What does SafeListing mean on OpenSea?
By default, all collections are searchable on OpenSea; however, collections that are SafeListed are those that have been approved by the OpenSea User Safety Team. If a collection is not SafeListed, potential buyers will be asked to review important details and agree to the OpenSea rules.
If an NFT is not SafeListed (that has not yet been reviewed by the OpenSea User Safety Team), users should review its details before purchasing. Details such as:
• OpenSea Trust Score
• When the collection was created
• Number of sales of the collection
• Collection creator and date they joined OpenSea
• Check the collection name (no extra characters or spaces; to prevent fraud)
SafeListing is different from the blue checkmark; collections are eligible for SafeListing after the first sale.
Is buying an NFT considered an investment?
You can think of NFTs as buying an antique car or a historic mansion, because there are only a few of each, but there is another point. It is very difficult to determine whether a non-fungible token is valuable, especially when the market is hot and new NFTs are constantly being released.
Even if you diversify your NFT portfolio and buy different tokens, since the market is not yet fully developed, it may be very difficult to determine their growth potential and some of them may even become completely worthless.
So if you want to invest in NFT tokens, allocate a small portion of your capital to it, so as not to face losses. In this market, just like the stock market, it is not very clear whether you are buying the right asset or not; so you need to control your risk.
Keep in mind that the price of NFT tokens is not like regular cryptocurrencies in the market; each token has its own price and does not grow; Unless someone else wants to buy the cryptocurrency at a higher price than you do, these types of cryptocurrencies are more likely to be considered stores of value than investment options.
How to price non-fungible tokens
There are various categories of NFT tokens; some, like real estate, are priced like real estate or land; but what about artwork and music?
There is no formula for pricing these works; you, as the creator, can set any price you want for them. But there are a few tips that, if you follow them, will help you price them more logically.
1. Start low and build up slowly
In the NFT space, there are artists whose works are worth thousands of dollars or even millions of dollars. Other artists enter the market hoping to sell their work at these prices, thinking that every piece they sell on these platforms will sell for thousands of dollars. But that’s not the case.
Start by selling a few pieces at a lower price. Once you’ve sold a few pieces, slowly increase your prices, as multiple sales will make buyers feel more comfortable and willing to pay a higher price.
2. Be patient
The value of our work (especially in the long term) is not determined by an instant sale. It takes time for our artwork to become valuable. This is a specific industry and has its own customers, so don’t expect your artwork to sell in 10 minutes. Also, don’t lower your price just to sell quickly.
3. Use different platforms and keep your price consistent
List your works in different NFT stores and if one of them has a price of 1 Ether, do not set the price at 10 Ether in another. Of course, if your works are in the form of a collection, it is better to put them on one platform; for example, the SuperRare platform is a great store for collectible works.
4. Play with prices
If you are just starting to sell NFTs, play around with the prices of your works a little and see how the result will be. You can start by listing your works in the store at a price of 0.1 Ether and price some of them at 1 Ether. You can sell several works of the collection at a price of 0.2 Ether each and a single work at a price of 0.5 Ether.
So, open your hand and play with prices; you are producing a unique work, so there is no formula for pricing it.
How to sell your NFTs on OpenSea?
From the My Profile section, you can select the token you created from your wallet. Inside this section, you will see your tokens. You can place them on the OpenSea sales page by selecting the Sell option.
On this page, you need to select the price, final price, future schedule, etc. You can even set the minimum price for the auction from the Bid section so that your work is sold at the highest bid price. You can also bundle your works with other artists and sell them together from the Bundle section.
How to buy a unique token from OpenSea?
You can buy an NFT from OpenSea in two ways: fixed-price tokens and participating in an auction.
Fixed-price purchase:
You can easily buy these types of NFTs by clicking the Buy Now button at the price set by the artist. Once you connect to your wallet and pay, the token is immediately transferred to your wallet.
Participate in an auction:
If an NFT artwork is up for auction, you can bid higher by selecting Make Offer.
Make a bid.
If this item is part of a collection that is not SafeListed, you will need to review the details of the collection and verify its authenticity.
Select the cryptocurrency you want to place your bid in. To pay in Ether, select WETH. You can also bid higher with Dai and USDC.
You can also enter an expiration date for your bid. Below the selected cryptocurrency, select a date and time, click Make Offer, and confirm and sign the transaction from your wallet. If your bid is the highest, the NFT will be sent to your wallet after the auction ends.
