How to make money on OpenSea – Among the many ways of making money online, one viable way for you to go on about this is through selling NFT.
But, what even is NFT? There’s also another thing called OpenSea that’s commonly associated with it. What are they? Well, in this guide on how to make money on OpenSea by selling NFT online, we’ll be explaining all of those things above and more.
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What is NFT?
Before we begin the how to make money on OpenSea guide, it’s good to understand what NFT is as it’s the backbone of how we’re going to be making money on OpenSea.
So, what is NFT? Non-Fungible Tokens (NFTs) are ERC-721 tokens. ERC-721 is a token standard that gives the tokens more uniqueness than other tokens created using ERC-20. The standard was created by the team behind CryptoKitties, an early game that helped popularize NFTs.
The ERC-721 standard allows a token to be non-interchangeable with other tokens. It makes it possible for one token to be unique from other tokens on the same blockchain.
How to Trade on OpenSea
OpenSea is the largest marketplace for trading NFTs online. It currently has over 1.4 million user accounts with over $100 million worth of digital assets listed for sale on its platform.
There are several ways you can make money on OpenSea.
The first is of course selling your NFT on the platform. If you want to make money on OpenSea, then you can simply list your NFTs for sale on the site.
It’s worth noting that you can pretty much sell any kind of NFT on OpenSea. Though the most popular one is definitely art pieces.
Just make sure that the thing you’re selling is actually the thing you owned and is not stolen from anyone.
If you’re lucky, someone might buy your assets and make a payment to you through the site.
Another way you can go on with how to make money on OpenSea is by buying NFT there and reselling it at a higher price when the time’s right.
This way of how to make money on OpenSea is perfect if you have no items to sell.
You can buy NFTs from other users on the site and try to resell them for a profit. You can use the website’s built-in price guide to find out which NFTs are worth the most.
As with any cryptocurrency, the values of NFT can fluctuate wildly. If you’re doing this strategy of how to make money on OpenSea, patience is your best friend.
How Much Money Can You Make
The amount of money you can make through selling NFTs online depends on the type of assets you’re selling and the demand for them. If you’re lucky, you might be able to make a lot of money this way, but it’s important to remember that there’s no guaranteed income with this method of making money online.
There’s also the fact that you’ll have to pay a small fee for each item you sell on OpenSea, so you won’t be able to make as much if you were selling your items in-game without any fees being taken out.
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How to Start Selling NFT on OpenSea
If you want to start selling NFTs on OpenSea and to start how to make money on OpenSea, then you’ll first need a couple of things. First, you’ll need an account on OpenSea.
To create an account, you’ll need to provide your email address and create a password. You’ll also need to provide a KYC verification method.
OpenSea accepts several verification methods, including SMS, ID Scan, and a selfie with your ID. Once you have an account, you can start listing your NFTs for sale on the site.
It’s a fairly simple process that anyone can do. It might take a while for them to verify you though.
Always remember, though, you’ll have to pay a small fee for every item you sell on the site.
Conclusion
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This guide has covered everything you need to know about what NFTs are, how to trade NFTs on OpenSea, how much money you can make by selling NFTs, and how to start selling NFTs on OpenSea.If you’re looking for a way to make money online, then this guide on how to make money on OpenSea can help you get started with NFTs.
