Hello fellows. How are you all?

This is Aizaz Ghumman, here I am going to share my homework post on topic "NFT " given by respected professor @levycore.

source

Homework Task

- Select the NFT market that you want to try to sell and buy NFTs and why did you choose this market

- How to Buy NFT ( Screenshot needed)

- How to Sell NFT ( Screenshot needed)

- Mention and explain the advantages and disadvantages of the NFT market you have chosen

- Conclusion

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What is NFT?

Almost everyone in the financial market is currently suffering from what is called NFT fever. NFT more elaborately non-fungible token is a digital asset that represents non-convertibles. It is used to represent real-world commodities like pieces of art, music, in-game items, gambling products, or videos mainly anything that you may want to trade in a decentralized world by creating a representation.

Non-fungible tokens are bought and sold online over decentralized exchanges working on blockchain software much like cryptocurrency. Although came into existence as early as 2014 they are one of the most attention-seeking entities of the digital market mainly because of their ability to represent digital art.

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How to Buy NFT

I bought Tape Token #25- Dimal Wallaby from OpenSea OpenSea was easy to use. I was able to buy my favorite Tape Token very easily.

⦁ First of all, I opened their website (this is the view when opened the website through the PC)

⦁ Then I clicked on the Explore button on the front page

⦁ The following screen appeared. I clicked on the first token (Tape Token #25- Dimal Wallaby)

⦁ The following screen appeared. I clicked on the first token (Tape Token #25- Dimal Wallaby)

⦁ I did not have MetaMask initially. I made an account and connected it with my OpenSea account.

⦁ I was redirected to the buying window after logging into my wallet. I clicked buy now and the check-out window appeared. From here I had to submit funds from the exchange and was easily able to buy them.

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How to Sell NFT

I sold an asset using OpenSea

⦁ I clicked on the ‘my collection’ tab on the front page.

⦁ I selected the collection I wanted to sell

⦁ In this window, I had to specify the price, type of sale, and other important data about my sale.

⦁ To sell I had to pay a fee called the gas fee. (we must pay the exact fee mentioned).

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Why I chose OpenSea?

I chose OpenSea because it is the top-ranked and most reliable marketplace for buying and selling non-fungible tokens. They have a large variety of NFTs which include a number of collectibles, art pieces, digital arts, and even domain names. One of the most fundamental reasons behind my choice is that I could connect my Ethereum wallet (metamask) with it. And when I was researching about which marketplace would be best for beginners all suggestions led me to OpenSea. According to analysts, it offers a lower fee than others NFT markets places.

Advantages of OpenSea

Some of the major benefits of OpenSea are:

⦁ It charges a lower fee than many other NFT market places.

⦁ It is an ideal option for collectors who are looking for a variety of collectibles.

⦁ It is an ideal option for traders who are always looking for high-margin art pieces.

⦁ Even for beginners, the website is easy to understand, and buying or selling tokens is a simple process.

⦁ OpenSea is well known for its industry-level security

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Disadvantages of OpenSea

Although OpenSea is one of the best markets it sure has its lackings. Following are some of the disadvantages of this market place

⦁ It is very inconvenient for some users to first buy cryptocurrency through an exchange to buy or sell tokens on OpenSea as you can only pay in cryptocurrency.

⦁ Resultantly you can not buy or sell anything on the platform if you do not have a crypto wallet.

⦁ Some users also face difficulty in finding an NFT under a specific category. Here the website needs to be updated.

⦁ I also found some products that had biased copyright. To put it into simple words many products that contained characters from star wars or Harry potter had their copyrights belonging to the respective franchise.

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Conclusion

Like any other decentralized market, OpenSea has its pros and cons. It is important that before buying any product we run a background check on the prices available in other market places. This helps us make a thrifty purchase. No doubt OpenSea offers industry-level security but one must be very careful not to share the security phrase or password.

Thank you Professor @levycore for this amazing lesson.

regards:

@aizazghumman