I think I have heard about Non-Fungible Tokens (NFT) before, but, I came to love them when I knew I could profit from holding and trading them. Walk this journey with me and learn how to make a profit holding and trading NFTs.
What in the Crypto are Non-Fungible Tokens?
I have made a really simple explanation about NFTs a few months ago. Click here to read. NFTs can be stored and traded on the Trustwallet app. Opensea.io is a decentralized exchange for NFTs. This article focuses on how to trade and make profits with Decentraland Wearables on Opensea.io via Trustwallet.
Trading NFT- what to have at the Back of your Mind
All trading rules apply, but make these important tips
- Never be impulsive. Good trading decisions require second thoughts.
- Don’t Click “Buy Now” except you have thoroughly judged an item an excellent buy or you are planning to hodl for long (Remember taker pays the fee).
- Don’t ever join Auctions unless you absolutely know what you are doing. Newbie? Don’t join any Auctions
What to watch out for, to Know a Good Trade
- Mint Number and Rarity: Items with low mint numbers (1-10) are rare and costly. If you have them, hold them.
- The popularity of a closely Similar NFT: Recently traded items means they are quite popular.
- The Lowest Market Price for a Closely Similar NFT: You can use this to determine the fair market price.
- The Trade History on a Particular Item: No one will ever want to sell an item for a price below its buying price except there is a rise in the price of the token used for purchasing the item.
Making a Bid for Decentraland Wearable on Opensea.io using Your TrustWallet App
You will need some MANA tokens for this. Swap some ETH for MANA on your Trustwallet App
- Make sure the Ethereum Wallet you want to use is opened on your Trustwallet app
- Open the DApp browser and type “opensea.io” on the address bar and enter. Trust wallet automatically selects your Ethereum wallet, if you are using a multi-wallet.
- Click the “arrow down” beside the Opensea logo on the top left corner of your screen, select “Account” (image above) then select “My items”. The website will launch a Trustwallet app pop up asking you to grant Opensea access to your Ethereum wallet, Select “ok”. (If this is your first time, you might be requested to pay a fee). Return to the home page by clicking the Opensea Logo.
- On the homepage click “Explore”
Navigating the Filters
- You are going to be using your filters to reveal items from Decentraland wearables. Click “Filter”
- Scroll Down to “Collections” and type “Decentraland Wearables” in the search bar under it. Then, select “Decentraland Wearables”.
- Scroll down to the “On Sale in” section and select “Mana”
- Scroll to the Collection and tap “Dcl launch”
- Now scroll up to the top of the page and tap “Done”
- You are going to be needing the on-page filters. There are two “All items” and “Sort By”, select “Sort by”. On the drop-down list, tap “Recently Sold”. This is so you can get a glimpse of what buyers are buying. Then hit the “Reload” button from the Browser options (Bottom right). You will notice a change in the search bar as it changes from “search Opensea” to “Search items, collections, and …”
- Swipe down to explore the recently sold items. From what I am seeing, Decentraland Logo earrings are catching a lot of attention. On the search menu, type “Decentraland Logo earrings”. And hit “Go”
- From the On-screen filter where you previously selected the “Recently Sold” option, tap it again and select “Lowest Price”. This is to determine the fair price for the article.
- The lowest price for this item is 15 Mana. The fair price is 15-25 Mana since the first few prices are listed for that amount range. You can select any of the listed low priced items and make a bid. Or you can research further.
- Go to the on-screen filter again and from the drop-down select “Recently Listed” or “Recently Created”. This ensures that the person who listed the article is probably active.
- You can see earrings for 25, 95, 40, 20 Mana, etc. Select any of them (especially ones with low listed price).
Making an Offer
- On this page, you can find the details of the item including the trading history. If you wish to buy, Click “Buy now” but remember, the taker pays the fee. If you do not wish to pay the fee, select “Offers” on the options below and tap “make offer”.
- Under “My Offer”, Select the WETH logo and tap “MANA” from the drop-down since you will be paying with MANA. Enter the amount you wish to offer in the next space (15 in this case).
- Offer expiration: Select 3days. You don’t want an offer that lasts forever.
- Confirm the offer. Trustwallet app will request that you sign the message, click ok.
Take note: To cancel an offer, you can do that from your account section but you will be paying a transaction fee to do that, so be careful.
- You can return to the list page by tapping “Back” multiple times till you get there or by selecting the Decentraland wearable link at the top of the page. The latter will reset the filters, so you’ll have to restart from step 10 again.
- Make multiple offers for NFT of the same type. Do this for items of otter types too by making judgments from step 10.
Selling your NFT
You can explore your account details by following step 3. To sell an NFT, make thorough research (as described from the steps above). Select the item from “My items” under your account option, tap sell, and set the selling price (Remember to select MANA as the token) at a reasonable level.
Connect your email to your Opensea account to receive notifications.