Crypto Academy Week 9 - Homework Post for [@Levycore]--Selling and Buying NFT

cherub27 (65)in SteemitCryptoAcademy • 4 years ago (edited)

Hello Everyone,

For this lecture homework task, I will present on BakerySwap. Thanks to @levycore for the follow-up lecture on Selling and Buying NFTs.

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

Bakery Swap

Besides being a decentralized finance(DeFi) exchange platform, BakerySwap offers users a magnificent NFT supermarket platform where you can get almost everything NFT related, speak of digital artworks like music, videos, art, and memes to gamification NFTs.

BakerySwap is a decentralized automated market-making(AMM) protocol based on the Binance Smart Chain(BSC).
The BAKE token is a native BEP-20 governance token on the platform
source

BakeryToken(BAKE) currently has a market price of $5.888 with a market cap of $855,473,349. BAKE has a total supply of $277,237,400 with only $145,288,522 in circulation. BAKE is ranked #97 on CoinMarketCap

Users can swap various tokens on the Binance Smart Chain for BAKE using the Exchange feature on the platform. Users can also earn BAKE by providing liquidity for various pools on the platform. BakerySwap pays liquidity providers using 83.3% of transaction fees earned on all swaps and trades.

Source

BakerySwap NFT Marketplace

BakerySwap is the first automated market-making exchange platform that offers an NFT marketplace on Binance Smart Chain. The NFT marketplace utilizes the same native token of the platform, BAKE for buying and selling.

The NFT marketplace is rapidly growing with new features and projects being listed every time which makes the BakerySwap NFT marketplace a promising place to trade your NFTs.

Users have the opportunity to participate in Initial NFT Offering commonly referred to as Initial Dex Offering(IDO) since the fundraising takes place on BakerySwap which is a decentralized exchange platform

NFT Launchpad on BakerySwap

Just like many NFT marketplaces, users have to mint NFTs first before selling can take place. There are 85,012 minted NFT tokens as of the moment of this post with 289,180 NFT transactions performed so far on the platform.
The NFT trading volume is 28,880,781 currently with 9,401,052 BAKE locked up purposely for NFT trades.

The various NFTs currently available on the platform can be found in the screenshot below.

Why I choose BakerySwap

I choose to write on BakerySwap because it offers users a dual interface, a decentralized exchange platform, and an NFT marketplace all in one location.
Users can trade in both fungible and non-fungible tokens without having to switch platforms.

Running on BSC guarantees faster and easy transactions as compared to NFT platforms running on Ethereum Blockchain. Also, transaction fees are lower.

One can find almost everything regarding art in the NFT marketplace. The marketplace is promising and would hopefully gain recognition amongst the best NFT marketplaces.

How to Buy NFT

Buying and selling require users to connect their wallets to BakerySwap. Since it is a decentralized platform, no account creation is required. Any wallet that supports Binance Smart Chain can be connected such as Trust wallet, Rainbow wallet, and Metamask wallet

How to buy NFT

First of all, log in BakerySwap and connect your wallet type to the system by clicking on Connect wallet at the top right corner of the screen

Select the wallet type you wish to connect. I would be using Metamask for the purpose of this tutorial

Confirm the transactions in your web3.0 Metamask wallet by Clicking on Next and Connect respectively after each pop-up window.

Once the wallet is connected, navigate to the NFT Marketplace interface and select a category of NFT to trade-in. Select the NFT you want to buy and click the button Approve NFT Supermarket. NFTs are either On Sale or On Auction

Confirm the transaction in your wallet to complete the transaction.
For NFTs On Auction, you a required to make a bid by filling in your bid price and confirming your stand. You are allowed to make changes to your bidding price during the auction period.
The owner would then go through the bids and choose an appropriate price to sell the NFT at.

How to Sell NFT

To sell an NFT, you first have to create one which is termed minting.

Go toMint Artwort in the BSC Artist section.
Fill in your artwork details in the first stage

Upload your artwork image preferably in png, jpg, or gif format with a file size less than 10MB. Minting an NFT comes with a transaction fee of 0.01BNB. Click on Mint to list your artwork

Your artwork would be subjected to review while pending approval. You can check your artwork in the Pending section under My Artworks
Click on Review to set the price of your artwork once approval is done.
It is relevant to compare the prices of other artworks to yours in order to come up with a suitable sale price or bid depending on whether you wish to sell directly or put it up for auction.

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

Advantages of BakerySwap NFT Marketplace

The platform can boost fast transaction speed and low transaction gas fees kind courtesy of the Binance Smart Chain network.
Creating of NFTs is quite simple and straightforward. New users can create their artwork for sale without any hassle. The platform also supports new artists at the BSC Artist section
The marketplace has a simple to use, understandable and user-friendly interface making it accessible to beginners as no deep understanding of how blockchain works are required.
Because it is a decentralized exchange platform, users have the authority to manage their assets independently and also allowed to approve votes on contents. Most importantly, users are not required to provide identification before utilizing the platform.
Users can earn extra BAKE by staking their BAKE in combo meals which is a fancy name for NFTs. Users have the opportunity to stake their BAKE for NFTs IDO tokens in the launchpad.

Disadvantages of BakerySwap NFT Marketplace

Users may take advantage of the simplicity of creating NFTs to engage in fraud and scams.
There is still a long way to go before the platform can boast of having almost every NFT project listed
Because the platform is AMM and NFT integrated, the administration of the platform is often divided into the running of both systems, thus the NFT marketplace has got full attention at the moment.

Conclusion

BakerySwap NFT Marketplace has the potential to become one of the most patronized NFT marketplaces due to the low transaction fees and almost instant transaction speed thanks to Binance Smart Chain. A lot of innovations a planned to take place on the system in order to make it outstanding if it isn't already. Coupled with AMM and NFT, BakerySwap is a platform to behold.

All screenshots are taken from BakerySwap

Thank you professor @levycory for this lecture

#cryptoacademy #levycore-s2week4 #nft #ghana #bakeryswap #steemexclusive