Learn more about crypto with this collection
How to create and sell NFTs
The future of NFTs
The benefits and drawbacks of NFTs
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.
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.
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.
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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