Crypto Academy Week 12: Homework Post For [@levycore]- Buying And Selling NFTs

salamdeen (66)Beginner[1,2,4,5,6,7]in SteemitCryptoAcademy • 3 years ago (edited)

Good day, Steem community, and greetings to Professor @levycore . I am attentively following your lecture on the NFT tokens and I am really overwhelmed by the knowledge I have gotten as far as the Non-Fungible tokens are . This is my presentation on the homework task assigned by the professor at the end of the lecture this week about trading the NFTs on the various market places.

Non-Fungible Tokens

NFTs are Non-Fungible tokens, meaning they are unique and irreplaceable. A player card in Sorare, for example, is an NFT. Unlike cryptocoins such as Bitcoin, which can be traded for one another, you cannot simply replace a playercard with another card.The majority of NFTs take the form of digital assets, which are typically digital files such as audio, photos, and videos.
Sorare is an example of a project that uses NFT technology, where people can claim ownership by purchasing collectibles.
People can manage virtual clubs with virtual players that can be acquired through buying the player cards which are Non-Fungible tokens each player's card is unique and they are a digital representation of the normal football players we know.

Trading Non-Fungible tokens- Opensea

The NFTs can be acquired through buying and selling in the marketplaces that offer the NFT tokens. The largest marketplace
for buying and selling NFTs is Opensea. It is a peer to-peer marketplace for NFTs. It was the first decentralized NFTs marketplace and it has been in existence since 2018. Opensea has a very good userinterface and its transactions are based on the blockchain technology secures it, there are no trust issues in openseas.Transactions are not based on smart contracts without third parties, therefore, no intermediaries or agents involved.

I have chosen Opensea as my favourite marketplace due to its support for almost all NFT tokens and low fees. Also, users can create their own NFT collections in order to sell on their platform.

Buying NFTs on Opensea

¶ For transactions on opensea, one needs to connect the a crypto currency wallet to opensea. Therefore, if you dont have
such a wallet, you can create one through wallets like metamask, after creating the wallet, the next stage is to deposit some
funds in your wallet in the form of ETH to pay for tokens and gas fees as it is the default form of currency on opensea

¶ The next stage after connecting your wallet is to visit the webpage of opensea thus opensea.io

¶ On the frontpage of opensea, it will appear as in the picture below, click on explore for more collections so that you'll choose the collection you wants to buy or you can search for the item you want in the search bar

¶ In my case, I want to buy playercard tokens as in Sorare so I searched "sorare" on the search bar and items related to
sorare apeared

¶ As shown in the picture, I wants to buy Manuel Palacios so I clicked on the playercard labled "Manuel Palacios"

¶ I then clicked on "Buy Now" to buy Manuel Palacios

¶ As showm in the picture, I have to connect my wallet before I am able to buy so I have chosen to connect opensea with metamask

¶ I then need to allocate funds in the form of 0.15ETH worth 498.33USD to buy the playercard

How to sell NFT on Opensea

One needs to connect his/her wallet first before being able to sell on opensea

¶ Click on create on the frontpage of the opensea website

¶ click creat again on the next page to creat new collection then input the name of the collection and discription, after
that, click create

¶ I have succesfully created the collection. The next stage is to add new item by clicking "Add New Item"

¶ Then create the new item by filling the required fields such as the file, name, Eternal link, discription, price allocation and many other important fields then click on create. Care should be taken at this section.

¶ Then click on sell

Advantages of using Opensea marketplace

The work on opensea marketplace is based on smart contracts making it very secured hence no fraudulent transactions on the platform.
People with no knowledge in coding or blockchain technology can buy and and even create their own collection on opensea with no difficulties and also, The opensea website have low fees for most of the Nfts transactions and it also has good graphical user interface

Disadvantages of the opensea marketplace

The only form of payment on opensea currently is through the use of crypto currency maling it imposible to use the USD for payments
Before one has to do transactions on opensea, he/she required to have a Crypto currency wallet, making it difficult for users with no knowledge on how the wallets works
Less costumer support for beginners and also, there's currently no strict directive on the copywrite infringement on the opensea

conclusion

There are many platforms available for buying and selling of Non-Fungible Tokens where users can buy and sell tokens, the emergence of the NFTs is a good initiative for people interested in trading Crypto currencies but Trading on the various platforms should be done with carefulness it seems the various marketplaces lacks white papers as compared to other blockchain platforms where users can have track on the the progress of the platform.

Thank you for the lecture professor @levycore.

cc:
@levycore

Screenshots Source

#cryptoacademy #levycore-s2week4 #nft #opensea #ghana