Hello great Steemians and all wonderful members of the SteemitCryptoAcademy I am glad to once again partake in this week's lecture delivered by Professor @levycore.
In this lecture he talked about buying and selling of NFTs and in doing this he used the Open Sea platforn as a case study, but for the purpose of this assignment, I will be looking at another NFT marketing platform known as RARIBLE

BUYING AND SELLING NFTs ON RARIBLE.

BACKGROUND:

Rarible is a community owned or decentralised platform for buying and selling of Non Fungible Tokens. Rarible was founded by Alex Salinkov and Alexei Falin, and the firm is based in Moscow.

The Rarible platform uses the RARI as its native/governing token, and RARI is the first governance token in the NFT world.

There is a total supply of 25million Rari Tokens which is distributed as follows:

• 10% of the total suppply designated for airdrops with 2% going to Rarible users while 8% goes to NFT holders.

• 30% of the total supply is marked out for investors and the Rarible team.

• 60% is acquired by Rarible users through Marketplace minning or Marketplace Liquidity Minning as the team calls it.

Market place minning is just a way of encouraging active participation on the Rarible platform by rewarding users on a weekly basis when they either buy or sell NFTs on the platform.

Every week, the Rarible team distributes 75,000 RARI Tokens to users and this process is designed to go on for the first four years of the Rari token launch.

The major reason why I prefer the Rarible platform is that it is very easy to use and you can create your own NFT on the platform, a process known as MINTING.

HOW TO BUY NFT ON RARIBLE:

Like I stated in my introduction, Rarible is easy to use and you can buy NFTs on Rarible using the steps which I outlined below:

• First you have to access the platform through this link https://rarible.com/

Above is the interface you get when you access Rarible.

• For you to use the platform, you have to link or connect your wallet to the platform. There are a number of ethereum based wallets accepted on the Rarible Marketplace and this includes:
  MetaMask
  My Etherwallet
  Formatic
  WalletConnect
  Coinbase, etc but for me I used the Coinbase wallet.

Click on the connect wallet icon at the top right hand corner of the screen

This then brings up the list of wallets for you to choose the one you have and want to connect to the market place.

Once you select the wallet you want to connect Rarible automatically connects you and then pops up the page for you to accept the terms and conditions then confirm and your wallet is connected.

• After connecting your wallet, the next step is to search for the NFT you want to buy and once you find it you click on the buy button.

When I click on buy, the prompt above comes up, then I can make my payment.

In this case I don't have the funds to buy this but I just want to illustrate the whole buying process.

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HOW TO SELL NFTs ON RARIBLE:

Its also very easy to sell your NFT on Rarible, all you have to do is also follow the steps listed below:

• Connect your wallet to Rarible, I have already shown us how to do that in my illustration during the buying process.

• After connecting wallet, go back to home page and click on the create button.

The create button is found on the top right hand corner just beside the connect button.

After clicking on the create button the screen below pops up

You then choose either to create a single or a multiple NFT, for me I chose single and then the next screen comes up

At this point you can now upload the file you want to sell, be sure you upload files within the specifications and also the allowed size limit

You can see the file I uploaded above, after uploading your file, you now scroll down and input the price you want to sell

After inputing the price you can now go futher down and enter the details of your work and this includes:
The title
The description
The amount of royalties in case there is a resell
The properties.

If you look above you will see that I named my work "Singing buddies" but then I left the description blank because it is optional to add that.
Then I fixed my royalties at 10% which means if someone buys that particular NFT and then decides to resell it in the future, I will get a 10% royalty.
Finally I also left the properties blank because that is also optional.

Once I am done with this I click on the create item button and then the NFT is generated, and the screen bellow pops up:

I then have to follow the steps by first approving, then sign the Mint transaction and finally set the approved price and once this is done my NFT is created then the next screen pops up

Once I make the payment then my NFT is ready for sale, but in this case, I don't have funds in my wallet to pay for that.

ADVANTAGES OF THE RARIBLE MARKETPLACE PLATFORM:

• The marketplace is fully decentralised.
• The platform gives you the opportunity to create your own digital token even if you do not have any prior knowledge about coding
• The platform gives incentives to the users in form of Rari tokens which they distribute on a weekly basis.
• The platform is becoming more popular and amassing many visitors and trade volumes.

DISADVANTAGES OF THE RARIBLE PLATFORM:

• There is no whitepaper to show the road map or future of the scheme.
• Rarible is built on the Ethereum blockchain network, and as such the gas price is very high hence people are not always willing to trade under such circumstances.

CONCLUSION:

NFTs are becoming more popular as the day goes by and the need for very good Marketplace too. Rarible looks promising being decentralised and also having their governing coin Rari which has grown over the past few months, a RARI is today at $18.38 so you can see that it seems to hold much value, but like one of the professors, Professor @fendit taught us in his lecture we should not get lost in the fuzz.
In all it will be worthwhile to keep an eye on Rarible and the Rari token.

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Thanks for taking out time to read this I also want to specially appreciate all the crypto professors.

CC:
@levycore
@infovore
@steemitblog
@steemcurator01
@steemcurator02
@steemcurator03
@steemcurator04

All images are screenshots from my Samsung A31 phone

Until I come your way again
I am @the-patriarch
Thanks for reading