How to Buy and Sell NFTs (If You Must)

• Go to your Profile
• Click on the desired NFT.
• Select the blue Sell button at the top right of the screen.
• Pick Fixed Price if you want to sell for a specific price, or Timed Auction if you want people to bid on your NFT.

Charges:

• OpenSea charges an account initialisation fee for your first listing.
• Ethereum transactions have "gas fees."
• For an offer, the seller pays the gas fee.
• For fixed price sales, the buyer pays the extra cost.

The most popular type of NFT collection is the profile picture projects. A series of digital artworks is created around a single theme.

For example, one NFT in the 10,000-pice collection on CryptoPunks may be unique for having pink lipstick and 3D glasses, but the overall style is immediately recognised as part of the larger project.

A well-known 2021 profile collection was the Bored Ape Yacht Club from Yuga Labs. The most expensive ape sold for 769 ETH (approximately $2.3 million) on the OpenSea marketplace.

• Avoid spur-of-the-moment buying decisions. Take time to research who is behind a project. Only invest what you can afford to lose in NFTs.
• Newcomers are encouraged to find someone they know in real life to help pick out an NFT. OpenSea also gives suggestions for staying safe.
• Ensure any NFT listings are closed on the blockchain when you want to hold onto an item.

While specific NFT projects may involve rug pulls, general interest is growing.

Moxie Marlinspike, the former CEO of Signal, calls the consolidating nature of platforms into question. He mentions potential issues for crypto wallets that rely on OpenSea to display NFTs. For example, if your NFT is removed from OpenSea, it also disappears from your wallet, even if your NFT is indelibly on the blockchain somewhere. The wallet is just using the OpenSea API to display NFTs.