and set the name. You can provide a link to the site with detailed information and leave a comment. If there are several collections of NFT tokens, you can choose which of them to add the digital object to.
5. You should press the Create button. Now OpenSea will offer to view the created Non-Fungible Token or sell it.

The most famous NFT marketplaces

Due to the growing popularity of this sector, many new marketplaces have appeared. The most well-known ones as of December 2021 are:

• OpenSea
• Rarible
• SuperRare
• Foundation
• Binance NFT
• Mintable
• MakersPlace
• Alpha Art Market.

The principle of working with them is almost the same, but each trading platform has its own peculiarities. It is useful to know the features of all platforms.

OpenSea

One of the largest platforms for working with non-mutually exchangeable tokens. As of December 2021, 80 million NFTs with a total value of more than $10 billion were listed on the marketplace. OpenSea allows you to sell tokens at a fixed price or in the form of an auction. Their creation is free, but the first time you place a digital object, you will have to pay a fee to the Ethereum network for the creation of a smart contract.

The transfer of tokens is subject to a platform fee of 2.5%. If they are purchased at a set value, the commission is paid by the buyer, and in the case of an auction, by the seller.

Rarible

Marketplace creators Alexander Salnikov and Alexei Falin launched the platform in 2019. The Russians were among the first to offer users a simple procedure for creating tokens. Authorization is done through cryptocurrency wallets installed as a browser extension. Commissions for the use of the site appeared only in September 2020. All these factors led to the growing popularity of Rarible.

The developers introduced a system of rewarding users for the sale and purchase of NFT. Bonuses are paid in the cryptocurrency Rarible (RARI). Each week, $41,250 in tokens are distributed to active users. Cryptocurrency holders have the right to vote on the future of the project.

SuperRare

The platform was launched in 2021 and in a few months gained popularity among users of the NFT market. The peculiarity of the project is the introduction of social network ideas. It allows authors to write works and create communities of interest.

SuperRare has 2 rules for placing an art object:

• Mandatory uniqueness.
• It should be placed only on the project’s marketplace.

Authorization is done through a browser-based wallet (e.g. MetaMask). Creation of NFT-token is free, and the marketplace charges 15% of the transaction amount from the first sale.

SuperRare allows users to build their own community of artists. It gives the opportunity to hold exhibitions and auctions of NFT-tokens, as well as to place showcases with art objects. The community creator receives up to 10% commission on each sale for curating artists.

Foundation

The project was founded in 2020, and its main idea was to hold auctions. In order to create NFT tokens, an artist must receive an invitation from the platform itself. To achieve this, it is necessary to write to the official Discord channel of the marketplace. Artists approved by the project will review the application and decide whether to issue an invitation.

Another way to become a creator of non-replaceable tokens on the platform is Community Upvote. Users of the platform can vote for future Foundation artists. In the application form you need to specify:

• Brief information about yourself.
• Links to social networks.
• Email address.
• A link to a portfolio with works.

Marketplace will send notifications about the voting process to the mail. After the application is approved, it becomes possible to conduct auctions. Their duration is 24 hours, and they start from the moment of the first bid placed by users.

To buy and collect NFT tokens, you do not need to receive an invitation. It is enough to authorize on the platform through a wallet in the browser.

Binance NFT.

The digital art trading platform was launched in June 2021. It runs on the Binance Smart Chain (Binance blockchain). It allows you to quickly and cheaply create, buy or sell an NFT token. Binance holds special events where unique art objects of artists, athletes, musicians and other famous personalities are shown.

Authorization on the trading platform is done through the Binance exchange. The platform charges a commission of 0.005 BNB for token creation. Its sale is possible at a fixed cost or through an auction. Before NFT is placed, it is manually verified by the marketplace staff (the process takes up to 8 hours). Notification of the result is sent to the seller’s e-mail.

The marketplace offers users to try their luck. Mystery Box is a Binance product with a random content of NFT tokens. When opening the boxes, rare and expensive copies may fall out.

Mintable

One of the first NFT marketplace that was founded in 2018. It made it possible to create and sell tokens without paying for gas on the Ethereum network. Gas is the amount of computational work by miners to enable a transaction on the blockchain. To interact with the Mintable platform, you need to register and link a cryptocurrency wallet.

Marketplace allows you to create a store where NFTs will be exhibited. They are sold through an auction. For an additional fee, it is possible to place digital objects on the main page of the site.

The project created the MINT token to support active users of the site. Storing this cryptocurrency gives the right to participate in its development.

MakersPlace.

Launched in 2018, the trading platform adds only exclusive NFTs. To place your works for sale here, you will have to get an invitation. You need to write in the Discord of the project and try to interest artists, and then wait for approval.

NFT tokens can be sold through an auction or at a predetermined price. Buyers are charged a commission of 15% of its value. You can pay for the digital object by debit and credit card or PayPal.

Alpha Art Market

To work on the site, you need to link your wallet in your browser. The marketplace provides an opportunity to leave offers to sellers of digital objects. Their validity period is set by the interested party.

A special feature of the Alpha Art Market project is its work on the Solana blockchain. This allows selling NFT tokens with a low commission of 2%, and their creation and purchase are free of charge.

The largest NFT sales in history as of 2024

Digital art is becoming a competitor to traditional art. People are willing to pay huge amounts of money for rare, beautiful and thought-provoking NFTs. The table below shows the most expensive tokens that have been sold in the history of the market (information is current as of December 2021).

Memodeling is the profession of the 21st century

Part of the crypto community sees the NFT market as an opportunity to make money. One easy way to do this is to sell old or new memes. For example, an unknown artist created a collection of Rare Elons. He competently changed the faces of people from popular memes and photos to match the appearance of Ilon Musk. As of December 2021, the value of each NFT token is from $100 to $17 thousand.

People whose pictures have become an internet joke have started selling their originals as non-replaceable tokens. The “Catastrophe Girl” picture was sold by Zoe Roth, the heroine of the image in question. The value of the transaction amounted to 180 ETH ($500 thousand).

Results

The considered sector of the cryptocurrency market is rapidly developing. In November 2020, its volume did not exceed $355 million. 12 months later, the market was estimated at $16 billion. Anyone can create and sell NFT. A multitude of marketplaces make it possible to do so. In 2021, new projects that develop Non-Fungible Tokens technology were constantly appearing.

Frequently asked questions