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How to sell nonfungible tokens (NFTs)
Learn where to list an NFT for sale, why you need a crypto wallet and everything else to break into the market.
Selling an NFT requires a simple set of steps and knowing when and how to compare marketplaces or sales methods. We've outlined the seven steps to uncomplicate the process and give you the information you need to feel confident about listing an NFT.
How to sell NFTs in 7 steps
Before you dive headfirst into the world of NFTs, know that whether or not you make money from an NFT sale can depend on if it appreciates, its history, rarity and its utility.
Image source: Larva Labs
Step 1: Learn what NFTs are and how they work
If you're new to NFTs and crypto, learning how they work can be a big hurdle but here's a quick rundown.
The simplest explanation is that NFTs are digital files that are placed on a digital ledger which allows them to be bought and sold, aka put in circulation. Think of it as creating a piece of art and putting it on the market — except NFTs live on an online ledger, called a blockchain.
The owner of an NFT proves ownership with a crypto wallet address. Having an NFT in your crypto wallet proves that the NFT is yours. Additionally, an NFT's data and history are public information, meaning others can view the ownership and sale of an NFT thanks to the blockchain. This helps collectors determine an NFT's individual value.
To create an NFT, you need to have a digital file and "mint" it onto the blockchain. This is also called tokenizing. Once an NFT is created, it can never be destroyed and can be bought and sent to other people with access to the blockchain.
To learn more about this corner of Web3, read our NFT guide.
Step 2: Familiarize yourself with NFT marketplaces
NFT marketplaces are exactly what they sound like — they're online platforms where users can buy, create and sell NFTs.
When selling NFTs, choosing the right marketplace for your assest can be key in getting the offer and buyer you want. And marketplaces can vary in what genres of NFTs they specialize in.
For example, OpenSea is a mixed marketplace featuring NFTs across nearly all niches — art, sports, gaming, memes, etc. Foundation, on the other hand, is an NFT marketplace that focuses on exclusive NFT art and you must be invited by an existing user to sell your art on the platform. Other top NFT marketplacesinclude Rarbile, NBA Top Shot, Crypto.com NFT and Nifty Gateway.
Image source: Nifty Gateway
Compare NFT marketplaces
Step 3: Get a digital wallet to store your NFTs and cover fees
To store your NFTs and pay for fees associated with NFTs and crypto, you need a digital wallet.
Digital wallets store NFTs and cryptocurrency and they're protected by private keys. Most software wallets are free to use and downloaded to your browser. The different characteristics of crypto wallets are:
- Hot wallet – Usually involves downloading a browser extension and is always online. Strong choice for beginners since they're user-friendly and typically free. However, they may be more prone to hacks due to constantly being online.
- Cold wallet – External hardware that's only online when plugged in and could run you between $60 to $200 or more. They're more secure since they're not always online, but need to be physically plugged in which may be inconvenient for some.
- Custodial – A wallet where a third party holds and protects your wallet's private keys for you.
- Noncustodial – You're in control of how and where your private keys are stored.
Two popular crypto wallets include MetaMask and Ledger. MetaMask is a free, hot, noncustodial wallet. It's popular with crypto play-to-earn games and is widely accepted. Ledger Nano S is a hardware, noncustodial wallet and retails for $59. It's about the same size as a thumb drive.
Step 4: Buy cryptocurrency and store it in your wallet
To add cryptocurrency to your digital wallet, you can head to an online crypto exchange. Most NFT marketplaces are built on Ethereum and require Ethereum's native asset ether (ETH) to cover transaction fees, called gas fees.
Most crypto exchanges list the mainstream coins including Bitcoin (BTC), ETH, Litecoin (LTC), Dogecoin (DOGE) and Tether (USDT).
Some well-known crypto exchanges include Coinbase, Gemini, Binance and Kraken. To buy crypto, you typically need to create an account with the exchange, verify your identity, deposit funds to buy the coins and then have the crypto sent to your chosen digital wallet.
The amount of cryptocurrency you need to create and sell can NFT vary. Minting an NFT typically means paying for gas fees, and may cost anywhere from $50 to $500 or more. Check out our guide on gas fees for more information
Step 5: Connect your wallet to an NFT marketplace
With your wallet all loaded up with the currency you need, head to the NFT marketplace of your choice.
NFT marketplaces often have clear buttons on how to connect your software wallet, often labeled Connect Wallet, Connect Web3 wallet, or accessible in your marketplace account profile settings.
It's also important to note that some marketplaces only support a handful of wallets, but luckily, most software wallets are free to set up and download.
Step 6: Choose and upload the file you want to be minted
While NFTs vary in style and what blockchain they live on, they all have one thing in common: Each NFT is a digital file.
File formats typically supported across NFT marketplaces include:
- JPG
- MP3
- MP4
- PNG
- GIF
- WAV
To mint the file, most NFT marketplaces have a button labeled along the lines of Create, Create NFT or Mint. Select it, then follow the prompts to mint the file. These often include choosing a series or collection (if applicable), title, description, assigning hashtags and paying the gas fee.
Once the file is minted, it's either sent to your marketplace account or to your connected wallet.
Step 7: Choose a sale method and list your NFT for sale
With your NFT all created, you can list it for sale. This usually takes a few, simple clicks.
For this step, start by accessing your marketplace account profile, select the NFT you want to sell, and select a button typically labeled along the lines of Sell NFT or List NFT.
Then, choose a sale method. Most NFT marketplaces offer:
- Auction.Set a minimum price and wait for bids to come in like a traditional auction. Most online auctions are timed, and if the minimum price is not met, you typically have the option to end the sale and the NFT is returned to you.
- Fixed price. Set a price and wait for a buyer. Usually given the option of setting a time limit.
- Private sale. Create a listing to be sent to a specific buyer via email, phone or their account. Set the terms and conditions and wait for the buyer to accept.
When selling, there may be a primary listing fee if it's your first time, and possibly a gas fee for putting the NFT up for sale.
That's it?
That's it. Listing your very first NFT does take some time, but after you've set up your wallet, found an exchange and NFT marketplace you like and gone through the process at least once, listing another NFT means significantly fewer steps.
After your first NFT listing, the seven steps slim down to just three when you want to sell another:
- Have crypto in your wallet for gas fees.
- Upload your file to the marketplace.
- List the NFT for sale.
How much can I make selling NFTs?
A million-dollar question.
You can list your NFTs for whatever price you'd like — however, how much your NFTs sell for really depends on their utility, historical significance, current trends and your ethos as a creator.
Average selling prices of NFTs are all over the map. In 2021, the average selling price of an NFT on SuperRare was around $5,800 as reported by Art Net. Foundation had an average price of around $3,500 in 2021.
Keep in mind an average can be skewed if just a few NFTs sell for over a million dollars, so take these figures with a grain of salt.
A good start in picking a selling price is making up for the mint price and going from there.
What about the fees when selling NFTs?
NFT marketplaces typically take 2.5% to 5% of the selling price of the NFT. Some marketplaces split marketplace fees up between the buyer and the seller.
Any other tips when selling NFTs?
Many NFT experts and enthusiasts stress the importance of social media presence, awareness and hype around your NFT project to increase the likelihood of successful sales.
YouTuber by the name Inspector Mindblow, a crypto and NFT enthusiast with over 50K subscribers, states, "It's very important — no matter what utility you have, no matter what kind of art you have — if you're not creating hype around your project, it will not sell out."
Popularity and hype are major factors in a crypto project and NFT collection's value and success, so it's something to keep in mind.
What about flipping NFTs?
If you're set on flipping NFTs — buying other creators' assets and attempting to sell them for a profit — here are some things to keep in mind:
- Fake or plagiarized NFTs. In January 2022, OpenSea revealed that more than 80% of NFTs minted for free on the platform were either fake, plagiarized or spam. It may take a while to train your eye to spot fake listings. Judging whether or not a collection or creator is legitimate is becoming harder as more marketplaces flood the space.
- Refunds aren't really a thing. Be aware that with NFTs, refunds are typically out of the question. Most marketplaces don't have a refund policy if you were to purchase a fake NFT, since they typically operate as third-party platforms.
- Scammers. There are many NFT scams to watch out for when buying and selling NFTs. These include rug-pulls, phishing scams and catfishing, just to name a few.
- Evaluating value. Before buying an NFT with the intention of selling, consider the history of the collection, the validity of the marketplace and the credibility of the creator
And don't forget about the timing of flipping an NFT.
Some sellers ride the hype of a specific collection or project and buy and sell quickly — within a few days or weeks when prices are the highest. This involves watching the market, buying when prices are low, then selling when you start to see signs of peaking.
Buying and selling in the long term can involve investing in a project that's reputable, then selling later when you either find the right buyer or when the value appreciates. This strategy may require more funds upfront.
Neither strategy is guaranteed a profit, but both involve watching trends and values like a hawk.
Image source: OpenSea
Bottom line
Selling NFTs takes patience, a basic understanding of how they work, and knowing what determines their value.
We don't want to sound like a broken record, but know that NFTs and crypto are both volatile markets — there is never a guarantee that you'll make money by selling NFTs. We don't recommend putting all your eggs in one basket or investing more than you can afford to lose.
There are well over 100 crypto wallets to store your crypto assets. Instead of trying out dozens of wallets and making dozens of accounts in vain, check out our top picks for crypto wallets based on NFT functionality, blockchain compatibility, ease of use and more.
7 best NFT wallets
Among the hundreds of crypto wallets, we've narrowed down eight categories and seven wallets best suited for them. Whether you're an NFT gamer, collector or newbie, here are our top picks for NFT wallets in 2022:
- Best overall: MetaMask
- Best for NFT gaming: MetaMask
- Best for beginners: Coinbase Wallet
- Best for mobile: Crypto.com DeFi Wallet
- Best for cold storage: Ledger Nano X Wallet
- Best for managing collections: Enjin Wallet
- Best for hot security: Trust Wallet
- Best for ratings: Atomic Wallet
Best for cold storage: Ledger Nano X Wallet
Ledger Nano X Wallet
The Ledger Nano X Wallet is a hardware wallet, also called cold storage. Cold storage wallets are considered safer, since your private keys are stored offline. This little piece of hardware looks like a thumb drive and is about the size of a smartphone. The Nano X costs $149, at the time of writing.
You can set the Ledger Nano X Wallet with a computer or smartphone, via USB or bluetooth. Additionally, you can connect your Ledger hardware wallets to hot ones for ease of use. Ledger is a widely accepted wallet across Web3 applications and is one of the only bluetooth-compatible hardware wallets on the market.
| Price (USD) | $149 |
|---|---|
| Wallet Type | Hardware wallet |
| Number of cryptocurrencies supported | 5,500 |
Best for ratings: Atomic Wallet
Atomic Wallet
Atomic Wallet has a stellar overall rating on Trustpilot; a staggering 4.4-star rating with over 12,000 ratings. For comparison, MetaMask has a 1.4-star rating on Trustpilot. The vast majority of ratings for Atomic Wallet cite fast transaction times, easy transfers, good security, great customer service and more.
The wallet has 4+ million users to date, supports over 300+ cryptocurrencies, and has an Android app and desktop option. However, there's no iOS app. Atomic Wallet is also a solid choice for NFT gamers, since it's supported by multiple blockchain-based applications and games. It supports all ERC-20 tokens, and other top assets like Bitcoin, Ripple, TRON and more.
| Wallet Type | Mobile wallet, Desktop wallet |
|---|---|
| Number of cryptocurrencies supported | 500 |
Best overall: Metamask
MetaMask Wallet
MetaMask is the most widely used crypto wallet for the Ethereum (ETH) blockchain — it has over 30 million users as of March 2022. Aside from the popular Ethereum Mainnet, you can also manually add other custom networks such as Polygon, Binance Smart Chain and Harmony.
MetaMask is simple to set up, its browser extension can be downloaded for multiple browsers and ETH-based NFT marketplaces and games almost always support MetaMask. You can also use the same account with the browser extension and mobile app. With its widespread support, large user base and intuitive interface, MetaMask is the clear choice for the best overall NFT wallet.
| Wallet Type | Mobile wallet, Web browser wallet |
|---|---|
| Number of cryptocurrencies supported | 450,000 |
Best for NFT gaming: MetaMask
MetaMask Wallet
Most NFT games are built on the Ethereum blockchain. MetaMask is the most popular wallet for ETH-based applications and tokens, so it's a natural winner when it comes to NFT gaming. Top blockchain games that support or require a MetaMask wallet include: Aavegotchi, CryptoKitties, Decentraland, Pegaxy, My Crypto Heroes and The Sandbox.
Whether you're looking to get into crypto gaming or you want to play multiple games, having a MetaMask wallet means you can use it for various games and store everything in one place.
| Wallet Type | Mobile wallet, Web browser wallet |
|---|---|
| Number of cryptocurrencies supported | 450,000 |
Best for beginners: Coinbase Wallet
Coinbase Wallet
Coinbase Wallet is a self-custody crypto and NFT wallet, and it links seamlessly with the Coinbase ecosystem. It's also accepted on a variety of dApps and supports multiple coins and all ERC-20 tokens. One of the crowning features of this wallet is the available educational content.
Coinbase.com is full of video tutorials, mobile app guides and browser extensions guides that all help you navigate the wallet. It's very user- and beginner-friendly, and to top it off, Coinbase is one of the largest cryptocurrency exchanges in the world with millions of users.
| Wallet Type | Mobile wallet, Desktop wallet, Web browser wallet |
|---|---|
| Number of cryptocurrencies supported | 450,000 |
Best for managing collections: Enjin Wallet
Enjin Wallet
The Enjin Wallet is a mobile wallet, developed by the Enjin ecosystem. Within the app, you can create multiple wallets — one for gaming, one for savings, one for trading and so on — allowing you to manage all your crypto assets and NFTs in one place. It's a great option for NFT traders and NFT gamers alike.
You can link your Enjin wallet to other wallets, including hardware ones. There's also a QR feature that lets you scan QR codes and claim and send NFTs. Other features include: fingerprint scanning to approve transactions, setting your own fees and limits, supports 25+ languages — and it's widely accepted across Web3 applications. The Enjin Wallet supports ETH, BTC, LTC, DOGE, BNB, BEP2, ERC-20, ERC-1155 and ERC-721 assets.
| Wallet Type | Mobile wallet |
|---|---|
| Number of cryptocurrencies supported | 700 |
Best for security: Trust Wallet
Trust Wallet
Trust Wallet is known for being a top-notch crypto wallet and is renowned for its security. It's a noncustodial hot wallet that encrypts all assets' private keys into one master private key, creating a 12-word recovery phase. Trust Wallet offers extra security features as well, such as a passcode with Touch ID or Face ID.
Trust Wallet supports millions of assets, including BTC, XRP, XLM, ETH, DOGE, MATIC and BNB — and you can buy crypto with a credit card. For NFTs, it can store ETH and BSC assets and has a dApp browser so you can search for NFTs with the app. The Trust Wallet app is free to download and available on Apple and Android devices with a 4.7-star rating on Apple and a 4.6-star rating on Google Play.
| Wallet Type | Mobile wallet,Web browser wallet |
|---|---|
| Number of cryptocurrencies supported | 4,500,000 |
How we chose the best NFT wallets
To choose our top NFT wallets, we compared the following factors:
- User base
- Supported token standards
- Network compatibility
- User-friendliness
- Reviews
- Security
- Mobile and browser extension features
- Decentralized application compatibility
Features to look for when choosing a wallet
Two major considerations when it comes to choosing a wallet are functionality and security.
For NFT collectors and gamers, you ideally want an NFT wallet that's widely accepted by NFT marketplaces and games. If you have an odd-ball wallet, you may not be able to connect it to the top NFT marketplaces and acquire the assets you want. Or you may need multiple wallets to manage your NFT collection.
Security is always a concern with NFTs and crypto. However, you can have the most secure wallet in the world and still be at risk for NFT scams. Protecting your assets largely falls on you, since common NFT scams involve someone stealing your wallet's private key.
That said, you still want a wallet that encrypts your information, doesn't leak your personal information and has been around long enough to have tried-and-true security features.
Bottom line
With over 100 wallets on the market, there's bound to be one that matches your needs. Most hot wallets are free to download and use. So if you need multiple wallets for all the NFT hobbies you enjoy, it's not too much of a hassle.
If you just want a wallet to store your NFTs securely and you're not an NFT gamer or regular trader, a hardware wallet — like a Ledger product — may suit you just fine.
If you want multiple wallets to cover all your bases, then WalletConnect is worth checking out. WalletConnect is an open-source protocol that's made for connecting multiple wallets, exchanges and dApps without exposing your wallet's private key. It's known as "chain agnostic" and claims it works with all blockchains.
Compare NFT marketplaces
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