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The Complete Guide on How to Buy and Sell NFTs [+All Fees]

By March 2, 2022May 6th, 2022NFTs

How to Buy and Sell NFTs - AIO BotThis is the guide we’ve all been waiting for, learning how to buy and sell NFTs online! Everything you need to know about the process, from all the wallet stuff to the additional fees. We’ve got the step-by-step process all pegged down and ready for you to apply. If you aren’t entirely sure what NFTs are or want to learn more; click on the button below. We’ve got THE complete guide for you! A hub for all-things NFT.

Learn-moreHOW TO BUY AND SELL NFTs

I. WHAT YOU’LL NEED

CRYPTO WALLET

So, the main thing you’re gonna need before you learn how to buy and sell NFTs is a crypto wallet. A crypto wallet is a digital, virtual “wallet” that stores your cryptocurrencies AND your NFTs. Crypto wallets can store any type of information related to crypto funds. It is just like having your own bank account on the blockchain.

The wallet includes a public key (like a bank account number) and a private key (like a password)! Therefore, if you wanna receive crypto, you use your public key. And, if you wanna send out crypto, you use your private key. The most commonly used cryptocurrency to buy and sell NFTs is the ETH (Ethereum). So, to learn how to buy and sell NFTs, you’re first gonna need an Ethereum wallet!

BEST ETHEREUM WALLETS:
Metamask
Trezor One
Cryptowallet
Ledger Nano X
Atomic Wallet

NOTE – Crypto transactions do not allow for chargeback, cancellation, or reversed transactions. So, it is paramount that you pick a secure, good crypto wallet!

Mesh _ BANNER - AIO_BotGAS FEES

Also, another thing you need to know before you learn how to buy and sell NFTs is GAS FEES. What they are, how they work, and why they’re important! Gas fees are transaction fees on Ethereum – like putting an amount of gas in your car to reach a destination. When you send crypto to another wallet, when you buy NFTs or create NFTs; you have to pay gas fees. Also, some platforms require gas fees when you register for an account!

Let’s break it down easy for you. Blockchains usually have decentralized computers that process and confirm transactions – they call them “miners”. Every transaction is a new “block” that needs processing. So, you pay these miners gas fees to accept and process your transaction. 

But, how much are gas fees?

Well, here’s the thing – it isn’t a fixed price. Gas fees depend on the network’s “traffic”. The more congested it is, the higher the fees. This means when there is a hyped NFT release, and there’s basically a traffic jam, miners will require higher fees. 

NFT BOTs

This is completely optional. But, one of the greatest tools you can use to buy and sell NFTs has to be an NFT bot! The same way you would go for a sneaker bot to cop hyped releases. You can use an NFT bot to cop all the hyped NFT drops before anyone else can – even auctions! Click here to find out more about NFT bots!

II. HOW TO BUY NFTs

The first part of learning how to buy and sell NFTs is making a purchase! All you gotta do is follow the steps below. And, if you wanna check out a more detailed guide, check out OpenSea’s guide on buying NFTs here. Also, the guide below is for fixed-price NFTs.

  1. Choose your NFT marketplace
  2. Find the NFT you want to purchase and review its details and price history
  3. Fund your crypto wallet with the suitable currency
  4. Click “Buy Now” to check out the final cost of the NFT
  5. Click “Checkout” – this will direct you to your wallet where you will see the gas fees
  6. Then, click “Confirm” to finalize the purchase

You can view your NFT in your wallet by visiting your profile page and checking “in-wallet” purchases. And, if you wanna participate in NFT auctions instead, follow these steps!

How to Buy and Sell NFTs - SELL Infographic - AIO Bot

  1. Find the NFT auction you wanna participate in
  2. Click “Make Offer” – your bid has to be at least 5% higher than the last bid
  3. Select the cryptocurrency of your choice
  4. Select bidding price and expiration date for your offer
  5. Wait for the seller to accept your bid
  6. Keep upping your offer whenever someone outbids you!

III. HOW TO SELL NFTs

Second, is selling! After all, the most important thing in this guide on how to buy and sell NFTs is making MONEY! So, follow these steps for the basic of selling your NFTs, or click here for a more in-depth explanation.

  1. Find your NFT marketplace
  2. Create & mint your NFT – click here to learn how!
  3. From your profile, select the NFT you wanna sell, and click “Sell”
  4. OR, import your NFT from your wallet
  5. Choose a “Fixed Price” or Timed Auction”  – in some cases you can set a duration for the sale
  6. Make sure to take into consideration the marketplace fees
  7. Wait for it to sell!

How to Buy and Sell NFTs - BUY Infographic - AIO BotWHERE TO…

Once you’ve mastered how to buy and sell NFTs, it’s time to find out where to do it – NFT marketplaces! In other words, where to buy and sell NFTs?

If you’re a sneakerhead, this will all feel very familiar. When you learn how to buy and sell NFTs, you’ll notice that it looks like sneaker copping and reselling. Just like you would visit sneaker websites to buy the kicks you want, you do the same for NFTs. And, the same way you check out secondary markets to resell sneakers, there are secondary markets to sell NFTs. And, just like sneakers, you can buy and sell NFTs from the same marketplaces!

But, the best thing about both of them is the insane money-making potential from the online resale. And, although selling NFTs might make you much larger amounts of money at a faster rate. Sneaker reselling costs MUCH less. But, for the sneaker reselling vs NFTs debate, the verdict is still not out. You’ll have to check them out and see what suits you (and our budget!).

#1 OpenSea

Opensea - AIO BotFirst, we’re starting with OpenSea – the first place that comes to mind when learning how to buy and sell NFTs. It is the FIRST and largest marketplace to buy and sell NFTs. It has all kinds of NFTs you can imagine. And, it also allows you to see the NFT’s entire trading history! However, the cool thing about this platform is that you can actually pay in USDC – if you don’t own crypto!

This makes it a very good place for beginners and non-crypto-friendly! 

  • Supports all kinds of NFTs
  • Accepts 150+ currencies
  • Uses Polygon blockchain

#2 Nifty Gateway

Nifty Gateway - AIO Bot

Next, we’ve got Nifty Gateway – an awesome place for digital artists to learn how to buy and sell NFTs! It is also known as the marketplace where Beeple sells digital artwork! It uses crypto exchange Gemini and NFTs on it are called Nifties! How cute! However, if you buy NFTs on this platform, they don’t store them in your crypto wallet.

Nifty Gateway and Gemini store them for you – which might not be what you want.

  • You can buy or sell NFTs using Fiat currency
  • Allow an unlimited number of editions for a limited period of time, “Open Editions

#3 Rarible

Rarible - AIO BotAlso, we’ve got Rarible – a marketplace for all kinds of art, videos, collectibles, and music! However, if you wanna use Rarible to learn how to buy and sell NFTs, you’ll need $RARI. Rarible uses its own token and allows you to choose the blockchain you want. You can use Ethereum, Flow, or Tezos to mint NFTs on Rarible

  • Allows you to choose from three blockchains
  • Allows you to reduce your carbon footprint
  • Has a community culture

#4 Binance NFT

Binance_NFT - AIO BotAnd, of course, this list can not be complete without Binance NFT. The marketplace is already one of the largest crypto exchange platforms in the industry! It also supports its own blockchain – the Binance Smart Chain. This means you can use BNB tokens! They also accept Fiat currency. If you’re already exchanging crypto on this platform, it’s the best place to learn how to buy and sell NFTs!

  • Low trading fees
  • Very secure marketplace
  • Allows you to use Fiat currency

#5 Foundation

Foundation - AIO BotNext, we’ve got the Foundation app! So, here’s the thing about Foundation: if you wanna learn how to buy and sell NFTs on it, you need to be an elite artist. It is an invite-only, community-curated platform that only accepts a select number of artists. You can think of it as an artist’s club. When you sell NFTs on Foundation, you get 85% of the price with 10% for secondary sales. That’s a lot! 

  • Super limited NFTs
  • Artist-run community
  • High-quality art with higher prices

#6 Crypto NFTs

CryptoNFT - AIO BotCrypto.com is also a great place to buy and sell NFTs – especially since it is also for crypto exchange. Similar to Binance, this is a great place to start! Also, some of its cool features include a release calendar! They also accept Fiat currency which makes it a lot easier for you to get into NFTs. 

  • Low added fees
  • Has a release calendar
  • Allows you to buy and sell NFTs using Fiat

#7 LooksRare

LooksRare - AIO BotAnd, another NFT marketplace we can’t miss is LooksRare. This marketplace has a lot to offer – including a live list of the top collections in the world. You can earn LOOKS tokens as staking and trading rewards. It also charges a 2% basic sales fee on all their transactions!

  • Allows you to earn rewards
  • Relatively low fees

#8 Mintable

Mintable - How to Buy and Sell NFTs - AIO BotNext, we have the Mintable app! This is the best place to learn how to buy and sell NFTs if you’re a beginner. It also makes it very easy to create and mint your NFTs on it, and get right into selling! And, it offers you a chance to learn a lot more about NFTs and being a seller at their Mintable University.

  • User and beginner-friendly
  • Free Mintable University courses

#9 SuperRare

SuperRare - How to Buy and Sell NFTs - AIO BotAnd then, we’ve got SuperRare which is like a gallery type of NFT platform. It focuses mainly on art and is VERY meme-friendly. However, it reportedly only accepts around 1% of the artists who apply – hence super rare. This marketplace works best for people learning how to buy and sell NFTs for SERIOUS artists. 

  • Only accepts elite artists
  • Feels like an NFT gallery

#10 DraftKings

DraftKings - How to Buy and Sell NFTs - AIO BotFinally, we have DraftKings. This marketplace drops NFTs at scheduled dates and times like literal sneaker release dates. And, they even have their own NFT collection with Autograph that features some of the biggest sports icons! The best thing about them is that they use Fiat currencies so you can easily add your funds at any time! However, they have a 5% processing fee with a 10% royalty fee!

  • New collectibles every week
  • Easy to deposit money
  • Exclusive and unique content
Additional Fees Blockchain Main Currencies
OpenSea 2.5% Trading Fees Ethereum, Polygon, & Klatyn ETH, USDC, & DAI
Nifty Gateway 5% Trading Fees Ethereum ETH, Gemini Balance, & Fiat
Rarible 2.5% Trading Fees Ethereum, Flow, & Tezos ETH, FLOW, & XTZ
Binance NFT 1% Trading Fees Ethereum & Binance Smart Chain ETH, BNB, or Fiat
Foundation 15% Trading Fees Ethereum ETH
Crypto NFT 0.5% Settlement Fees Ethereum ERC20 & Fiat
LooksRare 2% Trading Fees Ethereum ETH
Mintable 2.5% Mintable Fees Ethereum ETH
SuperRare 3% Transaction Fees Ethereum ETH
DraftKings 5% Processing Fees Polygon & Ethereum Fiat