Buying and Selling of NFT

source

NFTs have been in existence since 2012 and have now, in 2021, become a popular way of buying and selling digital assets like art, games, collectables, music, sports, films, etc. with sales going from $250 million to $389 million. They are held on the Ethereum blockchain.

source

To venture into NFT creation, you need to decide which blockchain you would like to issue your tokens to. Ethereum is the leading blockchain for NFT issuance, but other blockchains can be used like:
• Binance Smart Chain
• Tron
• Polkadot
• Cosmos
• Flow by Dapper Labs
• EOS
• WAX
• Tezos

If you create Non-fungible tokens on any of the blockchains, for instance, Polkadot, you will be able to sell them only on that same platform and not a different one. i.e., you cannot create NFTs on Polkadot and sell them on WAX.

To use an Ethereum blockchain to mint your NFT video, art or music, etc., you must have the following:
• An Ethereum wallet that supports ERC-721 such as Trust Wallet or Coinbase Wallet.
• You will need to buy at least $50-$100 worth of ETH from a cryptocurrency exchange.

OpenSea, Raible, SuperRare, Foundation, and AtomicMarket are some main NFT marketplaces that enable you to connect your wallet and upload files you wish to convert to NFTs.


source

OPENSEA MARKETPLACE

OpenSea is the first and largest and also recommended NFT marketplace to buy and sell your tokens. They offer a wide range of tokens and features over 700 different projects including ERC721 and ERC1155 assets

PROs & CONs OF OPENSEA MARKETPLACE

Using OpenSea, unlike other marketplaces, has some wonderful advantages like:

• Secure login
• Easy to navigate website
• Low fees and gas fee transactions
• Strong corporate backing
• Wide range of assets

However, as nothing is ever perfect, there are some shortcomings to it:
• Limited customer support
• Crypto wallet required
• Blockchain energy consumption

BUYING NFTs ON OPENSEA USING TRUST WALLET

source

You can buy NFTs via Trust Wallet in the OpenSea market following these simple steps:
• Go to opensea.io in your Trust Wallet DApp Browser
• Click “Browse” and “Buy Now” as the status
• Select a filter e.g., MakersPlace
• Go through the items available for sale and select your desired item
• Click on Buy Now
• Add funds to your Ethereum wallet to complete your purchase then proceed to checkout

SELLING NFTs ON OPENSEA

source
Before you will be able to sell your Non-fungible tokens on OpenSea, there are some important things to do, and they are as follows:

1. Setting up your wallet
   Certainly, you are going to need an Ethereum wallet that would be used to store your NFT. One recommended wallet is the MetaTask Wallet which can be installed as an extension on Google Chrome. After installing:
   • Open the OpenSea site and click on the picture icon in the top right corner of the dashboard
   • Click on “My Profile” to sign in to your MetaTask wallet then follow the instructions

   1. Create your collection
      After setting up your wallet, your account page would be empty which means it’s time to create your collections. To create this,
      • Click on “Create” in the top right corner of the OpenSea dashboard, select “My Collections
      • Press “Create” under “Create new collection”
      • Type in your collection’s name and description and upload an image (NOTE: You are setting up your collection not making NFTs)
      • Click “Add new items”

3. Fine-tuning your collection

Before creating your NFTs, you will need to add a personalized banner. The banner should have dimensions of about 1400 × 400 with no text. To upload one, go to your profile and click on the pencil icon where you would see options on how to select an image.

4. Creating NFTs

After setting up your wallet and collections, now you can create your NFTs:
• Click “Add New Items” to go to the next page where you will see an option to upload a video, image, or photo
• Select your file and name it. You can add a website link if you want,
• Enter a description and click create
NOTE: If you want to make more than one version of the same work, add the edition number in the stat section.

5. Listing your items for sale

To list your NFTs for sale, go to your account page and click on “Sell”. You can add a fixed price or auction your items. When done, click “Post Your Listings” and follow the directions given. Note that if you have not made any sales on OpenSea before, a fee known as a gas fee would need to be made before you can list. This fee is expensive due to overcrowding on the Ethereum blockchain but is done only once.

So, this is the big question, “is it wise to buy Non-Fungible tokens?”

It is a personal decision because they are risky and their future is not certain. NFTs lack enough history to judge their performance. It is worth considering if you can research it, weigh the risks, and if you make up your mind to invest in it, proceed with caution.

SOURCES
Wikipedia; Non-fungible token
Influencer Marketing Hub; Top NFT Marketplaces For Creators To Sell Non-Fungible Tokens
The Verge; NFTs Explained
Coindesk; How To Create, Buy and Sell NFTs
Forbes; What You Need To Know About Non-Fungible Tokens
Day Trading; OpenSea Review 2021
OpenSea; The Beginners Guide To Creating & Selling Digital Art NFTs

Thank you for this opportunity
Cc
@levycore
@alphafx