Steemit Crypto Academy Season 2 Week 4: Selling and Buying NFT || Homework Post for professor @levycore || by @preye2

preye2 (69)Beginner[3,4,5,6,7,10]in SteemitCryptoAcademy • 3 years ago (edited)

Hello All

Wow after going through the lecture, I discovered that it's really a practical lecture and that you have put in so much dedication and hardwork to make your work so presentable, and I appreciate you for that professor @levycore.

You have indeed broken this topic down to our understanding, and am really glad to be participating in your homework task which is on Crypto Selling and Buying NFT, it's indeed true that personal experience is needed on this homework post, so before I start answering the homework tasks, let me brief you all on what NFT means, just as I have just learnt from my professor @levycore.

The full meaning of NFT is Non-Fungible Token, and it is a unit of data stored on a blockchain. It can be used to represent art items like pictures, videos, audio, and most especially, the fact that it can identify the originality of assets using blockchain technology makes it so special. Now to the first question;

Question 1

Select the NFT market that you want to try to sell and buy NFTs and why did you choose this market

It is true that there are so many NFT marketplace to sell and buy, which includes: Superfarm, OpenSea, Rarible, Hoard.Exchange, Ethernity, Enjin etc. Nevertheless, I decided to choose Rarible market because it's one of the best NFT marketplace that is use for buying and selling artworks.

It is governed by the owners of it's RARI token. I equally love Rarible marketplace because it rewards it's users with RARI token and it also offers one if the only ways to get your hands on an NFT from global street artist Kiwie.

Question 2

How to Buy NFT (Screenshot needed)
Below are the steps and screenshots to buy NFT

Go to your browser (I use Chrome browser) and type Rarible.com

Click on the Connect button on the bottom right hand side of the page

Then connect your Ethereum wallet by clicking on (WalletConnect button)

And now you click on the wallet to use (Am using Trust wallet)

Now click on connect to confirm transactions on Trust wallet
Now to buy an NFT, I would have to buy one from the marketplace

After which you click the Buy button on the bottom left hand side of the page

Now you click on proceed to payment

Click on the Start button to Approve and confirm purchase

Confirm transactions.

Question 3

How to Sell NFT ( Screenshot needed)
To sell NFT, you must have to create first, So here is how to create and sell your own NFT

After connecting an Ethereum wallet, click on the create button on the bottom right of your screen

Select either single or multiple editions

Now, upload your file, which could include image, video, etc

After that, choose a specified price, name, description, properties, and royalties

Now, click on create item, confirm transaction, and pay gas fee

Question 4

Mention and explain the advantages and disadvantages of the NFT market you have chosen (Rarible market)

The Advantages of Rarible Marketplace includes the following:

An Open-Source for everyone:
One unique quality of the Rarible marketplace is the fact that it's features are open for everybody, which means both old and new artist have access to use this platform.
The availability of RARI token:
This RARI token is rewarded and distributed to it users who is either buying and selling, and this unique act is really an encouragement to the users of this platform, and I tell you the truth, that's really a great advantage.
It doesn't require coding knowledge:
Yeah everyone can create unique digital art on the platform, because you don't necessarily need to acquire coding knowledge before working or performing task on the market place.

The Disadvantages of Rarible Marketplace includes the following:

Scammers equally have access to RARI token:
Yeah, this is one of the challenges to expect when making a platform an open source to everyone. The Rarible Marketplace is an open door for everyone, which means there are possibilities that even scammers can have access to it. Nevertheless, measures have been taken during the verification process to avoid this scammers, but it's still indeed a disadvantage to the platform.
The Rarible Marketplace only supports tokens of Ethereum blockchain network

Yeah this is another disadvantage to this Marketplace because it only supports tokens of Ethereum blockchain network, we all know that there are hundreds of crypto-currencies out there, and we all must not have all the big crypto currencies in the world, we all have our preferred crypto currencies which means other crypto-currencies are supposed to be supported by the platform, especially because it is something that is meant for so many different people.

Conclusion

What interest me most is the fact that a platform like this can help one sell his or her artworks with out much stress. All your need to have is an Ethereum wallet probably trust wallet where charges can be applied, and you are done.

This is my first class with you sir, but I must confess that am really greatful and thankful for this lesson, Professor @levycore sir, you have done Justice to this topic and I must say you are really wonderful and I hope to participate on all your lectures.