Over the past years, NFTs have become one of the most popular technologies around the world for artists, collectors, developers, investors, and many others to exchange goods or services. OpenSea is one of the most popular places to sell NFTs, and people love the platform.
While blockchain-based technologies used to be limited to a few selected groups of financial and technically savvy people due to their nature, NFTs have been able to captivate millions around due to their apparent simplicity.
Of course, there are a whole lot of technical aspects to NFTs that make them a technological marvel.
However, the idea of thinking about an NFT as a certificate of ownership and authenticity is way easier to understand than the financial basis of cryptocurrencies. This difference has played largely in favor of the NFT space, with adoption from celebrities like Jimmy Fallon, Snoop Dogg, and many others also playing an important role.
NFTs are here to stay, no matter how popularity fluctuates over time. As such, getting familiar with the selling and buying process is a great skill to have for the future, especially for tech-savvy early adopters.
Selling an NFT On OpenSea: Step By Step
Now it’s time to jump straight to the point. In this guide, we will provide you with as much information as possible.
However, it is important to keep in mind that even if we update the guide the day before you read it, things might have changed.
As such, if something seems out of place, always refer to the official documentation as it will surely be up to date. That being said, let’s get started!
Step 1: Set Up Your Wallet
If you are thinking about selling an NFT, you are more likely to already have one than not. This means that you already should own a crypto wallet in which your NFTs are stored.
If so, you can forget about this step as long as the crypto wallet where you have your NFT is compatible with OpenSea. At this time, these wallets are:
- Coinbase Wallet
- Opera Touch
If your wallet is not on the list, make sure to check the official article on the supported wallets or if your wallet of choice offers WalletConnect, which is also supported by OpenSea. This is a protocol used by many wallets to connect to decentralized apps and platforms.
Important Note: Make sure you are on the correct Metamask website as they are lots of scams around. Never click a link from email or messages on social media platforms. The correct URL is https://metamask.io
Make sure to check if your favorite wallet offers this feature.
If you don’t have a wallet, on the other hand, we recommend you use MetaMask. This is one of the most, if not the most, popular crypto wallets in the NFT space. You can see how to set it up under the “Set Up Your Wallet” on the “How to Buy an NFT on OpenSea” guide.
Step 2: Connect Your Wallet to OpenSea
Now that you have a wallet, you will need to connect your wallet to OpenSea. This is as easy as going to OpenSea’s Login page and clicking the “Metamask” button.
A “Connect With Metamask” prompt will pop up once you do so. Click “Next” after making sure the right wallet is ticked.
Your MetaMask is now linked to OpenSea. Click on “Accept and sign” to finish the process by clicking on “sign” in the window that will pop up. This is basically the same as clicking on “Sign up” on any other website and implies the acceptance of the terms of service.
You now have an OpenSea account which will use your wallet as the key. Just add funds to your MetaMask wallet and you will be ready to sell your NFTs using OpenSea!
Step 3: Choose the NFT You Want to Sell
This one might sound like a no-brainer.
However, many people have issues finding the right way to do it as it is not immediately obvious. This is because OpenSea requires you to go to the top right of the page, click on your profile icon, and then on “Profile”.
Doing this will show you your current collection and all of the compatible NFTs you have in your wallet. By clicking on it, you will get a window with some information on the NFT and 2 big buttons in the top right corner: Edit and Sell. As you want to sell your NFT, make sure to click that button.
Step 4: List Your NFT
You are now ready to list your NFT, which is what will allow other users to see it and make offers for it. This process works pretty much the same way as with platforms like eBay and Amazon: You set the price for the asset and the duration of the listing.
There are 2 ways in which you can list your NFT. These are ”Fixed price” and “Timed Auction”. As the name suggests, the first one will see you set up a fixed price that “anyone” (more on this in a moment) can pay to buy the NFT from you.
The second one will have users make offers for the NFT, with the winner being determined in a specific way.
Let’s take a closer look at both!
There is not much to say about this method if you have ever sold something online before: You set the amount you want to be paid for the asset, someone accepts, the transaction takes place.
However, you might have noticed we used quotation marks for “anyone” before. This is because you will be able to reserve the NFT for a particular person if you wish to do so.
By clicking on “More options” you will get a new section in which you can enter a specific wallet address. Only the person using that wallet address will be able to buy the asset from you. This option is great if you already have a buyer and are using OpenSea only to complete the transaction.
The “Timed Auction” functionality can be a bit confusing for some users for a simple reason: There are 2 types of timed auctions: Selling to the higher bidder and selling with a declining price.
If you choose the “Sell to the highest bidder”, you will be listing your NFT using the traditional auction we all know and love. If using this method, other users will be able to bid on your listing during the time frame you selected.
Once this period is over, the highest bidder will get the NFT and you will receive the full amount that was bid.
When selling to the highest bidder you will be able to set a reserve price, which is the lowest bid you are willing to receive for the NFT. If anyone bids below this price, you will be able to either decline or accept the offer.
The “Sell with Declining Price“ option will list your NFT using the “Dutch Auction” system. This method is similar to listing with a fixed price with the difference that the price of the asset will be reduced as time passes.
When listing using this mechanism, you will set a starting price, a duration, and the ending price, which should be the minimum you are willing to sell the asset for.
Once someone bids for the asset, it will be sold just like a fixed price listing.
Step 5: Complete the Sale of Your NFT
Once you have filled in all the information required for the listing after selecting a method, you will be able to complete the process by signing the transaction. This will require you to have initialized your wallet and to have your NFT approved if not minted using OpenSea.
These processes are as simple as authorizing your wallet to OpenSea and just require you to follow the prompts.
Once the listing is complete and the conditions for the sale are met, the transfer of the NFT to the buyer and the Cryptocurrency to your wallet will be automatic.
You just sold an NFT!
How Easy is it to Sell an NFT?
Unfortunately, while the idea of an NFT is easy to grasp, the same can’t be said for the platforms used to interact with them. While platforms like Rarible, OpenSea, and Foundation have sought to be as similar as possible to popular platforms like eBay and Amazon, there is an essential difference: NFT marketplaces require the use of blockchain technology in one way or another.
By having to connect their platforms to one or more blockchain networks, developers have to choose between having their users use tools like crypto wallets to keep ownership of their assets at all times or taking the blockchain component away from the user.
With blockchain and NFTs providing users with benefits like true ownership, full transparency, and top-notch security, it is easy to say why most opt for the first option.
While buying, selling, and buying NFTs might seem daunting at first, you will find that it is easier than most people believe. If you are reading this guide, you probably already have acquired an NFT by buying it or having it transacted by someone else.
If this is not the case, we recommend you check our buyer’s guide…Otherwise, you are already familiar with tools like crypto wallets and cryptocurrency, which will make everything easier.