Steemit Crypto Academy- Homework Post For [@levycore]

Hello everyone, welcome to this post and hopefully all of you will be good and enjoying your health with the grace of Allah Almighty. After 3 successful weeks of Season 2 of Steemit Crypto Academy, this is my homework task for dear @levycore in week 7 of the Crypto Academy. Today our topic of discussion is Selling and Buying NFTs.

Source

So first of all, before discussing the buy and sell of NFTs it is compulsory for all of us to know about NFT. NFT stands for Non-Fungible Tokens and these are the digital assets that cannot be exchanged by other digital assets like other tokens or coins. These assets are only eligible for buying and selling purposes and cannot be exchanged with other assets. So let's start our today's task.

(1)

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

There are thousands of marketplaces that allow the selling and buying of the NFTs crypto assets. We should choose our respective marketplace according to our taste and according to the asset which is allowed in the respective marketplace. There are a number of markets that allow the buying and selling of NFTs by utilizing digital crypto assets.

Some of the common and most used marketplaces for the trade of NFTs which allows the NFT trade by utilizing different digital assets are as follow:

• Opensea
• Rarible
• SuperRare
• Foundation
• Portion
• Myth Market

Opensea:

Opensea is also an NFT market where one can buy or sell the NFTs by using the Ethereum(ETH) token. In this market there a number of NFT assets are available which can be sell or buy by using the Ethreum token.

One can easily sell or buy or create his own NFTs by using this marketplace. I choose this marketplace for me as I like this platform a lot and the other reason is that I like the Ethreunm token which is the fuel of this market and one can only buy or sell NFTs on this platform only if someone has Ethreum(ETH) token in his any of the Ethreum wallet like MetaMask.

• One can choose the marketplace for the trade of the NFT tokens according to the crypto assets that one owns in his crypto wallets. So I like the Opensea marketplace as it utilizes the ETH tokens.

(2)

Buy NFTs on OpenSea

As we have discussed the Opensea is a marketplace for trade(buy or sell). So here in this segment, we will discuss the method of buying the NFTs crypto assets in this market.

• First of all, open the browser which you use. Here in the search bar search the Opensea. As mentioned in the above screenshot.

• The webpage will appear where we have to open the opensea.io website.
  

• Now, click on the Explore option as mentioned in the above screenshot.

• You will see a number of NFT assets here. You can select the NFT asset which you may want according to your budget. Here I selected the Wonderball.

• Click on the Buy Now option which you will see as mentioned in the above screenshot.
  

• Before buying an NFT it is compulsory to join the opensea with any crypto wallet like Metamask. So click on the Sign In option.

• So enter the password of your wallet and connect it with the Metamask wallet containing the Ethereum tokens.

• Now click on the Checkout option and your desired NFT will be purchased.

(3)

Sell NFT on Opensea

• First of all, click on the Create option.

• Here you will see a new window and in this window click the create option.

• After putting the data in the respective boxes, we have to click the create option.

• Click on the Add Items option.

• Select the Add New Items options.

• After filling all the boxes, By providing the name, description, and the picture of the NFT you want to create.

• After creating the NFT of your liking, you have to go to the My Collection option available in the Create menu of the Homepage.

• Here click on the NFT which you want to sell.

• Go to the Add new items option.

• After putting all the names and descriptions in the boxes. We have to click the Create option.

• Now select the Sell option.
  

• Again click on the sell option in the top right corner.
  

• Here you have to enter the price of your created NFT and click on the Post your Listing option.

• This will bring you to the Metamsk or any other Ethreum wallet and after signing the contract you will be able to sell the created NFTs.

So this is the way to create or sell NFTs in the opensea token.

(4)

Advantages and Disadvantages of the NFT Market

As we have discussed the methods of buying and selling of the NFT assets in the Opensea.

Advantages of Opensea:

• The Opensea is the top NFT marketplace in the crypto world.

• The number of users of Opensea marketplace is increasing day by day and in this way, the value of this market is increasing gradually.

• The Opensea market is running on the trending of the Ethreum blockchain.

• The verification system of the Opensea market increases the trust of the buyers and sellers.

Disadvantages of Opensea:

As it is a natural effect that all the picture have two sides. The thing which has advantages also have the disadvantages. So one of the disadvantages of the Opensea marketplace are as follow:

• As the Opensea is a large and widely spread marketplace for the trade of the NFT assets, so the discovery of the desired NFTs caused difficulty for the users to find out them.

• NFTs available in the Opensea marketplace is expensive because this website utilizes the Ethreum token which is a little bit expensive.

• Another disadvantage of the Opensea platform is that there is a huge number of NFT creators and sellers in this market, so there are so many chances of the copyright issue of the NFTs of others.

• The users that create the new NFTs copy the trend and the features of the previously existing NFT assets.

• As there are so many types of artworks but in the Opensea platform, there are no categories to avail the users to find out the desired NFTs.

So these are some disadvantages of the Opensea marketplace.

Conclusions

NFT stands for the Non-Fungible Tokens which cannot be exchanged with the other crypto assets and other digital assets. Opensea is a marketplace that offers the trade of the NFT assets by the Ethreum tokens. One can easily sell and buy as well as create the NFT assets in the Opensea platform. Opensea is the best market for buying and selling the NFT crypto assets.

So, that's all about today's task for this week. Hopefully, all of you will like my this post.

Special mention dear professor @levycore to review out my post ASAP.

Thanks a lot.

Regards: @steemlover63