Crypto Academy Season 2 - Week 12 - For @levycore

OPENSEA

OpenSea is a digital market platform that is used for the selling and buying of non-fungible tokens (NFTs). It is presently the NFTs largest marketplace in the world as so many varieties and range of NFTs such as digital art works, virtual worlds, cards for trading, censorship-resistant domain names, sports and games, and as well as collectibles are made available on this platform.

Assets associated with ERC721 and ERC1155 are also on this marketplace.
With opensea I can buy, sell, and also get to discover numerous available digital assets such Bitcoin-satochi, CryptoKitties, ENS names, Blockchain Cuties, Brave Frontier Heroes, Axies, amongst many of them.

This online market also features different projects which are over seven hundred on its website. Some this projects includes trading game cards, digital art work projects, collectible games, Et here um Name Service (ENS) etc.

It provides a platform for creator to freely and independently express their creativity by enabling them to create their own products using the item minting tool it provides on the blockchain.

It also made it possible for everyone to access and use this tool to make non-fungible tokens a collections free of charge, without any need for coding.

This feature adopted by OpenSea has provided opportunities for developers who develope digital collectibles, a good game smart contract and many other projects on the blockchain that possess a distinct digital items to be added to the marketplace where they are free to independently sell their their items at a standard price, and also list their item for auctioning.

HOW TO BUY NON-FUNGIBLE TOKENS (NFTs) ON OPENSEA

1. Go to OpenSea website (https://pensea.io) preferably on your PC.

1. Click on the Explore button on the page

1. The make your choice by selecting the NTFs asset you intend to buy

1. After loading the page, click on the Buy button to buy the asset

1. If it is your first time buying an asset on the platform, it will require you to sign in which will further instruct you to connect the cryto wallet you intend to use.

1. After completing step 5, proceed to make your payment for the asset.

HOW TO SELL NFTS ON OPENSEA

1. Open opensea.io on your broswer and click on the Create button.

1. After loading the page, first add the digital assets to be sold into the collection and then proceed to create a new collection by clicking on the Create button

1. Then select the add a new item

1. Then inpute the required data in the provided spaces

HOW TO SELL ASSETS IN COLLECTIONS

Step 1. Select the my collection button on the front page to go to your collection.

Step 2. Select the collection you intend to sell, set the price for your listing and the type of sales, and fill up any other required information.

Step 3. After loading the page, pay the gas or fuel fee and proceed to produce in accordance to the price you have set.

ADVANTAGES OF USING OPENSEA

1. Easy accessibility of the market: The obstacles that obstruct access to the market are less since accessing the block chain is made available to everyone. This also makes it possible for the users of opesea to make direct communication without making use of any other medium.

1. High level of security: All the information on this platform are encrypted which provides additional protection to the information by itself. As a result of the information and documentary of the market being stored on the block chain which are encoded, of which even the users cannot alter them has made it impossible for online hackers to access the information. This makes the market reliable for users to confidently use for buying and selling assets.

1. The market is traparent: All the information are made available on the website which enables all the users to access provided they are in possession of the required access key. This feature makes the market transperent in the sight of the users since everyone can see all the transactions carried out by each user on the market.

1. The accuracy is high: For the fact that all the contract exceptions and other processes such buying, selling, auctioning, etc are carried out using computers (i.e. automated) instead of humans, errors due to human inefficiency to do the work eliminated to the nearest minimum thereby making it accuracy high.

1. Low cost of saving: The major part of the costs of financing trade is that of documentation, delay of trading process, and errors. But these costs can be left out and blockchain of which the cost is cheaper can also be used to replace the total cost which is spent on various intermediaries.

DISADVANTAGES OF USING OPENSEA

1. The market only accept payments in cryptocurrency: This is a major challenge of this market as the user must have crytocurrency in order to sell in the market. This is to say that the market does not accept country's currency since it adopt a currency that is generally accepted world wide which is cryptocurrency.

This has tend to make the buying fee a bit higher than the normal price of the asset since the user will be charged of gas fee of which the user must pay for the transactions to be successful. This also entails that the users must have a crypto wallet in order to sell and buy on the platform

1. High traffic on the website: As a result of the freedom given to everyone to independently create and sell their assets on the platform, this has over time attracted many users as many people tends to flood the platform and this has led to high traffic on the website which has resulted to slow rate of loading the contents on the pages of the website.

CONCLUSION

Despite some of the challenges presently facing OpenSea of which some measures are already being taken to tackle them, this platform is still accepted to be the most reliable digital market for NFTs trades.

@levycore