How To Buy And Sell Non-Fungible Tokens (NFTs)

Today, we are going to learn how to buy and sell NFTs with ease. Even if you’re new to crypto, this tutorial will lead you through the process that you require to start buying and selling non-fungible tokens in the NFT market.

Step 1: Buy Ethereum

The first step in getting involved in the NFT market is to purchase some Ethereum. If you do not know what it is, Ethereum is a form of digital currency that runs on a blockchain. There are many exchanges that will enable you to make this purchase.

Step 2:  Go To An NFT Website

There are many of these websites such as Opensea, Rarible, SuperRare and others. We shall focus on Opensea since it is the most popular that can also enable you to purchase your own NFT or even sell your own artwork.

Other websites dedicated to buying and selling of NFTs such as Foundation and Rarible do not receive random submissions from artists, so it is a good idea to focus on Opensea which does not apply a more stringent procedure in accepting submissions for those that want to sell their NFT artworks.

Listing your artwork is more difficult in other platforms than in Opensea. Accessing these platforms is easy with your chrome browser for the best experience.

Step 3: Sign Up On An NFT Marketplace

Sign up with Opensea from the homepage before you can make a purchase. Bear in mind that you can also click on the featured images to be prompted to sign up and make a purchase if you have not already done that.

Step 4: Setup A Browser Wallet

Metamask

You need a browser wallet to use the NFT marketplace such as Opensea.io. There are several browser wallets that you can select from. Metamask is the most popular and it is also easy to use. You should set it up and store your recovery phrase offline. This will enable you to recover your wallet if you lose your device.

Step 5: Transfer Some Ethereum

The browser wallet is an important element in the purchase or sale of NFTs. Transfer some of the Ethereum that you bought earlier into your Metamask or any other browser wallet that you already set up.

Transfer from Exchange Wallet To Browser Wallet

To transfer some Ethereum, head back to the exchange where you bought or intend to buy Ethereum. There are many exchanges where you can do this with your credit card.

If you have already bought the coin, login to your exchange wallet and select Ethereum as the coin that you want to send.

Then go back to your browser wallet such as Metamask and click on your send option.

Then copy your Metamask Etherem address and paste in the address field of the exchange.

Click the send button to transfer Ethereum from your exchange wallet to your Metamask wallet. You’ll get the option to save the address. This will make it easy for you the next time that you’re sending Ethereum to your Metamask wallet. Click on the wallet icon on the top right hand corner on Opensea to locate the fund that you have sent. If you cannot see it, refresh the browser to find the funds that are usually instantaneous.

Step 6: Buy NFT

Now you can navigate to the Opensea platform and view the listed artworks. You can select any of the NFTs that you need to purchase. Click on the artwork that you want to purchase and click on the Buy Now.

There might be options that ask you to make an offer for the NFT or for artists that prefer to place their works as auctions, you have the option of placing a bid. The “place bid” enables you to bid for NFTs in options.

You can also see some NFT platforms that support the purchase of the use of other coins apart from Ethereum. Some of the options available are wETH and DAI. If the NFT marketplace supports purchase with another cryptocurrency, you can swap your ETH for the currency. Alternatively, you can send the required digital currency to your Metamask wallet.

So you either convert the ETH in your Metamask wallet to the preferred supported coin or make a deposit of the coin to your Metamask browser wallet.

So how long does it take to purchase an NFT? This doesn’t take more than a few seconds. After making a purchase, the NFT that you bought should appear in your profile screen. You can wait for a minute, then click on your profile icon on the top right corner. You’ll see the NFTs that you have already purchased. If you click on any of the NFTs, you’ll see a full description of the artwork.

Step 7: Selling NFTs

Selling an NFT that you already bought is simple. Click on the NFT and then click on the “sell” icon. Then set the price that you wish to sell your NFT. You can sell as an auction for the highest bidder. There is a 2.5% commission that goes to Opensea for each sale.

The essence of the whole NFT marketplace is to reward the artists. If you’re an artist or a creator, NFTs provide an unparalleled access to an immense market by enabling you to place your work on the blockchain.

NFT tokens and collectibles are of immense value. You can check the NFT marketplace and exchange that meets your aspirations here.

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.