Steem cryptoacademy:- season 2 week 4:- Home work post for professor @levycore:-

Hey there everyone this is @prakhar9675 this side and this post is against the Home work given by professor @levycore.

In this post, I will try to answer all the questions asked by professor @levycore. So let's get started:-

As this post is all about NFT. So Before starting, first of all let's take a look, what NFT is:-

Source

NFT is abbreviations for non fungible token. It is created with the same programing which is used to create cryptocurrency. Almost all NFT are created on ethereum blockchain. And like other cryto assets, NFT can also be transferred from a wallet to another Wallet..

As I have told these are created with the same programing that creates cryptocurrency, then what is the difference between both?
So the difference is that cryptocurrency like ethereum and bitcoin are fungible in nature. And on the other hand, as the name suggests, NFT are non fungible.
This means that NFT are unique. And this makes them quite valuable.

Current example of NFT trades

Using NFT, digital work can be sold that are unique in Nature and are quite popular. Using NFT many people can sell their creative ideas and work online.

Some recent examples of NFT trades are:-

Source

Recently we all heard this news that popular disaster girl meme orginal photo was sold for over 500k USD.

Source

Another major example of NFT is this one.
In this two India boys bought digital artwork of a artist for over 70 million USD. It contains a collage of photos that was taken by artist for over a year. And later compiled them in a single frame.

Though these works are accessible through internet but the original belongs to the owner.

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

There are a lot of NFT market. Some of them are given below.

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But for selling and buying NFT, I will choose opensea. I chose this market to buy or sell NFT because:-

1. it is one of the biggest and oldest NFT market. This is also claimed by opensea too. If you scroll down on its homepage you can easily see this.
   
   Also to check this fact, I visited dappradar site.
   So according to this, in the last 30 days, 100.04 k transaction are done by 29.4 k users. And intersting thing is that this number of users is dropped by 32.25%.
   
   This clearly shows that this has a very huge userbase.

2. You don't need to open a new account to see the available NFT. You can do it without any account. And for buying any NFT, connecting your wallet is all. You don't need to do anything else.

3. In this, every transaction is done on ethereum blockchain directly through your connected wallet. And thus this platform doesn't act like a mediator. And thus this is more reliable and trustworthy.

4. Here almost every NFT is classified into many categories. Thus everyone can chose NFT according to their choice and very easily.
   

5. Commission fees of opensea is around 2.5% which is quite less than many other NFT market which charges around 5 to 10 percent.
   Thus selling NFT is cheaper using opensea.

These are the reasons why I chose opensea over all other NFT market.

How to Buy NFT ( Screenshot needed)

To buy NFT using opensea, first you need to connect your wallet to opensea.

To connect your wallet, you can either open opensea in metamask wallet browser or you can open opensea in any browser and then connect with wallet.

I will use letter method because using this one can choose other wallets too:-

1. Go to your browser and type opensea and open that or you can directly click on this link

2. Then tap on three horizontal lines at the top left corner. And then click on my Wallet
   

3. Now click on the wallet you want to connect with. For example I want to connect with metamask wallet. Tap on that.
   

4. After this, click on metamask wallet and then click on just once.
   

5. After this, opensea will be opened in metamask wallet browser.
   After this, click on sign in
   

6. Then this will ask for permission to connect with the opensea. Click on connect
   

After this, all will be done and your wallet will connect with opensea.

Now to buy NFT:-

1. Select any NFT that you want to buy. For example I want to buy an art. And to find that art, I go to this page called art block factory. And I tapped on that
   

2. After this, this showed me some details about the art block factory like how many owners are here and how many Trade took place and average price
   

3. Then select any NFT you want to buy.
   

4. And then click on buy now. Here you can also see the price of this NFT. For example price of this NFT is 480 USD
   

5. Now if you have sufficient amount in your wallet, then click on check out. But as I don't have sufficient balance so it is asking me to add balance
   

6. From here you can buy ethereum from an exchange or by card and then you can buy that NFT.
   

How to Sell NFT ( Screenshot needed)

1. To sell NFT, first you need to upload your work. To add your work. Click on create
   

2. After this, you wil have to upload your work, and it's description and name. And then finally click on create
   

3. For example I have uploaded an screenshot and set name and description to my username.
   

4. When you click on create, it will be created. And you will get a notification for this.
   

After this you will have to mint it to ethereum blockchain. And then you can sell it by going to your account and then click on sell. And then you will be asked to set rate for this NFT

When anyone buys this NFT, then all the price will be deposited to your linked wallet.

Mention and explain the advantages and disadvantages of the NFT market you have chosen

Advantages of opensea:-

1. Opensea doesn't ask anyone to open an account. Inky linking your wallet is enough.

2. Opensea doesn't act as mediator. You need to pay directly through ethereum blockchain.

3. Opensea has a very user friendly interface. As I was a new user still I didn't have any trouble using this.

4. Opensea has classified all its NFT under different categories. So you need not to watch those NFT in which you are not interested.
   For example you want only art work not domain, so by choosing art work, you will only be shown art work and nothing else.

5. Opensea has a quite less commission that is around 2.5 percentage. On the other hand, many other has commission around 5 percentage.

6. It works perfectly on Android and iOS this you need not to buy a laptop for this

7. You can save your art work here and sell it later.

Disadvantages of opensea:-

1. Its classification of NFT is quite good but not perfect. Many time you are shown NFT that you don't want to see. So many time you need extra time to reach the NFT you want.

2. It contains many item that are subject to copyright.

3. It only accept crypto payment. You can't buy anything by any currency. You will need to buy ethereum first and then you can pay.

4. For this you need to have a Ethereum wallet. Without that you can't buy or sell anything.

conclusion

NFT is getting popular day by day. And many people are earning very much through this and by this digital work is getting fame that was required.
And I used opensea to take a look into this NFT world.and I am satisfied with NFT. Yes it has some cons but nothing in this world is perfect. It has more advantage than disadvantages.

So that's all guys from my side.

Cc
@levycore
@alphafx
@steemcurator01
@steemcurator02