Crypto Academy Week 12 | homework post for @levycore | buying and selling NFT | by @loveth01.

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NFT

NFTs are assets that exist without any similarity to each other or simply , they are usually referred to as one-of-a-kind assets that are special and unique in the sense that no two NFTs is the same and can be bought and sold in the digital world but they have no touchable nor tangible form of their own and they have no practical application or usage in the real world.

There are several platforms and marketplaces to trade NFTs; some of which include:

1 . OPENSEA
2 . RARIBLE
3 . SUPERRARE
4 . FOUNDATION
5 . ATOMIC MARKET ; et cetera.

For this homework I will be choosing rarible

What is Rarible?

Rarible is platform or a digital market place where NFTs (non-fungible tokens) are traded; it also performs the function of securing digital collectibles and it is highly secured with blockchain technology.

However, Rarible has a goal of creating a platform for acquiring art and digital collectibles with the use of blockchain. This is one of the reasons why investors are flooding to Raribles ERC-20 governance token, RARI, which we will be explained in a well structured detail below:

Firstly, Rarible is a Moscow-based platform that was founded by Alex Salnikov and Alexei Falin back in early 2020. Fundamentally, Rarible is a digital NTF (Non-fungible token) platform and a marketplace with a particular focus on art and artwork assets. Specifically, Rarible is a marketplace which make it possible for users to trade various digital collectibles or NFTs in a way similar to OpenSea.

Rarible platform can also be used by users to create and make (popularly known as minting) NFTs, or non-fungible tokens. This make it possible for various content creators to showcase their works. For example, an artist will be able to sell their creations and publications, for examples; books, music albums, movies; it is a platform that buys and sells NFTs in categories like art, photography, games, metaverses, music, domains, memes, just to mention but a few, as NFTs.

Furthermore, the artist in the platform is optioned to then choose to offer prospective buyers a sneak peek of the content created by him - effectively a preview, trailer, or snippet - but will only release the full content once a person is able to buy the NFT.

Interestingly, Rarible also places a notable emphasis on creating a platform that is entirely autonomous that is run through a community governance model. It is a community-owned NFT marketplace, with its owners the ones who are holding the ERC-20 RARI token. Rarible awards the RARI token to active users on its platform; users who buy or sell on the NFT marketplace. It also generously distributes 75,000 RARI every week.
However, Rarible is now moving towards becoming an actual Decentralized Autonomous Organization m, i.e DAO.

The goal of a true DAO is that in the platform, its users will be the ones in control; that is in charge of all the decisions for the platform.

How to buy on Rarible market place:

Step 1: if you are using the web fashion, go to www.rarible.com

Step 2: in the homepage, you can see different artworks for sale, if you are interested in any if the displayed asset, you can click on it and start your purchase processes.
But if you aren't interested in any if the displayed asset in the homepage, you can click on Explore to search artworks as many as possible.

Step 3: a page will be shown where you will be ask if you want to buy the asset or not

Step 4: if your account ( wallet ) is not connected to Rarible, you will be required to do that by;

Step 5: Choose any if the displayed options and the wallet you want to trade with

Step 5: once you choose your preferred wallet, your wallet address automatically connects to Rarible, then

Step 6: you can proceed to make your payment

Step 6: after the payment is done, congratulations you then own an Nft asset.

just follow the screenshot below.

How to sell an NFT on Rarible

Step 1: Go to www.rarible.com
Since you have not uploaded any NFT before, you'll have to scroll down

Step 2: Click on create; a page will be opened
Step 3: Add the asset you want to see as an NFT
Step 4: Fill in the other necessary information
Step 5: Then, click on create

If you don't have a wallet connected to Rarible before, you'll be required to add one

this is how to do it:

1 . Add your wallet
2 . process the transaction; you'll be redirected to your wallet address after which you confirm the payment.
Some of the steps are shown in the images below:

Advantages of Rarible

1 . As it is known that to be a blockchained platform, and so it is one of the most secured digital platforms for trading NFTs.
2 . It is an autonomous platform that is operated through a community government model and so make users the controllers of the platform.
3 . It distributes up to 7500 RARI to its users every week.
4 . It is one of the most easy, trusted and reliable NFTs marketplace and platform and has a higher number of users. It is currently placed in the 2nd position behind Opensea as one of the best digital platforms for NFTs and NFTs trading.
5 . It gives opportunity to artists to choose whether to offer prospective buyers a sneak peak of the contents he creates; offer which includes a preview, trailer or snippet but will only release the full content to anyone who is able to purchase the NFT; this is an feature that may not exist in other NFTs marketplaces and platforms.

Disadvantages of Rarible

1 . It is not a decentralised platform; i.e it is run through a community government model and so, decisions taken process may affect a part of the administrators which may slow down the operation on the platform.
2 . It is an ethereum blockchain based and so uses only Ether as a medium of exchange in the market, i.e it doesn't operate with other cryptocurrencies.
3 . It charges its users each and every time a transaction takes place a fee that is higher than other NFTs marketplace like Opensea.

In conclusion

Rarible is easy to use if you sit done and study it well undo it has some disadvantage but the advantage are mind blowing.
Remember there is nothing that doesn't has a bad side yours is to make good use of the positive side well.

Thank you professor @levycore this is my homework post.