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

Hello dear crypto friends, hope you will like my entry of the assignment given by professor @levycore . In this article, I desired to write on buying and selling NFT.

WHAT IS NON-FUNGIBLE TOKENS

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Let's start with what NFTs are
NFTs all commonly known as non-fungible tokens as some kind of unique objects that are not transformable or deformable, that is, they cannot be changed or alter from what they are to something else. For instance, it is like a tradable card that can't just be replaced with a different trading card.

This characteristic makes them different from fungible tokens which are often exchangeable like Bitcoin. When you exchange your bitcoin for another you will surely end up getting the same value you possessed before.

Presently every NFTs are now in a digital form. This makes the work of their creators so easier to distribute something rare and unique to their supporters. And people now make a useful resource of the digital artworks by collecting them. It will amuse you to realise that some of these NFTs artwork are pegged for extraordinary prices. For instance, Beeple, a kind of digital NFT at work is sold for $69 million.

Although to some extent, NFTs are similar to other cryptocurrencies but in their case, they are non-fungible and non-divisible.

Initially, they were being supported by the Ethereum blockchain and the store exceptional electronic data to Mark out their identity.

NFTs MARKET AND WHY I CHOOSE THE MARKETPLACE

To get started with the work of NFTs, you may need to visit some of the open NFC marketplace available. Churchmarketplace like these three most popular ones like the Opensea, Rarible and Foundation, enables users to Showcase their digital works and also by the work of other users which is also a tremendous adventure.

So in the course of this lesson, I will choose Rarible, the preferred marketplace for my buying and selling of NTF.
The reasons why I choose this particular marketplace are;

• it is a little cheaper and you can set up an account without difficulties.
• sellers operators are eligible to distribute or sell a multitude of single image an unlimited number of times.
• Artists are qualified to set a percentage to receive lifetime resales.
• Rarible allowed anybody to participate in their ecosystem to either create or sell through a seamless process.
• And they have their token known as RARI in which they reward their active users on the platform.

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HOW TO BUY NFT

Before we make use of the Rarible, we need to create our own NFT if we are intending to sell or connect our wallet if we want to buy. Although most people don't prefer using the Rarible marketplace for paying NFTs because of the Ethereum high gas fees, I'm going to show us how we can purchase NFTs via this Rarible market.

• First, you will have to make research for the type of NFT that you like on the marketplace. Then when you must have seen the one you need, click on it and proceed to the next page.

On this page, you can see the type of NTF which I have chosen for this teaching

• Now, you can choose to bid a price or quickly hit the buy option to purchase the NFT. Remember that the creator may seg get a percentage whenever you sell the NFT in the future. In this case, the creator stipulated 15% as his earning.

• On the new page, sign in the transaction and confirm the purchase.
• Now proceed with your payment, but remember to check the gas fee before you conclude your payment.

• And lastly, hit the Start bar and finalize your purchase from the new page.

• Now, a congratulatory message will pop up indicating that how have successfully bought an NFT.

Kindly, move to your account and select My item to see the already purchased NTF.

From there, you can choose to gift it out or sell it.
This is all about buying NFTS.

How to buy NFTs

In the above section, we treated how we can buy an NFT, but now, let's see how to sell our own NFTs.
To do this, we need to connect our Ethereum supported wallets like the Trust wallet and metamask. I will be using metamask since that's the wallet I have been making use of since I began my crypto journey.

MetaMask is another kind of open-source Ethereum wallet that backs all the recognized tokens that is the ERC-20 criterion or non-fungible tokens based on the ethereum.

With MetaMask, you are eligible to buy or receive tokens from supportable programs. Again, you can swap tokens with the assistance of coinbase and shape-shift integrations which are assembled in the platform.

The most glamorous feature about MetaMask is that it serves as a website, unlike other wallets that mandate that you copy and paste your payment addresses or scan your QR code on a different device. Your wallet is pinged with the expansion website of the MataMask. So you're favoured to approve or deny the transaction.

So let's see how we can connect our metamask wallet to the Rarible.

Launch your Metamask wallet and located a 3 dashed bar in blue colour at the top left corner.
From the new page hit the Browser.

This will enable us to search for the Rarible website.

From the browser page use the search menu and type in Rarible.com then hit search when done.

Then the browser pivots us to the main Rarible Market Place.

Here on the Rarible marketplace, locate and click on the bar that I marked out using a green arrow from the picture below.

Click on connect. The supported wallets would pop up after you must have clicked on the connect.

Choose metamask as your preferred wallet and proceed.

The next page is to accept the terms and conditions of the Rarible. Click on the two little boxes to Proceed.

Now, congratulations. You must have connected your wallet to the Rarible.

How to sell NFTs

After connecting your wallet, we can now proceed with setting up on the platform.

On the marketplace, locate the three dash lines at the top right corner of your screen. Check the picture below to identify the dash bar.

On the new page, click on Create collectable.

You're now opportune to either create a single piece or a collection on the Rarible platform.

In this case, I chose the option for Single in the course of this lesson.

Thereafter, you have to upload your art and put in details (like price, description, etc)

Then sincerely pay the transaction charge by using metamask, and you already have an item on Rarible.

And that’s it. That’s how fast you can promote your artwork online by using Rarible. I used to be amazed by how effortless and fast it is.

One thing to note is that currently, the Ether “gas fees” (transaction fees) are relatively high. Those fees are based on the current value of ETH and the processing time. Those are the sole payments that arise when you approve of your art on a blockchain platform.

Advantage of Rarible

• One of the extraordinary facets of Rarible is that absolutely everyone can create their personal unique digital art. There is no coding know-how or trip wanted at all.
• As an open marketplace, every person can get entry to the platform to create an NFT, to showcase their artwork inventions, or to purchase NFTs developed by way of others. While agreements are achieved through the usage of ETH, the native token of Rarible is RARI.
• Minting NFTs on Rarible is one of the reserved components of the platform. Anyone can establish NFT portraits on the forum by spending simply the necessary gas payments. That makes Rarible pretty outstanding and lets it stand out from other systems like Makers Place and SuperRare that curate digital artists, but don’t permit simply anybody to build NFTs

Disadvantages of Rarible

• well, since the platform is available to anyone, it has also opened the doors to scammers as well.

• Wash trading can enable bad actors to unfairly get entry to RARI tokens.

• No whitepaper or roadmap is predicting the future route of the project.

• Only favours tokens of Ethereum blockchain network.

• Their gas fee is not encouraging so most people don't buy from this platform.

In conclusion, Rarible has sincerely survived to forge a buzz around its marketplace, which has given rise to rapid improvement. It is one of the most-watched initiatives in the NFT field, and with its bridge to DeFi, it is recognised in that space as well. The assortment ought to make it one of the peak initiatives in 2021 or 2022 if the crew is in a position to tackle some of the issues around the program.