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

Hello Steemians, it's me with the username @beckie96830. This is my Homework Post for Professor @levycore: Buying and Selling NFT. In this assignment, I'd be explaining in details how to buy and sell NFT using on Rarible: An open source market place for creating, buying and selling of non-fungible token collectibles.

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Introduction

There are a lot of NFT collectibles that can be bought and sold. Rarible serves as a unique platform that offers it's users the opportunity to buy and sell it's collectibles at different rates. This open source market allows even users with little knowledge of coding skills to easy navigate and mint their own tokens. Rarible serves as both a marketplace and an Ethereum based distributed Network that allows direct contact with buyers and sellers, no middle man involved.

In my next review, I'd be talking on the Rarible as a whole, it's token, how to navigate the market place, how to successfully create, buy and sell a collection and the advantages and disadvantages of using Rarible.

Rarible: A summary of what Rarible is all about

It's no news that Rarible, founded in the year 2020, is a decentralized platform that parades as the world’s first open source marketplace owned by the community. Rarible also uses blockchain technology to protect digital collectibles like memes, music, artworks, domain, photographs, games, and allows developers to develop and sell customized crypto assets that mark possession of their graphics design.

What is NFT?

NFT stands for non-fungible token, and are one-of-a-kind objects, usually highly keepsake items. They belong to a category of unique cryptocurrency asset. Some examples of NFTs are: A unique digital artwork, An in-game item, An essay, A digital collectible, A domain name, A coupon etc.

The RARI Token

The native asset of Rarible is the RARI token which is vital in maintaining the platform. Holders of RARI have the mandate to change it's rules either through contribution or voting on the contributions of others. The RARI token can be earned and mined in the platform. Just like every other crypto asset, the RARI token supply is set at 25,000,000. However, it is divided in a that 10% can be earned through airdrops, 30% goes to investors and the Rarible team, and the remaining 60% will available through mining.

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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%

How the Rarible market works

Rarible market place was designed to eliminate middle men, hence the reason for it being a decentralized platform. As a public exchange, users can access to create NFT, sell their various collectibles, or purchase these collectibles. Transactions here are done using ETH or the native token RARI. For such ETh transaction to be facilitated, it needs to connect to an Ethereum supported wallet such as trust wallet, metamask, myether wallet, fortmatic, coinbase wallet, walletconnect etc. The fees are simple, because Rarible charges service fee of 2.5% per sale for both the buyer and the seller.

How to Sell or Create NFTs on Rarible (With screenshots)

The first step to sell or create NFTs on Rarible is to ensure that the account is connected to an Ethereum support wallet. An example is Trust wallet which is my preferred choice of wallet for this explanation. I had previously created a trust wallet account.

Step one: Connect your account to a trusted wallet

• Visit https://rarible.com using a trusted browser.

• Click on the icon at the top right

• Click on Connect

• Click on wallet connect to connect to your Eth based wallet.

My account has been successfully linked to my trust wallet. I can now perform any transaction from the trust wallet.

Step 2: Create a collectible and put it up for sale.

Since my account has been locked to my trust wallet I'd perform all my transactions from my trust wallet.

• Open the trust wallet app

• Click on the Icon Dapps.

• Click on the Dapps. It shows the list of recently registered networks. Click on the rarible link.

• Since it's already registered, the link takes you to the market place where you can easily create your collectibles.

• After clicking on create collectible, choose either single or multiple.

I'd be going with single collectible.

• Next is to insert the picture, put the required description and finally create item.

Below is a preview of a transaction about to be confirmed.

How to Buy on Rarible (With Screenshots)

• Go the homepage and click on your preferred artworks. You can either buy or place a bid. I'm buying so I clicked on buy.

• The next step is to check out and proceed to payment. A service fee of 0.024 eth is placed on my selected artwork.

• Click on Start to Purchase

• The receipt of payment is then drawn to confirm transaction.

Due to insufficient funds I can't buy the selected collectible.

Advantages of Rarible Marketplace

• Rarible marketplace is built to be easily understandable, user friendly and quickly accessible.

• Rarible offers a wide market presence for creators to offer and sell their works.

• Rarible markets are open to the public and are readily available.

• By a smart contract, Rarible developers are assured and benefits from NFT loyalty.

• Rarible allows users to build their own NFTs without having any knowledge on how to code.

• Rarible platform is owned by the community, which means the control of the platform based on the hands of the frequent users.

Disadvantages of Rarible Marketplace

• Rarible market is complex because there is no whitepaper for the project. As the project is still in its early stages of growth, this makes users and investors unsure of the project's future.

• The Ethereum network is the only one supported by the platform, and Eth is the only alternative token used for transactions aside RARI, the native token

• The platform's use of the Ethereum network causes an extremely high gas fees, this making transaction fees very expensive.

• Wash traders attempt to purchase their own products in order to earn RARI token incentives from liquidity mining, which may contribute to the project's devaluation.

Conclusion

The use of rarible gives room for growth and development in the NFT market. The NFT market needs an open source market place that allows users participate freely and actively. Adequate knowledge of the limitations rarible face can assist future developers in addressing such limitations in their future projects, hence a more advanced and flexible market for users and investors.