Crypto Academy Week 12 - Homework Post for @levycore | Buying and Selling NFTs

It feels so good to be able to understand what professor @levycore lectured on. We are asked to select from the various NFT markets that we find interesting in trading with and also give reasons why we choose it. I prefer to use Rarible market because it is easy to work with. We should start by knowing NFT is before we get into the real deal.

What is NFT

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NFTs are also known as non-fungible tokens which runs on the ethereum blockchain. Fungible here means something that can be substituted or exchanged and will still possess the same value. Non-fungible tokens on the other hand means that cannot be exchanged or substituted with anything else. It has special features that differs it from all other kind of assets and can be owned by only one person at a time. This is mostly in a form as GiF, trademark, crypto kitty and among others.

Rarible

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Rarible also known as Rari which is the first government token in the NFT world. During the first 6 months of its launched, its platform was flooded with so many artists and people who loves art and also cleared the doubts of people who never believed in NFTs. Rari gives people the power to buy, hold and sell digital arts. When you buy and sell assets on Rarible, you will be rewarded with rari tokens. As this platform is growing in number every day, there is a higher possibility in the future of it being a full decentralized system and also promotes the love for digital arts.

How does How Rarible Works

This platform has a primary goal of linking content creators and also investors who are willing to trade the digital assets. Creators are required to start by minting a token using the Rarible’s software in order to turn their works into an NFT. They will have to fill a form on the Rarible official website giving out the images and prices they wish to charge them for. Rarible tokens can be transferred to other bettwen Rarible wallets which has a couple of addresses. When transaction is being made on Rarible, both the buyer and seller will have to pay transaction fees to.

Payments of Rarible royalties

Rari is a major important feature that brings content creators to the platform. This simply means content creators on Rarible can set a percentage on their contents for future. For example, if a creator on Rari listed a 30% royalty on his digital asset, he will be credited 30% of the amount his asset has been sold at.

How to buy NFT.

Below are the steps you can follow to buy Rarible tokens using an app called trust.

Step 1. Go into the app and click on ‘DApps’ tap below

Step 2. In the DApps browser, type in rarible.com in the address bar above.

Step 3. Make sure you agree to the terms and conditions before proceeding

Step 4. Browse through and figure your preferred asset and click on it. For the purpose of this post, we will be buying the circle asset in the screenshot.

Step 5. Click on the ‘Buy’ tap to proceed.

Step 6. You will be prompted to key in the quantity you want to buy and proceed to payment.

Step 7. Approve and start.

Step 8. Confirm your transaction to complete your purchase.

How to Sell NFT

We will have to use the Trust app again to demonstrate how to sell an NFT and again, we will be use Rarible.

Step 1. Go into the Trust app, and click on 'DApps' below.

Step 2. Type in Rarible.com in the address bar above.

Step 3. Before we will be able sell rari, we will have to be create an art and make it available for buyers to be able to purchase. To do that, we have to click on the two small horizontal lines on top.

Step 4. Click on 'Create collectible'

Step 5. You will be asked to choose either creating just a single collectible or multiple collectibles. But we will be creating a single collectible.

Step 6. At this step, you are asked to upload you file either GiF, MP3 or MP4, picture or anything. Choose your collection, set your title, description and also properties. click on create when you are done and you asset will be published for sale.

Advantages of Rari market

1. Rari is always open to investors and always available day in day out.

2. Rari gives content creators to create their NFT assets without any program codes.

3. Rari makes sure creators get their royalty payments.

4. Transaction is faster with cheaper fees.

Disadvantages of Rari market

1. There is a high gas fees available of Rari platform.

2. There is an absence of whitepaper hence making it somewhat difficult to work with.

3. Investors are required to have a basic know about how NFTs operates.

Conclusion

It is obvious that Rarible is a platform that will aid both new and experienced content creators to help them exhibit their talents in return for money and also give investors something to invest in without fear. Once again, thanks to @levycore for impacting this knowledge on us.