How to Trade NFTs in 2023

If you’re aiming to make money from the ever-growing non-fungible token space – you might consider trading NFTs from the comfort of home. Put simply, the main concept here is that you will look to buy an NFT and sell it for a higher price than you paid via an online marketplace.

In this beginner’s guide, you will learn how to trade NFTs in terms of selecting a suitable token, which marketplaces to use, and what strategies to deploy.

Cryptoassets are a highly volatile unregulated investment product. 

Upon buying an NFT at Crypto.com, you can then proceed to list it for re-sale with the view of making a profit.

Where to Trade NFTs – Top NFT Marketplaces Reviewed

Many traders and NFT enthusiasts are looking for ways to invest $1000 in 2023. In terms of where to buy and trade NFTs, you will need to select a suitable marketplace. The best NFT marketplaces in this space give you access to thousands of collections at competitive fees.

Moreover, you should be able to use the same marketplace to resell the NFT that you buy. In the sections below, you will find reviews of the best places to trade NFTs today.

1. Crypto.com – Overall Best Platform to Trade NFTs

Founded in 2016, Crypto.com was initially launched as a leading crypto exchange. However, the platform has since expanded into a wide range of other core markets – such as crypto credit cards, loans, interest accounts, and of course – a top-rated NFT marketplace. Regarding the latter, Crypto.com is home to thousands of NFT collections.

This covers everything from music NFTs and art to sports series and more. Getting started with an account here is simple too – and the process rarely takes more than a few minutes. Unlike other leading NFT marketplaces in this space, Crypto.com gives you the option of depositing funds with fiat money. In fact, US clients can deposit funds via ACH instantly and fee-free.

The other option is to use a debit/credit card. Crypto-assets are also supported. When your account is funded, you will then be able to browse the many NFTs available on Crypto.com – some of which cost just a few dollars. Moreover, Crypto.com does not charge any fees when you buy NFTs – which is a major perk.

After buying your chosen NFT, you can then attempt to make a profit by relisting it on the Crypto.com marketplace. You can choose from an auction listing or a fixed price. Fees of 1.99% are charged the final sale price of the NFT that you are looking to flip. You should also check whether the original creator of the NFT has installed any royalties.

What we also like about Crypto.com is that in addition to its NFT marketplace, it also allows you to make money from crypto via an interest account. In a nutshell, you can earn an APY of up to 14.5% simply by depositing your tokens into a Crypto.com savings plan – of which there are various terms to choose from.

Moreover, Crypto.com is also a superb choice if you are looking to buy cryptocurrency. On this crypto exchange, you will only pay a commission of 0.40% per slide to trade. And, lower fees are offered by Crypto.com if you stake its native token – CRO, or you meet certain trading milestones throughout the month in terms of volume.

What We Like:

Cryptoassets are a highly volatile unregulated investment product.

2. NFT Launchpad – Great Platform to Trade NFTs as a Beginner 

The next platform to consider when learning how to trade NFTs is NFT Launchpad. This up-and-coming marketplace is home to a number of notable NFT series – including Lucky Block.

As we discuss in more detail later, Lucky Block is one of the best NFTs to flip, not least because it offers lifetime access to daily jackpot games. Other notable collections listed on NFT Launchpad include Punk Dogs, Walruses, and Lazy Ape Club.

Nonetheless, in order to trade NFTs on this platform, it’s just a case of linking your MetaMask wallet. Then, you can spend some time browsing the many NFT projects available – which covers both fixed-price listings and auctions.

We also like NFT Launchpad, as the platform allows you to mint your own non-fungible tokens at the click of a button. You can add a unique profile and social links to your NFT before it for sale.

What We Like:

Cryptoassets are a highly volatile unregulated investment product.

3. Binance – Low-Fee Place to Trade NFTs

Binance is the next place to consider when learning how to trade and sell NFTs. This platform is best known for its crypto exchange services – which are now used by over 100 million people globally. Just like Crypto.com, however, Binance is home to a broad variety of other crypto-centric products.

This is inclusive of a fully-fledged Binance NFT marketplace that gives you access to a wide selection of collections across art, sport, gaming, music, and more. Binance also offers mystery boxes, which give you the chance of owning a rare and expensive NFT. There are NFTs here that trade for just a couple of dollars, which will suit first-timers.

When it comes to fees, Binance charges a commission of 1%. This is charged when you buy an NFT and again when you sell it. To fund your NFT trading endeavors, you will need to pay for your purchase in BNB, BUSD, or ETH. If you already have a verified Binance exchange account, you should be able to make a deposit via a bank wire or debit/credit card.

What We Like:

Cryptoassets are a highly volatile unregulated investment product. 

4. OpenSea – Popular NFT Marketplace With Huge Asset Selection

OpenSea is perhaps one of the most recognized NFT marketplaces in this industry. The OpenSea NFT Marketplace is home to a significant number of NFTs – including the famous Bored Ape Yacht Club series.

OpenSea supports several blockchain networks – including Ethereum, Polygon, and Klatyn. OpenSea also allows you to mint your own NFT via your preferred blockchain.

When buying NFTs via OpenSea, you will need to pay for your purchase in crypto. Take note, although OpenSea is one of the most popular marketplaces to trade NFTs, fees are expensive here.

This is because, on each transaction, the platform collects a 2.5% collection. Nonetheless, if you’re wondering how to trade NFTs on OpenSea today, it takes just minutes to set up an account.

What We Like:

Cryptoassets are a highly volatile unregulated investment product. 

5. Rarible – Buy and Sell NFTs With a Debit/Credit Card

Rarible is home to a variety of NFT collections across digital art, books, movies, sports, and more. What sets Rarible apart from its competitors is that its marketplace is decentralized.

This means that you can trade NFTs without going through a third party. With that said, the Rarible platform is still costly, with each transaction attracting a commission of 2.5%.

This includes both buy and sell positions. In terms of paying for your NFT purchases, Rarible supports crypto and debit/credit cards.

The latter is available in over 190+ countries and fees will sit between 2.5% and 4% – depending on the payment processor. Finally, Rarible is also home to its own native digital token – RARI.

What We Like:

NFTs Trading Explained – Overview 

If you’re wondering how to trade NFTs with someone as a complete beginner, the underlying process is actually fairly simple. That is to say, the overarching objective is to buy an NFT from an online marketplace and then sell it for a profit.

This is known as NFT flipping. In order to be successful as an NFT trader, you will need to find attractive deals that you believe are undervalued.

For example, you might find a popular NFT collection that is listed at a fixed price of $200, but you have seen the same token sell for $900 on another platform. Similarly, you can find plenty of NFT trading opportunities via auctions.

The idea here is to place a bid on an NFT at an amount below its perceived value. Then, you can resell the NFT via a marketplace for a profit. In order to buy an NFT, you will first need to open an account with a suitable marketplace like Crypto.com.

Then, you will need to browse the many NFTs on offer and once you find one that you like – you’ll be able to make a deposit with ACH, a debit/credit card, or crypto. Then it’s just a case of buying the NFT or placing a bid.

How Does NFT Trading Work?

When you trade NFTs, there is no guarantee that you will make money.

• For instance, you might buy an NFT that you think has superb resale value. But, in reality, it might sit listed on an online marketplace with no interest from buyers.
• Alternatively, you might buy an NFT for more than it is actually worth – meaning that you will need to sell it for less than you originally paid.

As a result, when learning how to trade NFTs for profit, it is important that you have a firm grasp of how this investment scene works.

To help clear the mist, we dive into the fundamentals in the sections below.

NFT Minting

Before an NFT can be listed for sale, it must be minted. The term minting simply refers to the process of creating an NFT.

If you’re wondering how to make and trade NFTs, the minting process is something that anyone can do with a few clicks at an online marketplace like Crypto.com.

The minting process is required to ensure that the underlying product – whether that’s art, music, or a sports collection – can be authenticated as unique by its creator.

NFT Listing

Once a creator has minted an NFT, they will often decide to list it straightaway via an online marketplace. This is where you as an NFT trader come in. Put simply,  if you like the look of an NFT, you will have the option of buying it.

In many cases, the NFT will be listed at a fixed price. Although sometimes the creator might opt for an auction listing. If this is the case, then you will need to place a bid just like you would at a traditional online marketplace like eBay.

Buying an NFT

When you have identified which NFT you want to trade, you can then complete your purchase. Many NFT marketplaces only accept crypto deposits for this purpose.

You can often link a wallet like MetaMask to the platform to complete the purchase in real-time. Some platforms, such as Crypto.com, also support fiat money deposits across ACH and debit/credit cards.

Flipping an NFT

After you have successfully bought an NFT, the next step is to trade it. By this, we mean listing it for sale via an online marketplace. Only this time, you will ensure that the price of the NFT listing is higher than what you originally paid.

This is the only way that you will be able to make money from your NFT trading endeavors. For example, if you buy an NFT for $1,000 and sell it for $1,500 – this translates into a healthy profit of 50% before fees.

As we briefly noted earlier, some NFT creators will implement a royalty during the minting process. This means that every time the respective NFT is sold, they will get a small share of the proceeds.

Cryptoassets are a highly volatile unregulated investment product.

Why Trade NFTs?

There are many reasons why you might decide to learn how to trade NFTs – which we discuss in more detail in the sections below.

NFTs are the Next Big Thing in Crypto

Although non-fungible tokens first became a phenomenon in 2014 after the creation of Quantum – an artwork that recently sold for over $1.4 million at Sotheby’s, this space only really took off in 2021.

In fact, Forbes notes that over $25 billion worth of NFT sales took place in 2021 – up from $94 million in the previous year. 2023 is expected to be even more lucrative for the NFT industry.

As a result, by learning how to trade NFTs right now, you are entering an innovative and emerging marketplace while it is still in its infancy.

NFT Trading is Suitable for All Budgets

There is often a misconception that NFT trading is only feasible for people with a significant amount of capital to invest. However, this couldn’t be further from the truth.

Sure, on the one hand, you have NFT collections like the Bored Ape Yacht Club, which have since sold for over a million dollars per token.

With that said, you then have NFT series like Lucky Block, which are available to purchase via the primary market at just $1,500.

Moreover, there are eve NFTs that list for just a couple of dollars – so this trading scene is suitable for all budgets and experience levels.

Profit Margins can be Lucrative

Although there are no guarantees that you will make money when learning how to trade NFTs, there is every chance that you invest in a hidden gem that then goes on to sell for a considerable amount of capital.

For example, the previously mentioned Bored Ape Yacht Club collection – which consists of 10,000 unique tokens, originally listed its primary sale in 2021 at just 0.08 ETH – which at the time, translated into about $200.

Fast forward a few months and celebrities like Eminem and Snoop Dogg have paid 6 and even 7 figures for a Bored Ape Yacht Club NFT.

As a result, those that took a punt on this NFT collection when it was first listed subsequently went on to make a significant amount of money.

You can Take Advantage of Undervalued NFT Listings 

One of the most lucrative ways to make money by trading NFTs is to spot listings that are undervalued. This is, of course, subjective – as an NFT is only worth what somebody else is willing to pay.

With that said, the process of hunting for undervalued NFTs is no different from scouring eBay or Amazon for cheap products that can be sold for a higher price.

How to Make Money From NFT Trading?

There are essentially two ways that you can make money from NFT trading – the primary and secondary marketplaces.

Let’s explore how each marketplace works so you can decide which is best for your preferred NFT trading strategy.

Primary NFT Markets

When you buy NFTs from the primary markets, you are purchasing the token directly from the creator.

Although you will still need to go through a third-party NFT marketplace like Crypto.com for this purpose, you will pay the same price as everybody else.

More specifically, you will likely pay the best price possible on the respective NFT, as you are entering the market before people decide to relist the token at a higher price.

For example, we mentioned Lucky Block earlier – which created 10,000 unique NFTs that come with a range of benefits.

As of writing, the Lucky Block NFT series is still going through its primary sale at $1,500 – which offers a superb long-term trading opportunity.

Secondary NFT Markets

The secondary market is where buyers and sellers transact. In simpler terms, if there is an NFT that you wish to buy after the collection has sold out via its primary listing, you will need to do this through a secondary market like Crypto.com.

• You will likely pay a price that is higher when compared to the original listing – especially if you are looking to invest in a popular collection.
• With that said, you can still get your hands on a good deal by placing a bid if the NFT lists via an auction.

In order to make money via the secondary market, you can offer your NFT for a fixed price or via an auction listing. Either way, if your NFT sells for more than you originally paid, you will make a profit.

NFT Trading Hours

Unlike the traditional stock markets, you can buy, sell, and trade NFTs seven days per week – 24 hours per day. After all, popular NFT marketplaces like Crypto.com and NFT Launchpad are used by buyers and sellers from all over the world.

As such, if you spot an NFT trading opportunity that you believe could be profitable, there are no time restrictions on when you can complete your purchase.

NFT Price Movements

When it comes to NFT price movements, this trading sphere is highly speculative and subjective. In other words, the value of your NFT is determined by what people are willing to pay.

• For example, when the previously mentioned Bored Ape Yacht Club collection was originally listed at 0.08 ETH – this is because its creator valued each non-fungible token at less than $200.
• However, a few months later, Bored Ape Yacht Club NFTs were selling for 6 and 7 figure sums.
• And the reason for this is that demand for the series significantly outweighed the number of NFTs in supply.

On the other hand, most NFTs attract little demand from buyers – which is why they struggle to sell.  As a result, the most challenging part of the NFT trading process is identifying which collections are likely to do well.

What are the Best NFTs to Trade?

The only way to find the best NFTs to trade is to do your own research.

You can visit popular primary and secondary NFT marketplaces to see what collections are listed for sale – and for how much money. You will then need to forecast how much you believe the respective NFT could be worth in the near or distant future.

If you’re looking for some inspiration on the best NFTs to trade right now – consider the collections discussed below.

1. Lucky Block – Overall Best NFT to Trade Right Now

We have mentioned Lucky Block several times throughout this guide and for good reason – we believe that this is the overall best NFT to trade right now. In a nutshell, Lucky Block is building a global crypto gaming ecosystem that allows you to win LBlock tokens if your number is drawn.

LBlock tokens can subsequently be converted into large-cap crypto assets like BNB via online exchanges. Now, in terms of the Lucky Block NFT itself, this gives you lifetime access to daily crypto draws. Each NFT – of which there are just 10,000 in circulation, is pegged to a specific number. If your number is drawn, you will win 2% of the jackpot prize.

As of writing, you can buy the Lucky Block via its primary listing on NFT Launchpad – which means that you will get the best price possible. Once all 10,000 NFTs are sold, no more will ever enter circulation. As such, there is every chance that over the course of time, the value of Lucky Block NFTs will increase. Therefore, this offers a great NFT trading opportunity.

Cryptoassets are a highly volatile unregulated investment product.

2. AlphaBot Society: Custom Avatars – Just 10 NFTs in Existence 

When choosing the best NFTs to trade, one of the most important metrics to consider is the number of tokens in existence. The theory is that the fewer NFTs in existence within a particular collection, the higher the demand in comparison to the supply.

And in turn, this can amplify its value in the long run.  At the forefront of this is the AlphaBot Society: Custom Avatars collection, of which just 10 NFTs have been minted. As of writing, you can purchase an NFT from this series at a floor price of $5.5k.

With that said, the Dark Side Naturalist NFT from this collection is listed at over $50,000. A few of the AlphaBot Society: Custom Avatars NFTs listed on the Crypto.com Marketplace are accepting custom offers – so you might be able to get yourself a good deal.

Cryptoassets are a highly volatile unregulated investment product.

3. PsychoKitties: The New Era: Cheap NFT to Trade as a Beginner 

If this is your first time learning how to trade NFTs and you don’t want to risk thousands of dollars on your first purchase, then you might want to consider the PsychoKitties: The New Era collection.

As the name suggests, this series consists of 10,000 unique cat-inspired characteristics – each of which possesses a range of rarity levels. Since the collection dropped, nearly $13 million worth of trades has taken place on the Crypto.com marketplace alone.

As of writing, you can buy a PsychoKitties: The New Era NFT at a floor price of $379. With that said, there are also auctions in place with a start bid of just $1.

Cryptoassets are a highly volatile unregulated investment product.

4. Aston Martin F1: Popular NFT to Trade for Racing Fans 

There are countless companies and brands that have since entered the NFT space – including that of Aston Martin F1. This NFT collection consists of 6417 unique tokens across three core tiers – Accelerate, Slipstream and Velocity.

As per the Crypto.com marketplace as of writing, you can buy an Aston Martin F1 NFT at a floor price of $30 or an auction bid of $15. With that said, the rarest NFTs from this collection are trading for tens of thousands of dollars.

Cryptoassets are a highly volatile unregulated investment product.

5. Philadelphia 76ers: Top Sports NFT Collection to Sell to NBA Fans 

If you’re interested in sports-related NFTs, Philadelphia 76ers offers one of the best collections for this purpose. There are just 793 NFTs in this collection, which makes it one of the rarest in this market.

With that said, you can buy a Philadelphia 76ers NFT right now for just under $200. Auctions start at a competitive first bid of $70.

Cryptoassets are a highly volatile unregulated investment product.

Best NFT Trading Strategies

Most people fail to make money when learning how to trade NFTs for the first time – not least because they do not have a suitable strategy in place.

In the sections below, we discuss five NFT trading strategies that you can implement right now.

Start With Primary Listings

If you are a complete beginner in the world of NFT trading, then it’s best to avoid secondary listings. Instead, look for notable NFT drops that are being listed on the primary markets.

In doing so, you will pay the same floor price as everybody else. Moreover, when you buy an NFT via a primary listing, you will often get the best price possible.

On the other hand, when buying NFTs via the secondary market, you never quite know whether you are getting a good deal. After all, you are paying a price set by the respective seller as opposed to the NFT creator.

Consider Auctions Too

Another NFT trading strategy that you might consider as a beginner is to focus on auction listings. These operate in exactly the same way as an eBay listing, insofar that the NFT will be on sale for a specific period of time – e.g. seven days.

When the listing is over, the person to have placed the highest bid will be successful in buying the NFT.

Now, in many cases, you might be able to find a lucrative NFT auction that is undervalued. This might be because the seller did not create a strong enough listing or interest from people on the respective NFT marketplace was low.

Look for NFTs With Real Use Cases

It has to be said that the vast majority of NFTs that you come across do not offer any real-world use cases for owners. For example, most NFTs represent artwork that is often purchased by collectors.

With that said, NFTs like Lucky Block offer several use cases – such as having lifetime entry into its daily crypto jackpot draw.

Diversify Across Lots of Low-Cost NFTs

It can be difficult to know which NFTs have the best chance of going viral.

After all, when the Bored Ape Yacht Club NFT series was originally listed at just $200, nobody could have predicted that people would eventually pay over a million dollars on the secondary markets for the same collection.

As a result, a great strategy to consider is to buy lots of different low-cost NFTs. In taking a diversified approach, you only need one of the low-cost NFTs that you purchase to become the next big thing.

Research NFT Stats

To take things to the very next level, it’s a great idea to spend some time analyzing the statistics of a specific NFT series. For example, when you browse the Crypto.com NFT marketplace, you are presented with a wealth of useful data.

For example, you can filter the search results by the total amount of trading volume over the prior 24 hours, 7 days, 30 days, or of all time.

You can also see how popular an NFT collection is by seeing how many times it has been ‘Liked’ or added to somebody’s favorites. This will give you the opportunity to buy a popular NFT that is still trading at an attractive entry price.

Is NFT Trading Safe?

NFT trading is a relatively safe process – but you will need to ensure that you are using a trusted platform like Crypto.com. Not only is this platform approved to offer NFT listings in the US and beyond, but also crypto exchange services, credit cards, and even loans.

On the other hand, we came across waves of NFT marketplaces that appear to be a scam. After all, anyone can create a so-called NFT website.

However, if you connect your wallet to the website and it turns out to be illegitimate, you could end up having your crypto tokens stolen.

Another thing to think about when learning how to trade NFTs is that making money is not a sure thing. On the contrary, there is every chance that you buy an NFT and then struggle to sell it.

Or, even if you can sell it, you might be forced to accept a price that is lower than you originally paid because there is little interest from the broader markets.

How to Trade NFTs – Step-by-Step Tutorial

If you’re ready to trade your first ever NFT – we are now going to walk you through the process every step of the way. For this tutorial, you will learn how to buy and trade NFTs via the Lucky Block NFT Launchpad.

Step 1: Install MetaMask

The NFT Launchpad website allows you to buy Lucky Block NFTs with wBNB via the MetaMask wallet. You can download MetaMask and a Google Chrome extension for free.

Cryptoassets are a highly volatile unregulated investment product.

When you have installed the wallet, you will need to choose a strong password that nobody else will guess. You also need to write down your unique MetaMask backup passphrase – which consists of 12 words.

Step 2: Connect Binance Smart Chain to MetaMask

You need to add the Binance Smart Chain to MetaMask manually, not least because this is the network that Lucky Block is listed on.

Go through your MetaMask settings and look for the button that allows you to add a new network.

Then, enter the details below:

Step 3: Transfer wBNB to MetaMask

Each Lucky Block sells for the wBNB equivalent of $1,500. You can buy wBNB tokens from Binance if you do not currently own any. Then, simply transfer the wBNB over to your MetaMask wallet.

Step 4: Connect MetaWallet to NFT Launchpad

If you have wBNB in your MeatMask, you can then visit the NFT Launchpad website. Then, click on the ‘Connect Wallet’ button.

You will then be asked to confirm that you would like to connect MetaMask to NFT Launchpad via the Google Chrome extension that you installed in Step 1.

Step 5: Buy Lucky Block NFT

You can now browse the Lucky Block NFTs that are still available to buy via the primary listing. As we mentioned earlier, each NFT corresponds to a number between 1 and 10,000. This will subsequently dictate your number in the daily Lucky Block draw.

Once you have chosen the Lucky Block NFT that you want to buy, follow the on-screen instructions to complete your purchase.

Step 6: Trade Lucky Block NFT

Once you have bought a Lucky Block NFT, it’s likely a good idea to hold onto your token until the primary listing has sold out. When it does, you might then consider relisting the token for a higher price than you originally paid.

If you are able to do this, you will make a profit on your NFT trade.

Cryptoassets are a highly volatile unregulated investment product.

Conclusion

This guide has explained everything you need to know about trading NFTs. In addition to discussing top marketplaces in this space, we’ve also analyzed the best NFTs to trade right now.

Overall, we found that Lucky Block is a great option for beginners, as you can buy its NFT via a primary listing and at a competitive price of just $1,500.

You can complete your Lucky Block NFT purchase in a matter of minutes via the NFT Launchpad marketplace.

Cryptoassets are a highly volatile unregulated investment product.

Read more:

• Forbes NFT Collection Hits 1 ETH Floor Price
• Best NFTs to Buy in 2023 – Top NFTs Reviewed
• Best Cheap NFT Projects

Frequently Asked Questions on NFT Trading