Selling Solana NFTs: From Listing to Transaction Completion

If you’ve successfully purchased or minted an NFT, you’ll eventually consider selling it. This could be to realize profits, clean up your portfolio, or upgrade to better NFTs. This guide provides a detailed look at how to effectively sell Solana NFTs.

Pre-Sale Considerations

Before selling an NFT, several factors should be considered.

Understand the current market situation. Check the collection’s floor price, trading volume, and number of listings. Selling when the market is active can get you better prices.

Evaluate your NFT’s value. Prices differ depending on whether it’s a common NFT or has rare traits. Use rarity tools for objective evaluation.

Consider fees. Platform fees and creator royalties are deducted during sales. For Magic Eden, a 2% platform fee and project-specific royalties (usually 0-10%) apply.

Tax implications should also be considered. Profits from NFT trading may be taxable. Please keep good records of your transactions.

Determining Appropriate Pricing

Price setting is the most important part of selling. Too high and it won’t sell, too low and you’ll lose money.

Check the floor price. This is the cheapest price currently listed for sale in that collection. NFTs with common traits typically sell near the floor price.

Check transaction history of similar NFTs. On the marketplace, see what similar attribute NFTs recently sold for. This helps set realistic price expectations.

If you have rare traits, you can add a premium. For example, if you have a trait with less than 1% rarity in the collection, you can command higher than floor price.

Adjust based on market conditions. If the collection’s popularity is rising, you can set a higher price. If declining, you can set a lower price to sell quickly.

Listing on Magic Eden

Let’s walk through the process of selling NFTs on Magic Eden step by step.

First, visit Magic Eden and connect your wallet. Clicking the profile icon in the upper right displays your owned NFT list.

Find and click the NFT you want to sell. On the NFT detail page, click the List button.

Enter the sale price in SOL. The dollar equivalent is also displayed for reference.

When you click confirm listing, Phantom wallet requests transaction approval. This transaction delegates selling authority of the NFT to the marketplace. Approve to complete listing.

Listed NFTs can be viewed by anyone on the marketplace and purchased at the set price.

Listing on Tensor

The listing process on Tensor is similar but has some additional features.

Visit Tensor, connect your wallet, and select the NFT to sell from your portfolio.

Click the list button and enter the price. Tensor provides bulk listing functionality to list multiple NFTs simultaneously.

Additionally, Tensor offers an Auto Price feature. Listing prices automatically adjust according to floor price changes.

Approve the transaction to complete listing.

Modifying Price and Delisting

After listing, you can still change the price or cancel.

To modify price, find the listed NFT in your profile and click the Edit button. Enter a new price and approve the transaction.

Delisting is possible at any time. Click the Delist button and approve the transaction to return the NFT to your wallet.

Both price modification and delisting incur small network fees. Solana fees are very cheap, but repeated changes should be avoided.

Receiving Offers

You can receive offers even without listing. When a buyer makes an offer on your NFT, you’ll receive a notification on the marketplace.

Received offers can be checked in your profile or on the NFT detail page. If you like the offer price, click the Accept button.

Approving the transaction immediately completes the trade. The NFT is transferred to the buyer and the sale proceeds (after fees) are deposited to your wallet.

You can also reject or ignore offers. Offers remain valid until canceled by the buyer or expired.

Selling Quickly

When you need to sell urgently, consider these strategies.

List below floor price. Listing at the cheapest price increases the likelihood of quick sale.

Use Instant Sell. Some marketplaces provide functionality to instantly sell at the highest offer received.

Utilize Tensor’s AMM pools. Some collections operate AMM pools providing instant liquidity. Slightly below market price but immediate sale is possible.

After Sale Completion

When the sale completes, SOL is deposited to your wallet. You can check the sale proceeds and deducted fees in transaction history.

Sale proceeds = Sale price - Platform fee - Creator royalty

For example, if you sell at 10 SOL with 2% platform fee and 5% royalty, you’ll receive about 9.3 SOL.

It’s good to record transaction history for tax reporting. The difference between purchase price and sale price is taxable profit.

Selling Tips

Here are some tips for successful selling.

Watch the market. Prices can fluctuate rapidly based on project-related news or events.

Be patient. Rare NFTs may take time to sell at the appropriate price.

Don’t be swayed by emotions. Sometimes cutting losses is necessary even when taking a loss.

Set prices considering fees. Calculate the actual amount you’ll receive after fee deductions when setting prices.

In the next guide, we’ll learn how to receive airdrops and important precautions.