A non-fungible token or NFT is a unique digital asset. Like cryptocurrencies, they can be bought or sold using blockchain technology. However, they are not traded with the same equivalency found in crypto tokens. Alternatively, each NFT differs in terms of content and value.
If that motivated you to start selling your own collection, but you don’t know where to begin, then you’ve come to the right place. This article will provide you a brief demonstration of the different ways you can sell your NFTs and the transaction fees associated.
Opensea: Largest Ethereum-Based NFT Marketplace
OpenSea is a host for over 1.8 million users, 2 million NFT collections, and 80 million NFTs. It’s known for being the largest Ethereum-based NFT marketplace according to its trading volume. It also offers cross-blockchain support across Polygon and Klatyn.
Founders of OpenSea, Devin Finzer and Alex Atalla, first collaborated for Y Combinator, the startup accelerator, to create a platform that pays its users in crypto for sharing their Wifi hotspot. However, when the launch of CryptoKitties (one of the first NFT gaming concepts), caught their attention the duo decided to develop and launch OpenSea instead.
“OpenSea is a decentralized marketplace for NFTs. It’s like an Ebay for NFTs where you can buy, sell, auction, and more. We are also an explorer for NFTs; you can find any NFTs on Ethereum and several other blockchains on our platform. You can also look up its history as far as where it came from, where it’s been sold, and so on.”Devin Fenzer, on Medium.
How To Sell Your NFT Art On OpenSea?
To sell your art on OpenSea you need to navigate to its website and connect your crypto wallet. Below is a list of wallets that are compatible with the platform. In case you’ve never minted an NFT using OpenSea before, we have previously provided a step-by-step guide on how to do so.
After you log in to your account, click on your profile picture on the top-right corner of the page and go to “Profile.”
You will then come across all the NFTs you’ve minted using OpenSea. So, press on the one you wish to sell, and click on the “Sell” button on the top-right corner.
You will be taken to a different page where you are required to specify your suitable monetization method. The OpenSea platform offers you two options:
- Timed Auction: This method of sale allows users to bid on an NFT during a certain period of time. If the auction ended with over 1 ETH, OpenSea will automatically complete the transaction. However, if the auction ended with under 1 ETH, it’s up to the creator to accept or reject the transaction.
- Fixed Price: This method of sale is used when creators prefer to put their NFTs up for sale where the price stays fixed.
After choosing the suitable monetization method, you can click on the “Complete Listing” button at the end of the page to put your NFT up for sale. Be aware that OpenSea charges a 2.5% fee for every transaction conducted using their platform.
What Are The Transaction Fees On OpenSea?
OpenSea is one of the Ethereum-based platforms that allow you to mint an NFT without having to pay any gas fees. That’s called the lazy minting system. However, if this is your first time selling on this platform, you will be asked to submit an estimated payment of 100 to 300 dollars. At the time of writing, I was asked to pay $226.43 (0.0675 in ETH). This is a one-time payment only and may vary depending on Ether’s value for the day. Beyond this point, you won’t be asked to pay gas fees for every NFT you create.
If you already have sufficient funds in your crypto wallet, you can click on the “confirm” button to complete your transaction. This will indicate that you have successfully listed your NFT up for sale on OpenSea.
Before NFTs, digital artists did not have the appropriate means to display their content. While many artists used Instagram and other social media platforms to gain exposure, it’s safe to assume that NFT marketplaces opened a wide array of possibilities for them. By creating NFTs, artists are finally able to promote and sell their content across several digital ecosystems.
In this article, we only mentioned one way to sell your NFTs. However, the recent surge in NFTs prompted the emergence of numerous NFT marketplaces. Therefore, keep in mind that there may be several other platforms more suitable for your content.
Sally is a student of International Business Management and is interested in topics related to blockchain technology. She is an author for gBlogo’s “Crypto World” column and provides insight on topics related to cryptocurrencies and NFTs.