Crypto academy season 2 week4 Home Work post for prof @levycore//Selling and Buying NFT by @rich-ben

Hi everyone, my name is @rich-ben. Its another amazing week at the steemit crypto academy, we have been taught about buying and selling NFT arts by professor @levycore and I would like to illustrate it practically in my post as instructed by @levycore in the home work task. I cant forget to say a big thank you to professor @levycore for this very informative lecture.
Diving straight into the home work task, I would like to first of all define NFTs for the benefit of those who know nothing about it.

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WHAT ARE NFTs?

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NFTs or Non Fungible Tokens are digital assets that portray a wide range of distinct tangible and intangible items, ranging from collectibles, sport cards, virtual real estate, works of arts and even digital sneakers. while other crypto currencies like bitcoin and ethereum are fungible, i.e are able to be substituted for other items of equal value/utility, NFTs maintain non-fungibilty, i.e cannot be substituted for other items of equal value.

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NFT MARKET PLACES

An NFT market place is a platform built on ethereum dAPPs. It allows you to create, buy and sell NFTs.
In order to buy or sell NFTs, one needs to have a crypto wallet with some Ethereum in it, so as to be able to pay for gas fees.
There are various platforms one can create, sell and buy NFTs, but for the purpose of illustration, I would be using rarible.com . This is because of its user friendly interface and the platform does not require its user to have any previous coding skill to be able to use the platform.

THE RARIBLE NFT MARKET PLACE

Rarible is a market place that is art based. you can find a lot of art assets on this platform. It allows content creators to launch/create their own digital assets in form of art, memes, music, games, dormains, metaverses, etc in form of NFTs and allows users to buy and sell NFTs.
This market place has a token called RARI token, which it uses to reward its users.

'Rarible is the fourth largest NFT market place according to market volume'.
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HOW TO BUY NFTs USING THE RARIBLE NFT MARKET PLACE

Like I earlier said, in order to buy NFTs from Rarible, the user needs to have a dAPPs enabled wallet, such as metamask, safepal, trust wallet etc. For the purpose of this post, I would be using Trust wallet.

#STEP 1.
Go to your Trust wallet dApps. It looks like the picture below:

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#STEP 2.
Type in the website rarible.com on the browser, it would look like this

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Tick the 2 boxes and then click on proceed.
It would bring you to a front page that looks like the one below:

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#STEP 3.
connect your wallet. But my wallet connected automatically. Just in case yours does not connect automatically, click on the connect option, it would bring up options of wallets. You can select the particular wallet you are using. when its connected. You would then move to the next step.

#STEP 4.
Scroll down and select an NFT that catches your fancy and click on it. As for me I found one already

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#STEP 5.
Click on the buy option below

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#STEP 6.
It would bring you to an interphase that looks like the one below, so select start

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STEP 7.
Confirm transaction. Unfortunately for me I do not have enough ETH to purchase the NFT I chose. But if you have enough ETH, it would be purchased.

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HOW TO CREATE/SELL AN NFT

You can create/sell your own NFT by simply observing the following steps:

#STEP 1.
Click on the double line at the right upper part of your screen, it looks just like this:

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#STEP 2.
Scroll down and click on the create collectible option like the example below:

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#STEP 3.
Select between the single and multiple collectible option like you can see below:

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#STEP 4.
Upload the file you choose to upload. It can be an image, video or music file.

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#STEP 5.
Put the price you choose to sell your NFT valued in ETH and then choose the collection type.

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#STEP 6.
Choose a name title for your NFT, description and select the royalties and properties. Just like you can see below the picture above.

#STEP 7.
Click on the blue 'create item' option, and you would see a pop up to confirm transaction and the pay for the gas fee involved.
It is advised that the user should check the gas fee ensuring it is not too high in order to save the cost of minting his NFT.

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ADVANTAGES AND DISADVANTAGES OF USING THE RARIBLE NFT MARKET PLACE

ADVANTAGES	DISADVANTAGES
1. Ability to create NFTs easily. It only takes one minute to create an NFT on rarible.	Fees can sometimes be high due to the fact that it is based on the ethereum block chain.
2. It is open and free for all to use.	The verification process on rarible can be very stringent.
3. They offer a market incentivization called market liquidity mining. This encourages active use and participation	wash traders who buy NFTs from themselves in order to gain $RARI tokens have constituted a major challenge.
4. Users get the RARI tokens distributed to them as a reward for using the platform	Rarible is not yet a full Decentralized Autonomous Organization (DAO), therefore users do not have full control and governance over the platform.

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CONCLUSION

The inception of NFT is a good one as it allows content creators to maintain ownership and be rewarded for their works/contents and also allow art lovers to get original contents from the creators of art works. However the various NFT market places are tasked with the duty of making sure that the NFTs that are minted are genuine.
Therefore from my research, if one is searching for a good market place to mint, sell or buy NFTs I would personally and confidently recommend rarible.com as a very good NFT market place.
It is also worthy of Note that users need to have a dAPPs enabled wallet containing some ETH in it to be able to create/mint, purchase and sell their NFTs. The need for the ETH is to pay for the gas fees involved in the transaction.

I must say a very big thank you to professor @levycore for this very educating lecture on NFTs.