How to Sell an NFT?
You've probably heard of non-fungible tokens (NFTs); At this point, you might even be ready to stop hearing about NFTs. Beeple's Everydays: The First 5,000 Days sold for over $69 million in March 2021 and sparked wider interest in digital art and sustained media coverage. WIRED senior writer Kate Knibbs sold one of her tweets as NFTs, and senior editor Sandra Upson even described some CryptoPunks. The concept of digital ownership can be difficult to grasp, and with so many of the strongest voices heavily invested in NFTs, it can be difficult to know who to trust. Our blockchain guide is a good place to start if you're looking for a deeper discussion of core topics like Ethereum.
Be careful when entering the world of NFTs. Investments can disappear overnight. Your transactions when buying NFTs are not private and cryptocurrency wallets have limited security features. In addition, the energy consumption of blockchain transactions contributes to climate change. change. With this in mind, if you still want to buy and sell NFTs, here's what you need to know.
###How NFTs are bought and sold?
Before you reach for your debit card, it's important to understand that NFTs are bought using cryptocurrencies. Most transactions on OpenSea, the preeminent marketplace, are conducted using Ethereum and a cryptocurrency wallet is required to participate. OpenSea's current competitors include SuperRare, Nifty Gateway and Rarible. Two common cryptocurrency wallet options are Coinbase Wallet and MetaMask.
First, visit the OpenSea login page and connect your crypto wallet. Visit your profile where community members can view collected NFTs. Profile pages track your favorite NFTs and market activity. Active offers and received offers are also visible on your profile page. You are now ready to move around the market and potentially make a purchase.
Some listings have a Buy It Now option while others allow the owner to place an offer. When you click Make Offer, you select the amount you are willing to pay and a due date. Once the trade is complete, the NFT is transferred to your wallet and appears in the Earned tab on your profile page. OpenSea earns 2.5 percent of each market transaction.
:max_bytes(150000):strip_icc():gifv()/NFT-587f00e494374188b3c62a4f262bd86a.png)
OpenSea charges an account setup fee for your first listing. Ethereum transactions incur a so-called gas fee. When a seller accepts a bid made on an NFT, they pay the gas fee. In the case of fixed-price sales, the additional costs are borne by the buyer. NFT's Reign Supreme Profile Picture
Profile picture projects are the most popular type of NFT collection. A series of digital artworks are created around a single theme, e.g. B. a monkey or an alien. The subject is often in the center of the image and is repeated with a variety of facial expressions, skin tones, and accessories.
###Are These Marketplaces Safe?
Anyone who decides to spend money to buy an NFT should exercise caution. Pay attention to the advice you internalize. Kim Kardashian and Floyd Mayweather Jr. are facing a class action lawsuit over their involvement in a blockchain project. Minimal regulation means it can be difficult to confirm when a celebrity is being paid to endorse something.
"Only invest in NFTs what you can afford to lose. I know many people who bet everything without knowing what they are doing," says Parekh. purchasing decisions and encourages taking the time to research who is behind a project. OpenSea VP of Products Shiva Rajaraman advises newcomers to find someone they know in real life to help them choose an NFT. together rather than feeling like you need to do in isolation.
” When it comes to interacting with OpenSea, the company's website offers several tips to stay safe, such as: B. Sharing your secret recovery phrase and avoiding suspicious links.
