Hello everyone I hope that you all are doing well well first of all I would like to thanks to our professor for teaching us in such a good way from the last lecture I have learnt so many things and now I did a little bit of research for this one but I knew most of the things before so yes let's start the homework I hope that you find value in it

non-fungible token

Ok so now let's talk about the non-fungible token Many people call it ERC 721  tokens I mean this is the technical name for this token So these tokens are not replaceable and Not dvisable now let's get into a little detail An asset is always sell or bought is one whole unit Naved Fiat currency I can send you as much as I want  50000 I can even send you 5 Cents that is  dvisable And when it comes to non-fungible token Never being replaced And unique  to its own value NFT tokens are like  basketball cards If I had a Michael Jordan basketball card  any card basically So that is unique and it holds a unique value there is no other like that And if someone wants to buy it they will have to buy it one whole unit like complete So that is what non-fungible token is in easy words

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

opensea

Opensea  is the Marketplace that I am going to use and I think this is one of the best market place for NFT  there are so many reason but the first reason that I like is that everything is very easy to understand for a new user NFT the concept itself is a very new thing and specially when new user comes to all of these things it gets really Messy for them so with my observation this is one of the easiest website that I have ever used everything is very clean and visible there are no complicated methods the second reason that I used this market is this is one of the biggest market and user base of this website or platform is very big  that is the second reason of of me choosing this market 

The other reason that I choose this market because of the variety everything is available on this website and when you go to the Marketplace of this platform you will see that all kind of things are available which makes it it a great place where you can get everything suppose if you want to invest  in NFT  you want a place where you can get variety so this will be my first choice because of the users there are so many user and so many e options to choose

 this platform comes under the top five market for or NFT   and just like cryptocurrency exchange is when it comes  on the top it means that their platform is the best and they provide the best services so that is also one of the reasons of me too using this website or platform

How to Buy NFT ( Screenshot needed)

Now to buy a NFT  on opensea  you will have to go to this official website of the platform  https://opensea.io/

Once you open the website you will see a page which says Explore and create for now we will click on explore to see what is available on the  platform click on explore

 now I have many options I will choose one of the product that I want to buy from any of these just for example I will pick this one kama sutra 

Now to purchase the product you will have to click on that so we will click on this

 now a new window will open where you can see the price and other information about the product and you also see a button which says buy now click on that and now you will have to connect your wallet with the platform generally we use metamask is the best option for this platform and I have a metamask I will connect my wallet if you don't have a metamask wallet then you will have to create a wallet and deposit some funds in order to buy a product from this platform

  once you connect your wallet with the platform you will be able to check out from the platform as you can see you just simply click on the check out and your NEFT Purchase will be complete

 here as you can see I don't have enough balance to purchase the NFT product you can deposit idiom from anywhere into your wallet you can use exchange is like binance and bittrex to buy ethereum and then deposit it into your metamask wallet

How o Sell NFT ( Screenshot needed)

Now to sell our  NFT  on opensea  you will have to go to this official website of the platform  https://opensea.io/

Now again you will see to option on the main page you will have to click on this option to which cells create click on that

Now you will have to create your own collection first so click on create collection

Now you will have to give your collection and name of picture and small description for this example I am just giving a random picture and a random name and a random description but you will have to do it right according to your products

click on create

Now our collection is created now we need to create a product so what we do we click on create new item

Now you will see a new window will pop up you will have to give the signature request acceptance I will give me the my acceptance by signing in to the metamask wallet

Now where you will have to choose a file it can be anything I video a picture and any other thing that you want to sell ias NFT  you will have to choose your product now

You have to fill all the information about your product like name you will have to choose a name for your product and  a description for your product you will have to write and you must have to create a link for your product and you have to fill all the other necessary information about your product

 after you are done with all the information about your product you can simply click on the button create

Now simply you will have to click on the visit to see everything is good and once you are completely sure that everything is good you can click on sell

Now you will have to put all the information which is needed such as prize after you are done with that you can simply click on the the Post your listing and then you window will pop up where you will have to do the transaction

Now you can see I will have to pay a gass fee to list my NFT  which is roundabout 66.24 dollar  which currently I don't have so that's why I can't complete the transaction  0.018874 ther

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

advantages

1  the first advantage of this amazing platform is that it's so user-friendly anyone can use it without any basic knowledge about NFT to be honest even a kid with a little bit knowledge about computers can access this  platform

2  popularity factor because its two popular many people prefer this  platform and that increase the chances of your NFT to be sell quickly

3 there are so many users on this platform and which gives you the variety of NFT so you can choose a good NFT that you want to invest in and you can make a good amount of profit from that NFT

 4 because this platform is very  popular the exchange fee is relatively low in the comparison to other  platforms

disadvantages

The first disadvantage that I feel is that you can only buy NFT with cryptocurrencies there are many people who don't have any knowledge about cryptocurrencies and they simply want to buy it with USD or   any other Fiat currencies so I think that is a big disadvantage

Where is the one thing that I really don't like about the platform is that the gas fees is very high I mean it can be e different in your case because it changes with time but it was very high Well I don't think it should be that hai so yes that's a big disadvantage no one wants to pay that much 

The disadvantage that I feel is the customer support  while researching for this homework I came across so many people complaining about the customer support which is very limited so I think that's a big disadvantage

Conclusion

 I think it's a really great opportunity for everyone for artist and also for traders to make some really good amount of profit from their work in artist can make money through selling their arts and a trader can make money through buying NFT and then selling it back

 NEFT itself is a really great thing and I think everyone in the Crypto space should have more and more knowledge about this amazing thing

 non-fungible token in the idea of it is very new relative Li and I think in upcoming years there will be a huge market still it's going very big recently there has been some really big  developments in the NFT space

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THANK YOU