Steemit Crypto Academy Season 2 : Selling and Buying NFT by @levycore Submitted by @silencewan

INTRODUCTION

Hello eveyone, it excites me to take part in this week's crypto assignment on Selling and Buying NFT. The professor has done a great job by preparing such a resourceful leture note. I must say that it reallyguided me to doing my research.
This week has gone a little further comparing to the first lecture we had. But I am here to give response to all questions asked by the professor.

We spoke about what NFT's are during the last lecture, but I will give a quick recap of what actually it is before going ahead to select a market for NFT for this week's discussion.

In a simple sentence, we can explain NFTs as a unit of data kept or stored within a digital ledger, these ledgers are called blockchains which proves a digital asset is unique and can therefore not be interchangeable. As a result of its uniqueness, it cannot be replicated since they involve cryptographic tokens on a blockchain. These NFTs can be stand in place of videos, audios, photos, and some type of digital files. source

Above is a brief of what NFT's are, I will therefore list some available markeetplaces I will use for the selling and buying of my NFT's. these are;

• AtomicMarket

• Foundation

• OpenSea

• SuperRare

• BakerySwap

• Mintable

Above are some available marketplaces one can use to either sell or buy NFT's, but in my case, I will be using the Mintable where I will show how to use it and how to buy and sell NFT's. What I will be doing next is to give you a brief about the Mintable

Mintable

The Mintable is said to be a marketplace that serves as a medium through which buying and selling of digital assest on a blockchain is made These NFT's are also knwon as the ERC-721. These digital items could be turned into files, images, music, etc. through the help of the Mintable. This ecosystem gives the opportunity to use NFT's by creating an online marketplace and also the Mintable gives chances to users to market their newly created assets NFT's after they have been created. The Mintable have been in the NFT blockchain since the year 2018 till date and they try as much as possible to make NFT's accessible to everyone on this eart. It is a decentralized system giving a full control to its users.

How to Sell NFT

Visit the Mintable website through https://mintable.app/

When the sites opens, you will have to create an account first which is what i will be showing in the screenshot below..

Fill in your details and then click on create account to proceed

Then visit the login page to login after you have successfully confirmed and created your account

Once is through you will be back to the homepage, so you will have to click on the start selling and then select on create a new item.

Second screenshot, selecting create a new item

What you will see next is no transaction fee, its free

Fortunately, I have a wallet on Metamask already, I create one during the last lecture with professor @yousafharoonkhan. So we will connect to our wallet and then proceed.

It has connected to my wallet

Second screenshot

Image designed by me on photoshop which I will use as my cover

You will then have to fill in the description, alittle description for your product and then a price tag not less than $0.99
and then Click on List this item

Click on proceed

It tris to link with the wallet
Click on sign to proceed

A congratulatory message after uploading my image

Viewd my image to checkthe details and its intatct

Still in my metadata

The last thing we need to do is to check if it reflects in my profile NFTs, so we will go to my profile and then click on NFTs to see if it actually reflects
I also uploaded my profile picture.

Buying NFTs

Here, I will be taking you through how to buy NFT's, what you need to do is to first click on any categories which includes the following, Game items, music, templates etc.
Click on any of the categories Art, Collectibles, Game Items, Music, Domains, Templates, and Videos. I will be demonstrating how to buy a token from the Game item category and I will show you how to buy a video from the video category. But it will be the same process for all.

Select videos in the list you see

I select the first one, Travis Scott

The circled portion is where you place a bit

I placed a bid ($9766 equivalent to 2.755853

The portion i circled shows that i do not have enough funds in my wallet to place this bid therefore bringing me to the end of this.

But here, it is the last part of the buying, once there is funds then you place the bid, it goes through. So this is how you buy NFTs

Now lets look at the last part of the assignmetn which the advantages and disadvantages of the Mintable NFTs marketplace,

Pros

1. It is able to host assets which has not got a fixed suppy

2. It being part of the best ERC-20 token platform, it requires user specifications and demand in minting.

3. Its being hosted by the Ethereum blockchain ecosystem which indeed is secured and safe

4. Since they are ERC-20 compatible, they can be added to a supply at any given time

Cons

1. As a result of it being a free platform, it could give chances to hackers to created false tokens which will not be good for the platform

2. In as much as tokens being able to be added to supply at any given time since they are ERC-20 compatible, the value of the token might change in the market.

3. Per research, there are so many competitors in as much as Mintable is concerned on the Ethereum network thereby making a slower enviroment for the Mintable tokens which is also a great disadvantage.

Conclusion

I will say that, this week's lecture is related o what we did last, therefore there was a little transfer of knowledge, But the choice of topic was also interesting and i say thanks to the professor cause it has really opened me.

As the questioned haved been asked, i haved given the necessary solutions to them in my write up.
what a Mintableis, buying and selling on the Mintable and the advanatages and disadvantages of the Mintable all mentioned in my write up.

Thank you for reading