As a trader, you need to squeeze out every drop of profit you can. This isn’t a restaurant, and you don’t really owe project owners a massive royalty fee on each trade.
This is why, I implore you to begin using more platforms to both buy and sell your NFTs.
If you’re buying an NFT
1. Check a bunch of aggregators and P2P marketplaces for the best price.
This means, check Hyperspaces, Tensor, CoralCube AND Yaww, you’ll often find the best deals on Yaww and CoralCube, but you will see both listings on HyperSpace and Tensor.
Lately I’ve also been checking the AMM’s for good deals.
Note the 12 SOL difference between that Smith listed on Yaww and the lowest listing on Magic Eden.
What is the difference between an aggregator, AMM and marketplace?
Simple. Aggregator shows all listings across all platforms, examples of aggregators are:
- https://hyperspace.xyz/
- https://www.tensor.trade/
- https://coralcube.io/
- https://www.solsniper.xyz/
Marketplaces like Magic Eden only show their own listings and no other, they also don’t allow sellers to avoid unnecessary royalties, which as a trader you want to avoid.
P2P Marketplaces
AMM
- https://hadeswap.com/
- https://app.elixirnft.io/
When selling an NFT
First of all, stop feeling like a hostage to Magic Eden.
Even though as a platform they gain a significant amount of traffic, they are no longer the only place to buy/sell NFTs.
The websites I’ve shown above really do get a lot of the traffic especially in the more expensive NFTs, people don’t want to pay an extra 10% to buy/sell.
Go for the platforms that give you the option to pay royalties or not.
As you can see on the trade below, almost no trades are made on Magic Eden. This is because on this 100 SOL trade, the 10% royalty fee + the 2% Magic Eden fee would come out to 12 SOL in fees ALONE.
These fees are literally avoidable, I suggest you use Yaww, CoralCube and Hyperspaces to sell your NFTs, over Magic Eden which doesn’t give you the choice on the matter.
