How to Resell your NFTs on HyprrWe’re excited to announce that NFT resale is officially live on Hyprr! The feature will offer a whole host of new opportunities for both the creator and buyer within the secondary market. In addition to this release, NFTs will now be purchased exclusively with Hypes, our own stable coin. Have a read for an overview of the exciting updates to our desktop, iOS and Android applications.
How can I resell my NFT that I purchased on Hyprr?
Straight to the point, I like your style. It really is as simple as navigating to the NFT tab on your profile, selecting the work you want to resell and clicking ‘manage’, on the edition owned, to name your price. At this point, the price will be set in Hypes, where 1 Hype = 1 USD, but remember that there are royalty fees and a 2.5% transaction fee. Creators minting on Hyprr have the choice to add royalties of up to 35% on all future resale, and their chosen amount will have been stated when you first bought the NFT, and will also show as you set your price to resell. Sorry for all the numbers, but essentially the pop up window will tell you how many Hypes you will receive once those fees have been deducted. Enter your 4 digit pin you created when setting up your wallet, click save and congratulate yourself for having an NFT up for sale.
The pop up window once you’ve selected ‘manage’ allows you to set a price in Hypes, before entering your pin and saving the change.
You will then see the resale price that you’ve set amongst the prices for other available editions of the artwork.
What does resale mean for me as a collector?
As a collector, this is where the fun begins. Let’s just settle a few things quickly before we get into it. “Primary market” is referring to the first initial sale of the piece and the “secondary market” covers all the future resale of that work that follows. The secondary market is where a lot of the magic happens, and is essentially where the community can collectively determine the value of a piece of artwork. A large amount of NFT value is attributed to the scarcity of the piece, and so once the piece becomes available on the secondary market, demand is high and prices are often driven up from that of the floor price (price set in the primary market sale). Also, if you ever miss out on a collection that you really wanted to own a piece from, you can now keep an eye out for any resales.
What does resale mean for me as a creator?
For creators, resale presents a great opportunity for earning through royalties. Where the traditional art market often fails artists, is secondary sales of their work. While laws do exist to award artists the rights to resale royalties, the process is often convoluted and doesn’t always translate into a fair amount. Additionally, the physical art market has a tendency to involve confidentiality of transactions which poses a problem for resale figures, and sometimes leaves the artists unaware of a change in ownership of the piece. This is where the beauty of the blockchain comes in, and more importantly the transparency. With smart contracts, a resale of your work is a guaranteed method to earn royalties of up to 35% on Hyprr. The earning potential is quite limitless too, as the work can be resold multiple times and you can be assured, as a creator, that those royalties will always go directly to you.
Sounds great, anything else to declare?
Yes actually, now you mention it. Creators can now mint up to 1000 editions of their NFTs and we have a load of exciting collections coming this month, so follow our ‘Instagram’and Twitter to be among the first to hear about them.
Did you like the article?
Share with friends