While the “primary market” refers to the first sale of an artwork, a "secondary market" refers to all subsequent sales of the same artwork.
The launch of our secondary market brings in the massive shift that allows NFT collectors, just like creators, to list and sell their NFT on a marketplace. This process is born out of the need for a market flow in the crypto art space. Also, you get a higher Return on Investment (ROI).
- NFTs automatically assure secondary-sale royalty rights to artists, so no legal or other additional work is required. It allows artists to receive a cut of all future sales of their work in perpetuity.
- NFT marketplaces have always been community-driven. The value of an artwork is established in the primary markets, but its value develops over time in secondary markets because the community is constantly engaging with it. This provides creators and collectors with an idea of its true potential.
- The secondary market commission you receive when you resell NFTs is another advantage. The longer the reselling chain goes, the more commissions you keep getting as the original creator of the NFT art, which is one way to earn passively as an NFT artist.
- By buying NFTs from an artist, you increase their value because you are betting on them. The more sales the artist makes, the more valuable your collected NFT piece will be worth. Many people will want to buy from the artist, which will impact the value of their work and the price you paid for the NFT.
- If you wish to make the most of the collected NFT, it is best to wait till the value of the artist increases before offering it for sale.
- Put a higher price on the NFT when reselling. The artist, as well as the piece, will increase in value if it is for sale. As the original creator, the artist also gets a commission.
The possibilities of secondary markets are vast, and we have just scratched the surface. NFTs will continue to be minted, sold, and resold at higher levels as technology develops, while both collectors and artists benefit from positive effects.
How do you put your token on a secondary market?
Make sure you have connected your Metamask wallet.
- Go to the tokens that you own via profile.
- Click on the token that you want to put on sale on the secondary market.
- Click on the list for sale and set the price you desire. Click on confirm.
- Complete your Metamask transaction.
The token will appear on the secondary market once the transaction has been completed.
Video for better reference.