Crypto Academy Season 2 Week 4 Homework Post for @levyvcore || Selling and Buying NFT
I am glad to be part of this week's lesson by professor @levycore. I must say that the teaching is very comprehensive and detailed. Thank you for the wonderful lecture on selling and buying NFT.
Buying NFT in OpenSea
These are steps take in other to buy NFT in OpenSea. It's also important to have a wallet.
- Step 1: Visit opensea.io
- Step 2: Click in explore
- Step 3: Click on the product you to buy
- Step 4: Click on "Buy now"
-Step 5: You to have connect to the wallet.
**Then the checkout page open.
Selling NFT on OpenSea
We log in to the web address opensea.io
- Step 1: Click on Create and Collections
- Step 2: Click Create
- Step 3: Upload your logo and fill the description. Click create
- Step 4: Click on "Add Items"
- Step 5: Click " Add new item"
-Step 6: Choose the product. It can be picture, video of 3D model. Give it an appropriate name
- Step 6: After filling the details, click on the "Create" option.
- Step 7: Click on sell.
Advantages of the OpenSea market
OpenSea has the lowest fees in the NFT market. Considering 2.5% of sales that take place on Opensea. It is the lowest fee in the market among all major marketplace, while other platforms collecting up to 7.5%. It has the most configurable aution, which include the highest bid, declining price, and more.
We have the privilege to set different types of listings for your ERC721 NFTs and ERC1155 items but if you don't list your items for sale, buyer can still request offers on your items.
We are also allowed to change the cryptocurrency you accept when selling your items.
Disdvantages of the OpenSea market
** OpenSea market cause blockchain energy consumption.
** They have limited customer support.
** Have to have crypto wallet.
Conclusion
I learned a lot from this course. It is important to know which market to choose when desiring to trade in the NFT market. OpenSea is a good market to trading NFT. Though, it also have its own disadvantages but it's better than some platforms.
THANK YOU