Using OpenSea is a convenient way to trade your NFTs, but you have to be careful. The platform is ripe with scammers and wash traders. Fortunately, there are ways to protect yourself from such duplicitous companies.First of all, you’ll need to have an Ethereum wallet. It’s worth noting that OpenSea only supports Ethereum-based NFTs, but you can still list items that use other cryptocurrencies.
Also, you’ll need to connect your wallet to the OpenSea platform. Once you’ve done this, you’ll be able to sell your NFTs. Next, you’ll need to select the NFT you’d like to sell. You can choose to list it as an auction, or you can set it up as a fixed-price sale. For a fixed-price sale, you’ll need to set a price threshold. You can also set a start price and an expiration date. If you choose to sell your NFT as an auction, you’ll need to set a minimum bid price.
Lastly, you’ll need to select the correct blockchain. If you’re using a new, unsupported blockchain, you’ll need to verify your account. If you aren’t sure whether your wallet is supported, you can use a service like Etherscan to check. You can also see the market value of the NFT you’re trying to sell by filtering the listings.
The site also has a Timed Auction option. This enables you to set a fixed price for a specified period of time, and let buyers outbid each other to acquire your NFT. However, you can only use the Timed Auction feature if you’re a first-time seller. You also need to pay a small fee for each listing, and you’ll need to set up a Seaport account in order to transfer your funds.
The site isn’t completely regulated in most jurisdictions, so it’s best to do your homework before putting your wallet at risk. You’ll also want to research the market value of your NFT to make sure you’re getting a fair price. Also, keep in mind that if you’re trying to sell something very valuable, you may need to constantly up your offer to attract buyers. If you’re looking to sell something less valuable, you can skip the Timed Auction feature and opt for a fixed-price sale instead.
The site also has an NFT Scheduling feature. If you want to sell your NFT to someone else, you’ll need to set it up to have a limited number of copies available. It’s also important to check the history of your purchases. If you’ve made a purchase that was a dud, you can use the site’s delisting feature to remove it.
The site also has an NFT-related privacy feature. This is great if you don’t want your friends and family to see the details of your purchases. If you’re a first-time seller, you’ll need to sign a transaction to confirm your sale. If you’re unsure whether or not your NFT has been listed for sale, you can check its listing history. You can also look at OpenSea’s filters to determine the market value of your NFT.
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