Blockchain Cryptocurrency NFT Chapter 6 Covers How to bid and trade in https://opensea.io
Be careful when accepting bids, and always make sure the bid is in your preferred currency (sometimes people bid $1 instead of 1 ETH). If someone from OpenSea Support contacts you to alert you about problems, stay extremely cautious as this is a common way for scammers to get you to give them access to your account. Never give out your wallet’s secret phrase or grant anyone access to your device, even if someone claims to be from OpenSea Support.
When purchasing or minting an NFT on OpenSea, it is important that you select the correct gas speed (transaction speed) to ensure that the transaction is completed. Always choose at least Medium speed for NFTs or choose High to have the best chance of successfully buying/minting your NFT.
If you ever have a problem where OpenSea will not connect to your wallet or the buy/sell process does not work properly, try closing and reopening OpenSea. If this does not resolve the issue, you may need to reinstall Metamask on your device. Opensea is your one-stop store for buying, selling, and creating NFTs. Whether you want to collect your own CryptoPunks or just browse around, OpenSea is easy to use and open 24/7.
When you first visit the OpenSea NFT marketplace and want to make transactions, you first need to create an account. To create your account on OpenSea: go to the “Connect Wallet” tab in the “Menu” section and select which type of wallet you want to connect to OpenSea. You will then be asked to confirm that you want to connect your wallet to the OpenSea marketplace with a digital signature.
If you would like to sell an NFT on OpenSea, you will notice that there are four different types of listing options available to you:
Fixed Price (Buy It Now). With the Fixed Price listing option, your NFT is offered at a Buy It Now price. This bidding strategy is simple and good if you have a fixed price for the NFT you want to sell.
Dutch Auction (Starts High, Ends Low). When you bid your NFT using the Dutch Auction strategy, you simply set a starting price, a final price, and the duration of the auction. Over time, the initial price decreases until the set minimum price is reached.
Auction (starting price or reserve price). The Auction listing option is your standard English auction. You simply offer your NFT at a reserve price and then allow buyers to bid on it. You also have the option to set a reserve price and can accept any offer.
Bundling (offer multiple NFTs as one bundle). Bundling your NFTs is a good choice if you want to sell more than one NFT to the same buyer. When you bundle multiple NFTs, only one transaction is required, not multiple, which means you as the buyer save on the numerous gas fees. As for fees, OpenSea has made it very easy for users. They take 2.5 percent of each transaction. Nothing else. Aside from that, you can create NFTs for free at any time. Also, as the original creator, you can set a royalty of up to 10 percent. This means that you can earn revenue every time your NFT is sold on the marketplace. Remember that OpenSea does not support splitting the contract level if you are creating a collection for someone else or as part of a group. So, if you want to split your revenue between two parties, you must do so outside of OpenSea.
Considering that NFTs have attracted a large number of collectors and investors, it is not surprising that OpenSea has decided to offer an assortment of NFTs and not limit itself to a single niche of collectibles. If you are an NFT collector/investor like me, you have probably wondered how to buy an NFT on OpenSea? Buying an NFT on OpenSea is simple: log into your Opensea account and search for an NFT that piques your interest using either the Explore tab or the Search function. Once you have found an NFT you’d like to purchase, select it and then choose Buy Now or Make Offer if you’d like to bid on an item. Finally, you will need to sign for the transaction.