CRYPTO ACADEMY SEASON 2 WEEK4 ASSIGMENT POST FOR @levycore by @jimah1k

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Greetings fellow steemians;

It’s another week of this season crypto academy. This week’s lesson was brilliantly delivered by our professor @levycore on selling and buying on NFT’s special appreciation to our lecturer for a job well done after going through the lecture notes and doing my research I will now go into answering the questions asked.

In our previous lecture we talked about NFTs but today we will be talking about buying and selling in NFTs. There are several market places one can create, buy and sell NFTs some of examples of NFT markets are as follows

1. Rarible

2. Opensea

3. Ethernityf

4. Superfarm

THE NFT MARKET THAT I WANT TO TRY TO SELL AND BUY NFTS AND WHY I CHOOSE IT

Looking at the above markets mentioned one of the most popular NFT market is Rarible. I will explain what Rarible is, how it works and why I love it. Let’s begin

what is Rarible?

Rarible is an organization which was founded in 2013 by Alex Salnikov alongside his co-founder Alexei Falin, rarible was designed to help digital artist to be able to create games, memes, works of art, music and many more without any problems and also to be able to sell them and make profit. Rarible is a decentralized platform built on Etherneum. Since rarible is decentralized all third parties aren’t involved in any trades.

In the rarible platform its own token was developed and named RARI which is purchased by the users this tokens provides the user with some privileges in the platform remember I said rarible is decentralized and one advantage of decentralized organizations is that users have the power and privilege to contribute in decision making so with the help of these tokens users are able to make proposals concerning the organization and also cast their votes when the time is due.

HOW RARIBLES WORK

Just like any other NFT market the main aim of this market organization is to link the buyer and seller together for example the artist create his meme or picture and post in the platform and then buyers select from the options and buy them. When an artist makes his work and wants to sell them this platform provides him with a form to fill with details like how much he wants it for what he is selling. The main reason why I chose this market to trade NFTs is because since there aren’t any involvement of any third party in transactions all transactions are highly secured because they go through smart contracts and also transaction history are safely stored. Another wonderful feature is users can make money from future sales for example when you create a picture and state that you want 15% royalty this means you will receive 15% from sales made. When trading is complete the buyer and seller have to pay fees that go to the network. Note all payments are made in ETH.

WHY I CHOSE RARIBLE

1. The platform of rarible is user friendly and very easy to use

2. Transactions on rarible are very secured and can’t be tempered.

3. Creating NFTs on rarible is very simple

4. Rarible being decentralized allows users contribute in decision making.

HOW TO BUY NFT

• Open your coin base wallet and paste this link in the search bar

• Look for any NFT of your choice or any one you like for me I saw ”Man in A Lobster suit” and then click on it.

• After clicking on it you will be redirected to anew page where you will see something like this

• Select buy “BUY” or “BID”
  The buy option allows the buyer to buy the item instantly whiles with the bid option the buyer enters the amount he wants to buy

• Select proceed to payment

• Click on start

• Payment confirmation since I don’t have enough ETH I can’t click on pay once you have enough ETH you can click on pay to confirm payment.

HOW TO SELL NFT

• Open you coin base wallet and paste this link in the search bar

• Click on the two horizontal lines

• Select create collectible

• Click on singles if you are posting one or multiple if you posting plenty pictures of your NFT for me I choose single

• Upload your NFT in the space provided

• Select whether your NFT is going to timed auctioned or fixed or unlimited auctioned

• Now enter the price I choose 106 ETH with service fee of 2.5% which means I will receive 103.35 ETH when someone wants buy my NFT

• Enter your Royalty % as 10%,20% or 30%

• You can choose to add description of the NFT

• Click on create

• Confirm your payment

Again due to insufficient balance payment can not be confirmed but once you have sufficient balance click on confirm

MERITS OF RARIBLE

1. Using rarible is very simple it doesn’t require any coding expert before you can run the software everyone can use it.

2. Rarible has plenty markets offers to suite the buyers taste it’s very difficult for a buyer not to find what he or she is looking for also buyers can also search for their desired NFT in their search bar

3. As we all can see creating of NFTs takes little time unlike other NFTs market you have to spend so much time.

4. RARI token which helps gives users the power to make decisions and to vote.

DEMERTIS OF RARIBLE

1. Transaction fees on rarible is relatively high as we can all see in the screen shot above transaction fess charge up 2.5%

2. Poor customer care and services comparing to opensea they have FAQs which helps users to understand the system more and also 24/7 customer services but when it comes to rarible its poor

3. No API for example when you are using the software and you don’t understand something there isn’t any API to help you at that moment.

CONCLUSION

That’s basically what you need to know about Rarible. Thanks to our professor for this wonderful enlightenment about buying and selling NFTs.

Thank you for reading