Crypto Academy Week 10 - Homework Post for Professor @levycore; An Introduction to Rarible- A Non-Fungible Tokens (NFTs) project

Hello Steemians, it's me with the username @beckie96830. This is my homework Post for Professor @levycore; An Introduction to Rarible- A Non-Fungible Tokens (NFTs) project.

Introduction

An NFT is a unique cryptographic token that has distinctive characteristics and it has been in existence since the middle of 2017. There are no two exact NFTs because each of the tokens expresses a different value in its entirety. They are used in several cases which includes digital collection, music, artwork, and in-game tokens. Having an NFT is more like having an out of the world work of art or antique. There are varieties of NFT projects currently in use and gaining market power. Some of them: Rarible, Cryptopunks, Hashmasks, Sorare, CryptoKitties, Decentraland, SuperRare, Ethereum Name Services etc. In this topic, I'm going to be talking about one of the outlined NFT project titled: Rarible.

Source

What is Rarible?

The native token for Rarible is given as RARI, introduced in the year 2020 by owners and co-founders Alexei Falin and Alexander Salnikov. These RARI tokens cannot be bought from the Rarible market, even though they can be bought from different exchanges like Poloniex, SushiSwap, and the 1inch Exchange.
The Rarible structure is designed for the exchange of non-fungible tokens. It is a place where art collectables are created without any prior knowledge and holders of these collectables can easily purchase at will.
Given its introduction in 2020, Rarible in February of 2021 successfully raised $1.75 million. This was achieved through the intervention of spectacular investors such as Coinbase Ventures, Bollinger Investment Group, MetaCartel Ventures and CoinFund among others. This trading platform currency has a market capitalisation of more than $30 million.

The Pros and Cons of Rarible

Pros

• Codebase that is open-source
• The non-custodial sector
• Without knowing how to code, you can create and mint digital tokens.
• Low-cost peer-to-peer trading of NFTs.
• It has strong and reliable investors.

Cons

• Bad actors may be able to gain unfair access to RARI tokens through wash trading.
• There is no whitepaper or roadmap for the project's future direction.
• Only Ethereum blockchain network tokens are supported.
• Very high gas fees
• There are currently no mobile applications.

How to create your own NFT on Rarible

• First of all visit https://rarible.com/ and connect to your Ethereum-compatible wallet.

• Tap the icon beside the search symbol.

• Click the icon “CREATE” below.

• Select minting either a Single NFT or a Multiple NFT editions.

• Upload your image, video, or music file, maximum of 30Mb.

An uploaded picture of myself

• Specify a price, name, description, royalties, and any other relevant info, see example below.

• Lastly, Click create item.

The wallet will ask you to sign and pay for specific fees. This fee is usually a percentage of NFT's market price. At Rarible, merchants will have to pay 2.50% to the marketplace as a commission. The payment method could include deposits and withdrawals through debit or credit card or PayPal deposits.

Rarible Governance

The RARI token is primarily used to provide governance for the Rarible network. The developers wanted to give the community control over the platform's future by allowing them to curate and moderate NFTs built on the platform, as well as vote on new features and the removal of old ones.

Principles of Rarible Governance.

• Radical Inclusion
  Any RARI holder is included to ensure full group inclusion. Creators and collectors alike can suggest improvements and new features, vote on platform enhancements, and use their influence to help make the platform a better place for all. There are no ideas that are too radical to share or propose for incorporation.

• Self Expression
  Rarible encourages self-expression in any form or medium. It may be to propose a new feature, voice a complaint, show support for a project, or even to demonstrate disagreement with other members. Every type of self-expression is strongly encouraged, and every viewpoint will be considered and taken into consideration.

• Positivity
  Any suggestion should be made with the intention of making the platform better. Instead of bombarding the group with ideas, each one should be carefully considered for its effect on the Rarible platform and community before being implemented.

• Responsibility
  In addition to ensuring that any suggestion or concept is for the betterment of the collective and network, each idea or proposal brought to the group should be communicated. Rather than merely voicing a wish or a vague desire, it should have solid reasons in its favour and realistic measures that can be used to enact the request.

• Transparency
  Until an actual DAO is established, it is recommended that anyone submitting or commenting on a proposal be completely transparent. This involves listing their name as well as the number of RARI tokens they have.

Market Stats of RARI token

Stats	Overview
Coin type	Fungible Token
Token type	ERC-20 token
Price	$2.69
Rank by MarketCap	460
MarketCap	$77.73 million
Total supply	25 million
Circulating Supply	3.6 million
24 hour trading volume	$5.80 million
All-time high	$30.25
All-time low	$0.805
Price change since launch	+$20.75
ROI since launch	+3021%

Conclusion

Despite the changing marketplace environment Rarible has managed to succeed and gain rapid growth which makes it sit as one of the promising and leading NFT projects. The cons of Rarible hasn't succeeded in keeping investors and prospective investors away.

Research links

• Livemint

• Decrypt

• Cbsnews

• Coinbureau

• Day trading

• Cryptowisser