Crypto Academy Week 12 - Homework Post for @levycore

erode (68)in SteemitCryptoAcademy • 3 years ago

Hey, all welcome to my blog. I need to thank @levycore for the wonderful lesson and for allowing me to do the homework 😀.

Blue, Pink and White Abstract Pets Collection YouTube Thumbnail .png

What is NFT?

Before reading the post of the professor I really don't know many details about non-fungible tokens aka NFT. Basically non-fungible tokens for digital assets that cannot be replicated hence it is unique.

For example, Bitcoin or ethereum can be e move to some exchange or other blockchain using wrapped Bitcoin or wrapped ethereum but in NFT tokens are exchanged then tokens are obtained as totally different assets from the original asset.

I surfed through the internet to search what is the NFT trading platform available online. And I found Rarible and opensea are the two major areas where NFT going through.

Here in this blog, I am going to do show how to buy and sell the NFT on opensea platform. Let's start the process

Initially, we need to go for the opensea official site opensea.io the user interface of the site will look like the below screenshot. Here it looks like I already login but actually I am not we have to connect it with the wallet. That's what login here means.

Here is the next step that we need to log in you need to click on the wallet symbol on the top right corner. It will move to the User interface like the below screenshot to signing using the meta mask wallet.

Here is the step to install metamask from my old homework post.

Step to install metamask

Here in the following screenshot, I am going to guide you on how to install the metamask wallet. Let's get started...

_{Google engine shows first link to metamask site}

Open Chrome on your computer and such as metamask and you will find the first website metamask.io which you can see in the above screenshot.

_{Download now button}

When you enter into the website you can see the download now an option as shown in the above screenshot you can use that to download the metamask wallet.

_{Redirect to web store}

The download button will navigate you to the Chrome web store where you can add your extension. This metamask wallet will add on Chrome extension on your PC.

_{Login mode}

After downloading the metamask you should need to sign in or you have to create a new valid if you are an existing metamask user you can import your account through seed phrase are you should need to create a new wallet.

_{Password creating page first step of account creation}

I am here in this screenshot shown how to create a new account. When you click on create a new account you will be directed to create a password which should need to be in combination of capital letter small letter numerical and special characters. After creating a password let's move to the next step.

_{Seed revealing}

Whenever a new account is created new secret seed phrase will be generated we have to keep it safe. If the extension gets deleted mean this phrase will help you to bring it back to your old account.

_{Seed backup verification}

After saving your seed phase you should need to confirm it by entering the order of the phrase given to you that is what you are saying in the above screenshot just hides my side face for security purpose.

_{Metamask wallet created}

After verifying this seed phrase you will get the above UI I like congratulations you passed the test. You have successfully created a new account into your Chrome extension. This is the procedure how to install the metamask on your PC.

After Installing metamask click the sign-in button and you will see the extension pop out as connect with metamask. After clicking next. you will be successfully logged in to your account.

This is the user interface of the opensea.io platform when we logged in and for selling our NFT we need to create a file which we need to sell. Click on the create button which is below the screenshot.

This will allow you to the page you need to upload your NFT asset along with certain details like Name URL and description etc... as you can see in the below image.

Let's talk about how to buy the NFT?

When we go to the marketplace in the openseaio we can find n number of NFT available for sale. Among those choosing the NFT which you wished to download

For example, I chose this NFT to buy. It shows me the details of the price which we need to buy the NFT and the number of owner-like stuff.

As I have no funds in my wallet it is showing as add fund. If we have enough fund means we can able to check out the buying process. It will be added under your ownership.

Advantages of Opensea.io

Seems the user interface of the opensea.io looks easily understandable manner as a beginner I can able to find the things easily which I need to do.

Here we have a large user base in opensea.io hence like Binance where the user base is higher there the business run smoother.
This platform seems to ensure the security for the ownership hence it is a great advantage.

Disadvantages of opensea.io

Cryptocurrency wallets like metamask, Trustwallet.. must be required to sign in. But sometimes there is a huge possibility to recover that wallet when we lost of seed phrase.
Opensea.io accepts the only cryptocurrency as a payment service. It will be better when they provide fiat mode purchases.

Conclusion

This nonfungible token helps a lot of artists to do their business smoothly and lots of singers can get actual support from the audience without the interference of third parties like amazon prime, Spotify, etc... Thank you @levycore for the wonderful lesson. I learned a lot from your lecture. From this homework, I learned to know about how to buy and sell the NFT using cryptocurrency using the opensea.io platform

#nft #levycore-s2week4 #cryptoacademy #india