NFT or Non Fungible Tokens are gaining popularity among artists and art lovers, digital creators and others all over the world. It allows people to sell digital items such as music, art, pictures, and so much more. These days NFTs are a way to protect and monetize people’s original work and allow the collectors to buy them.
What is OpenSea?
‘OpenSea‘ is one of the most popular peer-to-peer marketplaces to buy and sell on a verifiable infrastructure powered by blockchain technology. openSea is the largest NFT marketplace with over $3.5 billion worth Ethereum based NFT trades as recorded in August last year alone. It has posted $20 million worth of NFT trading volume for the entire of 2020.
Cryptocurrency:
After determining your preferred crypto, you will have to put that currency in your ethereum wallet. After linking your banking details, purchase your desired amount of cryptocurrency. Your funds may take a week or more than that for you to process.
Now,
- go to the Connect Wallet tab in the Menu
- Select the type of wallet you are connecting to opensea
- It will prompt open a digital sign-in page to confirm that you want to connect your wallet to your opensea marketplace
- Update your account details next, and then you are all set to make your purchase or sell at Opensea marketplace.
How to sell your NFTs on OpenSea?
It is not rocket science; in fact, it’s a straightforward task for you to perform.
- In your account, go to the menu option
- Select account and go to your profile
- Choose the NFTs and tap on the Sell button.
- That will allow you to [put a price on your NFTs and schedule the listing as well
There are four kinds of selling options that are listed there,
Fixed price/ buy now: It enables your NFTs for Buy now price; it is the preferable option if you already have a set price
Dutch Auction/ Begins high and ends low: It’s put as to how auctions are done. You set a starting price, ending price and time duration for your NFTs; with time, the price you set decreases down, ending at the highest price bid.
Auction/ starting price or reserve price: It is like a standard auction, but unlike the last option, you don’t put an ending price to it. You put a minimum price and let the bidders bid for it until you get your desired price. Another feature of this option is that you can set a reserve price for it and can accept an offer of your choice.
Bundle/ listing of multiple NFTs as one bundle: As the title suggests, you get to sell multiple NFTs to the same buyer. This saves your buyer from paying numerous gas fees as you are selling more than one NFT to a single buyer.
How to buy NFTs?
Similarly, while buying NFTs, you fall on the other side of the features as mentioned above. So, first of all, keep those things in mind, then follow these steps;
- Sign in to your Opensea account
- Use the Search option or Explore tab to look for NFTs that interests you
- After finding the NFT of your choice, select it
- Click on Buy Now or Make offer
- Then complete the transaction
If you made an offer, then for the buyer’s nod, it may get approved or rejected. If you had chosen the Buy now option, the transaction would occur immediately. Then go to your profile of OpenSea account and open the collected tab; you can see the purchased NFTs there.