OpenSea is undoubtedly the best place to sell NFTs regardless of the fact that there are a host of other NFT marketplaces. This is a guide on how to sell NFTs using the OpenSea marketplace.
Digital assets such as CryptoKitties, artwork, and even domain names, to name a few, are all available for sale on the OpenSea marketplace, and there are no restrictions on what you may offer to sell.
A large number of individuals have inquired about how to sell their NFTs on OpenSea, which motivated us to put this tutorial together.
Please be aware that OpenSea is not the only platform available for selling NFTs. Before we go into detail about the many stages involved in selling NFTs on OpenSea, it is important to point out that there are other platforms available.
Without wasting more time, here’s a step by step guide on how to sell on OpenSea NFTs using the OpenSea marketplace.
Here’s a quick rundown on how to sell NFTs using the OpenSea marketplace
- Create and connect an ETH wallet to OpenSea
- Create NFT collection on OpenSea
- Set up the NFT collection
- Go to opensea.io
- Choose the price and type of sale
- Completing your sale
#Step 1: Create and connect an ETH wallet to OpenSea
To get started, you’ll need to link an Ethereum (ETH) wallet to OpenSea. It’s important to remember that your wallet doesn’t have to be full, and you don’t have to possess any cryptocurrency.
If you don’t already have a wallet, we recommend MetaMask or Coinbase Wallet, both of which perform well, are widely used and are simple to use.
NOTE: When connecting your ETH wallet to OpenSea, remember to back up your recovery phrase. You’ll need your wallet to confirm several of the steps in this guide, so have it on hand.
#Step 2: Create NFT collection on OpenSea
Since NFTs on OpeanSea are made within a collection, we recommend that you create an NFT collection first before moving on to the next stage. To make an NFT collection, simply go to your profile icon in the upper right corner, select My Collections, and then Create.
#STEP 3: Set up the NFT collection
The next step is to set up the NFT collection after you’ve created it. You may now name your collection, change the URL, and add a description of your choice, as well as upload photos (including logo, featured, and banner).
You can also set the Royalty percentage cost here, which may be of interest to you. What percentages do these royalties represent? This is the percentage you’ll get paid from NFTs you develop every time they’re sold and traded.
If you sell an NFT for $X, you will make $X at first, but if the buyer resells it to someone else, you will make money again by receiving a portion of the new transaction. Personally, I like a royalty rate of 10%.
#Step 4: Go to opensea.io
To get started with selling your NFT, go to opensea.io and click Profile, then select your profile image in the top right corner. Select the NFT from your wallet that you want to sell.
To go to the listing page, select Sell in the top right corner.
#Step 5: Choose the price and type of sale
You’ll then be directed to the listing page, where you may set the price and type of sale. Keep in mind that a Fixed Price sale is one in which the price remains constant. The price is fixed at 1 ETH.
One unique feature of selling NFTs on OpenSea is the ability to set a time limit for the sale. The default settings are 1 day, 3 days, or 1 week, but you can also use the calendar to create a custom duration.
Other things you can do include;
- Group your NFTs from different collections
- Reserve the item meant for sale for a specific buyer (Simply paste their address into the Reserve for a specific buyer form below).
#Step 6: Completing your sale
Here, you’ll be asked to sign a transaction to confirm your sale. Keep in mind that if this is your first time selling on OpenSea, you’ll need to activate your wallet first.
Additionally, if the item you’re advertising was not minted on OpenSea but rather through a custom contract, additional approval and signature may be necessary before OpenSea can trade it on your behalf.
After you’ve finished the listing, you’ll see a confirmation pop-up like the one below. Don’t forget to share your ad on social media!
Select the Activity option from your profile page to see the things you’ve posted for sale. The transaction List will appear next to the item you just listed.
FAQ How to sell NFTs using the OpenSea Marketplace
What fees do I pay for my first listing on OpenSea?
OpenSea is a peer-to-peer marketplace that never holds a seller’s items. As a result, new users must do two one-time transactions on the site.
These two transactions are: initializing your account to allow you to place sell orders, which only needs to be done once. Second, when a sale occurs, you must grant OpenSea access to your item (or all products in the collection, if the collection supports it).
If the item you’re listing was not minted on OpenSea but rather through a special NFT contract, this may be required. If this is your first time listing an auction, you’ll also need to give WETH permission to use your information.
Will NFTs created on OpenSea be visible on other platforms?
After NFTs have been purchased or transferred, NFTs developed on OpenSea will be visible on other platforms.
NFTs made on OpenSea aren’t added to the blockchain unless they’re bought or sent to another wallet. The method is known as ‘Lazy Minting.’
According to OpenSea, the “lazy minting” tool was created in 2020 to make it easier for artists to enter the NFT industry by not collecting any upfront gas fees. The gas fee is a one-time fee that is charged when a new NFT is created on the blockchain network.
How can I manage my offers on OpenSea?
Receiving low offers on things placed on any site can be aggravating for sellers. You can use counter-offers to alleviate your frustrations. When you receive a bid that comes close to your asking price, press the Counter to start a negotiation.
This will produce a new private listing that is only available to the individual who made the first offer.
It can be difficult to swiftly examine all of the offers that come in. The Floor Difference indicator can be used to assess the strength of an offer.
In this article, we’ve explained how to sell NFTs using the OpenSea marketplace and also the fees involved in selling your NFTs on this Market place. As a smart user, you can always read more to get a hang of how to put up your NFTs for sale on any NFT marketplace.
