NFTs, or Non-Fungible Tokens, are unique digital assets that are stored on a blockchain. Billions of dollars in NFTs are sold each year. In this article, we will show you how to get started buying and selling NFTs.
The first step in buying NFTs, also called minting NFTs, is choosing an NFT marketplace. One of the most popular NFT marketplaces is OpenSea. It’s a great place to get started. Once you’ve selected the marketplace, you will also need a cryptocurrency wallet. There are many wallets to choose from. For OpenSea, you will need an Ethereum compatible wallet. We suggest using MetaMask. It’s a very popular wallet and is compatible with most crypto projects. If you need help getting a wallet, we have a separate article on how to set up a MetaMask wallet.
From the OpenSea website, you need to connect your wallet. You also need to make sure you have cryptocurrency in your wallet. Ethereum is the most popular cryptocurrency used on OpenSea. OpenSea can convert Ethereum to other cryptocurrencies, which also makes it very convenient to use.
Now select the “Create” button. Choose the image or video file you want to convert into a NFT. Give it a name, and add an external link to your web page to share more details about your NFT or project. Fill out the description and provide other details about the item.
Once you’ve minted the NFT, you will be given the option to list it for sale on the marketplace. Follow the prompts to provide details such as the price, how long the auction will run, and the cryptocurrency buyers can use to pay you. The marketplace will then calculate any gas fees, which is the price charged for transactions on the blockchain network. After the auction ends, the highest bidder gets the NFT.
One money-saving trick is using Polygon instead of Ethereum to sell your NFTs. The Polygon network offers much lower transaction fees, which means more profit for you.
We hope you enjoyed our article on buying and selling your first NFT. Now you’re ready to sell your own NFTs or look for great projects to invest in.