The Homework Task Steemit Crypto Academy Week 12 - Homework Post for @levycore

NON-FUNGIBLE TOKENS AND RARIBLE

Non fungible tokens(NFT) are those tokens that have a unique signature or code . meaning these tokens cannot be interchanged or substituted with something else of equal value .what this means is that It cannot be exchanged for another token or as a means of exchange like normal fungible cryptocurrencies, but off course they can be bought with supported cryptocurrencies , like the ETHER.

If that is the case, then what are the applications of NFTs?

NFTs are becoming very popular by the day especially in the sales of art pieces, games songs even posts . NFTs uses blockchain technology to monitor the transfer of one’s digital asset or sometimes, physical assets , this means the product can be traced to the original manufacturer or artist .

NFTs enables the sale or transfer of ownership or exclusive right of an asset, like an artifact, even though the manufacturer can have other copies of that same work which he or she may sell again.

Now let us consider an NFT marker or exchange . The NFT market we will be looking at is the Rarible market. What is this Rarible market? Rarible market is an NFT trading platform that was launched in 2020 . This exchange helps in the minting , buying and selling of Non-Fungible tokens. Rarible is the second best NFT market in terms of market cap.

Why do I prefer RARIBLE?

Rarible is becoming very popular because of the ease of creating and minting NFTs with little or no knowledge of computer programming or coding. This platform or exchange also offers special tokens that can only be used on the exchange as reward to active users and this special tokens , the governance token called RARI.

RARI can be used for gas fees on the exchange.

How to buy Non-Fungible Tokens

1. Log on to the official website if the rarible exchange ( rarible.com)

1. Click on "menu " at the top right hand corner and select connect , then select "wallet connect".

1. select QR code and open your wallet( trust wallet in my case ) and click

on walletconnect and scan the QR code on the browser on

1. once connected , go back to the home screen and click on hot collections and then select any NFT of your choice and click on buy.

1. The transaction will be processed.

@levycore

How to sell on Rarible

You have to create collectibles before being able to sell any . Belllow are steps to creating and selling collectibles

1. Click on create collectible and sellect single( depending on how you want the layout to look like)

1. You can take a picture and then choose a format for it .

1. you can choose a description , royalties , the way you want to sell it ( fixed price , timed auction or unlimited auction)

1. You can set your price (in cryptos of your choice)

1. Click on put on market place .

1. you can click on" create item" and it will be created( some charges applies though)

1. It will be available on the marketplace for user to buy

MERITS OF THE RARIBLE MARKET:

Decentralization and transparency: Although not fully a decentralized platform ,the Rarible market enables artists and content creators of all kind to access the market without the need to supply excessive personal information.

The keys to the NFTs are always with the seller and the platform does not do trade on the sellers behalf, since it operates based on blockchain technology(Ethereum blockchain).

Ease and Access: This market is has proven to be one very easy platform to buy , sell and mint non-fungible tokens( NFTs).

This cryptocurrency exchange brings together prospective buyers and sellers together, but this is done on a blockchain , meaning there is no such thing as a middleman , therefore that agent fee is successfully eliminated.

Security: Since transactions are registered on a decentralized ledger , it is difficult for anyone to steal NFTs. So this platform enables artists, or any user at all , to list their brainwork or assets in a very secured manner

DEMERIT OF THE RARIBLE MAEKET:

High cost: This platform can be cost Intensive to operate sometimes. Let us look at the cost of operation under the following heading:

Cost of gas: This platform charges users a certain percentage from transactions made. Rarible charges a commission of 2.5% from both the buyer and the seller on each transaction made. This charges are quite high compared to some NFT markets like the Opensea.

Cost of coin conversion : The Rarible exchange only accepts EHER(ETH) for deposits and withdrawals so that means if you did not connect using an ETHER cryptocurrency wallet you will have to buy using your debit card or have to convert you tokens to ETHER which will attract more charges , in the form of gateway charges or coin swap charges.

Environmental impact: Cryptocurrencies are highly dependent on electrical power . So imagine the number of computers around the world that operate on the Rarible exchange , and think of the amount of power they consume per year.

At the end of the year one would discover that these tokens lead to series of events that put our dear planet and our environment at risk of disasters like ,drought, global warming; which results to events like melting of polar ice caps which in turn leads to flooding .