What is an NFT?

An NFT (non-fungible token) is a unique digital item stored on a blockchain. NFTs can represent almost anything, and serve as a digital record of ownership. 

To sell an NFT using OpenSea you’ll need a few things: an OpenSea account, a crypto wallet, and something really awesome to sell. It’s up to you to decide what that awesome thing will be. 

Your NFT will typically consist of two things: a piece of media (like an image or video), and what that media represents. For example, 3D digital art that represents ownership of that art, interactive media that represents digital land you own, or an image of a card that represents membership to an exclusive club.

How do NFTs work?

NFTs operate on blockchain technology. The blockchain is basically a large, digital, public record. The most popular blockchains are distributed across many nodes (read: people’s computers), which is why you’ll hear them described as “decentralized.” 

So instead of a central company-owned server, the blockchain is distributed across a peer-to-peer network. Because the blockchain records and preserves history, it is uniquely positioned to transform provable authenticity and digital ownership.

When someone creates, transfers, buys, sells, or otherwise does something with an NFT, that all gets recorded on the blockchain. This is what enables authentication. 

This record serves as a permanent statement of authenticity that can be viewed or accessed by anyone. Today, when you buy a piece of art or a collector's item, it typically comes with a paper certificate of authenticity, which you must then keep track of forever. It is easily forgotten, lost or destroyed, creating a very fragile system for authenticity. Blockchains offer a simple and more secure solution to this long-standing issue of proving authenticity.

What are NFTs used for?

An NFT can represent almost anything. Today, NFTs are being used in art, gaming, photography, music, domain names, memberships, and more.

New applications for the blockchain are constantly emerging. New use cases include identity verification, intellectual property, and storage solutions, like Courtyard, which holds physical inventory and enables you to safely hold, sell, or claim the item you’re ready to redeem. The possibilities for future applications are endless!

Who can sell an NFT?

Selling NFTs isn’t just for the people who create them. An NFT can also be sold by the collector who bought or received it from the original creator, or the collector who bought or received it from the previous collector, and so on and so on. Whoever currently owns the NFT can sell it.

Step 1: Choose a method for selling your NFT

There are a few methods you can use to sell your NFTs using OpenSea. You can sell your NFT for a fixed price and allow buyers to purchase it outright, or you can list it for auction.

Fixed price sales allow sellers to define exactly how much they want to sell the item for, and auctions provide sellers with the potential for a higher selling price based on how the market perceives your NFT. Think of it like any other auction: there is risk and reward associated with letting your bidders define the price of an item.

Which of the OpenSea-compatible chains currently support auctions?

Currently, Ethereum, Polygon, and Arbitrum all support auctions. 

What is an English auction?

English auctions

An English auction is also called a “Sell to the highest bidder” auction. Bidding on an English auction is similar to making an offer on a fixed price listing because the seller can choose to accept a bid at any time. If the seller accepts a bid, rather than letting the auction complete on its own terms, the seller will pay the gas fee.

Some of the fine print: Bids must be 5% higher than the previous offer. Also, a seller can cancel an auction at any time if they want to end it, but heads up, they will incur a gas fee.

Sellers can also choose to set a reserve price. This allows the auction to end without a sale if no bidders meet said price. For auctions on Ethereum, the minimum reserve price is the equivalent of 1 ETH. If the auction doesn’t meet the 1 ETH price, the bids will still be available so the seller can accept them. If they want, the seller can choose to accept a price below the reserve price but they’ll need to pay the gas fees.

Any bids made in the final 10 minutes of the auction will extend the auction time by an additional 10 minutes. If a bidder cancels the top bid, that action will also automatically extend the auction by another 10 minutes. 

You may be wondering if these 10 minute extensions can go on forever, but don’t worry, they can’t. The longest this can extend an auction is by one week.

Who decides the payment tokens an NFT can be purchased with?

When a creator makes a collection using OpenSea, they decide which payment tokens can be used when selling items in that collection. On future sales (after the initial creator’s sale), the new seller can decide which of the creator-chosen tokens to list their NFT in. The buyer must use the token dictated by the seller when purchasing that NFT, or they can submit an offer in WETH. 

Can someone make an offer on an NFT that’s not for sale?

Yes! Buyers can make an offer to buy NFTs even if they aren’t for sale, and sellers can choose to accept or ignore them. If you have your email connected to your OpenSea account, you’ll get an email notification that someone has made an offer on your item.

Step 2: List your NFT for sale using OpenSea

On OpenSea, navigate to the top right of the page and click your Profile icon. Select the NFT you would like to sell from your wallet. 

On the top right of the item page, click Sell.

Choose the type of sale and the price. In a Fixed Price sale, the seller establishes the NFT price. 

Set a duration for the sale by choosing a default duration or setting a custom duration using the calendar.

Lastly, you can choose to reserve the item for a specific buyer. To do so, open the More Options section and enter their wallet address into the Reserve for specific buyer field.

In all those options, you’ll see the potential fees from the sale listed at the bottom.

Step 3: Understand what fees are associated with selling an NFT using OpenSea

Any transaction, including sales, typically include gas fees and a marketplace fee. Buyers pay gas fees when purchasing a fixed-price item, and some transactions may also include creator earnings. Sellers pay gas fees when accepting offers. OpenSea’s fees are simple and straightforward: OpenSea receives 2.5% of the sale price of your NFT. 

Why should I sell my NFTs using OpenSea?

At OpenSea, we offer a variety of ways to keep costs to a minimum while selling your NFTs. The new protocol for buying and selling NFTs using OpenSea, Seaport, significantly lowers gas fees. You can save an estimated 35% in gas fees for transactions using Seaport. It also eliminates the one-time setup fee to use our marketplace. And because OpenSea is compatible with Ethereum, Polygon, Klaytn, Arbitrum, Optimism, and Avalanche you have many blockchains with varying gas fees to choose from. OpenSea is the largest and most diverse NFT marketplace, and we’re proud to continue to offer users the best NFT buying and selling experience in web3.