If you’ve been looking at the NFT market for the first time and wondered how you could convert these digital assets into real cash, you may be confused, especially if you are new to the crypto markets. Thankfully, there is a very approachable pathway from having an NFT in your wallet to converting it to cash that you can physically spend in the real world.
Can you Get Cash for an NFT?
As the NFT market has grown significantly in recent years, many traders wonder if you can get cold hard cash for your NFTs. While you may find someone willing to buy your NFT for cash directly, that isn’t typically an easy thing to do. However, you still have options to get some money for your NFT with a small amount of additional effort and a little crypto knowledge.
How can you Sell an NFT for Cash?
The first step is to convert your NFT to a popular cryptocurrency like Bitcoin or Ethereum. Doing this has varying degrees of difficulty depending on the network on which the NFT is based and how popular that specific NFT is, which can affect demand. Opensea is a popular NFT marketplace, and often a great way to complete this first step is to use this or another NFT marketplace to list and sell your NFT for crypto.
Once you have some popular cryptocurrency instead of the NFT, you now have reached the second stage of the process, where you can move on to convert it to cash. While many order book exchanges only offer limited payment options and typically never support cash trading, it’s not the only option. LocalCoinSwap is one of the most popular P2P marketplaces and is one of the only options available for trading cash-in-person or cash-by-mail. If you want other payment methods like PayPal, bank transfer, or just about anything else, P2P trading on LocalCoinSwap is perfect for you as well.
Simply head over to LocalCoinSwap and browse thousands of offers from vendors around the world. Once you find an offer that meets your needs, you can follow the prompt to cash out your NFT profits fast. It doesn’t have to be challenging to lock in profits, and just because you started with an NFT doesn’t mean you can’t end up with cash either.
How Much does it Cost to Transfer an NFT?
While in the early stages of the NFT boom, you would only really see NFTs being minted on Ethereum, but that has long since changed, with a range of blockchains providing support for tokens and NFTs specifically. As a result, there isn’t a clear-cut answer to this, but it is easy enough to get a rough estimate. For example, if you want to transfer an NFT on Ethereum, you can use the Etherscan gas tracker to get an idea of how much to expect to pay when performing token transfers on the network. For other established blockchains, you’ll be able to find similar tools without looking very far either.
Where can I buy an NFT with Cash?
While you may, in a rare case, come across someone willing to sell you an NFT for cash directly, the better route to take is by first converting cash to a commonly accepted cryptocurrency. For example, you can start with cash and then use a P2P marketplace like LocalCoinSwap to convert it to crypto via several different payment methods.
If you can find local bitcoin traders operating in your region, this can be a great option, but if you do not or you’d prefer not to meet directly, there are plenty of other payment options available. For example, you could trade using a cash deposit or cash-by-mail, and there are plenty of different approaches as well. Getting funds into the NFT market is easy when you start with a P2P trade; you’ll have some crypto ready to go in no time.
How Much Does it Cost to Sell an NFT?
If you are trading with someone directly, you’ll only have to account for the network fees. However, this is never recommended as it’s highly likely the other trader will scam you as there’s no reason for them to hold up their end of the deal once they’ve received your NFT. Most NFT traders use an NFT marketplace to exchange their NFTs for fungible cryptocurrency to avoid this. How much specific marketplaces can vary, and it’s always best to check their website for the fees listed before selling your digital asset on that marketplace.
The Best Way to Cash out Your NFT Gains
Peer-to-peer marketplaces are the best way to cash out your fungible cryptocurrency and gains from your NFT trades. Additionally, suppose you are willing to accept less commonly found payment methods. In that case, you may even find yourself able to make an additional profit as you sell your NFT for cash, thanks to the natural supply and demand dynamics that occur in a P2P marketplace.
Start exploring P2P trading with free crypto guides or just jump right in over at LocalCoinSwap and find out why so many traders opt to trade P2P.