Would you like to buy or sell NFTs (Non-fungible Tokens) but don’t know how to do it? Let the article help you with detailed step-by-step instructions.
How do I buy NFTs?
Are you ready to buy NFTs? Before thinking about buying NFTs, don’t forget to consider the following points:
First, you need to decide which marketplace is ideal for you to buy the NFTs. Then determine which wallet you need to download in order to get on the platform and buy NFTs.
In addition, it is also a must to choose a cryptocurrency that you would have to use to finance the wallet. You should consider whether or not the NFTs you want to buy can be sold at any given time.
Note that not every NFT is available on every platform. Assuming you want to go for NBA top shot packs, what should you do? You would need to visit the NBA Top Shot website and open an account.
Next, you need to open a dapper wallet. Choose either a suitable fiat currency option or the USDC stablecoin to fund the Dapper wallet.
Then you have to go through a waiting period. If a package of cards is advertised, you can try to buy it. You have to do it quickly before someone else gets them.
When it comes to selling inadequate NFTs, art and pack drops have become extremely popular. They cater to the needs of buyers who are serious about looking for NFTs.
Would you like to opt for art and pack drops? Then you need to sign up and create an account and fund it in advance. Otherwise, there is a high chance someone else will buy NFTs as soon as they fall.
Note that a lot of people would be waiting for art and pack drops. So it will only take a few seconds and you will see that the sales process is complete. That means you need to prepare everything in advance before buying NFTs.
How do you sell NFTs?
Do you want to sell your NFTs? Then you’d have to go to your collection and find it. Next, click on the NFTs and find the “Sell” option.
- Click on it and you will be taken to the pricing page.
- Next, you need to clearly state the terms of the NFT sale.
You also need to decide whether to sell your NFTs at a certain price or to enter an auction.
The most popular cryptocurrencies that NFTs can be sold for include ethers, as well as other ERC-20 tokens.
Next, visit OpenSea and find the collection picture on the platform. You will find the “Edit” option next to the collection picture.
It’s time to sign the message using the power of your wallet. Would you like to find the function to program license fees? Then all you have to do is scroll down to get the option. Now decide on the ERC-20 token that you would like to receive by selling your NFT.
Best of all, royalties allow non-fungible token makers to receive commissions when a new person buys the asset. This means that there is a continuous cycle of selling and buying NFTs. Hence, artists and content developers can make it a lifelong passive source of income. The credit goes to smart contracts!
Note that you may have to pay a fee when listing your NFTs in a marketplace. The fee is charged to complete the overall procedure. While not every platform would charge you a fee, in this day and age of NFTs you should be prepared for it.
Some popular marketplaces for buying and selling NFTs
Now you are familiar with the step-by-step process of buying and selling NFTs. It’s time to get to know some well-known marketplaces in order to achieve this. Industry leading NFT marketplaces include OpenSea, SuperRare, Foundation, Rarible, and Nifty Gateway.