This week, the professor explained in detail the selection of the NFT market, how a product is bought and sold in the NFT market. He also explained the disadvantages of the market he chose (OpenSea) to us. He asked us to prepare a four-part homework assignment.

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Although the history of NFT (Non-fungible tokens) was long ago, the first serious studies took place in the Ethereum network in 2017. Especially in the last 1 year, they have become very popular. Artworks and collections can be registered and sold digitally through NFTs.

Many NFT markets started to be established with NFTs becoming very popular and trading at crazy prices. The most popular of these are OpenSea, Rarible and Niftygateway.

Most popular NFT market: OpenSea

One of the most popular markets where NFT products are bought and sold. It is possible to discover the products in the market without any user login. You can join this journey as you wish.

But if you are a trader, it is possible to get involved in the platform in many different ways. It is possible to connect to the market and trade with various methods such as MetaMask, Bitski, Fortmatic, WalletConnect, WalletLink, Arkane Network, Dapper, Authereum, Torus, Portis.io, Kaikas. It seems a great advantage to be able to connect to the market with different methods and this was one of the aspects that attracted my attention. In addition, the fact that the market is very popular offers users positive advantages.

You can find all kinds of products in this market. In addition, it is possible to sell a product of the category you want in this market. It will be an important experience for the artists to bring together inimitable, non-reproducible and unalterable products here with the buyer. Especially in this epidemic period, it is important to put the products for sale in digital environment without organizing any exhibitions.

Buying NFT in OpenSea

It is possible to connect to the OpenSea platform with many different methods / wallets. I use the MetaMask wallet to connect to the OpenSea market.

I log into the platform via the web address https://opensea.io/.

We click on the place I marked in the picture. I will choose any product in any category.

Then I click on the product to buy. The price of the NFT product is 1.2222 ETH.

I click where it says "Buy now" to start the purchase.

To purchase, it is necessary to connect to the wallet. There are too many wallets. MetaMask is the most suitable for me.

Then the payment page opens. The purchase cannot be completed because there is not enough ETH in my MetaMask wallet. It is possible to transfer ETH to the wallet with a different address, and offers the opportunity to receive ETH with a credit card.

Selling NFT on OpenSea

We log in to the web address https://opensea.io/.

We click on '' Create '' and '' My Collections '' on the upper right.

Next, we need to choose a wallet. For the wallet selection, I choose the MetaMask wallet. It is possible to log into the platform with a total of 11 wallets.

I click "Create". I am creating my trial product.

I chose a logo. I set a name for the product. I filled out the description section. I clicked on "Create".

I created my NFT product. I clicked on "Add items".

Then I click "Add new item".

I approve the "signature request".

I am choosing a product. It can be video, picture or 3D model.

An appropriate name should be chosen.
URL link should be created.
Description part must be filled.
Other detailed information about the product should be added (properties, levels, stats).

After completing all the details, I click on the "create" option.

I click Create> My Collections. Then I click on the product I created.

Then I click on the "Sell" option on the upper right.

After determining the details such as the price we want to sell the product, I click the "Post Your Listing" option. We can choose to pay with cryptocurrencies such as ETH, DAI, USDC.

I have to pay about $ 40 worth of gas fees. I cannot complete this transaction because I do not have enough assets in my account.

Advantages of the OpenSea market

OpenSea is one of the most popular NFT markets. Its popularity and the fact that users prefer it too much is an important indicator of their reliability. So far I haven't come across anything negative about OpenSea reliability.

Being very popular / preferred by too many users makes it easier for us to trade. It is quite easy to buy NFT products in the OpenSea market.

We have the opportunity to connect to the OpenSea market with 11 different wallets. This seems to be a very important advantage. We only connect with a single wallet to connect to some markets. This is a big disadvantage for other markets.

We can sell the products we have created in markets such as Rarible, Mintbase, Cargo, Mintable and Zora here. It is one of the details that highlight the OpenSea market.

Disadvantages of the OpenSea market

The design of the OpenSea website is pretty bad. This will cause users to exit the website in a short time.

OpenSea's commission is high. In order for them to be preferred by more users, they need to reduce their commission rates.

High gas fees on the Ethereum network are a disadvantage for the OpenSea market. Most of the users use MetaMask as a wallet, causing high gas fees.

Selling in the OpenSea market is very difficult and complex. They can simplify the selling steps even more.

You can sell products that do not belong to you in the OpenSea marketplace. There are no measures taken to prevent someone else's products. They need to work on this issue. As a precaution, the following can be. Payments to sales users can be made after a long time. When the true owner of the NFT product is revealed, payment must be made to the real owner of the NFT product.

Conclusion

We learned a very important subject in this course. Every trader interested in cryptocurrencies should be aware of NFT. NFT products should know well in what market to buy and how to sell them. He should know which platforms to choose to trade in the NFT market.

This professor's course has been very useful. Thank you to him.

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