How to Buy and Sell NFTs on the OpenSea Platform
There is no reason to be intimidated by the process of buying and selling NFTs. NFT is an acronym short for non-fungible token, meaning a digital token tied to a digital file. These digital tokens are becoming that much more popular with each passing day. Even if you are new to NFTs, you’ll find buying and selling them on the OpenSea platform is quite easy. Here’s a quick look at how to buy and sell NFTs through the OpenSea platform.
Using OpenSea for NFTs is Easy
OpenSea sets the stage for people to buy and sell NFTs without a considerable investment of time or effort. The OpenSea learning curve is quite easy to master. The goods sold on this platform rely on the blockchain for security. As long as an item is digital and capable of being tokenized, it can be bought and sold on OpenSea’s marketplace. Each transaction is permanently recorded on the impenetrable blockchain.
Sign up for an OpenSea account and you will be empowered to buy and sell NFTs in several categories. You can even auction your NFTs on the platform. Those interested in selling an NFT through OpenSea can do so at a fixed price. However, if the NFT is rare, it might end up costing the buyers an additional fee in the push to outbid competing parties. Buy an NFT on the OpenSea platform and you will be able to resell it as desired. Time the subsequent sale just right and you might make a tidy sum of money.
Steps to Start Buying and Selling NFTs on OpenSea
You will need a crypto wallet prior to creating an OpenSea account. Use Dapper, MetaMask or a similar platform to create your wallet by downloading the app to your smartphone or other mobile device and you’ll have the wallet necessary for cryptocurrency transactions including NFT sales and purchases on OpenSea. You can even add a browser extension to a computer for the use of a crypto wallet. However, your browser must be compatible with the cryptocurrency of Ethereum.
The next step is to acquire Ethereum. You can purchase Ethereum, also known as ETH, by adding it to your crypto wallet. You can also use Bitcoin if desired. If your strictly plan on selling NFTs on OpenSea, be aware that a fee will apply to pay for the cost of conversions into NFTs. Everyone interested in NFTs should be aware that the ETH price changes, meaning its value will ebb and flow as time progresses, ultimately changing the value of the crypto in your digital wallet.
Link the Wallet to OpenSea
Once you’ve purchased Ethereum, it is time to connect the wallet to OpenSea. Plugging the wallet into OpenSea is quite easy as OpenSea’s user experience design is nearly flawless. Now that your wallet is linked to the platform, you can buy and sell your chosen NFTs as desired. Start browsing through the NFTs for sale and get a sense of what people might pay for the NFTs you currently own.
If you decide to cancel your bid on an NFT for sale on OpenSea, you’ll have to pay a gas fee. This is a commission paid to OpenSea for failing to follow through on your promise to buy.
You can sell your NFT through an auction or a direct sale. Simply upload the digital file, list it and wait for the item to sell. Your selling options are fixed price, meaning buying at the current moment, an auction that starts high and ends low, an auction that begins at a starting price and a bundle listing in which several NFTs are grouped together. OpenSea charges a fee equal to 2.5% of the transaction to cover its overhead expenses and make a margin.