Crypto Academy Week 12- Homework Post for Professor @levycore on Buying sand Selling NFT by @sadiaanyat


Hello Steemians! Welcome to week 12 in Steemit Crypto Academy. In this lecture, i have learnt how we can buy or sell our NTF. The professor @levycore explained it very well by using wallet Opensea, but i will use Rarible to buy and sell NTF. Here is my homework .

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

Rarible Market Place

Rarible is a decentralized market which is use for buying and seling thel non fungible token. It is very vast market for selling and buying the NTF. Rarible work on ethereum blockchain and people are allowed to built new NTF. There is no need to have command or any knowledge about coding. The Rarible users can access the large market easily. They can do trading there or access market for there created work.

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It helps the user to solve all the market issue which are related to the intellectual property of platform. The user have facility to minting the single or more than 1 NTF on the Rarible platform. Selling is not difficult at all over the Rarible market. You can but or sale NTF in just few steps.

$RARI Token

The token use over the Rarible platform to reward the users is $RARI. There are total 25000000 RARI tokens there among which 30% tokens are distributed in investors and 60% are used for liquidity trading over this platform. While 10% tokens are saved for airdrops.

- How to Buy NFT ( Screenshot needed)

First of all, you need to connect this market place with your wallet. You will be able to access it then using your wallet. MAny wallets are used but here we will use the metamask as we have learnt the functionality of MEtamask in last week. So we will go with metamask in this assigment.

1- Install Metamask in your mobile or laptop(Learn from previous lectures how to install this wallet)

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2- Open the Metamask wallet

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3- Click on the 3 lines which are showing on the top left corner.

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4- A dropdown list will be shown there

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5- Click on the Browse button

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6- A new page will be opened. Type Rarible.com on the search bar

7- A new page will be open. Click on the 3 lines on the top left corner

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8- Click on the connect

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9- Click on metamask

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10- click on connect button

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11- Click on proceed and hurry...your wallet is connected successfully.

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12- Now you can edit your profile or enter the user name by clicking on the small icon on the top left corner.

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13- You have to select any Rarible of your own choice from the Home page.

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14- Click on your selective Rarible and click on BUy button to but Rarible.

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14- You will be asked to enter the payment method.

By following the above steps, you can successfully buy the NTFs over the Rarible platform by using the Metamask wallet.

Selling NFT to Rarible

1- Again connect with your wallet. The same steps, mentioned above, can be followed to connect your wallet with Rarible.

2- After connecting, Go to home page of Rarible and click on the Create button.

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3- A new page will be open. There will be two options of creating NTF; single and multiple. I want to create single NTF. So Click on "single" side.

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4- A new page will be option. Click on choose button.

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5- Now you have to upload any picture. Picture should be less than 30MB.

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6- Select the prize of your NTF and select which which collection you want, I select the Rarible.

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7- When you will click on Rarible, a new page will be opened where you need to enter the titile, description, Royalty and detail.

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8- Click on the create button. A new page will be opened.

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9- Approve your trading, set fixed price and sign in for mint transaction.

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10- You have done with selling your NTF with help of Metamask wallet. The NTF which you have listed for sale will be appeared on your fixed list.

Advantages of Rarible Markitplace

There are many advantages of Rarible platform. some major are as follow

1-Easy to use- The user can easily buy or sell NTF on this platform.

2- Create NTF- The first and big advantage of Rarible platform is it allow it's user to create the new NTF. User can create new NTF without having any knowledge about the coding behind it.

3-Problem solving- It helps the user to solve all the market issue which are related to the intellectual property of platform.

4- DAO structure- The investors, developers and sellers have the right to take the decision of Rarible market. They can even decide what will happen in future in the market place.

5- Access to biggest market- The Rarible users can access the large market easily. They can do trading there or access market for there created work.

Disadvantages of Rarible Marketplace

There are some cons of Rarible market.

1-Not a proper DAO structure- We talk above about the user power to manage this platform but the control is still to the team. It is not a proper DAO structure. The user can just suggest anything for the betterment of platform. They cannot forcefully impose or bring any change in platform.

2- Roadmap- Another disadvantage of Rarible market is there is not a proper roadmap or future planning to run this market yet.

3- Complicate for Beginners- This platform is not easy for the new comers as no proper guideline or documentation is provided to guide the beginners.

4-high transaction fee- The gas fee of Rarible is high which cause the high cost of transaction. The transaction fee get high so the user avoid it sometime.

3- Wash Users -The wash user are an issue for this platform

Conclusion

The Rarible is the most amazing and popular market place among the user for the creating the NTF tokens. MAjor changes are make in this platform and soon, in future it will become the larger market place where users will be able to easily buy or sell their art.

Thank you Professor @levycore for this amazing lesson.

REGARD


Comments 1


Hi @sadiaanyat, thank for submitting your homework

Feedback:
Well done.. you have explained well about Rarible marketplace.

Rating : 7

08.05.2021 14:04
0