If you’re wondering whether to sell your NFTs in 2022, here are 3 questions to ask yourself before you decide.
Why would you want to sell your NEO
One of crypto’s biggest assets, NEO (NEO), is also one of its most illiquid. Crypto markets aren’t usually well-known for their liquidity, but that’s especially true with NEO, which is why you’re only able to sell your coins on one exchange right now: Bitfinex. And although exchanges are much easier to use now than they were just a few years ago, having a single marketplace means you miss out on potential opportunities elsewhere. For example, Binance has exploded onto the scene and has quickly become one of if not the best cryptocurrency exchanges around—but it doesn’t support trading in NEO yet. Having access to more exchanges makes it easier to cash out if you so choose.
Selling NEO on an exchange – Opensea vs Binance
It’s best to exchange NEO using one of these two major trading platforms. Each is respectable and popular. Opensea has lower daily volume and a higher commission fee for NFTs, while Binance charges higher transaction fees but has much higher daily volume. If you’re hoping to sell your NFT now, take a look at current market conditions and decide what platform makes sense for you. If you plan on holding your tokens for awhile, there is no need to worry about timing a sale with any given exchange—just hold onto them through 2022!
What are some things to consider before selling your NEO
NEO is a great example of a public blockchain that serves its purpose well for NFTs. If NEO were designed to be a private blockchain, however, it would lose most of its utility and value. The point of crypto is decentralization; for that reason, it’s probably best not to sell your NEO unless you have an extremely good reason. Just because you believe in it less doesn’t mean you should cash out early. It might be best to keep your coins and earn dividends over time! For example, Opensea just announced that they are offering $500 worth of free trades for holding ten $NEO on their platform; if you had 50 $NEO, you’d get around $1050 worth of trades—and maybe even more later on.
How To Transfer NEO off Binance
Open a new account on Opensea and register with their trading platform. Open a Binance account, make sure you have some funds there to transfer over. Now you need NEO address to receive your NFT off Binance Transfer your NEO tokens off of Binance to your new Opensea Exchange Account. The public key on that exchange will be your new address for all future transactions between now and whenever you decide to move it back onto Binance or another exchange again. Now log into your old/current binance account and transfer out all of your NEO tokens from that account by placing an order and putting that public key as the Receiving Address.