Selling non-fungible tokens (NFT) don’t need to be so expensive. But because not all people are aware of this, they continue to follow the same old strategy they know and make the same old mistakes.
Most people who sell their NFTs place a one-month duration to give interested people time to place their bets and look for the best price offer. However, although this might sound to be a very strategic way to sell your NFTs, this model is somehow problematic, making NFT traders lose a significant amount of money in the past.
Here are some simple NFT selling tips that will save you money:
1. Set the selling duration to one or three days
The time range of one to three days might seem to be so little, but it’s actually fitting. For instance, you set the NFT price to 1 ETH for a duration of one month. Thinking that you have one month to sell your item, you neglected it for a month without knowing that it has had already taken off at 2 ETH to 3 ETH on the second or third week of listing.
Waiting for a long time, you missed out on your chance to sell your NFT at the peak of its price. Or even if you are aware of the takeoff, you didn’t dare to try canceling your listing because it costs so much gas fee to withdraw a listing. The next time you know, you’re selling the NFT for a price you do not want to sell it.
However, if you would set the duration for only one or three days, the expiration will lapse on its own. You won’t have to pay expensive gas fees.
If you’re worried that you won’t be able to sell your NFT in just about one to three days, you can just re-list your item once the listing has expired. This way, you won’t have to pay expensive gas fees just to cancel your one-month period listing.
Timing the market is proven to be difficult. Regardless, if you sell your NFT on a value increase, you still win even when its price is not at its peak. Just remember not to miss out on greater profit and acquire loss.
2. Do not sell your NFT below your purchasing price
If you are trying to sell your non-fungible token, avoid selling it way below the purchase price. Obviously, you’ll take a loss for an asset that was sold less than the amount it was purchased. Moreover, it is also important to take note of all the transaction fees you have paid when receiving your NFT.
Do your best to list your NFT for a price that is higher than what you paid to acquire it, as this will authorize you to save up enough money to invest in your next digital asset.
Keep in mind that there might also be a chance that you won’t sell your NFT at all. To avoid losing the value of an NFT that wasn’t sold at all, ensure to only invest in a collection you truly love and have done your own research on. If you are actually fond of the brand, then it won’t matter much if it isn’t as valuable in the coming days, months, or years.
3. Avoid being greedy
Although the NFT space is still in its infancy, there’s no denying that many are earning a lot of good money from it. This is where a problem could arise. Being greedy with money can place you in a bad spot if you start developing nasty purchasing habits.
Frauds love targeting greedy collectors who bite every deal— even those that seem too good to be true. Greed can also lead to unjust decisions and frustration when a deal goes wrong.
To avoid getting greedy, it’s always good to do thorough research and invest some of your earnings back into supporting the community and helping with it. You will be appreciated, and you will feel good about it in return, too.
4. Never give out your password and seed phrase
You need to be very cautious when it comes to your personal information. Don’t give out an important detail about your account to anyone regardless of the situation. If someone reaches out to you, asking about a bit of info in trade for assets or currencies, avoid them at any cost unless you want to get scammed!
Any information you hand over to other people will put your assets at extreme risk, similar to when you give out your social security number or bank account information.
Unless you want to kiss your digital collectibles goodbye, you should take the security of your wallet seriously.
Following the simple NFT selling points that we have tackled will help you save money.
Non-fungible token flipping is an extremely risky business. So, you should solely invest in NFTs that you can understand and enjoy. If you choose to invest because of the insane profits you can get, then you’re setting yourself up for disappointment, and worst, failure.
While there may be a lot of practical applications for NFTs, they are still used for digital art collection today. So, if you are considering purchasing a non-fungible token as an investment, always perform due diligence for every non-fungible token project you are considering buying.
Although some NFTs are sold for millions of dollars, others may just retain their value or even become worthless.