Crypto Academy Week 12 - Homework Post for @levycore

I'm Farhan Ali from Pakistan new student at Steemit Crypto Academy, I have learned about NFT(Nonfungible Token). before and learn in previous lessons.

In today's lesson, I learned how to buy and sell NFT in OpenSea Market place where we can mint and sell our very own NFT's and professor @levycore describes everything in-depth.

I'm choosing another marketplace where we mint and sell let's see how it's working named Rarible.

Rarible (NFT) Marketpalce:

---

Rarible is one of the best-decentralized marketplace for buying and sell NFT's, here you can mint NFT single or multiple and put them on sale easily in just a few steps. Rarible market has more than 60k monthly visitors and has a total of $24 Million of trading volume according to their 2020 annual report.

They have a $RARI token of the platform as it is used to reward active users and for participating in the governance of the Rarible protocol. they are giving 75,000 $RARI tokens to active users based on multiple factors like NFT's holding and previous trading volume these tokens all distributed among both buyers and sellers.

Buying NFT in Rarible

From this link, you can access the Rarible marketplace: https://rarible.com/

First, you need a crypto wallet and need to connect to this market for buying NFT, you can any wallets they are supporting for buying I'm using Metamask:

Now you have to select which NFT you want to buy, I'm going to buy a random one just for example.

You can see the price and other details mentioned in the screen.

if you want to buy press buy "button".

Here are the payment details I do not have the funds to buy this NFT hope someone have will the funds to buy this one.

---

Selling NFT to Rarible

First, we have to connect our wallet we have to choose a wallet like before we have connect Metamask wallet.

Now come to the home page and click on create a button on top of the home page

Here you can see multiple options for creating NFT I'm going to create a single NFT.

Now here you have to upload pictures or gifs and other files Rarible supports PNG, GIF, WEBP, MP4 or MP3 files and you can upload up to 30mb file here I have added example picture here.

Now we have to select a prize for our NFT I have set a 0.1 ETH fixed price they will deduct some fees whenever someone buys this NFT and chose collection which to you want default is Rarible.

Now add these things

• Title: Show on top of your NFT
• Description (Optional): Describe your NFT
• Royalties: Feature which will give you benefit additional earning see details here: https://www.notion.so/rarible-com-FAQ-a47b276aa1994f7c8e3bc96d700717c5

Now hit create button and you will see this screen

• First, you have to approve
• Sign Mint transaction
• Set Fixed-price

All these things will be done by Metamask and you have funds in your wallet, in my case, I don't have funds, after this, your NFT will be listed and available for sale at your fixed price.

Advantages of the Rarible market

• Rarible market have increasing numbers of user and daily trading volume are increasing day by day.

• Rarible comes among to NFT decentralize marketplace runs on the top of Ethereum Blockchain.

• Rarible provides verification services by which you can buy from trust parties.

• Rarible incentive there users both buyers and sellers in their own currency RARI

Disadvantages of the OpenSea market

• Rarible is on Ethereum Blockchain and gas price is too high users avoid whenever they have to pay very high transaction fees

• They have not well-prepared documentation for new users

• Rarible website is too slow to load all contents and whenever we scroll down upper content disappears for some time and reloads again.

Conclusion

NFT is taking over in the coming days like Defi and we all have to know about the market where we can buy and sell peace of art, Rarible is one of the best NFT markets to date they are keep working to facilitate users hopefully we will see major changes in future.

Cc:
@levycore