• Thu. May 23rd, 2024

A Step-by-Step Guide to Buying and Selling NFTs on Uniswap

Louise Villalobos

ByLouise Villalobos

Apr 22, 2024
A Step-by-Step Guide to Buying and Selling NFTs on Uniswap

If you are a decentralized finance fanatic, you have probably used Uniswap to trade fungible tokens like Ethereum. But did you know that you can also trade non-fungible tokens (NFTs) on this decentralized exchange? This guide demonstrates how to trade NFTs on Uniswap.

Exploring Uniswap

Uniswap was launched in 2018. Since its establishment, the exchange has processed over 200 million transactions. As a decentralized protocol, Uniswap adopts a governance system that allows holders of its native token, UNI, to vote on various proposals, such as a proposal to upgrade smart contracts.

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Uniswap is a multi-chain exchange. That means it runs on several blockchains, including BNB Smart Chain, Base, Polygon, and Ethereum. To facilitate NFT trading, Uniswap employs numerous tools, like an NFT aggregator that identifies the best deals for users.

Further, the exchange is available as both a web app and a mobile app, thus allowing NFT traders to transact anywhere, anytime.

Over the years, Uniswap has shown its dedication to innovation with the aim of giving users an excellent trading experience. For instance, the protocol recently rolled out Permit 2, a feature that enables the managing and sharing of token approval across various applications. Also, it launched Universal Router, which allows the swapping of multiple tokens and NFTs in a single transaction, thus enabling users to save on network fees.

How to Buy NFTs on Uniswap

Here is how you can buy NFTs on Uniswap using an ERC-20 token:

1. Visit Uniswap.org and then click “Launch App.”

2. Connect your Web3 wallet and press “NFTs.”

3. Use the Search bar to find the NFT you want to buy. Note that Uniswap allows you to search for NFTs using their contract addresses or names.

4. Once you locate your ideal NFT, click “Add to Bag.” You can add multiple NFTs to your bag.

5. After that, press “Pay With” and select the ERC-20 token you want to use to purchase the NFT. if the selected token has a significant price impact, Unsiwap will send you a warning. However, if you want to go ahead with the transaction press “Pay Anyway.”

7. You’ll be redirected to your crypto wallet to approve the transaction. Upon approval, Uniswap will process your transaction within five minutes.

Remember to add the contract address of the purchased NFT to your Web3 wallet so you can view it.

How to Sell NFTs on Uniswap

Here are the steps to follow to sell your NFTs on the Uniswap decentralized exchange.

1. Visit app.uniswap.org and connect your Web3 wallet.

2. Open the wallet and go to your NFT portfolio.

3. Press the “View and Sell NFTs” button.

4. Choose the NFT you wish to sell and click “List for Sale.”

5. A “Sell” pop-up will appear. Hit “Continue” to proceed.

6. Select the NFT marketplace you wish to list your non-fungible token for sale.

7. After that, choose the period you want your NFT to be available for sale.

8. Specify the price (in an ERC-20 token) you want to sell your NFT for.

9. Press the “Start Listing” button to list your NFT. But first, you need to approve the listing in your crypto wallet.

When your NFT finds a buyer, you will automatically receive the ERC-20 token as payment after the transaction is completed.

Delisting an NFT From Uniswap

Are you not interested in selling your NFT anymore? Well, here are the steps to follow to delist it:

1. Visit app.uniswap.org and connect your wallet.

2. Hit “View and Sell NFTs” and locate the listed NFT. When you select it, you will see the marketplace it is listed on.

3. Next, scroll down to “Activity” to view the details of the “Listing” transaction.

4. Now, go to the marketplace where you listed your NFT, connect your wallet, and then delist the listed NFT.

Uniswap’s Mini Portfolio

As an NFT holder, managing your portfolio is crucial. You can now do so using Uniswap’s Mini Portfolio feature, which is compatible with almost all Web3 wallets.

Louise Villalobos

Louise Villalobos

Louise Villalobos is an adept writer, renowned for her compelling articles that illuminate and engage. Her prowess in breaking down intricate subjects provides readers with clarity and nuance. With a vast and varied portfolio, Louise has solidified her standing as a distinguished voice in contemporary journalism.