NFTs! if you’re in touch with the online world you must have heard the word NFT, like Twitter CEO Jack Dorsey, who sold his first tweet for 3 million dollars as NFT. Musician grimes sold her digital art for more than 6 million dollars and an artist named Beeple sold his NFT for 69 million dollars. So how to buy and sell NFTs?
In this article, I’ll explain to you how you can buy and sell NFTs very easily and also I’ll explain to you what is NFTs and the technology behind NFTs.
What is NFT?
NFT stands for Non-Fungible Tokens. Now, what are non-fungible tokens?
This fungible word comes from the economic section in economics a fungible is something that can be replaced and non-fungible means something that cannot be replaced.
For example, if I got a 200 rupees note then I can replace it with any other 200 rupees note or four 50 rupees note or ten 10 rupees note the value will be the same that is I’ll still have 200 rupees this makes 200 rupees note replaceable (fungible).
But non-fungible means non-replaceable for example picture of the Mona Lisa, you can find the image of the Mona Lisa by doing a simple google search if you want you can print it then frame it and hang it on your wall but you know that it’s not the original one and the picture that is hanged on the wall can’t be replaced with original painting so this makes the original painting of Mona Lisa non-replaceable (non-fungible) because it has some value and emotions attached to it.
In short, NFTs are non-fungible tokens that help establish proof of ownership with only one official owner at the time in the digital world.
How do NFTs Work?
These NFTs are based on the underlying technology of cryptocurrencies that is blockchain. The majority of NFTs reside on the Ethereum cryptocurrency’s blockchain. When you buy or sell an NFT the transaction record gets stored in the distributed public ledger of the cryptocurrency which means you basically told everyone that now I own this NFT.
The transaction records of the public ledger of any cryptocurrency cannot be modified or tampered with because in real-time almost a group of computers verify, approve, and write your transaction in public leader and that public ledger is stored in millions of computers so currently, it’s impossible to modify or tamper public ledger of any cryptocurrency.
Buy And Sell NFTs
There are so many marketplaces available out there on which you can buy or sell NFTs like OpenSea, Mintable, Rarible, etc; but I will recommend you OpenSea marketplace because this site is the leading marketplace for NFTs and you can create your own NFTs on this site and sell them and also you can buy NFTs from this site very easily.
Create A MetaMask Wallet
No matter which marketplace you use, to buy or sell NFTs you are going to need an Ethereum wallet. So for that, I would recommend you to create an Ethereum wallet with the help of MetaMask.,
MetaMask is available for both android and ios devices and it can also be installed as an extension in web browsers like chrome, edge, firefox, etc; no matter you are on Linux, Windows, macOS, or any other operating system.
After you finish downloading and installing MetaMask on your phone or PC open it and then follow the steps given below to set up a MetaMask wallet. (For those who have installed extension just click on the Fox icon in your extension bar to start setting up a MetaMask wallet.)
- After you open MetaMask you’ll be greeted like “Welcome To MetaMask” here just click on get started to start creating an Ethereum wallet to buy and sell NFTs.
- Now, if you have already created a MetaMask wallet you can recover it by clicking on import wallet button, and if you haven’t then click on Create Wallet button to start creating a new wallet.
- On the next page, MetMask will ask your prermission to collect some data so that it can help in improving their service. If you want you can agree to this or if you don’t you can simply click on No Thanks.
- After that create a password for your MetaMask wallet. Make sure to keep this password little simple because you will require every time you authenticate or every time you log in and then make sure you remember that password and then click on Continue button.
- After you create a password the next page will be about a short video from MetaMask that you can see to secure your wallet. They will tell you how to secure your wallet if you want to watch it you can and then click on next button.
- Now, you will see your secret recovery phrase make sure to write this recovery phrase on some notebook and keep it safe because if you forget this recovery phrase you might lose your wallet and if someone gets that recovery phrase they can access your wallet.
- After you have written down your secret recovery phrase on the next page you need to arrange them in the same order to confirm that you have written it and then click on Continue.
- After this your wallet will created successfully. That’s it!
Make sure to keep your recovery phrase safe and make sure you don’t lose it because if you will lose it you lose your wallet.
Logging Into OpenSea
In order to buy or sell NFTs first, we need to log in to OpenSea using the Ethereum wallet that we’ve just created using MetaMask.
- Click on the wallet icon that is on top right side of the screen and then select MetaMask to login into OpenSea with MetaMask wallet.
- A tab will pop up of the MetaMask extension and here you have to click on Next button and then Connect button to connect MetaMask with Opensea so that you can buy asn sell NFTs.
- Done! You’ve successfully logged in to OpenSea using MetaMask wallet.
Now that we’ve successfully logged in to the OpenSea marketplace, let’s see how to buy and sell NFTs.
How To Buy NFTs From OpenSea?
Purchasing NFTs from OpenSea is so simple and straightforward. Just follow the steps given below to purchase NFTs from OpenSea.
- Visit OpenSea by clicking here.
- Here, by clicking on Explore button you can explore all of the NFTs that are available on the marketplace.
- If a NTF catches your eyes then you click on it and you can simply click on buy and then approve that payment from your MetaMask wallet and you’ve successfully purchased the desired NFt.
So buying an NFT is so easy as compared to selling. Now let’s see how to sell NFTs?
How To Sell NFTs ?
To sell NFTs first we need to create NFTs and then sell the NFTs that we’ve created.
- To create NFts all you have to do is to click on the create button that is on the top right side of the screen.
- After that upload anything that you want like image, audio, video any digital item and then fill the basic details like name & description.
- In blockchain section you need to select polygon this is why because in ethereum you need to pay a listing fee something about 2.5 percent but in polygon you don’t have to pay anything. So the listing is free in polygon after that click on create button to create an NFT.
Now as you can see in the image below that we’ve created an NFT named 8-bit love now let’s see how to sell NFT that we’ve just created. (Sell NFTs)
Selling an NFT is simple as buying an NFT. Follow the steps given below to easily sell NFTs that you’ve created.
- To sell NFTs simply click on sell button for the NFT that you want to sell.
- After that enter your price in ethereum and if you want you can change the sale duration and also you can reserve NFT for a specific buyer.
- After you are done with price and everything click on complete listing button to list your NFT for sale. After that you need to sign it with MetMask wallet. The MetaMak extension will pop up and you have to simply click on sign button and your NFT will be listed for sale.
After you’ve listed your NFT you will see a message from OpenSea that will say “your NFT is listed!” As in the image below.
So this you how you can create NFTs and sell NFTs very easily using OpenSea marketplace. It is not mandatory to use OpenSea to create or sell NFTs or to use MetaMask to create an Ethereum wallet. There are plenty of options available out there that you can try if you don’t like these platforms. If you’re stuck somewhere or don’t understand a part of this article don’t forget to watch my youtube video given below about the same topic that this ” buy and sell nft’s“.