STEEM CRYPTO ACADEMY WEEK 12 - HOME WORK POST FOR @levycore – SELLING AND BUYING NFT

Thank you professor @levycore for the lesson. It's been another great one this week. I commend your work. On the subject matter of Non-fungible tokens, I learnt new things. Thank you!
Let's dive into the homework task. Please join me.

NON-FUNGIBLE TOKENS

Non fungible tokens (NFTs) are non-interchangeable digital tokens which could be in the form of digital files such as videos, photos, audio, collectibles, etc. They could also be referred to as virtual items which represent unique ownership of an asset.

The non-fungibility indicates the inability of the token to be substituted for other items and this is in contrast to other fungible cryptocurrencies such as Bitcoin.

THE NFT MARKET

Built on the Ethereum blockchain, NFT market is a platform where Non-fungible tokens are being traded. There are several markets in which NFTs can be traded such as AirNFTs, Rarible, etc.

RARIBLE NFT MARKET

Launched in early 2020 as a market place for trading of Non-fungible Tokens, Rarible gives traders full control of their tokens and also offer an avenue for minting of new NFTs.

Source

It is a non-custodial, open-sourced trading platform with low fees and user-friendly interface WHICH IS WHY I CHOSE TO WRITE ABOUT IT.

HOW TO BUY NFTs ON RARIBLE

There are several dApps wallet which could be used for the purchase of NFTs. In this post, I'll use the Trust wallet to show the steps involved.

Step 1: Launch your Trust wallet and click on the DApps shown at the bottom.

Step 2: Read the terms and conditions and then accept, and also tick that you are 13 or above 13.

Step 3: You will need to connect your wallet if it not automatically connected at this stage. My wallet connects automatically that's why there is no screenshot.

Step 4: Scroll and select any token of your choice you will love to buy. I chose the Crypto pandhandlers #6

Step 5: Click on the Buy option.

Step 6: Select "Start" on the page that is launched. (It will load and another page opened).

Step 7: Here, you confirm the transaction and as the fee and other charges will be shown.

HOW TO SELL

In buying, you need to follow the same steps of launching the trustwallet and Once you click on Rarible, the following steps should be followed.

Step 1: Click on the options symbol at the top right.

Step 2: It will show a menu with activities; select "create collectible" at the bottom.

Step 3: You can select from single and multiple collectible options which will lead you to a page you can upload a file.

Step 4: You can upload any file you wish to, whether photo or audio.

Step 5: Choose your pricing option (it may be fixed or timed auction).

Step 6: Here, you will need to give your token a name and select the properties and royalties.

Step 7: Click on "Create Item" and then pay your gas fee.

ADVANTAGES OF RARIBLE MARKETPLACE

It is a non-custodial market which implies that it allows users to be in full control of their token.

It is a low cost P2P trading platform.
Minting: Rarible gives users an opportunity to create and also mint their own tokens (NFTs).

It is a non-coding platform which makes it user-friendly and it offers a great user-experience.

DISADVANTAGES OF RARIBLE MARKETPLACE

Since it is an open-sourced platform, there is greater opportunity for hackers to manipulate the RARI.

There is no Rarible whitepaper yet, hence full information cannot be accessed
Rarible supports tokens on the Ethereum blockchain only.

CONCLUSION

Non-fungible Tokens are tokens/items that represent the unique ownership of an asset. These tokens can be traded in several platforms such as Rarible.

The Rarible marketplace offers a great user-friendly trading platform with a series of simple steps to trading. It also has it's unique advantages as well as some limitations as discussed in this post.

It has been a great learning experience all the way. Thank you for stopping by! I appreciate.

Note: All screenshots were taken from my Trustwallet application