Steemit Crypto Academy Season 2 : Selling and Buying NFT | Homework for @levycore by @shahab1998

HELLO STEEMIT members , i hope you all are fine and doing well, so this is my homework given by the honorable professor @levycore , First of all thankyou so much professor.

Crypto academy professors are doing their utmost to help steemit users learn about a variety of topics by sharing their expertise and information in order to help them make better use of this enviroment and helping us to not only learn but also enhance our skills here.

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

NFT:

NFT is a unique cryptographic token with unique characteristics. There are no two equivalent NFTs since each token expresses a different value in its entirety. They are very beneficial and useful, and they can be found in a variety of ways such as gaming tokens, collections, and music. Non-fungible tokens are digital assets built on the blockchain that have unique metadata that distinguishes them from one another. When anything is defined as non-fungible, it means that it is completely unique and that its significance can never be substituted. Non-fungible objects are those that are normally distinct or separate and are not dependent on one another.
NFTs are most commonly used to display digitalized files such as videos, coin collections, and images. These types of objects or files are tracked on the blockchain to provide the owner with independent proof of ownership from copyright. The value of NFT antiques is dictated by their potential use. A good design will sell faster than a weaker one, and the NFT that is in high demand will also sell faster.

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NFT MARKET I HAVE SELECTED:

NFT market which i have selected is Rarible because it is very easy to use and understand, The Rarible system is designed to share NFTs. Collector editions of rare art are produced, and collectors can buy and sell them without any prior knowledge. Rarible allows users to create digitised tokens with no prior knowledge.

The best thing is that it is completely open source, which means that everyone can access it, and its users and investors are trustworthy. However, the main problem is that it only supports Ethereum tokens, which is a serious issue for both investors and users, and its token, the rari token, is primarily used for the Rarible network's governance.

Even though Rari token is ranked 460 by MarketCap, it is one of the most popular NFT projects because it is rising at a rapid pace and its investors and users are also increasing at a rapid pace. Its trading volume in 24 hours is $5.8 million dollars, which is a massive amount.

The current price of RARI token is 2.7$ and is steadily rising, and it has a market capitalization of approximately $77.73 million, which is a massive amount considering it was only released in 2020.

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How to Buy NFT ??

Step 01:

To buy NFT first we must have any wallet,right now i am selecting and using trust wallet because it is very secure and easy to use

STEP 02:

Then open Rarible website and pres connect button below:

STEP 03:

After presing connect multiple options will apear, there will be an option nme WalletConnect, click it

STEP 04:

After this multiple options of wallets will apear, among them select TRUST WALLET so this screen will apear here pres connet to make the connectiom

STEP 05:

here you can see Rarible is connected with Trust Wallet.

STEP 06:

it will ask now terms and services press PROCEED;

STEP 7 :

here you can see our display ID :

STEP 08:

now procees to Buy portion and seelect NFT from market place

After this click on I understand Continue and then your order will be placed and NTF is purchased.

How to Sell NFT?

To sell NFT it is necessary to connect trust Wallet with Rarible , which we have done aleady in earlier step, so we will directly proceed towards selling NFT. Sellting NFT is same easy as buying it.

First go to connect section and then till screen will apear so select SINGLE.

Now create single collectible and here upload file which can be in PNG, GIF,MP FORMAT but size should be max 30MB

Now after that enter price which will be concerted to ETH and also add title and descriptiom

After adding title and despciption set the royalities in percentage as i have selected 20% and then set the properites but this option is optional and click on Create ITEM.

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

ADVANTAGES:

~ One of the main advantage is Both buyers and sellers on the Rarible platform are required to use their own currency, RARI.

~ It is very easy to understand and use, one can use it without any advance knowldege of it.

~ Selling and Buying in NFT is very easy and fast, it can be done in few minutes only.

~ The platform is free to use, and the market is large enough to accommodate anyone.

DISADVANTAGES:

~ Transaction Fees in rarible is very high, thats why many people avoid it.

~ Gas charges are also high

~ Another disadvantage is The Ethereum network is the only one supported by the platform.

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CONCLUSION:

Without any prior knowledge, a Rarible user can create digitialized tokens. The best thing is that it is completely open source, which means that anybody and everybody can use it, and its users and investors are trustworthy. thats why i have selected Rarible. Professor @levycore Thankyou so much for this wonderful and informative lecture, this was my first lecture of yours and i have learned alot.

Thats all , This is my homework professor @levycore i hope you like it and once again professor thankyou so much for this informative lecture, This post is totally plag free.

Please share your valubale feedback.

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