Crypto Academy Week 12 - Homework Post for @levycore-Selling and Buying NFT by @ellipsebd

Source

Thanks @levycore for this lesson about NFT's buying and selling. NFT's are becoming more popular day by day. So it is important to know how to buy or sell NFT's. In the lesson I learned how to buy sell in Opensea market. Now in my homework I will explain another NFT's market named Rarible. I will explain about the marketplace, how to buy or sell, advantages and disadvantages of Rarible market. Let's get started:

Rarible Marketplace

Rarible is an open-source platform for NFT trading. Here users can buy and sell their NFT without any hassle. Users can also create their own collectibles without any coding knowledge. This is a decentralized platform build on the Ethereum blockchain. The marketplace has its own coin which is called RARI.

RARI Token

Rarible Marketplace has it's native cryptocurrency named RARI. RARI Token was launched in July 2020. RARI token can't be purchased on this market. You have to use cryptocurrency exchange in order to purchase RARI token. Active users both buyers and sellers get RARI token as rewards. RARI token gives voting power to the users for make decisions on further upgrade, trading fees on the platform.

How Rarible Marketplace Works

Since Rarible marketplace is a decentralized platform, it is much easier to buy or sell here. The marketplace is based on the Ethereum blockchain, so trading here will require an Ethereum supported wallet. Ethereum supported wallets are Metamask, Rainbow, Trust wallet, Argent, etc. The biggest advantage of this marketplace is that buyers and sellers can trade NFT without any middleman. This is possible through smart contact of Ethereum blockchain which ensures safe trading for both buyer and seller. Whenever a user uploads NFT, it is recorded in the blockchain.

How to Buy NFT's on Rarible Marketplace

Step-1

If you haven't any wallet create one. I already have metamask wallet so now I will show you how to connect metamask wallet.
First, go to https://rarible.com/ this website.
Select Connect wallet on the top left corner of this website.

Step-2

You will see many options available to you. You can select as your wish.
I want to connect my metamask wallet that's why I select metamask.

Select next to continue.

Now select connect. This will bring you to the final window.

Accept all the Terms and Services and select proceed. Now we are connected to metamask wallet.

Step-3

Now It's time to select NFT.
Search for your desired NFT and select it. In this case, I select an NFT to show you the procedure.

Step-4

As you can see I choose an NFT.
Now select Buy to buy it. This will show you another pop-up window.

Step-5

Finally, select Proceed to payment to buy your NFT.
By following this procedure you can buy your NFT in Rarible Marketplace.

How to Sell NFT's on Rarible Marketplace

Step-1

I have already connected my metamask wallet so I don't have to again connect it.
First, go to https://rarible.com/ this website.
Now select create for selling your NFT.

Step-2

Now I have two options select single. You can select multiple in case you want to sell multiple NFT's.

Step-3

Now choose your NFT currently you have PNG, GIF, WEBP, MP4, or MP3 options available.
Select auction type. I select a fixed price. You are free to select whatever you need.

Step-4

Choose your NFT price. I input 0.5 ETH for my NFT.

Step-5

Choose your title, description, and royalties.
Now select create an item to sell your NFT.

I have seen this Insufficient fund's alert message because currently, I don't have enough ETH in my wallet.
But you can refill your wallet and follow my steps to sell your NFT.

Advantages of Rarible Marketplace

Rarible marketplace is very user-friendly and it is very easy to sell NFT here
Rarible marketplace is a decentralized open source marketplace where users can verify all their transactions in the blockchain.
Here users can sell NFT's without any programming or coding knowledge.
It's a big market for creators, and creators can take advantage of royalties here.
RARI tokens of active users are given as reward to both buyer and seller.

Disadvantages of Rarible Marketplace

The first and main disadvantage of the market is that its gas fee is much higher compared to Opensea market. 2.5% fee - Rarible is deducted for both sellers and buyers who trade using the market.
Here all transactions have to be completed using only Ethereum network support and ETH token.
As there is no whitepaper or roadmap, users do not know what its future goal is and what is going to come next.

Conclusion

Rarible is currently ranked No. 1 in NFT's markets worldwide. Its popularity is increasing day by day. This project is going to be of great benefit to artists and investors. Hopefully the project will do something good in the future. But its gas fee is 2.5% which is much higher, if it can be reduced, the growth of the market will increase a lot more.

Thanks for reading my post.