Thank you @levycore for this amazing lesson. We learned about Non Fungible tokens the last time and now we are looking at the marketplace for those NFTs, such a beautiful progression.

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What is Rarible

Rarible founded by Alex Salnikov and Alexei Falin in 2020 is a digital non-fungible token platform that allows artists and other digital creators to secure and trade their customized crypto assets or collectibles which shows the ownership of their work. It is a marketplace for these assets and can also be a means/network built on Ethereum that allows trades without an intermediary.

The assets found on rarible include digital artworks, photographs, memes, books, movies, music albums, etc. it is expedient to note that rarible is beginning to shift its emphasis to creating an autonomous platform that will be run through a community governance model. We can therefore say that it is on its way to becoming an actual Decentralized Autonomous Organization (DAO). What DAO will achieve is that the users will now be in charge of the decision-making of the platform.

Rarible’s governance token

RARI is the cryptocurrency for rarible and the first NFT governance token. It gives users the ability to vote therefore changing rules such as fee changes, how fees should be spent, and creator promotion although the voting is nonbinding. The total RARI supply is set at 25 million. Users can earn RARI by trading on the Rarible marketplace. About a total number of 75,000 RARI tokens are distributed to its users weekly. The RARI governance token is a way to achieving a DAO and it shows that the implementation of community governance has been well thought of.

How does Rarible work?

Rarible as already established is a marketplace for digital artists, model creators and meme makers which allows them to trade their content. To do this, the creator must first register and fill out the required details on Rarible’s software to turn their work into a non-fungible token.

Royalty payment

Royalty is simply the money paid for an NFT. Users of Rarible can actually set a percentage of the sales they would make in the future and then collect them automatically. In other words, royalties are paid immediately. For instance, if a piece of meme is listed for 25% royalty, the curator will surely receive that percent for any sale of the meme.

How to Sell or Create NFTs on Rarible

I will first like to talk about how to open an account on Rarible. To open an account with Rarible, one needs to connect his Ethereum support wallet to the platform. Thereafter, an account is generated automatically which will be now used in the platform. Rarible can be easily accessed through a wallet that interacts with Dapps and browser such as Trust wallet, Metamask, Portis and Torus but for this illustration, I used Portis.

How to connect your wallet and Open an account on Rarible marketplace

Step 1: open Rarible on your browser and click on connect wallet

Step 2: there are a list of wallets for you to choose from and I chose Portis because I already have an account there.

Step 3: Log into your account and click on log in and then connect

Step 4: Congratulations! Your wallet has been connected and an account has been automatically opened for you on Rarible and you can now begin trading.

How to Buy NFT on Rarible Marketplace

Step 1: Go back to the home page and choose the NFT you want to buy and click on it (I chose against prejudice)

Step 2: Click on buy

Step 3: Checkout and proceed to payment, these NFTs cost a lot.

Step 4: Confirm payment by clicking on go to checkout and you have successfully purchased the NFT.

How to sell or create NFTs on Rarible marketplace

Step 1: In the home page, click on create

Step 2: Thereafter create collectibles which can either be sold single or multiple times depending on your choice

Step 3: So, I chose single collectible and I am going to create it by choosing a file and upload.

Step 4: Then, put on marketplace and enter a price. The price can either be fixed, timed auction or unlimited auction

Step 5: Enter your price and choose the cryptocurrency you want to receive payment in. for the purpose of this illustration, I chose ETH. Also choose collection either RARI or ERC-721

Step 6: Select the percentage of royalties and then create item

Step 7; Confirm action and proceed to checkout and you have successfully signed the sell order.

Advantages of Rarible marketplace

• Open market
  The market is large enough for everyone, it allows users to trade their assets and receive due royalties which are secured through a smart contract.
• Non-custodial marketplace
  Governance and control of the platform is left to the users through the Decentralized Autonomous Organization (DAO) community.
• Less technicality
  It gives users the privilege to create and mint digital tokens without prior coding or programming knowledge. Creating NFTs on Rarible is very easy and can be done within a short period of time.
• Easy to use
  It is very simple and user-friendly, hence just anyone can have access to it.

Disadvantages of rarible marketplace

• There is falsification of trades as wash traders try to unfair access to the tokens (RARI).
• There is no clear-cut whitepaper or roadmap and this makes users begin to wonder and question the future and direction of the project.
• Rarible marketplace supports only the Ethereum blockchain network, the Ether (ETH) is the only token used for transactions and this makes transaction fees very expensive because the gas fees are high.

Conclusion

Rarible is without an ounce of doubt one of the top rated and leading NFTs marketplaces. It has an open market, very easy and user-friendly although its limitation being the high gas fees and lack of clear-cut whitepaper which may be a stumbling block for it especially with other leading marketplaces such as OpenSea.

Thank you so much Professor @levycore