The past few years have witnessed a surge in demand for cryptocurrency and non-fungible tokens (NFTs). This has left numerous speculators wondering how to purchase, sell, and exchange these tokens for money. Cryptocurrency and NFT websites have revealed different paths to this.
Popular cryptocurrency exchanges are always a smart bet because they are reliable and experienced. Online marketplaces that support peer-to-peer trading could also give you more payment alternatives.
However, making NFTs is a prerequisite if you want to sell them. Fortunately, navigating this operation will be relatively easy, particularly if you’re utilizing a reputable NFT marketplaces. Join us in this article as we address how to sell and exchange your tokens for money.
How to sell your crypto for money
Employ an exchange
Utilizing a regulated exchange like Coinbase is one of the most straightforward techniques for cashing out your cryptocurrency or Bitcoin. Most exchanges like FTX, Kraken, and Binance have features like the simple-to-use “buy/sell” option, where you can select the cryptocurrency you want to sell and the price.
In the case of Coinbase, you can get your cash balance by rapidly exchanging your crypto for cash. You can transfer the funds to your bank account if you choose.
Coinbase is a well-liked alternative for selling cryptocurrencies. However, if you don’t possess the tokens, it’s best to use whatever exchange currently controls them.
Utilize a broker
Sticking with the broker that already owns your cryptocurrency is another easy alternative. There are now diverse platforms available that offer brokerage services for extensive crypto transactions.
As soon as the transaction is complete, the funds will be in your account. After that, you’ll be ready to conduct a new trade.
Go with a peer-to-peer exchange
Another way to perform a direct exchange is to propose selling another individual your cryptocurrency outright, without employing a middleman. This is the most popular approach, and if required, you can carry it out in person. However, a peer-to-peer online marketplace also enables sellers to select the most appropriate deals through an exchange.
Binance, for one, operates the reputable peer-to-peer Binance P2P platform online. This platform holds your cryptocurrency in escrow once you accept a trade. Only when you have verified the transaction details in the checking account and ascertained that you have indeed received the buyer’s payment will Binance send the cryptocurrency to the buyer on the platform.
Transact in cryptocurrency, then withdraw funds
You’ll have to utilize a side method to receive your money because specific platforms do not permit the conversion or sale of certain cryptocurrencies for cash. You might first have to transfer or convert your cryptocurrency to a better-known currency, like Tether, based on your preferred exchange, before changing it to dollars.
How to sell your NFTs for money
Select a platform
Choosing a platform is the first step toward selling an NFT. There are many choices, notably direct-to-consumer (D2C) channels like Shopify and online marketplaces like OpenSea. The decision is typically based on the kind of NFT you’re selling and the costs of trading the digital currency. Some of the other marketplaces include Rarible and Binance NFT MarketPlace.
Create a crypto wallet
It would help if you had a cryptocurrency wallet to list your NFT for sale. MetaMask, Trust Wallet, and Coinbase Wallet are the most frequently used wallets that enable NFT sales.
Price your wallet
Although it’s a common belief that NFTs are only worth what purchasers are prepared to pay for them, in reality, their cost and expected value are affected by several variables.
Establish a listing
It would help if you made a listing once you’ve determined the price for your NFT. If you’re utilizing a marketplace, sign in to your NFT platform and select Create from the top-right menu. Afterward, choose one or more collectibles based on the supply of your asset. Next, you must give your NFT a title and a description.
Create a title that is interesting and pertinent to your digital content without being obnoxious. Discuss your token’s objective and any underlying themes in summary. Additionally, you should state the uniqueness of your NFT and whether or not buyers would receive any benefits in addition to asset ownership. A suggestion is typically sufficient to draw interest.
You should then choose the listing you want to make. When listing on marketplaces like OpenSea, you have two choices: “for sale” and “auction.”
Acknowledge an offer
Remember to watch out for offers from prospective purchasers after listing your NFT. While most platforms will let you know if someone bids on your item, it’s still a good idea to check in frequently to ensure you don’t lose any requests.
It will be regarded as a public sale if you set a predetermined price and someone agrees to purchase your NFT for that sum. However, an auction involves being notified of the various bids that are being made on your NFT.