Crypto Academy Week 12 - Homework Post for Professor @levycore : Selling and Buying NFT
This week, I had another opportunity to learn at the academy, and all went well. This time, I went to a lecture by professor @levycore on buying and selling NFT, and it was, of course, fantastic. With this post, I'm presenting the solution to the professor's task.
Recap On NFT
NFTs stands for Non Fungible Tokens, which are tokens that represent digital objects such as artworks, music, games, collectibles, and so on, and whose identity can be traced back to a single owner or maker. These digital assets are verified on the Ethereum blockchain to ensure that only the rightful owner has access to them.
The ERC-721 token is used by digital assets in the process of being verified on the Ethereum blockchain. The ERC-721 token is used to tokenize the assets on the blockchain and make them unique to the owner alone. NFTs also prevented the unauthorized use of other people's original inventions, protected the owner's invention, increased its value, and made it more durable by lasting for several years.
The Non Fungible Tokens market can be defined as a platform that allows users to buy and sell Non Fungible tokens. Users can upload/create their unique asset on the marketplace after it has been verified on the Ethereum blockchain, and other users can buy such collectibles on the platform. The NFT marketplace allows users to monetize their tokenized digital assets by adding value to them. Cryptokitties, Rarible, SuperRare, OpenSea, AtomicMarket, Foundation, BakerySwap, and others are among the many NFTs markets currently available. In this post, I'll look into the Rarible market.
Why I choose Rarible Market
There are alot of NFTs market place, I choose Rarible because of the following reasons:-
- User friendly: The ease with which you can buy and sell NFTs. I attempted to complete all of these tasks on other marketplaces, but Rarible proved to be the most user-friendly. It was also simple to make collections;
- Search option: Artwork is classified by style (or category), making it easier for users to find artwork in categories they enjoy.
Anyone can buy/sell: Rarible made it possible for everyone to join their ecosystem and buy or sell via a simple method.
Rarible Token: They also have their own token, RARI, which they use to reward their most successful users on the platform.
Many Wallet option: Many wallet integrations are available. And that's exactly what I did with my MetaMask wallet.
Connecting MetaMask wallet to Rarible Market
Launched MetaMask wallet and click on the two horizontal lines and from the options listed select "Browser"
- I enter the Rarible market website https://rarible.com/
- Now on the Rarible market place homepage locate the two horizontal line and click it. The one I circled
- Now I click on "Connect" and another page will show up showing all the supported wallets.
- Look for your preferred Wallet, since am using MetaMask wallet I click on Metmask
- I then proceed with "Connect" to connect my MetaMask wallet to Rarible website
- I agree the the terms and conditions by clicking on the two boxes.
Then click on "Proceed" to complete the process
Congratulations MetaMask wallet has been successfully connected to Rarible market place
How to Buy NFTs
Buying NFTs on Rarible is so easy. Simply scroll down to see some digital arts that can pique your interest. Alternatively, if you were to look for digital artworks in a particular category, you can choose from a variety of options, such as collections under Photography, Art, or other categories. I'll pick artworks from the Memes group for this task.
- After clicking the Memes button, I was able to search artworks that were labelled with this category. This piece of artwork titled Monkey see Monkey do captured my attention. This one appealed to me. The artwork was for sale, and the owner asked 3 ETH for it.
- I chose the image and clicked on it. The page to the content's information opened. A 2.5% service charge is applied on all transactions on Rarible. There are two buttons in the lower right corner that can be pressed to complete the mission, either to Buy or to Bid.
- As a result, I pressed the "Buy" button. A pop-up message box appeared, displaying the purchase information for the upcoming transaction. With a 2.5% service charge added on, the artwork must be charged a total of 3.075 ETH ($10,583.26). The buyer is not yet verified so I was informed but I decided to proceed with the transaction so I pressed the blue "I understand continue" button.
- In this page I was required to start the transaction. So I click on "Start".
- Insufficient ETH I don't have much ETH to complete the transaction so I cancelled it.
But incase there was enough ETH I will just click on "Confirm" to complete the transaction
How to selll and create NFTs on Rarible
Before you can proceed to selling, you need to have a collection of NFTs Of course. Buy and collect content to sell on marketplaces, or create your own collection of NFTs. I don't have any collection right now so I will be creating one in order to sell.
- So I open MetaMask wallet and go to Rarible website https://rarible.com/ and click on the two horizontal lines. In the options displayed I scrolled down and click on "Create collectible"
- There are two types of collectibles that can be Created:
Single collectibles:refers to a one-of-a-kind collectible
Multiple collectibles: refers to a collectible that can be sold multiple times.
I selected the Single cause I want to create a one-kind collectible
- In this page I was asked to upload the files which can be (Image, Video, Music). So I click on it to upload an Artwork. So I decided to upload a Pencil Drawing that I made long time ago.
- Choosing whether it will be sold (minted) for a Fixed price or made available for bidding in a timed or time-limited auction. I choose Fixed Price
- I then enter the price I want to sell it in ETH and entered 0.1 ETH ($335.56) as the price.
Choose whether the Art work will be unlocked once purchased or not. I also choose whether to create an ERC-721 token or proceed with RARI (Rarible Token).
- I then choose the description of the Art work "After purchasing you get a framework"
Note: I just use this as an example. You can write your own description.
Enter the royalties, the properties of the content and click on "Create Item"
- Now complete the process by clicking on the "Confirm" but I don't have enough ETH so the transaction won't proceed.
The Advantages of Rarible
As an open marketplace, anybody can use the platform to create an NFT, display their artwork creations, or buy NFTs created by others. Rarible's native token is RARI, and although agreements are made using ETH, RARI is the native token of Rarible.
It maintains a stable link to the wallet. Especially with MetaMask, as I used MetaMask to complete the buying, creating and selling NFTs. I believe it will work with other wallets as well.
- Buying and selling is easy and straightforward. To create and mint digital tokens, no coding skills are needed.
- Rarible organizes its collections into categories. It assists consumers in locating and purchasing their favorite works of art.
- It also gives sellers the option of tokenizing their content in ERC-721.
Disadvantages of Rarible market
- Only Ethereum blockchain tokens are supported by Rarible. Yes, it offers strong protection since it was designed on the Ethereum platform, but it also limits your choices.
- We haven't been able to locate a whitepaper or roadmap, so users are unable to see the project's potential course.
- Since their ETH gas fee is prohibitive, most people avoid buying from this Rarible website.
Rarible provides a variety of benefits and can serve as an introduction to the world of NFT-based trading for newcomers. Since Rarible was designed to be simple to use and communicate with. Tokenizing digital works is also not difficult at Rarible. A consumer does not need to go through a series of appraisal measures to obtain the title of creator before selling their digital artwork, as some marketplaces need.
Rarible is good (perhaps the best) for ease of use (especially because it allows users to tokenize their artworks), but the lack of whitepapers or roadmaps may be a problem for users who pay close attention to detail and want to look ahead.
Thank you to professor @levycore for the wonderful lecture on buying and selling NFTs
Note: The "Pencil Art work" image I uploaded was just use as example