Crypto Academy Week 12 - Homework Post for @levycore - BUY AND SELL NON FUNGIBLE TOKEN

Hi prof. @levycore, i am glad to be part of this weeks lecture on BUY AND SELL NON FUNGIBLE TOKEN. Thanks for adding something to learn this week. Lets get the balling rolling

Rarible Market Place

Rarible is based on the Ethereum Blockchain and is the second largest NFT market. It's a public marketplace for buying and selling Non Fungible Tokens (NFT). Users may build their own collectible NFT tokens on this website, which has a decentralized framework that is open to all. This marketplace has its own token, RARI, and each week it distributes over 75000 RARI to active users. ERC-20 coins are what these are.

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HOW DOES RARIBLE WORK

Rarible is a platform that connects sellers with buyers who can choose which pieces they want to buy.

On the Rarible website, users can make their own collectibles. Users can also search the marketplace for collectibles made by other users to purchase or collect.

To buy and sell collectibles on Rarible, you'll need Eth, which means you'll need to link an Ethereum-compatible wallet like Metamask or TrustWallet.

To transform their work into an NFT, developers must first use Rarible's program to "mint" a token. To do so, they fill out a form on the website and upload their image as well as other information about their job.

On the Ethereum blockchain, the Rarible network then produces a new token. The NFT can be transferred between wallets using Rarible's program, just like other Ethereum tokens.

Rarible uses the Ethereum blockchain to integrate the complete history of an NFT's owners and transactions in its code. It's worth noting that when a transaction is completed, both the buyer and the seller must pay transaction fees to the Rarible network.

How to Sell or Create NFTs on Rarible

You must link your Ethereum support wallet to Rarible in order to create an account. After that, an account is automatically created, which will be used to access the platform. Rarible is accessible through a wallet that interacts with Dapps and a web browser. In this submission i will use Metamask

Step 1
Go to https://rarible.com

Step 2
click on connect wallet , then choose your preferred wallet type , log in and click on connect. Here i am using metamask so i will Link my rarible to my metamask

Step 3
Accept the terms and conditions and proceed

Step 4
Now verify your metamask to see if it connected to rarible

Step 5

To make your own NFT, go to the top menu and select create.

Step 6
In this window we have two options to choose, either we create a single Token or collectibles , I chose Single

Step 7

Once you select the one you wish to create a form will be shown for you to fill our the details in which you want to create you NFT.

Add an image of the NFT , the image must be in the required format required by the site

Now a price must be set. This can either be either a fixed price or a timely or unlimited auction.

Step 8
Select a coin for your transactions

Step 9
In this last step, you need to add a description which gives a brief information about the NFT. You can also set up a royalty of a percentage of either 10,20 or 30 to owe part of the NFT after sale.

Click on ** Create item** . In order to have your coin published you need to also accept the transaction alert in your wallet because minting a new token comes at a fee. After the transaction is accepted, your NFT you created can be seen by clicking on my items on the menu , it will be part of your listing in your collectibles.

HOW TO BUY NFT

Step 1

First of all click on explore on the top menu list from the same https://rarible.com

Step 2

You can find NFT released by top sellers or authors and you can even look at new token collections to find the one you're looking for.

Step 3

When a buyer clicks on any NFT, they will be asked to BID or BUY, with the live auction NFT request for a bid being the most common.

Step 4

By clicking on the owner shown above the name of the NFT, one may buy with Ether directly or go to the seller's website.

Step 5
Before the transaction can be completed, you must first authorize the transaction in your Metamask wallet.

After that, you should go through your belongings again to find your new NFT.

Lastly the picture above shows that the creator will get 10% of any sale on the item.

Advantages of Rarible Marketplace

• Rarible allows users to build their own NFTs without having to know how to program or code. Creating NFTs in Rarible is a breeze and takes just a few minutes.

• The market place is open to everyone, and creators are given the opportunity to have loyalties on the NFTs they make.

• This market place is decentralized, allowing users to make decisions. It also has a wide market space for developers to list and sell their products.

Disadvantages of Rarible Marketplace

• There is no roadmap or white paper that outlines the project's future goals.

• Due to the platform's use of the Ethereum network, gas fees are extremely high, making transaction fees expensive.

• The Ethereum network is the only one supported by the platform, and Ether is the only token used for transactions.

Conclusion

It was such a wonderful lecture by prof. @levycore . I learnt so much. To sum everything up i think Rarible is one of the best marketplace to sell or buy NFTs and also its user friendly ability makes it easy for everyone to use it. I guess the only draw back it has it the excessive charges it has on transactions. But all the same is one of the best. Thank you for reading.

@levycore