Just trying to understand how NFT works when trying to sell

WalkerIVIV

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Quote from: ?? on ??

this is like appreciating a work of art and people are interested in your work and he thinks there will be many people who are interested too he will buy it and about the price it depends on your work whether your work has a strong appeal

Totally agree with this but remember that there's no price range for the art coz the price still remain subjective.

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not if your work is good there will be people who will buy at a high price.

This will remain to be subjective for any users. it doesn't mean a bad art will have low value and good art will have high value. it's not about that. that's about people's opinion about the art. Sometime the bad art seems to be a good art for some people and good art looks so bad for them. in another case there are also people who think that if the good art must have good value.
Remember that the art or creation already published on opensea needs to attract people to buy their creation.

el kaka22

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Hype. Honestly, that is the only thing that is keeping the NFT things going for this long. The reality is that we are not really doing anything exceptional with the technology that NFT is bringing us. All of these games and arts that NFT is used for is like 1% of what it could be used for. Even just the patent world would be like an insane entry for it, if every single person who owns patent of anything could use this as a great way to make their proof.

This could also allow patent world to become global instead of local, some patent you have in USA definitely doesn't bother some people in China and they make a copy of it very easily and we all know it. NFT could prevent something like that, and sanctions could be used against people who break these NFT patents.

zonefloor

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You briefly summarized everything about nft. If there is no buyer, try to give from 0.001 eth, it doesn't really matter. As you said, it does not need supply, you can sell it at the price you want, if there is a buyer as you want. The important thing is its feature and what it serves. Other than that, there isn't much to say, frankly.

LilithSwapOfficial

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Quote from: TreyARC on February 04, 2022, 03:35:15 PM

Sorry if this doesn't make sense I'm just trying to figure out more about NFT, they aren't actually like coins and tokens when trying to sell them right? Even if I buy a NFT at 0.03ETH and a week later it rise up to 0.06ETH it still depend on if there will ever be a buyer that will be at this new price right? No volume or liquidity like tokens and coins listed on exchange, am I right?

Correct. Look at it as a digital collectible, membership token, Utility access key, etc. If the floor rose from 0.03 to 0.06 and you want to sell you're more likely to sell by "breaking" the floor and listing at 0.059 lets say. There are a ton of automated tools people use out there to "sweep" the projects floor, so if you see no movement at the 0.06 but offers steady at 0.045, try somewhere in between that if you absolutely need to sell. You can also try bundling NFT's together on OpenSea for example to entice collectors by saving gas if it is on ETH.

BIT-BENDER

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NFT is like your every day goods encoded, it isn't sure you would sell it even if the price is below $0.1. there are many things you should understand before you venture into Nft, right now you should know that many companies are involved in Nft it isn't as simple as it was, I rather refer to it as a power tussle or wealth, NFT would have been best to join them an not now, why because many projects are already rushing into it and there goes the scam possiblities too so it is very difficult to make something out of it

Reid

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That's correct, so you need to be careful what you will purchase. Be sure that it's market is high and there's a bunch of investors who are willing to pay for it in the future if you want to hold it for a long time. Just like the paintings and arts but those have physical attributes which for some people are fine for display in their houses or just to brag about. But with NFT's you cannot do such a thing, you will need to invite them to your phone, computer or have a 100 inches TV that is always powered on just for people and you to see.

Skinny48

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The next thing that can be called bubble is NFT, no real store of value of you ask me, you can only sell if people want to buy and I heard that some criminals are intentionally buy them just to store their ill gotten money is this wrong.

bitkanu

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I don't know why some people called NFT as store of value or a way to invest their assets while the fact that owned NFT is the same like you have owned a product that needs to be sold to others. That makes the process is very complicated. If your NFT didn't popular and it will never be sold and none will be interesting to buy your NFT. No buyer and your NFT will never be converted into the fiat money.
NFT is pretty similar like selling your creation. That means as long as it has demand and you're fine but otherwise if that didn't have demand and your NFT will stuck and it will never be converted to the money.
Selling NFT totally depend on the popularity of your NFT and your luck.

jrrsparkles

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Quote from: TreyARC on February 04, 2022, 03:35:15 PM

Sorry if this doesn't make sense I'm just trying to figure out more about NFT, they aren't actually like coins and tokens when trying to sell them right? Even if I buy a NFT at 0.03ETH and a week later it rise up to 0.06ETH it still depend on if there will ever be a buyer that will be at this new price right? No volume or liquidity like tokens and coins listed on exchange, am I right?

Someone has to buy for the price you expected to sell that's same as centralized exchange platforms but since NFT is rare there we can't expect much trading volume. And also while moving NFTs you have to keep the balance of ETH or BSC or corresponding coin where the NFT runs to pay the gas fee.

molsewid

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Quote from: naira on February 05, 2022, 11:46:36 AM

In addition, if you are not an influencer, you will have a hard time waiting for the NFT you sell and no one buys it. The problem now is that the NFT market is becoming increasingly unclear. You can sell yet but that also doesn't mean that anyone will buy. Isn't it easier in crypto, besides being easy you don't have to worry about buyers? It's enough to exchange the price and make your entry disappear by itself. Therefore, for me personally, I don't take NFT too seriously.

A quite reality and this is really happened inside the space of NFT platform, you will be able to sell your NFT work inside the platform but the thing is you don't know if it would be sold. I think in this thing it would take some time to sold or else worst is you can't sold it because none will be interested about it. So yeah, being an influencer in NFT space is such a big factor to sold your artwork and if that happened the profit is quite good enough that's why I think there are more artist are wanted to show their talents and works to everyone.

eXtremal

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Well, you're right. NFT is traded in a fair decentralized manner. We really make two people who transact trade. The existing volume on NFT trades is a calculation of the value of trades entered previously, we do not need liquidity, because we are selling goods.

kojektea

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Well, we have trading volume but it's not like liquids are put on the platform to keep prices down. In my opinion NFT is decentralized fair. we can sell and buy when the item really has value.

naira

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In addition, if you are not an influencer, you will have a hard time waiting for the NFT you sell and no one buys it. The problem now is that the NFT market is becoming increasingly unclear. You can sell yet but that also doesn't mean that anyone will buy. Isn't it easier in crypto, besides being easy you don't have to worry about buyers? It's enough to exchange the price and make your entry disappear by itself. Therefore, for me personally, I don't take NFT too seriously.

zulfi125

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You understand about the volume and liquidity of NFT but I suggest if you are only buying selling NFT then you have the opportunity to make a good profit from NFT so if you purchased at ETH 0.03 and the price is gone up then you should book your profit if the buyer is available and always buy good NFT don't buy worthless NFT that have no buyer in future so you can also suffer loss if there will no buyer of your NFT.

X-ray

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Quote from: TreyARC on February 04, 2022, 03:35:15 PM

Sorry if this doesn't make sense I'm just trying to figure out more about NFT, they aren't actually like coins and tokens when trying to sell them right?

Yes that's different and that's so difficult to sell your token if there's no someone who interested with your NFT. That means your NFT was not liquidity unlike the token or coin that traded on the exchange site. If your NFT didn't get any demand and you will not able to sell your NFT. that's why owning NFT didn't a good thing even if your NFT has very big value and it doesn't mean you can sell it instantly like when you owned tokens.

Quote from: TreyARC on February 04, 2022, 03:35:15 PM

Even if I buy a NFT at 0.03ETH and a week later it rise up to 0.06ETH it still depend on if there will ever be a buyer that will be at this new price right? No volume or liquidity like tokens and coins listed on exchange, am I right?

Yes and you're totally right about that. that's why using NFT to store your value was the worst thing that i have ever seen. You can't sell your NFT instantly.

passwordnow

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You're right OP. That's spot on explanation and understanding on how NFT market works. Just like the normal market, there's the buyer and seller and if you're the seller. Then, the buyer should be at least willing to take the price that you've set or the opposite, it's the seller that will adjust if there's no one that's putting par with his price. So the adjustment will depend on the seller if he's good with the highest bid price for that NFT. Usually, if you just want to dump it, you'll sell whoever bids the highest immediately.

witcher_sense

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Quote from: TreyARC on February 04, 2022, 03:35:15 PM

Sorry if this doesn't make sense I'm just trying to figure out more about NFT, they aren't actually like coins and tokens when trying to sell them right? Even if I buy a NFT at 0.03ETH and a week later it rise up to 0.06ETH it still depend on if there will ever be a buyer that will be at this new price right? No volume or liquidity like tokens and coins listed on exchange, am I right?

Given that each non-fungible token is somewhat unique, cannot be copied or printed, the supply of it is always only one unit. Unlike traditional cryptocurrencies which usually have millions of indistinguishable, equal, homogeneous units that constitute the supply, all NFTs should be distinguishable and unequal to be considered non-fungible and valuable. As we all know, the liquidity of an asset refers to the total amount of that asset available on the market at any given price. The liquidity of NFT will always be equal to one unit at best because they are unique. The volume, on the other hand, is the number of trades that take place during some period of time. Volume highly depends on the demand for an asset but given that liquidity is one unit, that will also put constraints on possible volume.

hatshepsut93

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Quote from: TreyARC on February 04, 2022, 03:35:15 PM

Even if I buy a NFT at 0.03ETH and a week later it rise up to 0.06ETH it still depend on if there will ever be a buyer that will be at this new price right? No volume or liquidity like tokens and coins listed on exchange, am I right?

Price only changes when there are trades, so in your case it will only be 0.06 ETH when someone buys it for that price. But there are orders, so someone can put a buy order for 0.06 ETH, so you could be able to sell for that price while the order is up.

The low volume creates a big risk for buyers, because it's possible to "pump" the price of an NFT with wash trading and then the buyer won't be able to sell the NFT to anyone to get even a fraction of their money back. Or it could even legitimately lose value if no one is interested in it anymore.

odolvlobo

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Quote from: TreyARC on February 04, 2022, 03:35:15 PM

...Even if I buy a NFT at 0.03ETH and a week later it rise up to 0.06ETH it still depend on if there will ever be a buyer that will be at this new price right?

The typical NFT is unique (aka non-fungible). The price of your NFT will rise to 0.06 only if somebody buys it from you for that amount. You can estimate or predict what it might sell for based on recent prices of other NFTs that might be similar, but you don't know for sure until somebody makes an offer.

bhooscream

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Exactly, it depends on there is a person who wants to buy that NFT or not. It is very different with crypto coins that you can sell them instantly. That's why many people are very careful to buy NFT because it is very risky. NFT can be garbage if no one is interested to buy it, while crypto coins commonly should always have the demands to buy it on the market, especially those top coins. I suggest to not hold NFT for a long time, better to sell once it is still trending.

Topic: Just trying to understand how NFT works when trying to sell (Read 193 times)