Non fungible token (NFT) is used to represent digital files such as audio,video and photos and it’s not restricted to the buyer of the NFT.
NFT as a unit is spread on a digital ledger called blockchain and recognize a digital asset to be unique and not interchangeable. NFTs can be tracked on the blockchain technology to provide the owner with proof of ownership that is a separate form of copyright.
The NFT market I have always used is the Rarible market place as it allows users to trade digital assets ranging from trading cards to selling arts.
Why Rarible?
Rarible was launched as an open source marketplace im early 2020 by Alexei Falin and Alexander Salnikov.
As a user of the Rarible platform, you have absolute control over your tokens as its non custodial. On the Rarible platform, you don’t need to have coding skills to use it.
As a user, I can purchase the art pieces displayed in Ethereum tokens. Rarible are focused in building a market for NFT tokens including Defi. Buyers and sellers leverage on the blockchain technology. It is one of the emerging projects in the NFT platform.
You've probably heard about non-fungible tokens (NFTs). Millions of dollars are being spent on NFT collectibles of all sorts, from sports trading cards to digital houses and music. NFT is a type of digital asset.
Now, I am going to show you how to buy and sell on the NFT market place.
Rarible is the first community owned NFT market place where you can create, sell and buy digital assets. In the Rarible market place, you have full controls over your tokens as it is a non custodian market.
How to buy and sell NFT on Rarible?
Now, I will explain how to transact NFT assets on Rarible. Rarible uses the ethereum currency to transact. Here’s how to buy and sell on Rarible.
How to buy NFT on Rarible
Open Rarible.com on your phone browser or computer.
As you can see on the home page the Top sellers on the NFT platform.
Next click the two dash icon on the right top of the page.
You can see a lots of options for you to choose from.
Note: You can sign in on the market platform or create an account if you don’t have one.
Verify your email address and you are good to start selling and buying digital assets on Rarible.
Now for you to buy the digital asset of your choice, you will see Hot collections from some of the top sellers.
After selecting the seller you want to buy from, you can now proceed to place a bid on the asset. In this situation,it’s more like an Auction sale where the asset is sold to the highest bidder. Now click on the “place a bid” option and you will be asked to connect your wallet to sign messages and send transactions to the ethereum network.
Click on the “Conmect Wallet” option and you will be directed to the wallet providers page. You are given a lot of options to choose from and it’s up to choose whatever is suitable for you.
Now you can proceed to pay for the asset.
How to sell NFT on Rarible.
On the front page of Rarible.com, you click on the my items option and you will be directed to the sellers page.
Now proceed to create the collectibles you want. There are two options. Single and Multiple. Single is your item is one of a kind. Multiple is if you want one item multiple times.
After choosing your preferred option, you will again be directed to the “Upload File” page where you post the image or video of the asset. The maximum file size is 30 megabytes (30mb).
Note: Give your asset a name, description and URL that directs the potential buyer to all the information regarding the asset. Then you can proceed to enter the price.
If it’s fixed price, input the specific amount you want the asset to go for. Timed Auction, you give the buyers also known as bidders a specific amount of time to bid for the asset. Unlimited Auction, you have given the buyers plenty of time to bid to for your asset and it’s usually up to you as the seller to choose when to close the auction.
Advantages of Rarible
It is an open source code base.
It is a non custodian market place.
It involves P2P trading with low costs on NFTs.
You don’t need to have any coding experience to use the Rarible platform.
The platform is user friendly and has intuitive ui for users.
Disadvantages of Rarible
The marketplace can be manipulated
No white paper or road map
It only support for one cryptocurrency which is the Ethereum blockchain.
There are lots of loopholes on the platform through washing.
Hi @johnonly, thanks for submitting your homework
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