You can buy or sell an NFT on any major NFT platform. There are a few popular ones, including OpenSea and Rarible. Using these platforms, you can create your own NFT or buy and sell other NFTs. Some speculators have made a fortune doing this, but there are certainly risks involved.
1. Choose a Platform
First, you need to choose which platform you want to use. These platforms are essentially auction houses. Keep in mind that not all NFTs are available on all platforms. For example, if you want to buy an NBA Top Shot, you need to create an account with NBA Top Shot.
Each platform has different requirements for purchase, such as paying with cryptocurrency or fiat currency.
As an example, we will go into a bit more detail for buying an NFT from OpenSea, which is one of the more popular NFT platforms.
2. Create a Digital Wallet
Once you choose your platform and create an account, you need to create a digital wallet for your cryptocurrency. OpenSea accepts ether (a type of cryptocurrency), among other types of digital coins. And OpenSea accepts coins from various wallets. Make sure your digital wallet is secured and encrypted.
3. Buy a Cryptocurrency Such as Ether
Once you have a wallet, you can buy ether (or another cryptocurrency). There are a number of ways to buy ether, including through popular exchanges like Crypto.com and Coinbase. It’s usually easy to buy a cryptocurrency like ether and it’s similar to buying a stock. You will need to use a platform that lets you buy ether, then find the ticker and put in a buy request.
4. Buy (or Sell) an NFT
Once you own ether and have stored it in your wallet, you can buy an NFT on OpenSea. Browse the site to see what’s for sale. If you see something you like, place a bid (if it’s an auction) or click Buy Now. Then go to the checkout, pay the fees and viola! you own an NFT.
But what if you decide you don’t actually want to own the NFT you bought? You can easily sell it on the OpenSea platform. You may also be able to sell it on another platform, but the details of how to do so may vary so check with other platforms before you proceed.
It’s pretty simple really:
- Create a listing and upload the digital file.
- State the price you want to sell it for.
- Enter the name and description.
- You can also set a royalty price, so you’ll continue to get paid if it sells on the secondary market.
- Connect it with your wallet, pay any associated fees to list and you’re done.