How to Buy and Sell NFT on OpenSea Platform? An Easy Way
Dec 13, 22 | Bakhtain Afzal
NFTs have opened new doors for the generation of a cash flow. The income generated from these NFTs help artists maintain a decent living. And most of us have already jumped or are in the process of jumping on this “NFT bandwagon”.
For the thriving NFT industry, there isn’t a regular marketplace where you could buy or sell NFTs. Instead, there are specific NFT marketplaces where you can buy and sell NFT. And, OpenSea platform is one of them. Before getting into how to buy and sell NFT on OpenSea, let's get an overview of NFTs and what they generally mean.
Non-Fungible Tokens (NFTs) are digital assets stored as encrypted blockchain files. These tokens are digital representations of physical objects. Mentioning tokens before, here's what tokenization means. It's a little complex, but it means converting an asset into a digital token that can be traded and kept on a blockchain like Ethereum or Solana.
Keep reading this article to get an overview on buying and selling NFTs, how to sell nft on opensea and purchasing NFT OpenSea.
Who Can Buy and Sell NFT?
While the original purpose of NFTs was to assist artists in generating revenue from their work, the market has now evolved into an ecosystem in which anybody can sell their artwork. In addition, as this ecosystem has developed, the procedure has grown much easier, and platforms such as OpenSea have made NFTs as accessible as possible.
On NFT markets, you can buy your first NFT or learn how to sell NFT on OpenSea app. Some of these NFTs are available to anybody and everyone, while others need an invitation before they can be accessed. Some are meant for painting, while others are to be used in video games or other things. There is, in fact, a market for non-fungible tokens (NFTs) that is suitable for anybody, so conduct some solid research and find the one that sits to your preference.
Is Investing in NFT Worth It?
Whether investing in NFTs is profitable depends on certain factors and reasons why you're investing. The most fundamental reason is the will to put money into something new and speculative.
However, some investors buy NFTs to speculate on their future value rather than simply buying digital art out of their passion. Many individuals nowadays are interested in purchasing rare, original pieces of digital art as the world rapidly advances toward a digital future in which most of our interactions and time are spent online.
On the other hand, if you’re purchasing an NFT and selling it for a higher price then it’s definitely profitable. Yes, the process can be a little complex but they pay off is quite impressive which makes investing in NFT totally worth it.
Let's have a look at how can you trade NFTs on OpenSea.
How to Start Trading NFTs on OpenSea? 4 Simple Ways
Here’s how to how to sell nft on OpenSea app in 4 simple steps:
Get an NFT Wallet
For trading NFTs on OpenSea, you need to have a digital crypto wallet. To make purchases on OpenSea, you'll need Ether (ETH). Although Coinbase Wallet is swiftly gaining popularity, let’s stick to using MetaMask in this step-by-step guide since it’s currently the most used online wallet for NFTs.
OpenSea requires a wallet, which may be obtained at metamask.io as a browser plugin. Now, head towards OpenSea's profile section by clicking on your name in the upper right corner. You will be redirected to a new page that requests you to links your crypto wallet to OpenSea. You can use MetaMask, a Coinbase Wallet, or any other digital crypto wallet of your choice.
Permit OpenSea access to your wallet and sign the request on your behalf.
Upon completion of installation, you can begin exploring the NFT libraries sold in the OpenSea market. You can add ETH to your MetaMask wallet by clicking "Buy," where you can use cryptocurrency or a debit/credit card to fund your purchase.
You can also use a Coinbase Wallet, another popular choice among users that comes with the trustworthiness of the Coinbase name. It's similar to the process of setting up a MetaMask.
To create a Coinbase wallet, visit their site, generate a wallet seed phrase, and install the non-custodial wallet as a Chrome extension. OpenSea is compatible with any wallet, but the Coinbase wallet has extra features that makes it a more accessible option.
Check the NFT collections at OpenSea
Before buying your first NFT from OpenSea, browse through OpenSea’s NFT collections. Head toward your OpenSea profile, select the " Explore " option, and there you go, a list of NFT collections will appear on the screen. Furthermore, you can filter out your options as well. Change the setting according to your preference, and the NFT collections will be filtered to your preferences.
Make an Offer to Purchase NFT OpenSea
Once you find the best NFT at OpenSea, you can either purchase NFT OpenSea or make an offer. Know that a few NFTs have the option to place a bid, and through that, you can make an offer to the owner.
Buying an NFT on OpenSea
Now that you know the NFT you want to buy, click that and a checkout box will appear on the screen. There, you'll get the details of the NFT, and if they look good to you, you can click on “confirm checkout” to purchase NFT OpenSea.
In the next step, OpenSea will sync your MetaMask wallet. All the information about your purchases, such as the time it will take to conduct the transaction, and the expected cost of gas, will be shown here. To adjust the gas costs, choose Edit; however, decreasing gas rates can significantly slow down transaction speed. When the Ethereum network is less congested, MetaMask purchases should be made.
The last step in making a purchase is to click the "Confirm" button.
How to Sell NFT on OpenSea?
After you buy your first NFT if you look forward to selling it, here's how to sell NFT on OpenSea app. Best way to sell NFT on OpenSea is to choose "Sell" from the menu bar's upper right corner. This will take you to a form where you need to specify the terms of the sale.
You may choose the selling price, the auction length, the accepted currencies, and the cutoff time. OpenSea takes a 2.5% transaction fee from each sale, but the listing is free. Below we'll be mentioning how to list your NFT on OpenSea.
How to List NFT on OpenSea?
If you're having trouble seeing your NFT in your MetaMask wallet, don't panic; it's not that it doesn't exist; you need to add it. Here's how to list your NFT on OpenSea:
- Go to your NFT and click on Details.
- On that part, click on Contract Address — this will lead you to the Etherscan page of the precise address of your NFT. Copy that address and go back to your MetaMask wallet. Below, you'll see the option "Import Tokens." Click here and pick "Custom Token."
- Paste the address that you copied from the Etherscan page. The token symbol is merely the public name tag, and Token Decimals are a means to examine your NFT.
And there you have your best way to sell NFT on OpenSea and also get a brief understanding about how to list your nft on opensea.
How Much Does It Cost to Sell 1 NFT on OpenSea?
You won't be charged any fees when you create an item on OpenSea, list it, or sell it.
The price structure is straightforward: OpenSea takes a 2.5% cut of every transaction on its platform. That sums it up nicely. At any moment, you can create new NFTs with zero costs.
How to Sell NFT on OpenSea Without Paying Gas?
After you’ve read about the best way to sell NFT on OpenSea, creators can generate non-fungible tokens (NFTs) using the OpenSea Collection Manage. This is without incurring any initial gas costs. This is because the NFT will be transmitted on-chain the very first time it is purchased or transferred.
Is Buying and Selling NFT Profitable?
After you buy your first NFT, you can generate significant profits by trading NFTs on OpenSea. At first, this may seem complex and risky, but the gains are worth it. And, if you're up for taking risks that result in significant profits, then we've mentioned a step-by-step process of how to sell NFT on OpenSea app.
Is It Easy to Sell NFT?
Selling NFTs is simple. You may choose to sell them via an online marketplace or sell them directly to a buyer. Both options are available to you. When selling non-fungible tokens, there are a few essential considerations, such as determining the appropriate selling price and ensuring that the transaction is carried out safely.
What Is OpenRarity in NFTs?
OpenRarity is a rarity protocol developed by members of the NFT community specifically for use by members of the NFT community. OpenRarity is a community-built project to provide an open-source rarity computation that is mathematically sound, transparent, and replicable by anybody.
The idea is to add greater clarity to a previously murky situation and difficult to understand. OpenRarity is a public partnership between Curio, icy.tools (QuickNode), OpenSea, and PROOF.
How to Sell Collection on OpenSea?
- To access your OpenSea profile, go to the top right of the page and select the button labeled "Profile."
- Choose the NFT that is currently stored in your wallet that you want to sell.
- You may sell the item by clicking the Sell button on the top right of the page.
- Pick the kind of sale you want to have and set the price. The seller determines the NFT pricing in the case of a transaction with a fixed price.
- You may choose a preset period for the sale or a custom term using the calendar. Once you've done so, the sale will begin.
- Lastly, you can set a buyer's name aside for the item. To do this, go to More choices, and in that section, locate the area labeled “Reserve” for a particular buyer. Here, insert their wallet address.
- You'll notice that the possible costs associated with the transaction are displayed at the very bottom of each of these alternatives. In this particular transaction, OpenSea's Service Fee of 2.5% and Creator Fee of 3% bring the overall percentage of fees associated with this sale to 5.5%.
How to Get Someone to Buy My NFT?
Here's the best way to sell NFT on OpenSea:
- Encourage engagement on Instagram
- Make Sure to Use the Appropriate Hashtags
- Participate in servers on Discord
- Encourage the use of NFTs on Reddit
- Employ a Key Opinion Leader to Help Promote Your Artwork
- Distribute information about NFTs on Telegram Channels
- Utilize paid advertising
Where Does My NFT Go After I Buy It?
After you purchase NFT OpenSea, the NFT item will transfer to your digital wallet. In the meanwhile, the NFT seller will receive the funds. After your purchase completion, return to your profile and click on the collected tab where your purchased NFT will be displayed. The transaction process can take a little time due to the varying transaction processing timings.
How Do I Sell My NFT Fast on OpenSea?
At Opensae, you must have a MetaMask to buy your first NFT. This is a crypto wallet that lets your purchase your tokens faster.
How Do You Buy and Sell Your First NFT on OpenSea a Step by Step?
How can you trade NFTs on OpenSea? here’s a step-by-step guide to that:
Here's how to sell NFT on OpenSea:
- Click your OpenSea profile icon for trading NFTs on OpenSea
- Choose the NFT that you want to sell from your digital wallet
- Click on sell from the top right of your page
- Select the type of sale and the price of your NFT item
- Select the duration using the calendar
Here's how to buy NFT on OpenSea:
- Browse through the NFT collection at OpenSea
- Select the NFT you want to buy
- Click buy now
- Connect your crypto wallet
- Select your payment method
- Review fees
- Confirm your order
Now that you have your answer to how can you trade NFTs on OpenSea, to buy and sell NFT on OpenSea is easier than you might have imagined it to be. However, you should also know that scams are a part of online trading, and pricing may be unpredictable.
Phishing and other forms of financial fraud are systematic ways for unscrupulous individuals to con others out of their money. In addition, the NFT industry is rife with "wash traders," who produce phony trading activity on specific collections in an effort to make such collections seem more enticing to investors.
In any event, it is essential to bear in mind that this is a very new market that is primarily unregulated in the vast majority of countries. As a consequence, it is necessary to stay on the safe side and take the required actions to protect your financial resources. Now that your answer to “can you trade NFTs on OpenSea?” and know how to list your NFT on OpenSea and trading NFTs on OpenSea, it's essential to know that these cryptographic assets are based on blockchain. And there are multiple agencies that help with blockchain development as a service. With the rising scope of blockchain development as a career, finding the best blockchain development agency takes time and effort. To help you with that, here are Distinguished lists of blockchain development agencies. As a B2B service-providing platform at Distinguished, our list of agencies is top-reviewed, and their high clientele speaks of their experience.
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