Crypto Academy Week 12- Homework Post for Professor @levycore on Buying and Selling NFT

Hello Steemians, Hope we are all doing fine? My pleasure once again to engage in this week’s homework task by Prof @levycore on Buying and Selling NFT

Select the NFT market that you want to try to sell and buy NFTs and why did you choose this market
For this post, I would love to go for Rarible market

Rarible (NFT) Marketplace:

image source

Rarible is an open and a decentralized platform or market where buying and selling of non-fungible tokens can be carried out without a third man interference with guaranteed trust and transparency with the help of the smart contract usage. It is a market place that is available for anyone to access.

They have a native token named ‘RARI’ which is used to reward active users and also through market place liquidity mining. This token was launched in July 2020.
Why I choose this market is because it enables users to create their own collectibles like artworks, photographs, games, music, etc without any programming knowledge and as well helps users also to buy and collects collectibles created by others. Above all, I go for this market because the RARI native token are rewarded to users when carrying out a buying or selling transaction of NFT.

How to Buy NFT in Rarible (Screenshot needed)
To buy a NFT in Rarible market, first off, you visit the url "https://rarible.com/" as shown below.
Then you click on the connect wallet option at the right corner of the home page

After connecting to your wallet, you now select on the collectible you want to buy as shown below

And then click on the Buy option as shown below

Then proceed to payment as shown below.

As for me, am not buying because i dont have funds in my wallet.

How to Sell NFT in Rarible(Screenshot needed)
Steps to selling NFT in Rarible is as follows: first off, you also visit the url "https://rarible.com/" and then select on the connect wallet option at the top right corner of the home page

After connecting to the wallet of your choice, you then go back to the home page and click on the create option at the top right corner of the page, this will redirect you to another page.

Here, you select on the Single option which will create a single NFT as shown below

After that, you click on the Choose file option to upload pictures or other files you wish to sell. Note that Rarible supports PNG, GIF, WEBP, MP4 or MP3 files

Here, you select the price for your NFT of which some fees as per charges will deducted whenever someone purchases or buys the NFT with the fixed price you gave as shown below

After imputing the Title, description and royalties as demanded, you then select on the Create item option as shown below

After this, if you have funds in your wallet, your NFT will then be listed and available for sale at your fixed price

Mention and explain the advantages and disadvantages of the NFT market you have chosen

Advantages of Rarible NFT market

Minting of NFT: minting of non-fungible tokens can be carried out on Rarible market. This minting is open and can be done by anyone as compared to other marketplace where specific artist are appointed to mint.

Easy Usage: Rarible market offers a user friendly environment where creation of NFTs can be done easily without knowledge of coding or programming language thus making it easy for everyone to access.

Large market availability: Rarible has a large and available market with great incentives that encourages and welcomes new and old users to participate actively either by buying or selling.

Token Rewards: Rarible market creates an avenue for every user carryout transaction either buying or selling to get rewarded with its native token as compared to other marketplace with no such rewarding incentive

Disadvantages of Rarible NFT market

High Transaction Fees: Rarible is a platform that supports only the Ethereum network and its token used for transaction, this makes the transaction fee very costly.

Poor Website management: Rarible has an issue with the management of its website leading to slow loading of contents pages.

Verification and Impersonation: Rarible users has no verification process before any transaction and as such user impersonation is expected in the platform which might lead to theft and fraud.

Conclusion
Rarible with its incentives and user friendly environment is one of the leading marketplaces. It is a platform where minting, selling and buying of NFTs can be carried out. It is an open platform where rewards can be grabbed just on the base of transaction carried out but its high transaction fee may become its drawback as to user’s migration to other marketplaces.
Thank you Professor @levycore for this great and wonderful lecture