Crypto Academy Week 12 Homework Post for [ @levycore ] Buying and Selling of NFTs in market.

magmuz (61)Beginner[1,2,3,4,5,6,7,8,9,10]in SteemitCryptoAcademy • 3 years ago (edited)

Dear friends, hope you are all doing well. This week again some amazing lecturers were posted in this community. Today's task that i am writing was set by professor @levycore and is about NFT market.

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

I choose opensea for buy/sell NFTs as demanded by task. Opensea is an integrated market of digital goods known as NON Fungible Tokens based on Etherium blockchain. NFTs are not cryptocurrencies , they are unique, un -interchangeable digital goods that can be bough or sold in exchamge for cryptocurrencies . They share some characteristics with physical goods but differ in being digitally encoded. Like physical goods they can be bought/sold, destroyed and gifted to anyone.

Reason for choosing opensea is its popularity, diversity of NFTs, ease of use ( user friendly) , reliability, security, huge user base etc. Inshort, opensea is an example of perfect NFT market.

How to buy NFTs?

To buy NFTs, let's start from Meramask wallet. Open wallet and on next page dapps are loaded Look if the market, you are looking for is there. If not, than search for opensea and click on it.
Opensea market opens and on the main interface, you will find two options, one is explore and other is create. Click on "explore".
Next click on "Buy now". A list of NFTs will load . You can select NFTs from diverse list of categories available.
Selext the NFT of your choice from category you want. Click on it.
Next window will pop up Click on ""buy now".
Next we need to log in to wallet. Click '"sign in "
Than click on "connect" and your wallet is connected. We need not submit any wallet details as we approached via Metamask. Not only metamask but you can choose from other wallets as well, if you start from web browser.
Proceed to check out. Due to insufficient funds, i couldn't place order.

**#

How to sell NFTs?

Again go to main page of the opensea market.
As mentioned above, we get to see two options. One is explore and other is create. Click on "create".
Next select "logo ", name and description. Choose logo file , than choose name for your NFT and describe it. Later check your details and click on "create".
It will show that "Toekn name created". I kept name as Nonceleb sign.it shows nonceleb sign created.

Click on "Add item* just below the token image. Item will be added to your collection.
Next go to your collection and click on the NFT added.
Click on "sell"and select your "sell method".
Next select details like highest bid, minimum bid, expiry date etc.
Next click on post your listing and pay gas fee and your are done.

Advantages of opensea

Interface is user friendly. Even a first time user won't find any difficulty in exploring opensea.
We have diverse options to connect with opensea. As many as 11 wallets are listed there, to which a user has a single click access .
Learning curve of opensea market is shallow. No technicality demanding market.
Has wider user base, because it is secure. It has trading volume of more than $350 million and more than 100K users.
Huge collection of of NFTs are available under each category. In total , about 15 millions NFTs are available.

Disadvantages of opensea.

Gas fee is too high which excludes most of the new users from exploring this market.
Theee is no check on products sold, no proof of ownership is sought.
it accepts only cryptocurrency. No fiat based buy/sell is available.

Conclusion

Ever since launch of Bitcoin, new horizons of digital assets have begun to unfold that range from altcoons (close allies of Bitcoin ) to this new token called NFTs. Subsequently the markets too come into being and opensea being one of the most popular NFT market with millions of users, tokens and trading volume.

#levycore-s2week4 #cryptoacademy #steemexclusive #steemit #nft #india