Here’s A Step-By-Step Guide On How to Buy or Sell Your Very First NFT (Non-Fungible Tokens) on OpenSea Market place — So, if you have less or no idea about selling or buying NFTs, you are on the right page.
I’ll do my best to make this article a short and detailed one for easy comprehension. If you don’t have any idea of NFT then I suggest you check our previous article on minting your NFTs on OpenSea.
As discussed earlier in the previous post which focuses on minting your first NFT on the Opensea Marketplace,
“An NFT or a Non-Fungible Token is a digital asset that is stored in the blockchain. — Digital assets are files created electronically, and that exist as data held on a digital storage drive or computer system.
A Non Fungible Asset is unique and cannot be directly interchangeable with each other and the Value of the NFT is given by the community.
NFTs are way beyond JPEGs & Gifs as many believe, because of their Uniqueness, NFTs can represent an Art, a picture, a meme, a tutorial, a skit, a tweet, a Song, Music Video, basically any digital asset. NFTs also Work Perfectly For Real Estate.”
This guide will show you how to sell (and buy) NFTs on OpenSea.
1. You’ll need a wallet that is compatible with the blockchain network that supports the NFTs you wish to buy — I recommend you use metamask.io for the OpenSea marketplace (you can Click Here to learn how to set up your meta mask wallet}
2. You’ll need to fund it — Go to your MetaMask wallet and click on “Buy” — you can make a crypto deposit directly or use a debit/credit card.
Now, let’s proceed to selling and buying NFTs on the OpenSea marketplace.
How to Buy NFTs on OpenSea MarketPlace
To buy NFTs from any collection of your choice then you’ve to either know the name of the NFT or you can explore the Open Sea Marketplace, searching for assets that are worth your budget.
You can do this by hovering on the “Explore” menu and you’ll be provided different categories of NFT collections; ranging from arts, music, collectibles, domain names, sports, trading cards, photography and the like — You can also view All NFTs.
Once you’ve located a particular NFT that catches your attention and you’d like to buy them; you can either place a bid (time auction) or purchase them outrightly (fixed price)
If you’re to make an offer then bids must be at least 5% higher than the previous one.
How to Purchase an NFT on OpenSea
I assume you’re on the page of the NFT you intend to buy now, so; let’s do this…
For example, we’re purchasing a celebrity NFT called the “Determined Cristiano Ronaldo #1“
1. Hit the “Buy Now” link to proceed to the checkout page, and accept open sea terms of service.
2. OpenSea will redirect you to your Meta Mask wallet to complete your purchase.
3. You’ll be shown details such as the estimated gas fees and the amount of time to process the transaction.
4. You can change the gas fees by clicking on Edit, but keep in mind that lowering gas fees will considerably reduce transaction speed.
5. When you’re ready to buy, hit confirm and wait until your purchase is processed.
6. Next, wait some time for your newly purchased NFT to be added to your collection; you don’t necessarily need to do anything on your end.
Viola!! That’s all on purchasing your first NFT on the OpenSea Marketplace.
How to Sell NFTs on OpenSea MarketPlace
Listing is free but Opensea collects 2.5% of each sale, but, to get set up for selling on OpenSea for the first time, you must initialize your wallet, which requires a one-time gas fee.
- Click on any of your assets and click on the “SELL” box at the top right-hand side.
- You’ll be redirected to a page where you can fill in the criteria for the sale (such as the fixed price or a timed auction, the currency, and the expiration date for the sale.)
- Lastly, hit the “Complete Listing” button to list your NFT for sale on OpenSea
Now to see your NFT on your meta mask wallet (it comes up automatically most times but…), at times you’ve to add them manually.
- Locate your NFT > Navigate to Details and click on the contract address to be redirected to the Etherscan page of the specific address of your NFT.
- Copy the address and paste it into the “Custom Token” under “Import Tokens” on your Meta Mask wallet.
Now you can see your NFT right below your funds.