Using OpenSea to trade your NFTs is straightforward, but you must exercise caution. There are numerous scammers and wash traders on the platform. There are, fortunately, measures to protect oneself from such dishonest businesses. Initially, you will require an Ethereum wallet. Notably, OpenSea only allows NFTs based on Ethereum, but you can still list products using other cryptocurrencies. Additionally, you must link your wallet to the OpenSea platform. After doing so, you will be able to sell your NFTs. Next, you must choose the NFT you wish to sell. You have the option of listing it as an auction or as a fixed-price sale. For a fixed-price sale, a price threshold must be set. Additionally, you can choose a starting price and an expiration date. You must establish a minimum bid price if you prefer to auction off your NFT.
Finally, you must select the appropriate blockchain. You will need to validate your account if you are utilizing a new blockchain that is not supported. You can use a tool such as Etherscan to determine if your wallet is supported if you are unsure. By filtering the listings, you can also view the market worth of the NFT you’re attempting to sell.
The website also offers Timed Auctions. This enables you to set a fixed price for a specific period and allows purchasers to outbid one another to acquire your NFT. However, only first-time sellers can utilize the Timed Auction function. Additionally, you must pay a small charge for each listing and create a Seaport account to transfer payments.
Before placing your money in danger on a site that isn’t fully regulated in most jurisdictions, it is prudent to perform your research. It would help if you also investigated the market value of your NFT to ensure that you are receiving a reasonable price. Remember that if you’re attempting to sell a valuable item, you may need to increase your offer frequently to attract buyers. If you’re selling something of lesser value, you can forego the Timed Auction function and choose a fixed-price sale instead.
The website also includes an NFT Scheduling function. If you intend to sell your NFT to a third party, you will need to limit the number of copies available. It is also vital to review your purchase history. If you’ve made a dud purchase, you can use the site’s delisting function to remove it.
The website also includes a privacy option connected to NFT. This is fantastic if you do not want your friends and relatives to view your buying history. If you are a first-time seller, you must sign a contract to confirm the sale. If you are uncertain whether your NFT has been listed for sale, you can examine its listing history. You can also use OpenSea’s filters to evaluate the worth of your NFT on the market.
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