Crypto Academy Week 10 Homework Post Submitted To Prof @levycore

I am so happy to be in attendance of the Crypto academy season lectures of Prof. @levycore. It has really been a much rewarding lectures for me.

I will be talking about OpenSea NFTs marketplace but before then, a sneak peek to what NFT is.

NFT has been in existence historically about nine years now, though it had its break through appreciation sometime in 2017.

NFTs otherwise interpreted as non-fungible tokens in my opinion means that it is something that is unique and can't be acquired in the same form.
For instance cryptocurrencies can be sold and gotten back in the same value but that doesn't go for non-fungible tokens. They are a type of crypto assets that exist in a definite form. This asset being encoded helps to create scarcity and in other words solve some existing problems in the digital market.

NFTs are digital stuffs like arts, games, videos or even songs that has a very smart format like an AI, yet the difference rally around the utility technology to market these artwork which of course is digital too. This could be seen as collecting very pricey well made digital works.

OPENSEA
OpenSea is a decentralized NFT marketplace which allows trading, buying, selling of NFTs.
OpenSea is the first decentralized NFT marketplace and it was birthed in January 2018 by Alex Atallah and Devin Finzer.
Right from 2018 till date, OpenSea has been one of the best marketplace for digital goods.

There are a lot of mind blowing and creative digital items, collectibles, game items, domain names and some digital representations of some real life assets on OpenSea.
Millions of items and assets are significantly organized and categorized respectively.

OpenSea NFTs Trading
Being a decentralized marketplace, OpenSea uses a protocol known as "Wyvern Protocol". This protocol is more like a suit for smart contracts with trustless and permissionless features. This Wyvern Protocol allows users to trade on OpenSea without any third party or intermediary.

Worthy of note is the fact that transactions on OpenSea is "atomic", meaning that either all of the deal happens, or non of it happens. What that means is this, let's say I want to buy goods from eBay and I place my order. I will have to first of all pay for the goods before it is being shipped, but on OpenSea, both me the buyer and the seller have to agree on a specific price, and once the agreement is set, the transaction takes place in just a single transaction.

How To start Up On OpenSea.
Log on to https://opensea.io

Click on create.

To begin selling, buying or trading on OpenSea, it is ideal to own a Web 3.0 wallet. Metamask is one of those trusted wallets which is need to connect to and transact on OpenSea.
The essence of this wallet is to allow me to to buy or sell on the blockchain and also make other transaction like trading.

Thinking if your wallet is safe when connected to open sea? Yes it is very safe.
OpenSea does not dominate its users assets. Rather it provides the infrastructure for peer-to-peer exchanges.

An address on the blockchain owns your NFTs, and you own the address via your private key or seed phrase.

Since OpenSea is supported by an Ethereum based wallet which is Metamask, ETH is the default currency on OpenSea and it is used to pay for fees and gas.

After setting up my wallet, I can easily connect to OpenSea where I can sea my assets, buy and also sell my digital arts or other collectibles.

Purchasing Items On Open Sea.

If I want to buy an item on OpenSea, the "Browse" is always there to ease my stress, provided I know the name of the item I need. All I'll do is just to type in the name of the item and search, then it will come out.
Alternatively, there are also sorting and filtering options which I can use to access items.

And to be able to buy an item, I will have to convert my ETH to wETH (wrapped Ethereum) and this can be easily be done on the OpenSea platform.

With my wETH, I can pick an NFT of my choice, place my bid, and follow the auction.
If I happen to be the highest bidder on the auctions end, OpenSea will handle the transaction and notify me via email that I won the auction.

Selling On Opensea
Selling on OpenSea is relatively simple task.
If I want to sell an item on OpenSea, I will select the item, and then click on sell.
By default, my item listing will always be public but I can change it to private by navigating the privacy switch.

I can always go back and reduce the price of the item if I feel like to do so.

OpenSea Fee Charge
OpenSea charges fees as low as 2.5% of the sale price which is very low compared to other NFT marketplaces which charge up to 7.5%.
Buying items on OpenSea has no service fee charge but others charge up to 3% on top of the sale price.

NFTs From Other Marketplace
NFTs from other market place can still be listed on OpenSea, provided they are in my wallet.

OpenSea Custom Currencies
With over 200 available payment options on OpenSea, I can decide the crypto asset I choose to accept as payment for my item.
By default, ETH is the currency, which is converted to wETH, but then, there are others currencies including stablecoins. Some of those currencies are;

• DAI and USDC stablecoins.
  wBTC, which is an acronym for

• Wrapped Bitcoin.

• MANA, which is Decentraland's in-game currency.

• REVV and SAND are also in-game currencies.

• MEME, which is part of the Meme collection.

• WHALE, which is a social token.
  Customized ERC20 tokens can also be added as an alternate payment option.

Conclusion.
With the vast prosperity of NFT in the decentralized ecosystem, NFT marketplaces will soon be accepted by most traditional marketplaces and NFT will be paid more attention to.

Reference

Thank you Prof. @levycore for lookig though my work.