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

Greetings, crypto mates! I hope you will enjoy my answer to Professor @levycore's assignment. I want to write about buying and selling NFT in this post.

WHAT IS NON-FUNGIBLE TOKENS

Image source

NFTs, also known as non fungible tokens, are tokens that, like all other tokens, are based on blockchains but cannot be substituted or exchanged for other tokens such as Bitcoin and others.

NFTs are more akin to digital objects like art collections, images, games, and files, both of which are considered assets. NFTs can only be used to acquire other NFTs. The first collection of NFTs were created on the Ethereum block chain, but due to its high transaction cost, it was not widely known.
After a while, more blockchains, such as Binance, allowed NFt to be built on their block chain, increasing the popularity of NFT.
NFT has made it simple for alot of people including artist to have to opportunity to sell their creativity online and earn digital tokens. They are able to exhibit their works without shame or trepidation about having people to mock them because there is autonomous on the NFt exchange platforms.

NFTs Market

You can need to visit some of the open NFC marketplaces available to get started with the work of NFTs. like the three most famous ones, Opensea, Rarible, and Foundation, allows users to showcase their digital works as well as other users' work, which is a fantastic adventure.

Rarible Market Place and Why I Chooseoose It

Image source

So, for the purposes of this tutorial, I'm going to use Rarible as my favorite marketplace for buying and selling NTF.
The following are the reasons why I chose this particular marketplace:

• On the Rarible market place, users can make their own collectibles. Users can also search the marketplace for collectibles made by other users to purchase or collect.

• Rarible is a decentralized platform that connects buyers and sellers to conduct NFT trades without the use of a middleman.

• Rarible made it possible for everyone to join their ecosystem and build or sell via a simple method.

• They also have a token called RARI that they use to reward their platform's most successful users.

How to Buy and Sell NFTs on Rarible

Before you can Buy or create NFTs on Rarible market place you must first connect your wallet, a wallet that interact with Dapps and browser.

An example is Trust wallet and Metamask. In this post, I will be exploring the Rarible marketplace from Trust wallet wallet.

Now let connect Trust wallet to Rarible market place

Step 1:Open your Trust wallet and navigate to your Dapps click the Dapps

Step 2: In the Dapps browser section search for the Rarible website see the link https://rarible.com/

Step 3: Now I have accessed Rarible market place from Trust wallet wallet, click on the drop-down menu at the top right corner.

Step 4: Scroll down and click on "Connect" to connect my Trust wallet to the website

Step 5: A page will show up, displaying all the available wallet. I then scroll down and look for Trust wallet and click on it to successfully connect it to Rarible site

Now let proceed to the main task buying and selling NFTs on Rarible market place

How to Buy NFTs on Rarible Marketplace

Step 1: In the Rarible site, navigate around to check for collectibles listed on the Rarible marketplace. After you've found an NFT you want to purchase, choose between Buy nowand Bid price. Some creators let you bid on price, while others don't. For example, while browsing the marketplace, I came across Big #002 it cost 0.22 ETH

Step 2:I click on the item (Big #002) and it open. Like I stated earlier there are two options which is "Buy" and "Bid". I click on "Buy"
The item cost 0.226 ETH plus the 2.5% service fee from Rarible market.

Step 3: The me next step is a preview of the transaction click on "Proceed to Payment" to continue

Step 4: The next step is to sign the transaction and confirm the purchase, which is a two-step process. To make a payment from your wallet, click "Start".

Confirm and Approve the transaction from your wallet

Note: The gas fee is usually high, so make sure there is enough ETH before proceeding with the transaction

How to Sell or Create NFTs on Rarible Marketplace

I have successfully connected a wallet to Marible marketplace and also explained how to buy. Now let see how to sell and create NFTs on Rarible marketplace.

Step 1: Click on the two horizontal lines on the top right corner. After that scroll down, click on "Create collectables"

Step 2: The next page appears, asking you to choose whether you want to create "Single" or "Multiple" NFT. I'll go with Single in this situation.

Step 3:* Now you upload your file. Rarible supports PNG, GIF, WEBP, MP4 and MP3 files up to 30 MB in size.
By clicking "Choose a file" to upload a file also choose if you want the price to be "Fixed", "Time auction" or "Limited auction"

Step 4: Enter the price you want to sell it in ETH and also Choose the collection here you can decide to Create one or use the "Rarible Collection"

Note: Rarible charges a 2.5% service fee of the price of the collectable.

Step 5: Enter the title for your collectable and edit the description.
Also the Royalties and Properties then scroll down and click on "Create" to finalize. The next process is to approve the transaction on your wallet and pay the gas fee.

Advantages of Rarible Marketplace

• The Rarible platform is community-driven, which means that the platform's governance and power are in the hands of the platform's active users. Rarible, hopefully, would have a strong Decentralized Autonomous Community (DAO) system that gives users control and decision-making authority.

• The Rarible marketplace is built to be simple and user-friendly, making it accessible to all.

• Minting NFTs on Rarible is one of the platform's reserved features. Anyone can create NFT portraits on the forum by simply paying the necessary gas fees. Rarible stands out from other frameworks like Makers Place and SuperRare, which curate digital artists but don't allow anyone to create NFTs.

• Rarible allows users to build their own NFTs without having to know how to program or code. Creating NFTs in Rarible is a breeze and takes just a few minutes.

Disadvantages of Rarible Marketplace

• There is no whitepaper or roadmap for the project. As the project is still in its early stages of growth, this makes users and investors skeptical of the project's future or objectives.

• Due to the platform's use of the Ethereum network, gas fees are extremely high, making transaction fees prohibitively expensive.

• The Ethereum network is the only one supported by the platform, and Eth is the only token used for transactions.

Conclusion

In conclusion, Rarible is without a doubt one of the most popular community-driven NFT marketplaces. The platform has a straightforward interface that makes it user-friendly and open to all. This project is incredible, and it has piqued the interest of investors and artists all over the world. However, a major issue with this platform is the high gas charge, which may be a disadvantage in comparison to its rivals.

Have been really busy lately, but I took some time off at work and quickly attend to this homework task.
Kindly review my homework task Professor @levycore. I also want to use this medium to say thank you for this wonderful lecture.