Non-fungible tokens (NFTs) are unique digital assets and emerging lucrative blockchain-based technology. NFT could be anything - an artwork, an audio file, virtual real estate, and more, and can be converted to cash or cryptocurrencies. Of course, the process of converting NFT to cash is easy, and each transaction is recorded on the blockchain.
Do you have an NFT and don’t know how to convert it to cash? Do you want to know the worth of your NFT? This article is for you.
- How to Convert Your NFT for Cash
There are many ways in which your NFT can be converted to cash, and the process is easy. To get started, choose any of the following methods:
- Sell Your NFT on NFT Marketplace
Selling your NFT on marketplaces – Rarible, OpenSea, Axie, and more is one of the best ways to convert your NFT for money. However, I’ll be using Rarible in this article.
- How to Sell Your NFT on Rarible?
To sell your NFT on the Rarible platform, you must have the NFT copyright. Then type Rarible.com, and ‘’click’’ on the create button. Most likely, you’ll start by selling a single piece of media. After the selection, you can then set the price at which you wish to sell your item.
You’ll then see the royalty payment option where the original creator of the asset can earn should your buyer transfer the NFT or use it elsewhere. The royalty payment is optional, so you might consider setting a small rate.
However, while selling NFTs on the Rarible marketplace is good, you’ll be charged a 2.5% fee on each transaction. Rarible will also charge you for gas fee (miners fee) while listing your item.
Not pleased with the Rarible charges, right? You can consider selling your artwork on the Polygon platform instead.
- Auction Your NFT
Another method that you can use to convert your NFT for cash is through auction. NFT auction involves enlisting your NFT for sale on online platforms (centralized or decentralized), or in-person, in reputable auction houses.
After enlisting your asset, you’ll then set a minimum price and time frame for it. The highest bidder within that time frame will be the one to get the NFT.
You can also auction your NFT on the secondary marketplace like OpenSea.
- How Much Can My NFT Worth?
There’s no direct answer to this as this depends on consumers’ interests. For instance, you might think that your art is worth a few bucks, and the buyer might price it lesser.
The reverse might also be the case as in the case of Van Gogh's art that worth naught during his lifetime. However, you can’t buy Van Gogh’s art for less than millions now.
- Is NFT Easy To Sell?
Yes and no. NFT can be easily sold if you have many followers on social media who are ready to buy your NFT, or if you know how to market NFT online. If otherwise, selling your NFT may be difficult.
- Can You Sell an NFT of Anything?
Yes, you can sell an NFT of anything as far as they‘re from the rightful owner. However, the most common sellable NFT are digital assets - a tweet, an Instagram picture, an audio file, and more.
Physical items represented digitally can also be sold as NFTs. Either way, if you enlist your NFT on marketplaces like Rarible and OpenSea, you’ll be charged a transaction fee of 2.5% on each transaction.
- How Do I Know If My NFTS Have Been Sold?
You can know this by checking your NFT sale's page. If there’s an acceptable offer, or a buyer has paid the amount you set, your NFT has been sold. You can then transfer the crypto into your wallet and use it to purchase other products.
You can also exchange your Cryptocurrency for cash.
- Why Do People Buy NFTs?
People buy NFTs for different reasons. Some may buy NFTs to make a profit by reselling, while others may buy for themselves.
Regardless of the reason for buying NFT, experts advise conducting deep research. This will prevent you from buying counterfeit items.
- How Can I Buy an NFT?
You can buy an NFT using your credit cards or cryptocurrency in your wallet. While both methods function well, most websites accept cryptocurrency. Thus, having your choice of crypto in your wallet is a good idea.
Haven’t created any wallet before? You can create a free one on Blockchain.com. After verifying your identity, you can then buy enough cryptocurrency, e.g., Bitcoin, ETH, and search auction sites for NFTs.
- Conclusion
Conversion of NFT to cash is easy, but one must conduct personal research on the marketplace first. Most importantly, checking the platform’s reputation and current gas fee before initiating any transaction is good. However, while most NFT marketplaces charge a 2.5% transaction fee, others may not.
Choose any of the above methods and follow the guide to get your NFT converted to cash.