Selling NFT or non-fungible tokens is now a new way to collect money on the internet. Many people are raiding OpenSea and other marketplaces to sell NFT. For beginners, pay attention to tips and how to sell NFT either through OpenSea or other marketplaces so that they sell quickly and the selling price is expensive.
NFT is a derivative investment product of crypto. OpenSea is a global marketplace for buying and selling NFT. Besides OpenSea, in Indonesia there are also local marketplaces for buying and selling NFT such as TokoMall, Paras.id, Enevti, Kolektibel, Baliola, Artsky, and Metaroid.
NFT sales will reach around US$ 25 billion or around Rp 357 trillion in 2021. In Indonesia, NFT has become a trend after Ghozali sold his selfie photo collection as NFT on OpenSea for more than Rp 1 billion.
NFT sales on OpenSea or other marketplaces can be in the form of pictures, photos, paintings, videos, songs etc.
Then how to sell NFT on OpenSea or other marketplaces so that they sell quickly?
Reporting from kompas, NFT entrepreneurs and investors share tips on selling NFT on OpenSea and other marketplaces:
The entrepreneur is Tanay Mehra, who has a textile business in Jalandhar and is an exporter of textiles and spices. He also trades at NFT for a living, dealing in digital art, cricket memorabilia and coin collection.
Mehra makes 4-5 trades a month and his average return on investment is 70%-80%. Mehra also offers to tell about this phenomenon, which offers a lot of money for newcomers to the NFT world.
"I can say I'm earning very well. I see tremendous scope for space development," says Mehra.
"Right now it may be just digital art. But we will have music, television and film being sold as NFT. Some uses of NFT are not yet developed and this makes this space the main choice for the next decade or two," he added.
Mehra also said that entering the world of NFT requires thorough research. Especially for beginners. "Never invest money in NFT on the recommendation of any random person, without doing some research," he stressed.
According to Mehra, education and information are very important, especially at the beginning. This is because there are many people who cheat gullible investors. New scams are said to appear every day. “The only way to save yourself is to be vigilant, which will also prevent scammers from making you an easy target,” says Mehra, emphasizing the risks of playing in the digital realm.
"Ten years ago, did we ever imagine that transactions could be done digitally? Today, almost everyone, from grocery store owners to vegetable sellers, accepts digital payments," he added.
He also does not recommend online courses because courses are not usually updated. "Information should be sought by someone directly after doing at least basic research on them," he said.
For newcomers to NFT, it is also important to note the target population. For example, a very expensive piece of art will usually have a special audience. "Items that are in the middle price range are easy to sell. But again, investing in collectibles that are too cheap is not recommended because they will not have resale value," said Mehra.
"Therefore, a balance must be maintained to ensure there are no losses," he added.
Mehra also said that novice investors should focus on collections that have mass interest in them. "One should be wary of fake platforms that siphon funds and then disappear. This awareness will not come unless one studies the subject thoroughly," he said.
Reporting from Kompas.com, the General Chair of the Indonesian Crypto Asset Traders Association (Aspakrindo) who is also the COO of Tokocrypto, Teguh Kurniawan Harmanda, said that the NFT, OpenSea and Ghozali phenomena were actually a breath of fresh air for the development of the NFT market in Indonesia. "But it is undeniable that the Ghozali effect is unfortunately not accompanied by good literacy," he said to Kompas.com, Tuesday (18/1/2022).
"There is still abuse of momentum, by making unusual NFT works, even uploading ID cards containing personal data and violating the law," he added.
Seeing this, Teguh assessed that currently there is still a gap between public interest and understanding regarding NFT. According to him, there are a number of things that the public needs to know before starting to engage in the NFT market.
Before selling their work or assets through NFT on OpenSea or other marketplaces, the public must first know the goals or objectives they want to take. Teguh reminded, NFT is an asset that is not very liquid, so its sale, especially from second hand or later will not be too easy. "Just like other investments, in the NFT world there are risks that can occur at any time," said Teguh.
3 conditions for NFT to be sold in the digital market
After knowing the purpose, NFTs that want to be sold on OpenSea or other marketplaces must have at least three points or meet three main requirements in order to sell in the digital market.
The first tip so that NFT sells quickly on OpenSea or other marketplaces is scarcity or rarity. "NFT must have an element of scarcity or uniqueness so that it is not common," said Teguh.
The second tip so that NFT sells quickly on OpenSea or other marketplaces is to have added value. NFT must have added value or additional value offered to potential buyers.
The third tip so that NFT sells quickly on OpenSea or other marketplaces is the community aspect. "Community, NFT's work will be successful if it is built on the same interests of many individuals to have value," he said.
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By looking at these points, Teguh assesses, NFT becomes very attractive for artists who have unique or different works from one another. "For artists or content creators, NFT is certainly profitable because it can sell their works of art directly to viewers without interference from other parties. So that all profits can be fully owned by art creators," he said.
How to create, buy and sell NFT on OpenSea
Reporting from Kompas.com, NFT is usually traded through an auction scheme that can be found on several online sites, one of which is OpenSea. In simple terms, OpenSea is a marketplace or marketplace where NFT owners or sellers and collectors or buyers can transact.
OpenSea is the world's first and largest NFT trading platform. OpenSea has 300,000 users with more than 34 million NFT, which consists of various items, such as photos, videos, and so on. The majority of sellers and buyers on OpenSea use a cryptocurrency type Ethereum to transact.
To start transacting on OpenSea, be it buying or selling, you must first have an account, and before you can register an account with OpenSea, you must have a cryptocurrency digital wallet. The function of the digital wallet is almost similar to Gopay, Shopeepay, or OVO services. Cryptocurrency digital wallets are used to convert your money into cryptocurrency.
How to create an OpenSea account for NFT transactions
Before starting to transact, you must first register an account with OpenSea. Here's how to register an OpenSea account for buying and selling NFT:
- Open the following link https://opensea.io, either via a laptop or mobile browser, according to where you have installed the digital wallet. This time, OpenSea is opened via Google Chrome browser on laptop
- To start registering an OpenSea account, Click the wallet icon or profile photo icon, then select the “Connect Wallet” option
- Select the digital wallet you have used, for example MetaMask
- Then, open the MetaMask extension that you have installed on Google Chrome by clicking on the puzzle icon which is usually next to the site's search field.
- Then, click the “Connect Wallet” option. Then, your MetaMask digital wallet will connect to OpenSea
- Next, click the “Account” option then click the “Profile” option to set up your profile in OpenSea
- Enter your username, e-mail address, and so on then click the “Save” option
- OpenSea will send a message to your e-mail address. Open the message to verify the OpenSea account creation request.
- You now have an OpenSea account and are ready to sell and buy NFT in this marketplace.
How to create and sell NFT on OpenSea
To be able to sell NFT, you need to have NFT first. If you don't have it, you can create an NFT in the following way:
How to make NFT in OpenSea
- First on the OpenSea start page, click the “Create” option. Enter or upload the file you want to make NFT, it can be images, photos, videos, and so on.
- Enter the name of the NFT and some other settings, such as the setting as content sensitive and the setting of the blockchain you will use.
- When you have finished setting, click the “Create” option at the bottom of the OpenSea page.
- That way, your NFT is ready for sale.
How to sell NFT on OpenSea
- Open the “My Collection” option by tapping the profile photo icon in the upper right corner of the OpenSea page
- Select your NFT, then click the “Sell” option
- Select the sales scheme that you will use. If you want to sell directly, click the "Fixed Price" option, while for auction schemes click the "Time Auction" option.
- Enter the NFT price with your desired Ethereum cryptocurrency
- You can also set how long you will sell the NFT in the "Duration" column
- When finished setting up, click the “Complete Listing” option.
- Then, OpenSea will open your MetaMask extension to confirm your NFT sales registration.
Please note, in order to confirm an NFT sale, you must have at least a balance of 0.05 Ethereum on MetaMask. Then, for every transaction on OpenSea there will be a fee of 2.5 percent which is taken from the proceeds of NFT sales. You can also earn royalties from NFT sales up to a maximum of 10 percent.
Those are the ways or tips for selling art products such as photos, videos, music through NFT on OpenSea or other marketplaces. Remember, don't sell NFT on OpenSea carelessly, pay attention to personal data protection laws.
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