Crypto Academy Week 12- Homework Post for Professor @levycore - Topic: Selling and Buying NFT.

In the last class, we learnt about NFTs. We saw that NFTs stands for non-fungible tokens. These kind of tokens are only one in the world, and they cannot be substituted for something else, as they are very unique. In today's class Professor Ali Wong taught on the topic "Selling and Buying NFT". In response to the assignment he gave, I will be writing on SuperRare.

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SUPERRARE

SuperRare is one of the most popular NFT marketplaces in the world. It was launched in 2017 by the founders of Pixura, namely John Crain, Johnathan Perkins and Charles Crain.

This NFT marketplace built on the Etherum network is a platform that allows it's users to create, buy and sell non-fungible tokens (NFT). Unlike other NFT marketplaces, SuperRare focuses only on art.

In SuperRare an artist can easily create his own collectables by tokenizing a piece of art he created. Due to how user friendly the platform is, the artist don't necessarily need to know much about programming to create your own token, neither is there a restriction on the number of tokens he can create.

Once the art has been tokenized, the token can be sold to a collector (buyer) as much money as you would have sold the real artwork, (if not even more).

SuperRare tokens

The NFTs created, bought and sold in SuperRare are called SuperRare Tokens. Although every user of the platform can sell, buy or hold SuperRare token at any time, only invited or approved artists are allowed to create artworks on SuperRare.

In other to create your own token as an artist, you will first apply to the network to join as an artist. To do this, you will be required to fill an application and accept the condition that all the art tokens that you will ever create on the platform must be originally made by you, digital and it must not have been tokenized before on any other blockchain.

After you have been accessed and found worthy, SuperRare will now grant you the opportunity to create your own art tokens.

How SuperRare marketplace works.

The main purpose of SuperRare is to connect artists with collectors, as they both share the same passion. Thus, it's very easy for the users who love artworks to browse the marketplace for art tokens made by approved artists. When they find the ones they like, they can buy or collect them. All the tokens in the marketplace can be sold or gifted.

Since the platform is opened sourced, you can see the names of the users who are the top collectors, and the number of art works they have collected. You will also see the names and the works of the trending artists, and also the number of pieces they have made. When you click on any art, you will find a description telling you who made the art and the list of those who have owned it over the years.

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SuperRare has a smart contract systems which ensures that an artist recieves a commission or royalty each time their works are resold. These fees are automatic, and since the whole platform runs on a blockchain which doesn't forget, the artist will keep receiving royalty for his artwork even long after its first sell.

For the first sell of an art token, the original artist will receive 85% of the amount the NFT is sold, while the platform keeps the remaining 15%. Every other time the SuperRare token is sold the original artist will receive just 3% of the amount it is sold.

As of today, more than 5000 artworks made by several artists have been sold on SuperRare, and they were all bought using Ether (the accepted currency in the platform).

HOW TO CREATE NFTS ON SUPERRARE

Before you can be able to create NFTs on SuperRare, you must first open an account. Since SuperRare operates on the Etherum blockchain, you can only connect your account to an Ethereum-based wallet. To access the platform, you can use a browser like chrome, or a wallet which interacts with Dapps. The easiest way is through a wallet. One of such wallets is Metamask, and I will be using it in this study.

How to create an account on SuperRare

Below is a step by step process on how to open an account and also connect your Metamask wallet to your account on SuperRare,

Step 1

Open the Metamask wallet by clicking on it. When it opens, click on the menu sign (represented by 3 horizontal lines), located at the top left corner, as shown in the screenshot below.

After clicking on it, a menu comes out from the side of the screen. Click on Browser as shown in the screenshot below

When you do, you will be taking to the browser's interface.

Step 2:

When the browsers interface opens up, click on the search, and then type in "https://superrare.co/" then click enter

When you have done this, you will be redirected to a SuperRare marketplace as shown in the screenshot below.

Step 3:

To explore the SuperRare marketplace, scroll down a bit and then click on "start collecting", as shown below.

When you do, you will be asked to select a wallet, or set up a new wallet incase you don't have on. Click on "select wallet", as shown in the screenshot below.

Step 4:

After clicking on select wallet, a pop-up menu which contains the two wallets the platform supports comes up. Since I am using Metamask, I clicked on it as shown in the screenshot below.

A notification will come up on the wallet asking you if you wish to connect to SuperRare site. Click on connect as shown below

Since SuperRare doesn't create an account automatically for you like other NFT marketplace, you will receive a message telling you no account is linked to your address, and if you wish to sign up instead with that wallet address. Click on it as shown below.

Step 5:

After clicking on sign up, a new page opens asking you to fill in your username and email. When you have provided both, click on "sign up", as shown in the screenshot below.

When you do, a notification comes up as you to confirm that you are the owner of the wallet address. To confirm, click on "sign", as shown in the screenshot below.

Step 6:

After clicking on sign, you have completed the account creation process. You will be redirected to your account page as shown below.

To edit your profit, click on "edit profile" and make the changes you want to make on your profile. When you are done, scroll down and click on "save" to confirm changes as shown in the screenshot below.

The screenshot below shows that I have successfully opened an account on SuperRare, connected my wallet to my account and also edited my profile. It also shows I currently have zero collections.

After creating an account with SuperRare, you can now buy or sell NFTs on the platform.

How to create an artist account on SuperRare

To create NFT as an artist on SuperRare, you must first be approved by the platform. The following are the steps to take to get approval from the platform.

Step 1:

Click on menu represented by three horizontal lines.

After clicking on it, scroll down to "submit artist profile" and click on it.

When you do, you will be redirected to your default browser, and you will be given a "docs" application form to fill. You will also find the guidelines you are required to follow before you can submit an artwork you wish to tokenize. Some of the things you will find in the form are shown in the screenshot below.

After filling the spaces provided in the form, click on "submit".

Then wait for you to be approved. Sometimes it takes more than three months or even more for an artist to be approved, depending on the number of submissions received.

Note:- Am still waiting on SuperRare to approve me as an artist so that I can create mine own art token.

HOW TO BUY NFT IN SUPERRARE

To buy NFT, you need to follow these steps.

Step 1:

Click on menu represented by three horizontal lines.

After clicking on it, a menu comes up. When it does, click on "Market". as shown below.

Step 2:

After clicking on market, you will be redirected to the market page. To make selections, select
any of the filters as shown in the screenshot below.

There are lots of art NFTs in the market, by selecting the filter, you can narrow down the market option to what you want to buy. For this sake of this study, let assume I want to buy NFTs owned by creator, I will then select on it as shown below.

Step 3:

After selecting the filter, I will select "Sort by" then chose "recently active" to further narrow my search.

When I did, all the NFTs in the market, which are owned by their creators and recently active will be listed out for me to choose one out of them to buy.

(Please professor, the picture of the artwork couldn't load, because of the size of my android phone)

Step 4:
Let say I want to buy an art made by an artist with the username "hisartwork" titled: "Litecoin, The speedy Sibling", I will click on it.

When I do, I will be redirected to a new page which contains the description of the artwork, the number of edition and it's reserve price (from where the auction begins).

Since the art is auctioned, to buy the art, you have to place a bid. The person with the highest biding will be the one the art will be sold to.

Step 5

To place a bid, click on "place a bid" which is just below the description page, as shown in the screenshot below.

When you do, a new page will come up requesting that you put in your bidding price. The bid must be higher than the reserve price. Also, do not forget that the accepted currency is Ether.

Step 6

After typing in the amount of Ether you are willing to pay for the art, scroll down and click on "Submit Bid", as shown below,

and then wait for the auction to end for that's when the winner of the auction will be announced.

Note: I couldn't make the final purchase because I can't afford the art.

HOW TO SELL NFTS ON SUPERRARE

Assuming that I have some works of my own creation or the ones I collected, these are the following steps I will take to sell any one of them.

I won't be providing enough screenshots here because I don't have any collectibles of my own to sell yet as I can't afford them, and I can't create any because I have not been approved as an artist by SuperRare.

Step 1:

Click on the menu symbol, then click on Profile.Then scroll down to where "collection" is. Then click on it.

When you do, the collection page opens up showing you the arts work you have in your collection.

Step 2:

To sell any one of them, click on the three dots you will find beside the arts name. After clicking on it, a menu pops up. In the menu you will find "start an auction", click on it.

Step 3:

When you do, a page which allows you to configure your auction comes up. In this page you will be given an option to either "Reserve" or "Schedule" your action.

Step 4

If you choose "Reserve", you will be asked to put in your reserve price. (Once any bidder bids this price or above, the auction begins and it will also for 24hrs.)

After putting in the reserve price, scroll down below, you will see two options "Nevermind" and "Reserve". Click on Reserve. As soon as you do, the art token is automatically auctioned.

Below is an example showing a Reserve auction titled "Litecoin: The speedy Sibling" owned by Hisartwork. The reserve price is 0.5ETH and the trade won't start till a bidder bids up to and above 0.5ETH.

Step 5:

If you choose "Schedule", you will be asked to put in the time frame you want the auction to last (a week, a month e.t.c), and the list price for the bidding.

Once you have filled the spaces provided, scroll down below, you will see two options "Nevermind" and "Schedule". Click on Schedule. When you do, the art token is automatically auctioned and the auction will last as long as you have scheduled it.

Below is an example showing a schedule auction titled "Infinite Scroll" owned by Scottcarr with a list price of 1.236ETH. The last bid made by a buyer was 0.11 ETH.

ADVANTAGES OF SUPERRARE MARKETPLACE

• SuperRare provides an an artist with a large market where he can sell his arts.

• SuperRare through a smart contract ensures that the creator of an art keeps recieving the royalty for his art works till the end of time, regardless of the number of times it's sold.

• Once you are approved as an artist, it is very easy to create your own digitalized art token.

• SuperRare is very user friendly, you can easily make bids for any kind of art you wish to have in your possession.

• Every artwork you buy in the SuperRare marketplace is unique, one of its kind, and the best there is, as they make sure only extremely great artist create art tokens on the platform.

DISADVANTAGES OF SUPERRARE MARKETPLACE

• Not every user in the platform is allowed to create there own art tokens.

• Its "artist approval process" is done manually, therefore it is very slow. For instance, in this assignment, I couldn't create an art token as am still waiting for approval from SuperRare. But in other nft marketplaces Raribles, a user can create his own token anytime he wants.

• SuperRare supports only Ethereum network, and for this reason, the only acceptable medium of payment is Ether.

• Using the platform consumes lots of data, and is not suitable to be accessed on mobile phones.

• The gas fees and transaction fees are very costly. This is because SuperRare operates using the Ethereum network.

Pixabay.com

CONCLUSION

SuperRare is an impressive platform, and one of the top NFT marketplaces in the world. Its art tokens are regarded as very unique by most collectors, and just as it's name suggest, all the art tokens you can get in this marketplace are "super rare".

Regardless of all these, I believe the platform need to improve on areas such as the time frame it takes to approve an artist. If the platform does not thing about it, they may likely lose their place in the world of NFTs in the nearest future.

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Note:- All the images in this work are screenshots by me, except otherwise stated