Season 2 : Selling and Buying NFT | By @maazmoid123

Hello Everyone, so today I invite you all to read my today homework which I am going to make on the Selling and Buying NFT subject which is given by Professor @levycore.

So let us continue with our homework.

Source

---

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

---

What is Opensea

---

Opensea is an open market of NFT or Non-Fungible Tokens. And this website let you buy and sell NFT's which are Digital Art, Collectible Tokens, Domain names, with connecting our Ethereum Wallet. One of the main catches of this site is that they provide lower fees as compared to their competitors.

So actually I will go with the Opensea as if we see in the OpenSea market, as we have to mint when we are selling the item but if we see any other market we will have to mint before selling the item and because of that we have to pay high gas fees.

On Opensea we have to pay that fees when only the item is sold but if we see the competitor market of this, so there we have to pay the gas fees even if the thing is not sold.

How does Opensea work?

So everything is already done in the site, you just have to explore and see the NFT which you want to buy and you also can create your own collection which you can sell on the market. And it also has world-leading security so there are very less chance of any hacks.

---

Connecting Ethereum Wallet:

So as I have already told you all that to buy or sell on NFT one should have an Etheruem Wallet and we buy and sell by using our Ethereum Wallet.

So here when we will open the Opensea site then we will see the wallet logo on the top right so we will click on that and then it will show some of the wallets from which we can connect.

So as I am using MetaMask so I will click on that. And then the OPENSEA wallet will be connected with my Ethereum Wallet.

◤━━━━━━━━━━━━━━━━━━━━◥

How to Buy NFT:

1. So firstly simply I will go on my main dashboard. And there I will click on the Explore button which will take us to the buying page.

1. There I will select the Display Art or any Domain page and any other token which I want to buy like shown below: I clicked on the trading card.

1. There I clicked on this trading card and the price of this is 0.02 ETH which is around $69.

1. Then I clicked on Buy now but as I don't have any funds(ETH) on my Metamask right now on my account, so it is showing the option of Add Funds right now, otherwise, we can buy like that.

◤━━━━━━━━━━━━━━━━━━━━◥

How to Sell NFT:

1. We will again go to the main dashboard and then click on any of the Create Tab. Which can be shown by the red marker.

1. There we will click on the create a new collection.

1. Then we will add the Logo, Name, and Description of our product. And then will click on the create.

1. There it will show that the work is been created, so we will click on the Add Items.

1. Then I click the Add Item first then the Request Signature tab appeared so I signed it.

1. So here we fill all the data of the product and then click on Create.

1. Then I Will click on the Sell.

1. So then I set the price, and then click on the "post your Listing" button.

1. Then as I clicked on this Post Your Listing, this message appears of the gas fees, and as I don't have the sufficient amount on my account so I can't move any further from there.

◤━━━━━━━━━━━━━━━━━━━━◥

Advantages of the OpenSea market:

It has the best setup which helps for beginners to understand the System of NFT's and can learn more about the Digital Arts and Collectibles.

The Opensea market is reliable and easy to use, there are vey high posi* tive review from the users.

And the best part is that you can sell the products which are creating on Rarible, Mintable or any other site.

Opensea also give the market competitive commision to their seller and as well as the the service of joining is free as other markets charge fees of that.

Disadvantages of the OpenSea market

I think the main thing I can see is that Opensea only charge Cryptocurrency for buying and selling.

The gas fees is high and to attract more people to their platform they should really work on that.

And as the professor said that the Opensea market has a huge gap, the site need many changes and main of them is that there should be an option of search, so that if someone wants to buy something they should search it instead of scrolling the whole pages as we have to do that now.

Conclusion:

I didn't even knew that there is a market like this until today. The lecture was very easy to understand and I learned a lot and maybe I will even try to jump into this NFT market, I am just so curious about and will wait for another lecture to learn more about it. And in this last this for the professor @levycore, as Sir if you see anything wrong so feel free to point me out i will be more thankful as it is your duty and I am here to learn.

Regards,
@maazmoid123