Non-Fungible Tokens or NFTs have been selling for millions online.
They have proven to be a point of appeal for a lot of collectors due to the fact that they cannot be replicated, are fully unique, and have proof of ownership on the blockchain, which cannot be compromised easily.
Each NFT can easily be traced, and the original creator of that specific NFT can always be known.
Creators can earn royalties whenever their NFT gets re-sold down the line, which is why many digital creators are looking for ways to sell their NFTs efficiently.
You can learn how to set royalties on Opensea by reading this article about setting up your custom collection and editing your collection settings.
It’s easy to sell your NFTs on OpenSea and track the performance of your collection. Let’s take an in-depth look at how selling on OpenSea actually works, so you can learn everything you need to know.
What is OpenSea?
OpenSea is this peer-to-peer marketplace for crypto collectibles as well as non-fungible tokens. In other words, it is a website where you can buy or sell a variety of different NFTs, such as domain names (ENS), digital art, and collectibles, all through the usage of an Ethereum wallet, like Metamask.
You can also buy or sell your NFTs on the secondary market through OpenSea, which is what makes Opensea an excellent option for many longer term projects looking to capitalize on royalties as the projects roadmap unfolds.
Keep in mind that the exchange charges fees; however, are typically lower compared to other competitors.
At the current time, OpenSea has over 200 categories of digital assets as well as over 4 million NFTs for sale on the website.
OpenSea is hiring as the #NFT summer goes bonkers. Currently, the team of only 37 people is handling 98% of the nonfungible token trading volume. https://t.co/BvnLjQ4Lpi
As a decentralized marketplace, the smart contracts on OpenSea give users the opportunity to interact with the platform without giving away custody of their NFTs. The digital assets never need to leave a user’s wallet before they make a transaction, and users aren’t even required to make an account, assuming the user has a supported web3 wallet.
All of the assets on OpenSea are owned by the users, and you can buy these NFTs using Ether (ETH) or any other of the supported cryptocurrencies.
The marketplace is essentially this web browser page that allows you to search for NFTs, and if you want to buy or sell a specific NFT, you can filter it out through categories, collections, the blockchain network it’s minted on, and so on.
How Does NiftyKit Mint Your NFTs?
NiftyKit, by default, offers unlimited file sizes for specific formats such as PNGs, JPGs, SVG, GIF, MP4, and others that will be implemented in the future such as 3D/AR and audio files. NiftyKit NFT Creation Tool helps creators mint and create NFT collections so that you can host and launch your drop.
NiftyKit mints your work on the Ethereum platform. With the latest updates, NiftyKit also allows you to mint NFTs through the usage of Polygon alongside the Ethereum blockchain, which makes things quicker, inexpensive, and eco-friendly.
Read more about the differences between Ethereum and Polygon and which blockchain you should choose when minting your NFTs.
How to Sell and Buy NFTs
Curious about how to sell NFT on OpenSea? Here is what you need to do.
Once you have minted your NFTs on NiftyKit, you’ll want to list them on Opesea to sell them. There are many NFT platforms that you can use to sell your NFTs, and in order to do so, all you really have to do is connect your wallet. The most popular NFT marketplace out there currently is OpenSea.
This is where most of the volume is happening for the buying, selling, and trading NFTs.
In order to list your NFT for sale on OpenSea, you need to connect to your Metamask wallet you used to create your NFT Collection and NFTs on NiftyKit. top-right corner of the screen. Here, you will be taken to another screen that will ask you to connect your Ethereum-based wallet. Once you enter your credentials, you will automatically have your wallet connected to the marketplace and you will be able to manage your creations.
You might need to digitally sign a message in your Ethereum wallet in order to prove that you own your wallet address. However, this will be completed quickly.
NFTs minted on NiftyKit will be owned by the wallet you use when you mint your NFT. Your wallet will need to be connected to Opensea with the same Metamask account to manage and sell your NFTs on Opensea marketplace.
How to Buy and Sell on Polygon
Again, we are talking about OpenSea here, so that being said, all of these steps are tailored towards the user interface and design of OpenSea. Other marketplaces will have their own similarities and differences as to how this process is completed.
To buy an NFT on Polygon, you need to check Polygon under the “Chains” section on the left panel when you are browsing through the NFT assets.
To buy NFTs on polygon, you need to click on them, and click on the big blue “buy now” button.
If this is the first time you are purchasing an item on Polygon, you will need to unlock the Polygon trading option on your wallet. This is done only the first time.
Once you sign the unlocking transactions, your NFT purchase will be processed quickly.
To sell an NFT on Polygon, visit the location of your NFT and click on “Sell,” which should be located in the top right corner.
This will take you to a new popup window, where you can select your selling price and currency and view any fees associated with your sale.
Once you have confirmed your sale details, click on “complete listing,” after which you will be asked to complete your listing in an additional window.
If you are using MetaMask as your cryptocurrency wallet, it should be a popup on the browser extension. Once you click on “sign,” your crypto wallet will require you to sign the transaction on your end. Once you authorize it, it should be done.
If everything goes according to plan, you should see a confirmation that tells you that “Your NFT is listed!” and you can easily copy the item link and share it on social media.
Additionally, you can also go back and see your newly-listed NFT that will appear to potential buyers.
How to create NFT Collection on Opensea
NOTE: Before minting and creating collections, please understand the difference between minting on your own smart contract vs. minting on a shared smart contract. Opensea currently offers “collections” but NFTs minted in this collection is being minted by Opensea’s shared contract:
We recommend going with your own smart contract through our NiftyKit platform so that you can customize and own your own contract but at the same time leverage the power of Opensea to sell in the primary or secondary market.
If you still want to create a collection on OpenSea, all you have to do is navigate to the “create” button, which should be highlighted in blue when you are connected to Opensea with Metamask. This will take you to a screen, where on the top right corner of the screen, you will find “my collections.” From here, you can click on the blue “create” button.
Now, a window will appear in front of your screen, which allows you to upload your artwork. Here, you can add a name and include a description. This will allow you to create a folder for your newly minted NFTs to go into.
Once you assign an image for your collection, you will need to add a banner image to the page just by clicking on the pencil icon on the top right corner of the screen.
That’s all there is to create a collection on OpenSea.
On OpenSea, NFTs can be programmed to a point where each transaction will include royalties, allowing creators to be rewarded fairly for their work.
NFTs are fully created and stored on the blockchain.
This allows them to be seamlessly traded from a wallet to a wallet, with royalties that pay out every time they move.
In fact, on OpenSea, you can set up royalties to 10%.
To do this, you need to go to your collection editor and adjust the percentage fee field. Here you can set up a fee of up to 10%. Here, you can also specify the payout address where you wish to receive the fees.
These royalties also apply to primary sales. If you set up a sale price of 1 ETH and have your royalty at 5%, you will receive 0.925 ETH from the sale, as 2.5% goes to OpenSea, and 5% is the royalty.
In two to four weeks, you will receive back the 5% royalty or 0.05 ETH.
How to make an NFT Collection
From OpenSea, go to your profile icon and go to the “My Collections” tab.
Here, you can select “Create a Collection” to start your new collection. Once you have multiple collections, they will be viewable within this tab.
That being said, you need to enter your collection’s name, description and eventually upload an image or a logo. Keep in mind that you aren’t making NFTs, and all of these details can be updated in the future.
Once your collection is created, you can begin adding items.
To do this, click on “Add Items” to start.
If you want to update your banner image, you need to select the pencil icon on the top right, and your banner image will look different across multiple devices, so the recommended dimension is 1400 x 400. The text should be avoided for the best results.
Additionally, once you have uploaded your NFT files, you can also add a category to the collection, as this will increase its level of discoverability on OpenSea.
You can even add social media links related to your projects. After you fill out all of the fields, you can decide on the secondary fees or royalties percentage. That is everything you need to do in order to make an NFT collection.
Learn how to get a custom smart contract and add your collection to OpenSea so that you can have a custom branded token and still be able to collect secondary sales royalties in perpetuity
Refreshing Your Metadata if It Is Not Active
You should consider refreshing your metadata as well, assuming it is not active. The process of doing so is fairly straightforward as well. All you really need to do is visit the item page and click on the metadata refresh button.
This should be located right under the blue “Sell” icon.
OpenSea Metadata Freezing Issues
Freezing is an important aspect of NFTs due to the fact that it locks the info so it cannot be altered later.
This will permanently lock and store your NFT on decentralized file storage, which allows your data to be accessible for other clients to view and use. Your item will be forever stored and will never be lost or missing.
However, there are issues associated with this.
For example, most NFTs have a function within their smart contract that returns the metadata which corresponds to the token identified the token has. The return value is typically a URI on the cloud server, which the developer runs. If the content, in this case, is controlled by such a server for the NFT, then the NFT is centralized and can suffer from impermanence and fallibility issues.
Making Your Own Private Sale on OpenSea
In order to start your own private sale on OpenSea, here is what you need to do.
Go over to your profile on OpenSea and click on the NFT that you would like to sell.
Click on “Sell” on the top-right corner of the screen. If your NFT is already up for sale, you will need to delist it first before initiating the private sale.
Additionally, you need to select “Set price” as your sell method. Enter the price that you want to sell it for, click on the Privacy toggle, and enter the buyer’s address.
Double-check if everything is okay in terms of the details and click on “Post your listing.”
Two popups will greet you. One will be from OpenSea that will inform you of the process of listing. The other will be from MetaMask, which will ask you to sign a transaction and confirm the listing.
Check the transaction in MetaMask and click on “Sign.”
Your buyer can now visit the item on OpenSea, and they will be able to buy it.
With all of this in mind, it is clear that OpenSea have truly streamlined how you can buy as well as sell NFTs on their platform.
This process is seamless, takes little to no time, and anyone with a bit of tinkering can truly make their sale shine.
If you want to start minting your own NFTs which you can sell on OpenSea, make sure to visit NiftyKit and create your NFT today.