Despite being one of the hottest digital ventures right now, there’s still a lot of confusion regarding buying and offloading NFTs on the OpenSea marketplace.
For starters, most people don’t think they’ll need a Metamask wallet before buying NFTs.
However, you do.
So, the first step to trading NFTs is to install MetaMask. Log on to opensea.io, click the “My Profile” tab and download the MetaMask extension.
You’re good to go once you install this crypto wallet. But a coinbase wallet can work too. So it’s not a must to you choose Metamask, but it is the simplest solution.
Everyone wants to get their hands on OpenSea NFT collections, but most think it’s hard to create NFTs and get scared of trying. This brief step by step guide will show you what you need to know.
How to Sell NFTs
Selling an NFT on this platform isn’t that hard either. Once you click the wallet tab, you’ll need to go ahead and purchase some Ethereum. Then, click the wallet icon and pick “Directly Deposit Ether” once you have some ETH in your wallet. The procedure here is the same as in many other NFT marketplaces. On your OpenSea account, go to the top right of your webpage and click the profile picture.
Next, select the digital assets you want to offload from your wallet. Once you’ve picked the digital art, music, or in-game item you wish to offload, click the sell option on the top right corner.
You’ll be able to choose the type of sale and price once you get to the listing page. For example, in Fixed Price sales, the seller will establish the final cost of the non-fungible tokens.
Cost of Selling NFTs on OpenSea
When selling a digital asset on this exchange, you’ll have to contend with a 2.5% service fee, meaning they take 2.5% of all sales made on the platform. In addition, sellers will have to pay the gas fee when they accept offers. All the details about gas fees, payment tokens, and the like are on the OpenSea homepage, even matters of the expiration date.
When you sell NFTs on OpenSea, you won’t have to worry about transaction speed as much. However, as demand increases on the Ethereum network, processing times could take longer.
Who Pays Gas Fees?
Miners on Ethereum have to pay these transaction fees. OpenSea doesn’t get these fees and can’t refund them. So when you buy and sell digital items using this particular blockchain technology, you’ll need to be prepared for this. Several NFTs have the same rules.
However, gas-free transactions don’t require the user to pay these fees.
Joining the right NFT community will help give you some insight into things like price history, trading volume, etc. So getting an NFT on OpenSea could be one of the best investments you make.
Double check the ending price of anything you buy and make sure you get what you’re paying for.