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

This is my homework post for Steemit Crypto Academy Season 2 Week 4 for Professor @levycore ’s lesson Selling and Buying NFT.

^{Let's Get Along. Steemit logo was taken from this article of @steemitblog's. The NFT logo was from here.}

Note : I performed this homework post on Windows 10 PC, Chrome browser.

I Choosed Rarible, And This Is Why

I have done my research for some NFT marketplaces and there are so many marketplaces to choose with their own characteristic. Some are truly built with serious techniques and not easy to use for beginners, while some are built for newcomers and much easier to use. In this task I am using Rarible.

The reasons for me for choosing Rarible are:

• The ease of use to do buying, and selling NFTs. I have tried to do those all at some other marketplaces but I found that Rarible was the easiest to use. And it was also easy to create collections;
• There are many types (or categories) of NFT artworks so there are more choices for users;
• Artwork is differentiated by type (or categories), making it easier for users to search for artworks in specific categoris they like;
• Offers many wallet integrations. And I did with my MetaMask wallet.
• Simple gallery interface.

Logging In To Rarible

Before being able to do some buying and selling, I needed to log in to Rarible by connecting my wallet to it. So I Click the Connect wallet button on the upper right section of the web page.

^{Rarible front page. Click the Connect wallet button to enter Rarible marketplaces.}

Yep. Choose the wallet to connect to Rarible.

^{Supports many types of wallets.}

I connected my MetaMask wallet.

^{I connected it with my MetaMask wallet.}

It was all set. Time to do some buying and selling on Rarible.

Buying NFT In Rarible

Buying NFTs on Rarible is easy. Just scroll to see some digital arts that might interest you. Or if you wanted a specific category of digital artworks you can easily pick the preferred category, for example collections under Photography or Art or some other categories. For this task, I will choose artworks under Games category.

^{Searching for a collectible in Games categoty.}

I clicked the Games button and then I can browse artworks tagged with this category. I found this artwork named BONDDex (Thriller) caught my eyes. I liked this one. The artwork is a creation of Bondly Collectible Card Game. The artwork was on sale, the owner gave a price of 0.877 ETH.

^{This one caught my eyes. I like this one.}

I clicked on the picture. The window to the details of the content opened. I can see that a user named Pianojerrrk has made the bid for this artwork as much as 0.1 WETH (equivalent to $352,6 at that moment). Transaction on Rarible incurs a service fee of 2.5%. At below right corner there are two buttons that could be clicked to execute the task, whether to buy or to bid.

^{The detail page and buttons to do transaction.}

So I clicked the Buy button. A pop-up message box appeared, showing the purchase details of the transsaction to execute. With addition of 2.5% service fee, the artwork must be paid a total amount of 0.899 ETH (~$3169,65). I clicked the blue button of Proceed to payment.

^{The purchase details.}

Another pop-up message box showed up, asked me to start the transaction.

^{Another click to start payment.}

Rarible contacted my wallet to confirm the transaction but saw that there was no sufficient amount of fund to proceed. So I cancelled the transaction.

^{Canceled due to fund problem.}

The idea I learned was: Find an artwork of your choice, buy or put a bid, confirm the transaction in your wallet.

Selling NFTs In Rarible

To make a sale, of course you need to have a collection. The collections could be gained by buying and collecting contents on marketplaces, or by creating one yourself. I haven’t had any collections. So I need to create one to be able to make a sale.

^{My collection window. Nothing was there. Need to create one to sell (mint).}

I clicked the Create button. It opened the Create collectible page. There are two types of collectible could be created: Single or Multiple. Single means that the collectible will be one of a kind, while Multiple means that one collectible can be sold several times. I clicked on the Single version.

^{Choose Single or Multiple version to create.}

In the next page, I was asked to upload the file that I wanted to sell. I hit the Choose File button.

^{Click to upload file.}

I browsed for my file and picked one.

^{Choosing the file to tokenize and mint / sell.}

^Uploaded.

Then I had to scroll down to set some parameters / details before the image is ready to be put on the marketplace. I needed to do this things before the artwork available on the marketplace:

• Choosing whether it was going to be sold (minted) with a fixed price or to be avalilable for bidding in a timed auction or a time-unlimited one. I choosed Fixed Price and entered the price of 0.01 ETH (~$34.38).
  ^{Setting up the price.}
• Chosing whether the content will be unlocked once purchased or not. I choosed the first option that the content will be unlocked after successful transaction.
• Next step I needed to choose the file I wanted to mint, whether to create an ERC-721 token or proceed with RARI (Rarible Token). Should I choosed RARI, then I would just proceed with the rest of the process without having to further tokenizing the content. But if I choosed to Create, then I would need to tokenize the content. I hit the Create button.
  
• Filled in all credentials: price, name, description, royalties, and any other relevant info. And hit the Create Collection button.
  
• Rarible contacted my wallet again to confirm the transaction. Since I had no sufficient amount of fund, I had to cancel the transaction again. So, yeah. I can’t perform the selling due to no balance in my account. But I guess the rest –if I had enough balance in there- would be some clicking to authorize the transaction.
• I went back to proceed with the RARI token, the tokenizing process was simpler. But, ofcourse it was a failure due to insufficient balance of fund in my wallet.
  ^{insufficient amount of fund. Canceled.}

The Advantages and Disadvantages of Rarible

I don’t really know enough about another marketplace since I haven’t made it as far as I have with Rarible so I cannot compare it with another marketplace in some detail comparison, but I do have some opinions about Rarible, especially because I did try some other marketplaces before deciding to go with Rarible.

The Advantages

• The most important aspect of all (in my opinion) is that it is easy to use with simple interface, any new user with basic knowledge on online trading will face no much problem in understanding and doing transaction on it.
• It runs a smooth connection with the wallet. Especially with the MetaMask since I used MetaMask to perform the task. I think it would do the same with another wallets.
• Creating collection or tokenize contents is easy, creator just need to follow some simple steps. Not like some other marketplace that requires some more difficult steps to be able to create collections or tokenize content.
• Buying and selling are easy, and very simple. No coding knowledges needed to create and mint digital tokens.
• Rarible categorize it’s collections. It helps buyers finding their preferred artworks to buy.
• Some sources at the internet said that it has a low cost peer-to-peer NFTs trading compared to some other marketplaces.
• Rarible has it’s own token named RARI. It makes it easier for creators to tokenize their contents. RARI price on Wednesday morning May 5th was equal to 0.00624 ETH (or about 299,343 IDR).
• It also has option for creators to tokenize their contents in ERC-721.
• It runs on ETH ecosystem so it promises a very good security.

The Disadvantages

• Rarible supports only tokens of Ethereum blockchain network. Yes, since it was built on Ethereum environment it promises good security but it also narrows down options.
• So far we could not find a whitepaper or a roadmap so users cannot see the future direction of the project.

Conclusion

The growth of digital economy technology and all related matters seem increasingly unstoppable. It is lot easier for people to trade their digital works. And of course the market is in a global scope, there are no more geographic barriers, although each country may have its own rules which may have certain differences with other countries.

Technology has made it easier for creators and collectors to meet and trade openly. There are many marketplaces available to do that. Each marketplace is unique. There are those that specialize in only certain collectibles, some only serve "true art" and reject memes. There are marketplaces that have high level of requirement difficulty for users to become creators.

Rarible offers various conveniences and can be an entry point to the world of NFT-based trading for beginners. Because Rarible was built with ease of use and interaction. At Rarible, tokenizing digital works is not difficult either. A user does not have to go through a number of assessment steps to get the title of creator before they can sell their digital artwork like it is required in some marketplaces.

So, for the ease of use, Rarible is good (maybe one of the best, especially because it facilitates users to tokenize their artworks), but the unavailability of whitepaper or roadmaps might be a problem for users who pay great attention to detail and want to see to the future.

Thanks

That’s my homework post fort this week. Thanks Professor @levycore for the lesson about Selling and Buying NFT. It’s quite something to learn.

Pictures Sourcing

• The editorial picture was created by me.
• The Rarible logo was taken from this article.
• All another pictures were screenshoots and were edited with Photoshop CS 3.

Sources and Reading Suggestion

• https://medium.com/nifty-art-review/a-comprehensive-list-of-nft-marketplaces-compared-b69ec4db05a5
• https://makersplace.com/
• https://academy.ivanontech.com/blog/the-ultimate-2021-guide-to-nft-marketplaces
• https://dappradar.com/blog/top-7-nft-marketplaces-beginners-guide
• https://influencermarketinghub.com/nft-marketplaces/
• https://foundation.app/
• https://superrare.co/
• https://opensea.io/
• https://superrare.co/
• https://wax.atomicmarket.io/
• https://myth.market/
• https://knownorigin.io/
• https://www.coinbureau.com/review/rarible-rari/
• https://coingape.com/rarible-review/
• https://www.cryptowisser.com/nft-marketplace/rarible/
• https://www.bitcoinpricetoday.co.uk/en/blog/7-best-nft-marketplaces-to-buysell-non-fungible-tokens-2021
• https://www.businessinsider.com/nft-marketplaces-where-to-buy-sell-non-fungible-tokens-online-2021-3?r=US&IR=T
• https://coingape.com/rarible-review/

All the websites were visited on Tuesday May 4th and Wednesday 5th.

---

My Intoductory Post | Artikel Perkenalan Saya.

---

Thanks for stopping by.