So, you have decided to open your NFT Store it seems. That’s great!! But do you know the exact ways through which you can earn commissions?
With multiple transactions happening within NFT Marketplaces, understanding how you would earn commissions can be tricky. But don’t worry, we got you covered. In this blog, we will be demystifying the various processes through which you get to charge and earn commissions on your NFT Store. But before all that let’s have a quick rundown about the basics related to NFTs.
What are NFTs
Conceptually, NFT is an abbreviation for a non-fungible token, which basically stands for a form of token that is irreplaceable. It is a completely unique and non-interchangeable unit of data. The data, here, can literally be anything that is able to exist digitally. These tokens have monetary worth and are bought and sold through cryptocurrencies.
In a nutshell, these are digital assets purchasable or saleable with the help of digital currencies. Nothing more.
Various ways of charging commissions as an NFT Store Owner
It is critical to note that when you create your own NFT Store, anyone, in addition to yourself, can come up and list their NFTs. The store basically acts as a virtual market that trades NFTs for cryptocurrencies. Therefore, not only can you earn commissions on your NFT sales and resales, but you can also charge others for each of their sales and resales. Now coming to the processes
Charging commissions upon primary sales
For each NFT that gets sold first-hand from your store, the owner will earn commissions. You as a store owner get to charge the NFT owner a certain amount that you set for your primary store sales.
Charging commissions upon secondary sales
Secondary sales of NFTs basically mean the number of times the NFT gets resold from the original owner. For each secondary sale, as a store owner, you get to charge a specific amount of commission from the original creator’s secondary sales. This ensures a steady passive income for you simply because you allowed the NFT owner to list his/her NFT.
Point to consider: It is best you keep your secondary commission rates low to entice customers to list their NFTs on your NFT store. Also, you only get to earn commissions if the secondary sales transaction is done in your store.
Why choose NFTically as your NFT Marketplace creator
NFTically is India’s first B2B Whitelabelled SaaS that enables users to create customized Whitelabel NFT Marketplaces without any technical hassle. Compared to other open NFT Marketplaces you get to have your personal marketplace at nominal rates. Furthermore, there are dozens of customization and functionalities that you can incorporate into your NFT Store. We also provide you with constant technical support and store creation assistance.
We hope through this blog all your doubts regarding commission charging/earning as an NFT Store owner are cleared. At NFTically, not only are you able to list your NFTs on NFT Stores, but you also get to create your own Store and generate earnings through commissions. Intriguing, isn’t it? So why wait?
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