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

in hive-108451 •  4 years ago 

Greetings to everyone on this great platform, once again I am here to submit my homework post for this week assigned by prof @levycore. Our professor taught a great lecture, and indeed I really enjoyed the lessons taught this week.

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

NFTs Markets

There are so many NFT markets and these include the following;
OpenSea
SuperRare
Nifty Gateway
Foundation
VIV3
BakerySwap
Axie Marketplace
Rarible
NFT ShowRoom

Among these NFT markets, I have chosen Rarible for this week's task.
The following are the reasons I considered before choosing Rarible over the other NFT websites;

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source

  1. Rarible website has a simple interface for its gallery.
  2. It has an easy interface to do buying and selling of nfts.
  3. Rarible makes it easier for its users to search for artworks faster due to how artworks are differentiated by type.
  4. Rarible grants its users so many choices of different kinds of NFT artworks
  5. because Rarible provides its users with many wallet integrations.
  6. Because it is very easier on rarible platform in creating collections.

How to Log In to Rarible

The following steps illustrate how to connect your wallet and log in to rarible platform. One needs wallets that support nfts and such of these wallets include metamask, Torus, coinbase, Portis, trust wallet, alpha wallet, enjin, and pillar. I would be using MetaMask wallet in this case.

STEP 1
Search rarible.com from google

STEP 2
Click to enter, and then select and click on connect wallet to add your wallet.

STEP 3
I choose the type of wallet I wish to connect, that is MetaMask wallet

STEP 4
Check your wallet address and click on next to continue

STEP 5
After confirming your wallet address, click on connect to proceed

STEP
Check the boxes to agree to the terms and conditions of rarible then click on proceed to complete your setting your wallet.

Check to see if it successfully connect from the right top corner of rarible homepage.
If done then you set to go.

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wallet connected successfully

How to Buy NFT in Rarible

First of all, I surfed through the site to get a nice artwork to purchase. I really like games so I entered into the games category to search for nice artwork to buy. I saw a nice game artwork named Tanky which was priced at 0.03 ETH so I decided to buy it.
I clicked on it and the details of the artwork popped up. The owner of this artwork is called naz on rarible platform.
There are "buy" and "bid" options given below it, but because i was going to buy I click on Buy.
A pop-up menu opened which indicates that my account isn't yet verified. I proceeded by clicking on "I understand, continue".
Rarible has a service fee of 2.5%. With the artwork, I have chosen the service fee would be 0.001 ETH, meaning that I would be paying 0.031 ETH in total.

Another pop-up menu that shows approval of the transaction, meaning I it start if I want to continue my buy option. I then click on "start" to buy.

The transaction was sent to my wallet to confirm, but unfortunately, I had an insufficient amount of ETH in my wallet to complete the transaction. As a result, I have to cancel the transaction at that stage and I think could have been the final stage in buying the nft artwork.

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How to Sell NTFs In Rarible

before one can sell an nfts, one needs to have a collection in rarible. To obtain a collection, you have to either buy or create an artwork. In this case, I would create my own collection and the following steps shows how to create a collection on rarible platform;
STEP 1
As we can from below that I have an empty item in my collection so I have to create one in this case.
I click on create from the right upper corner to start creating

STEP 2
A menu pops up which gives an option to create a single collection or multiple collections. Choosing single means that your collectible would be one of a kind and if you select multiple means that your collectible can be sold multiple times.
I selected single to proceed.
STEP 3
I then choose my file to upload by clicking on the choose file option. My file uploaded was designed by myself using a Paint 3D application. After uploading my file, I then set my parameters from the options below. There are three different price options to put your item on the marketplace. We have fixed price, timed auction, and unlimited auction as indicated below.
STEP 4
I chose fixed price and entered 0.01 ETH as the price for the collectible which is equivalent to $37.63 as at the time of writing this article. I also switched the button for the options which says "unlocked once after purchase."
STEP 5
I completed the rest of the fill in left and these include, title of the item, description, royalties, properties such as size of the item.
STEP 6
I proceeded to chose between whether I want ERC-721 or RARI. I selected RARI for my item. After filling all the required credentials I then clicked on "create item"
Due to insufficient balance in my MetaMask wallet account, the transaction couldn't proceed so I have to reject it.

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Advantages and Disadvantages of Using Rarible

Advantages

  1. Rarible provide good security to its users on the platform
  2. It also provide low cost to peer-peer nfts trading
  3. They provide their users with simple interface which makes it easier to use.
  4. They provide smooth and fast connection with the connected wallet
  5. They make it easier for buyers to have easy access to what they want to purchase by categorizing their collections.
  6. They also provide the opportunity for users to tokenized their contents in ERC-721 format.
  7. They grants their users with simple and easy procedures in buying and selling of nfts on their platform.

Disadvantages

  1. One disadvantages of rarible is that, no whitepaper has been found for it so far after its creation
  2. It is only narrowed to support Ethereum blockchain network tokens.

The current Price of Rarible coin (RARI)

At the time of writing this article, rarible is ranked at 512th and its price was $19.78.

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Conclusion

Its been a great pleasure doing this homework task, Indeed I have really learnt a lot from in doing this week's homework. I think now, I have the backbone knowledge of how to trade NFTs tokens and the best platforms to utilize in trading them.
Thanks to all for reading and passing by my post. Special thanks and appreciations to prof @levycore for such a wonderful lecture.

hive-108451 levycore-s2week4 nft cryptoacademy ghana rarible steemit steemexclusive
4 years ago by

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      ·  4 years ago 

    Hi @abu78, thank for submitting your homework

    Feedback: you have explained well how to buy and sell nft on Rarible marketplace.

    Rating : 8

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