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Overview

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For This weeks lecture, Professor @levycore lectured us thoroughly on how to buy and sell NFT's from the marketplace and the positive and negative side of OpenSea which was his market selection for his tutorial.

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What is an NFT

NFT simple means a digital asset with an imbedded code which sets it apart from all others thereby making it genuine and unique. This digital assets, stands in place of a real world artifacts which includes but not limited to music, art, videos, games, GIFs, etc. etc. Unlike crypto currencies where one token can be traded for another of equal value, NFT takes a different turn. If you want to trade your NFT for another, you will get a different asset hence it name and acronym Non-fungible tokens(NFT).

It gained a lot of attraction in 2017 and still uprising even though it has been around for quit some time mostly on the Ethereum Blockchain. Some of the markplaces are AtomicMarket, KnownOrigin, BakerySwap, Rarible, Ethernity, Foundation, and OpenSea being the most prominent of all.

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OpenSea Marketplace

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For the sake of this assignment, I will choose OpenSea for my buying and selling. It boast itself as the leading and most famous NFT market which is true. I choose it because you do nott have to be a professional before you can upload your own art for NFT for sale. Buying and selling is secured because of the smart contract in place. The page is also very easy to access and use because it is not complicated.

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Steps For Buying NFTs

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1 Search for https://opensea.io/ in your browser

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2 When the page loads, click on explore

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3 Choose NFT you want to buy by clicking on the art to open

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4 Click on buy now to set your order

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5 Connect to you wallet

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6 Pay for the art once my wallet if funded you will have your NFT.

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Steps for selling NFTs

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• Go to the home page and click on create

• Click on create again to select and add the preferred asset

• Click on the photo icon to upload the asset of your choice and fill in item description as well as product name.
  

• After filling the prompt, Click on create on this page
  

• This page allows you to add your digital item by clicking on add items
  

• Click on sign to sign the agreement to your digital asset.
  

• Upload the item once again. this allows you to upload the full item.
  

Selling

• Click on sell on this page. Unlike other pages mine browser sends me directly to this side.
  

• At the top right corner, click on sell again
  

• Fill in price and choose which cryptocurrency you will prefer for payment. Choose between ETH, DAI, and USDC. Followed by clicking POST YOUR LISTING on the platform. You may also choose when you want to sell your item, to have it sold at auction or at a fixed price or declining price.
  

• This page presents to me the gas fee i have to pay which is $256.27. Once i pay that, I will be allowed to post my product and it will be live on sale.
  

What Are The Advantages and Disadvantages of OpenSea Market

Utilizing smart contract on OpenSea makes it a very useful and trustworthy place to buy and sell products without fear of being cheated in any way. Opensea also allows seller their freedom to choose how and when they want to sell their product even to choosing their pricing options from fixed to declining. Being the best in the digital marketing arena also add a plus to it. You should be good to be on top. The other good thing is you don't have to be a registered member to begin selling your products.

The disadvantage part is the two much price fees and at least I believe it would be nice to have item owners post their product for sale and when the sale goes through, then the gas fees can be deduct. It is difficult to think I can not sell or Buy from the platform without a cryptocurrencies.

Conclusion

I believe NFT is doing great with big names like Eminem selling collectibles and Jay Z funding Bitski, with several others joining NFT marketplace. Because of NTFs, you can own your own unique items without fear of counterfeits. I have learned great things today about this market and I know it will be good to focus there as well. Thank you professor for this great lecture.

All images are screenshot from Opensea market and or my personal edit from Canva