How Do You Sell An Nft

Updated 6/9/2022

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If you lot are interested in purchasing cryptocurrencies so you tin can purchase NFTs, we recommend using
Coinbase. You lot tin can check out our full how-to guide to buying and selling an NFT
here.

What Y’all Should Know Virtually Gas Fees When Selling An NFT On OpenSea

When selling an NFT, in that location are iv scenarios in which you lot’ll pay gas.

1. Wallet Approval to sell on OpenSea for the outset time.

2. Listing an item on OpenSea for the first time (yes, it does cost money to sell on OpenSea)

3. When you lower the price or cancel a listing (more on how to avert this in the article below)

4. When yous accept an OpenSea bid / o from a heir-apparent.

Beneath is an paradigm from OpenSea that shows the two gas fees when y’all sell your starting time NFT on OpenSea.

Source: Opensea

How To Sell An NFT On OpenSea

Allow’s break downward the all-time manner to sell an NFT on OpenSea:

The first step is to ensure you’ve got your MetaMask connected to OpenSea:

Source: Opensea

And then Sign the Transaction:

Source: Opensea.io

After you sign, y’all’ll stop up at your account.

From hither, cull the NFT y’all’d similar to sell:

Source: Opensea.io

When selling, you lot can set up a fixed cost to sell at, offset an eBay fashion auction, and even a dutch auction.

The most common auction is a fixed price fix to expire at a sure date.

Setting A Time Limit Is Important

The maximum amount of time a list is agile is for six months, and y’all can make information technology shorter if you lot choose to.

Go along this in mind considering if yous need to change the cost or cancel your listing earlier it expires, y’all’ll pay an Ethereum gas fee. These fees quickly add up if you lot need to alter the price or cancel your list a handful of times.

It’s better to set your list for a brusque menstruation of time and relist it once more afterward vs having to cancel the listing 4 months afterwards and pay a gas fee:

Source: Opensea.io

Some people adopt the set and forget method with an expiration date far into the future. Others like to play a footling more hands-on and modify the price more frequently with an expiration appointment of a week, solar day, or even just a few hours.

The brusque expiration date play is especially useful when the market place is seeing a lot of action and the Floor Price fluctuates many times a day.

Consider the market conditions and your personal trading way when setting the expiration appointment.

Finding The Market Price To Sell An NFT On OpenSea

Some NFTs are rare, making them worth more than and so y’all’ll want to check your NFTs rarity.

Another way to check your NFT’s market value is using OpenSea’s filters to see what similar NFTs are selling for.

You don’t desire to accidentally sell your NFT for a big discount because at that place are always people looking for a steal. Make sure you’ve done your research on your NFT’south market value before listing information technology for sale.

One time you lot’re confident in the market value of the NFT you own, type in the price you lot desire to sell your NFT for, and
ensure you get the decimal point correct.

Selling an NFT worth 0.08 for .008 is a error you do not want to make.
Yous can meet the dollar amount of your NFT under the Price in ETH

Source: Opensea.io

Y’all’ll encounter a fee is taken out by OpenSea for providing the platform, and Creator Royalties will be different for every project.

Once you’ve selected your time period and price, sign the transaction for free and cross your fingers for a heir-apparent to come forth and scoop it up!

Source: Opensea.io

Electronic mail Notifications On OpenSea

Once signed, you can turn on e-mail notifications to get an warning of any activity on your listing. This includes offers from buyers.

Email notifications are adept because MetaMask won’t send you a notification if your item sells:

Source: Opensea.io

Receiving Offers On Your NFT In OpenSea

Yous tin receive offers on any NFT you ain, not just the items you lot’ve listed for sale.

These offers, if accustomed, will exist paid out in Wrapped Ethereum. Wrapped Ethereum has the exact aforementioned value equally Ethereum. You’ll notice most offers are for less coin than the NFT is actually worth. There are almost always buyers looking to strike a deal. You tin create a Counter Offer to raise the price if you’d like. As a seller, you’ll pay the gas fee when accepting an offering, paid out in ETH.

If y’all want to Bandy your Wrapped ETH back to Ethereum, you’ll pay a gas fee in ETH. Information technology’s always a good thought to exit a few hundred dollars in Ethereum to pay for gas fees. I understand that’s a lot of money to spend on fees. There are emerging marketplaces that allow piddling to no fees when ownership & selling.

Creating An Auction On OpenSea

Source: Opensea.io

If your NFT is a unique, serialized NFT (most profile moving-picture show projects are), you lot can hold a timed auction, similar to a sale on eBay.

You lot’ve got a few options at your fingertips:

Method

Sell to the highest bidder – Bidders drive the price upwards and the item goes to the highest applicant at the time limit.

Sell with declining price – This allows you to create a dutch sale where the toll starts high and decreases to a certain price at a specified time.

Duration
– Set your auction to end at a certain time. You can choose any amount of time up to 6 months from now.

Reserve Toll
– If your auction doesn’t striking this price, information technology doesn’t sell. Y’all don’t have to set a reserve price, merely it’s often a skillful precaution to ensure you don’t sell for also cheap. Many sellers practise this to test the marketplace and come across what price their NFT will get. Bidders will see that there is a Reserve Price but they won’t get to come across what the price is until it’s reached.

The buyer will pay the gas fee when the item sells. It’south totally gratuitous to list an item for sale. You’ll just pay the OpenSea & Creator fees when the item sells.

The buyer volition pay the Ethereum gas fee when they buy.

Setting A Private Listing In OpenSea

A private listing is useful for ensuring but a certain person can purchase the item. This is keen for peer-to-peer deals where you’re offering a certain price and want to ensure a specific person can purchase it. All you’ll need is their Ethereum address.

Source: Opensea.io

What Happens If Your NFT Doesn’t Sell On OpenSea?

If your NFT doesn’t sell on OpenSea, it will even so remain in your wallet, but you won’t be able to use a loss (if that’s your scenario) for NFT tax-loss harvesting.

We learned this lesson the hard manner in 2021. If an NFT yous own is going downwards in value and you’re at a meaning loss, you lot may want to consider selling, because if you don’t, you tin’t count it as a loss against your gains from other NFTs.

Delight proceed in mind that we are not taxation professionals or financial advisors, so any of the to a higher place is from our personal experience.

Conclusion

I hope this commodity makes selling an NFT on OpenSea crystal clear.

If you lot institute this article helpful or have whatever questions nigh web3 & NFTs, reach out on Twitter. I love helping people learn well-nigh this amazing space and I hope to be an asset in your journey