This will give you the ability to set the price of your NFT and schedule your listing. Once you have an account set up, all you need to do is enter your debit card or bank account info into your Coinbase account to be verified. Once you are verified, you can purchase ETH and other cryptocurrencies on Coinbase.
After the latest Series C funding of $300 million, OpenSea stands at a $13.3 billion valuation. What was once considered a speculative bubble has now become a market-expanding technology. From social media creators to large-scale enterprises, everyone is looking to enter the NFT space. Copy that address and go back to your MetaMask wallet. Below, you’ll find the option “Import Tokens.” Click there and choose “Custom Token.” Paste the address that you copied from the Etherscan page.
When you find something you like, you can buy it directly or make an offer. Keep in mind that some NFTs will have the option “Place Bid,” where you can make an offer to the owner to acquire the item. If you see an NFT like this, make sure you see the number of offers already made to have an idea of how much money you can bid. The most primal one of them would be because they want to invest in a new, speculative, and very volatile asset.
If you purchase crypto with your debit card the funds will usually be available immediately. Purchase crypto using your bank account however, and you may not receive your funds for 3-5 business days. In order to obtain your own cryptocurrency, you will need to set up an account with a trustworthy exchange such as Coinbase.com.
Despite being the hottest venture to dive into, there are still plenty of confusion as to how one should go about it. Here we have created a step-by-step guide to OpenSea – one of the world’s largest NFT markets – to get you started. On the other hand, there are creator and OpenSea commission fees. OpenSea and creators take home a maximum of 12.5% in commissions and royalties for every sale. On the creators’ side, NFTs make sense because content ownership is fully retained. For example, artists and musicians no longer have to depend on third parties and forgo a chunk of equity stake.
How to buy and sell NFTs on OpenSea
You don’t have to pay anything upfront outside of gas fees. OpenSea will automatically deduct these charges and transfer the remaining amount to your wallet. The easiest way to buy an NFT is at a fixed price set by the seller. So you have to make an attractive offer much better than previous bidders for the owner to accept.
You can find more information on Openseas fees via their help center. Congratulations, you have successfully minted your first NFT on the OpenSea NFT marketplace. Moving forward, if you created a collection, you can always mint new NFTs into that collection. After you obtain your wallet of choice, you will need to put some cryptocurrency in it. When determining what kind of cryptocurrency you want to use, it really comes down to personal preference. However, the most common currency used for trading NFTs on OpenSea is ETH/WETH.
It serves as a backup access to the account, so make sure not to lose it. Wait for the installation to complete and look for the “Welcome to MetaMask” page. Choose “My Profile” and press the “Get MetaMask” button. Then, download the necessary extension for your browser.
Setting up your OpenSea account
Before diving in and showing how to buy an NFT on OpenSea, let’s take a step back and briefly remember what non-fungible tokens actually are. Keep in mind that if you are making a collection for someone else or as part of a group, OpenSea does not support contract level splits. So, if you need to split revenue between two parties, you will have to do it outside of OpenSea.
When you’re ready to buy, hit confirm and wait until your purchase is processed. On OpenSea, bids must be at least 5% higher than the previous one. But for the sake of the example, we’re just going to buy at a fixed price.
For this walkthrough, let’s use Metamask, as it’s the most popular one. It is available on metamask.io, and you can add it as an extension to your browser like you normally do. The utility of NFTs also translates to blockchain games. Axie Infinity, My Pet Hooligan, Treeverse, and many more NFT collections enable holders to play games using their NFT avatar. In addition, they also create in-game economies around these gaming NFTs to incentivize active players. Choose whether to sell it at a fixed price or a timed auction, the currency, and the expiration date for the sale.
It’s not uncommon to see people lose their money to scammers through phishing or rug pulls. On OpenSea, the currency you will use to buy is Ether (ETH). For this guide, we’ll use MetaMask, the most popular web wallet for NFTs, although Coinbase Wallet is also quickly becoming the crowd’s favorite. In contrast to NFTs, fungible goods are interchangeable and indistinguishable, like fiat currency.
If you end up needing to cancel your offer, you will need to pay a gas fee in order to cancel your bid. Yes, OpenSea charges a small compensation fee for the infrastructure they are offering for free. It includes a 2.5% commission and 10% creator royalties on every sale.
How to Buy an NFT on Opensea
Buying and selling NFTs on the OpenSea marketplace is not so complicated. Here’s a step-by-step guide on how to do it quickly and securely. This means creators can earn revenue every time their NFT is sold using OpenSea.
- Moving forward, if you created a collection, you can always mint new NFTs into that collection.
- OpenSea was founded in 2017 by Alex Atallah and Devin Finzer.
- If you are going with a fixed price, select the “Buy Now” button.
- So you need to have a wallet like Metamask or a Coinbase wallet.
- When you’re ready to buy, hit confirm and wait until your purchase is processed.
The creator can modify this fee percentage at any time. Etherscan allows you to search the blockchain for addresses, transactions, tokens, prices, and anything else taking place on the Ethereum blockchain. Generally, after you have set up your OpenSea account you will login by digitally signing, using your wallet. Now that you have your wallet loaded with some cryptocurrency, you are ready to set up your OpenSea account.
What Are the Costs Associated with Canceling a Listing?
We know it can be overwhelming to explore the crypto space. Non-Fungible Tokens (NFTs) are unique digital certificates of tokenized assets on the blockchain. The assets can represent anything in the real or digital world, from images and videos to metaverse avatars and virtual lands. Apart from speculating on their future valuation, though, some investors choose to purchase NFTs as a form of digital art. To sell an NFT on OpenSea go to Menu, then select Account, and finally go to your Profile where you can choose which of your NFTs you want to sell.
Further, NFTs have many innovative use-cases that can potentially disrupt industries like fashion, gaming, and music. So NFTs are here to stay and lead the Web3 revolution — are you ready? In any case, it’s important to keep in mind that this is a very young market that’s heavily unregulated in the majority of jurisdictions. As such, it’s necessary to address it as such and take the precautions needed to protect your capital. Buying and selling NFTs on OpenSea is not as hard as you would think. However, be aware that there are a lot of scammers in this field, and prices can be extremely volatile.
OpenSea was founded in 2017 by Alex Atallah and Devin Finzer. Both saw immense potential in NFTs when CryptoKitties captured mainstream interest in digital collectibles. But they quickly realized marketplaces for digital goods operated in silos. And when the ERC721 token standard rolled out, their idea to create a unified marketplace became possible for the first time.
So, you can potentially lose 12.5% of your final sale amount in fees. If you listed your NFT for X amount, you would not receive the same amount after making the sale. There are several fees involved that eat into your profits. For starters, there is a one-time fee you’ll have to pay for account initialization and token approval. If you are a creator who built a custom smart contract, you also have to pay a one-time approval fee.
You can’t swap the Mona Lisa for another painting, for instance. Non-Fungible Tokens (NFTs) are encrypted digital files stored on the blockchain. They are tokenized versions of digital items, such as images, videos, artworks, etc.
Step 2: Browse the OpenSea NFT collections
We understand it can be complex for someone new to crypto and NFTs to set up a wallet and interact with a marketplace like OpenSea. This guide will walk you through a simple step-by-step process of buying and selling NFTs on the OpenSea marketplace. If you put an offer in, you will have to wait until the buyer either accepts or rejects your offer.
You can sell NFTs at your desired/fixed price or let the market decide its highest value by setting up a timed auction. With an auction, your NFT will be sold to the highest bidder after the duration is over. If you are going with a fixed price, select the “Buy Now” button.
