Learn more about crypto with this collection
How to create and sell NFTs
The future of NFTs
The benefits and drawbacks of NFTs
NFT basics
The idea of digital ownership may be difficult to understand.
NFTs are purchased with cryptocurrency. Most of the transactions on the marketplace OpenSea are done with Ethereum. Other marketplaces include SuperRare, Nifty Gateway, and Rarible. The most common cryptocurrency wallet options are Coinbase Wallet and MetaMask.
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Buying an NFT
Visit the OpenSea login page and connect your crypto wallet. Then, visit your Profile, where community members can see your collected NFTs.
Now you are ready to browse through the marketplace. Some listings will show a Buy Now option, and others will allow you to place an offer to the owner.
If you click Make Offer, choose the amount you want to pay and the expiration date. After that, the NFT is transferred into your wallet. It will appear on your profile page under the Collected tab.
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How to put an existing NFT on the market
- 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.
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Profile Picture NFTs Reign Supreme
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.
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Caution using marketplaces
- 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.
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Facing a crowded, polarised future
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.
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