Steemit Crypto Academy Season 2 Week 4 Homework Task @levycore

Hello Steemians.

It's been a wonderful lesson by professor @levycore. He discussed NFTs (which stand for Non-Fungible Tokens)and gave an illustration of how to buy and sell NFTs on the Opensea platform.

I'll be handling the tasks given to us by the professor without much ado. For my exercise, I have chosen Rarible

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Rarible

Rarible is simple a platform where buying and selling of digital assets (Non-Fungible Tokens) take place. There is a number of platforms where NFTs are traded and Rarible is just one out of the few.

Rarible is built with blockchain technology. This means that the data is stored across a distributor network that offers transparency.

Rarible was created by Alex Salnikov and Alexei Falin. Apart from trading digital tokens, Rarible also offer $RARI tokens as incentive to active participants in the network. The tokens are native to the platform and give the right to vote on decisions in the network

Why did you choose this market?

I did a lot of research on NFT markets. I tried some of the markets and had to make comparisons between each of them.

I chose Rarible because it is easy to use. The platform is user-friendly and trading is made simple. One of the confusing platforms I researched was "NBA Top Shot" and I found it quite frustrating.

How to Buy NFT using Rarible

• Step 1: Open the Rarible site (https://rarible.com/).

• Step 2: Select the search icon on the top right corner. Type in the item you are looking for in the bar provided. In my case I searched "ball". A list of tokens will be displayed. Pick the token you are interested in. I picked the first one, "Mamba Mentality"

• Step 3: Information about the selected token would be displayed. You would be able to see the details of the token, bids for the token and also the history of the token.

• Step4: Select "Buy". You would be prompted to connect a wallet if you haven't done so before.

• Step 5: select "connect". A list of options would be available. I chose "WalletConnect" and connected to my MetaMask wallet.

After connecting, a symbol would be displayed at the top right corner to show that your wallet is connected.

• Step 6: After connecting to your wallet, repeat the process;
  (i) Select Buy

(ii) Select proceed to payment

(iii) Select start to send transaction request to your wallet. After the request has been sent, select Done.

How to Sell NFT using Rarible

In order to sell an NFT, you need to first create one through the process of minting.

• Step 1: Select the double lines on the top right corner of the page.

• Step 2: Select "Create Collectible"

• Step 3: You would be prompted to choose between Single or Multiple
  Single means that the collectible would be special and can be sold once. Multiple means that the collectible can be sold multiple times ( would have copies).

• Step 5: You would be promoted to fill in certain gaps.
  (i) Upload file: Could be audio or graphical, i.e video, picture or gif.
  (ii) Choose between fixed price, timed auction or unlimited auction. I chose fixed price for my illustration.
  (iii) Price: Select the price that you want to sell your collectible
  (iv) Choose Collection: Choose if it would be a RARI token or you could create an ERC-721 token of your own.
  (v) Title: The name of the collectible
  (vi) Description: Give a little information on what the collectible is all about
  (vii) Royalties: Percentage received by the original owner of the NFT whenever it is resold.

• Step 6: After filling the gaps, select Create Item. You would be prompted to a different screen that shows "Approve", "Mint", and "Set fixed price". These commands are executed after the previous. Congratulations, your NFT has been added to the market.

Advantages of Rarible

• Rabile provides a platform where trading of digital tokens is made easy.

• Rarible makes minting of Non-Fungible Tokens as easy as pie. Digital tokens can be created without any special coding when using this platform.

• Rarible is created using blockchain technology. This implies that activities on the network is fully transparent and transactions can be easily traced.

• Rarible rewards it's active users with $RARI tokens which is the native token of the platform.

Disadvantages of Rarible

• The platform only supports ERC tokens. This implies that digital tokens created using any other token protocol can not be traded in the platform.

• The project offers no whitepaper and roadmap that outlines their long term goals.

• Because the platform supports only ERC tokens, the gas fees are outrageous. This creates a problem especially when large transactions are made.

Conclusion

The innovation of Non-Fungible Tokens has proved that blockchain technology is the new future. I believe that blockchain technology has only brushed the tip of the iceberg. Rarible makes trading of digital tokens very easy in a manner that has never been seen before. The crypto space is changing quickly and we need to change fast too or risk getting lost the past.