Can You Resell NFTS?

An NFT or Non-Fungible Token is a blockchain token representing real-world assets like art, real estate, music, pictures, collectibles, in-game items, and videos. Representing such assets in NFTs streamlines the processes of buying and selling them and eliminates counterfeits.

The term non-fungible means NFTs have unique features that distinguish them from each other. Cryptocurrencies are fungible, implying you can exchange them at equivalency, like Euros or shares of a company. For example, when you give a bank cashier some Euros, he gives you dollars equivalent to your Euros.

NFT tokens are the opposite – each token is unique and can’t be replicated. In other words, you can’t trade or exchange NFTs at equivalency.

Can You Resell NFTs?

Yes, you can buy or resell an NFT from another holder or creator. As a matter of fact, that is their appealing point.

Blockchain technology records and timestamps the ownership history of NFTs. Therefore, you can view all the previous owners dating to the NFT creator.

Though most of the NFTs involved in the biggest cryptocurrency art sales haven’t been sold or even advertised for auction, there’ve been successful flips. For example, Reflection NFT was sold in March 2021 for $98,500 and resold for $872,500 on the Rarible marketplace two weeks later.

The secondary market for buying and reselling NFTs has undoubtedly grown at a rapid speed. Crypto Art states that the market has drastically increased in the number of users and sales in the last four years.

How to Buy and Sell NFTs

You can buy and sell NFTs on NFT marketplaces. Some of the best NFT marketplaces

include Rarible, OpenSea, SuperRare, BinanceNFT, Nifty Gateway, Foundation, Axie Marketplace, BakerySwap, NFT ShowRoom, and VIV3.

Now, before buying any NFT, you should answer these four questions first:

• What secondary marketplace do you plan to buy your NFTs from?
• Which wallet does the marketplace support?
• Which crypto do you need to fund your wallet with to complete the transaction?
• Are the NFTs you intend to purchase available at a specific time, for instance, through a pack or art drop?

By the way, some NFTs are only available on specific marketplaces. For instance, if you intend to buy NBA Top Shot packs, you must sign up with the NBA Top Shot platform, download a Dapper wallet, and fund it with USDC.

Here is a step-by-step guide on how to buy and sell NFTs on OpenSea:

1. Download a web3 wallet and fund it.

2. Navigate to the OpenSea platform and browse the available NFT collections.

3. After finding the NFT you want, click “Buy Now” or “Make an Offer.”

4. Make the actual purchase.

5. To sell your NFT, click the “Sell” button on the top right. A new page will pop up for entering your sale conditions.