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How to Make Money Selling NFT on OpenSea

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How to Make Money Selling NFT on OpenSea

OpenSea is a convenient way to trade your NFTs, but you must be cautious. Scammers and wash traders abound on the platform. Fortunately, there are ways to protect oneself from such shady businesses. First and foremost, you’ll need an Ethereum wallet. It’s worth mentioning that OpenSea only allows Ethereum-based NFTs, but other cryptocurrencies can still be listed. You’ll also need to link your wallet to the OpenSea platform. After that, you’ll be able to sell your NFTs.

How to Make Money Selling NFT on OpenSea

The next step is to choose which NFT you want to sell. You have the option of listing it as an auction or as a fixed-price sale. You must set a price threshold for a fixed-price sale. You can also specify a starting price and an end date. If you decide to sell your NFT via auction, you must specify a minimum bid price.

Finally, you must choose the appropriate blockchain. You must authenticate your account if you are using an unsupported blockchain. If you are unsure whether your wallet is supported, you can use Etherscan to find out. By filtering the listings, you can also discover the market worth of the NFT you’re attempting to sell.

There is also a Timed Auction option on the site. This allows you to establish a fixed price for a defined length of time and let buyers compete to buy your NFT. However, if you’re a first-time seller, you can only use the Timed Auction option. You must also pay a small charge for each listing, and you must open a Seaport account in order to transfer payments.

Most jurisdictions do not fully control the site, so do your research before putting your money at risk. You should also look into the market value of your NFT to ensure you’re obtaining a reasonable price. Also, bear in mind that if you’re trying to sell anything extremely valuable, you may need to raise your price on a regular basis to attract buyers. If you want to sell anything less valuable, you can forgo the Timed Auction function and instead go with a fixed-price sale.

There is also an NFT Scheduling tool on the site. If you want to sell your NFT to someone else, you should limit the amount of copies available. It’s also a good idea to look into the history of your purchases. If you made a bad purchase, you can remove it off the site by using the delisting tool.

There is also an NFT-related privacy option on the site. This is useful if you don’t want your friends and relatives to know about your purchases. To confirm your sale as a first-time seller, you must sign a transaction. If you’re not sure if your NFT has been posted for sale, you can look at its listing history. To assess the market worth of your NFT, you can also use OpenSea’s filters.