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how to Sell NFT on Opensea

How to Sell NFT on Opensea Detailed Guide

How to Sell NFT on Opensea?

Are you prepared to sell your first NFT with OpenSea? This tutorial will show you how to get started.

  • Using OpenSea to sell an NFT
  • Navigate to the top right of the page on OpenSea, click your profile symbol, and choose Profile.
  • Select the NFT from your wallet that you want to sell.

Screen_Shot_2021-12-03_at_1.41.41_PM.png

To go to the listing page, select Sell in the top right corner.

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You’ll be directed to the listing page, where you may set the sale price and type.

The seller determines the NFT pricing in a Fixed Price deal. The price is fixed at 1 ETH in the screenshot below.

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You can also choose how long the deal will last. The default settings are 1 day, 3 days, or 1 week, but you can use the calendar to create a custom duration.

Screen_Shot_2021-12-03_at_1.57.01_PM.png

Finally, you have the option of reserving the item for a specific customer. Enter their wallet address in the Reserve for a specific buyer field to do so.

Screen_Shot_2021-12-03_at_1.58.24_PM.png

The possible fees from the sale are given at the bottom of all of those alternatives. In this scenario, the transaction includes a 2.5 percent OpenSea Service Fee and a 10% Creator Earnings, for a total of 12.5 percent. On OpenSea, this is the maximum percentage that can be deducted from an NFT sale.

Completing your transaction

You’ll be prompted to sign a transaction to confirm your sale.

Please note that if this is your first time selling on OpenSea, you will need to initialize your wallet first. Additionally, if the item you’re advertising was not minted on OpenSea but rather through a custom contract, additional approval and signature may be necessary before OpenSea can trade it on your behalf.

Screen_Shot_2021-12-03_at_1.59.17_PM.png

You’ll see a pop-up confirmation like the one below after your listing is complete. Make sure to publicize your listing on social media!

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Select the Activity tab on your profile page to see the things you’ve posted for sale.

The transaction List will appear next to the item you just listed.

Additional Info

Which file types may I use to create NFTs? Is there a size limit?

To create your NFT, you can use a range of file formats such as graphics, movies, audio, and even 3D models (see below). The maximum file size supported is 100MB, although, for quicker loading times, we recommend keeping it under 100MB.

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How do timed auctions work?

Auction is a fun method to sell your NFT.

The two types of auctions accessible on OpenSea are explained in this guide:

  1. Sell to the highest bidder: in the end, the highest bidder wins.
  2. Sell at a decreasing price: the price decreases until someone buys it.

Let’s take a closer look so you may sell your NFT on OpenSea with confidence.

Please note that at this moment, OpenSea does not support timed actions on Solana, Polygon, or Klaytn.

The highest bidder wins

  • If a Sell to the highest bidder auction concludes above 1 ETH, OpenSea will automatically complete the transaction and pay the gas fee.
  • If the auction ends with a price less than 1 ETH, the seller must accept the highest bid. The seller is not required to finish the transaction.
  • Bidding on this type of activity is similar to making a fixed-price offer. The seller can accept it at any time, but the buyer will require WETH to submit a bid.

Screen_Shot_2021-09-29_at_17.02.06.png

Please note that any bids placed in the final ten minutes of an auction will cause the sale to be extended by ten minutes. New bids placed in the last 10 minutes frequently extend popular auctions.

You can cancel an auction at any time, but you’ll have to pay the gas price to do so.

Prices on Reserve

You can set a Reserve Price while executing a Sell to Highest Bidder auction. The auction will conclude without a sale if no bids equal to or greater than your reserve price are received.

I’ve established a reserve price of 2 WETH with a starting price of 1 WETH in the example below.

Screen_Shot_2021-09-29_at_17.09.02.png

Because OpenSea covers the transaction fee when the auction concludes successfully, auctions cannot have a reserve price lower than 1 ETH. The seller can accept a bid below the reserve price at any moment during or after the auction, but he or she will be responsible for the cost of gas.

Please keep in mind that once an auction has begun, users will not be allowed to adjust the reserve price.

Note: Thanks for reading “How to Sell NFT on Opensea”.

Credit to original Article & Images: support.opensea.io

 

 

 

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