Crypto Academy Week 12 - Homework Post for @Levycore : Selling and Buying NFT

Non-fungible Tokens (NFTs) are trending in blockchain. The following is a detailed explanation of how to trade NFTs. Thanks to professor @levycore for the indepth lecture on this topic.

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

Nifty Gateway was chosen as the preferred NFT market.

The following factors influenced my decision to use Nifty Gateways:

• Ease of use, particularly in terms of signing up and logging in (when compared especially to Rarible).
• Non-crypto payments for NFT purchases: Nifty Gateway accepts both ETH (the default payment method for NFTs) and bank card payments for NFT purchases.
• Along with Rarible and OpenSea, Nifty Gateway was one of the top-rated NFT trading platforms online.

Buying and Selling NFTs on Nifty Gateway

Individuals transacting on Nifty Gateway must be registered in order to buy and sell NFTs. The registration process is straightforward, as shown below.

Select the log in/signup option on the homepage and select the “Don’t have an account? Sign up” option below the log in page to the greeted with the sign-up page below:

Fill in your information as requested above. Hooray! You can begin trading NFTs by logging in and entering a verification code sent to your email address.

Following successful registration and login, you may be required to validate your profile by providing a phone number, as some transactions in Nifty Gateway may require a validated profile.

As a final note, setting up a two-factor authentication system may be required for added security.

How to Buy NFT

First, you must discover NFTs. There are several ways to find and buy NFTs in Nifty Gateway:
Search for desired NFTs using the search bar on the homepage:

Explore the homepage for popular and recent NFTs (simply scroll down the page)

Discover NFTs recommended for you Nifty Gateway’ algorithms by clicking the discovery link on the home page.

Or still, visit the Nifty Gateway marketplace for access to all available NFTs on Nifty Gateway and for a wider choice.

On Identification of desired NFT for purchase, simply click on the NFT’s thumbnail to reveal more details about it, then click on the buy now button:

To be able to make payments, go to your > account > “account setting” > prepaid ETH or Cards - to add prepaid ETH or Cards as payment options.

For ETH, an address will be generated through which ETH could be transferred from any crypto wallet (metamask for best results).

After adding a card and/or transferring ETH to your Nifty Gateway Account, purchases of NFTs could be made easily.

How to Sell NFT

To sell NFTs on Nifty Gateway, you need to apply as a creator using the link: https://niftygateway.com/become-creator.

Following this, you will be taken to a questionnaire form hosted in TypeForm.

This is an 8-part questionnaire requiring the following fields

If approved, Nifty Gateway administrators should contact the creator and enable the capabilities of publishing his/her NFTs to the Nifty Gateway platform.

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

Advantages
The obvious benefits of Nifty Gateway include:
i. Ease of sign-up and logging in.
ii. Purchase of NFTs is easy and straightforward as well.
iii. Nifty Gateway is easy to navigate, feels like a traditional e-commerce website
iv. Nifty Gateway’s stringent approval process for creators ensures that purchasers/shoppers of NFTs receive high quality, one-of-a-kind NFTs.

Disadvantages
The following are some drawbacks of the Nifty Gateway:
i. The rigorous, lengthy, difficult, and discouraging approval process for creators to enabling the sale and upload of NFTs may deter some potential NFT creators. Creators cannot create collections easily.
ii. Direct bank payment is only available to residents of the United States.
iii. Nifty Gateway has a reputation for being insecure due to a history of security breaches (though, victims of the historical compromise were individuals who did not enable 2FA).

Conclusion
Nifty Gateway is a nice platform for potential NFT buyers; however, extraordinary patience may be required for creators to fully utilize the platform.

Special mention:
@levycore