Sell an NFT that was Purchased on a Different Marketplace

In today’s digital age, Non-Fungible Tokens (NFTs) are rapidly gaining popularity as a new investment and trading option. These digital assets exist on the blockchain, which is decentralized and transparent. NFTs are unique and distinguishable, with each having different values. As a new or advanced trader, one of the questions that might be on your mind could be if you can resell your NFT that was initially purchased on another marketplace. The detailed answer to this question is a resounding yes, although it’s not without its considerations and prerequisites.

NFTs and Their Interoperability

One of the defining features of NFTs is their interoperability, which is owed to the standards most NFTs abide by on the blockchain, that is, the Ethereum blockchain’s ERC721 and ERC1155 standards. Because of these standards, NFTs can potentially be traded across any platform that supports them. Thus, an NFT bought on one marketplace, like Mintable, can potentially be resold on another, such as OpenSea.

Considerations when Selling NFTs on Different Marketplaces

Before reselling an NFT initially purchased in another marketplace, there are essential considerations to keep in mind.

Support for The Same Blockchain

You should confirm that the new marketplace supports the same blockchain as the original. Most NFTs exist on the Ethereum blockchain, but there are others available on Binance Smart Chain (BSC), Flow, and more. Not all marketplaces support all blockchains, so make sure both your original and new marketplace support the same blockchain.

User Demand

Marketplaces vary in popularity, and so does user demand. An NFT might be valued more on one than another. As such, research is vital to identify which platform will help you get the best return from the sale.

Fees

Different marketplaces have varying transaction and commission fees, which can cut into your profits significantly. Ensure you’re aware of all costs involved in selling your NFT on the new platform to ensure it’s worthwhile.

How to Sell NFTs on Different Marketplaces

Once you have considered the above points, the procedure to sell the NFT on different platforms is essentially the same:

Create an Account on the New Marketplace

You’ll need to register for an account and set up a wallet connected to the marketplace.

List the NFT for Sale

Navigate to the selling section on the marketplace and follow the prompts to list your NFT for sale. You can usually set your price and bidding parameters.

Complete the Transaction

Once a buyer matches your set price or winning bid, the transaction will happen automatically via smart contract.

In Summary

Yes, you can sell an NFT that was initially bought on another marketplace. It is crucial to carefully assess the marketplace’s compatibility, demand, and fee structure before listing your NFT. As with any trading or investment, thorough research and knowledge will help you make informed decisions and ultimately maximize your returns in the exciting world of NFTs.