Hello, fellow Steemit users. By participating in these Crypto Academy Homework posts. I have learnt a lot about various aspects of cryptocurrencies. I have learnt a lot about NFTs or Non- Fungible Tokens through various posts. I have learnt why they are so famous nowadays and several platforms dealing with them. The recent post from professor @levycore, taught me about the OpenSea marketplace and how I could buy and sell NFTs there. He also showed how I could mint my own NFTs. He has given a proper description and explained each and every topic in detail.
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Through my homework task, I would like to display what I learnt and how well I am able to execute it. For my task, I would like to choose another marketplace, known as Rarible and discuss in-depth about it.
Rarible Marketplace
Rarible is a decentralized open marketplace which is becoming more and more popular nowadays with more and more people flocking towards the NFT marketplace. This marketplace provides you with a safe environment to create and sell your own NFTs, apart from buying them in general. The Rarible community is super engaged in making the marketplace even safer and attracting new customers and buyers daily.
This platform also provides its users with $RARI token which is the Rarible Governance token. As announced by Rarible, 75000 of these tokens are created every week, out of which about 50% of it is reserved for buyers and 50% for the sellers. Also, for being able for eligible to access this token, you simply have to be an active users on this platform.
Rarible was founded in 2019 and ever since then, the platform has shown tremendous growth. With the total visits exceeding 5.21 millions, Rarible is one of the best place for buying, selling or minting NFTs.
How to buy NFT on Rarible?
Step 1 - Go to the Rarible marketplace. Here is the link for it, https://rarible.com/
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Step 2 - For making any sort of transaction in Rarible, you would need a wallet. You can join any of the wallets that Rarible is supporting.
Step 3 - After connecting your wallet, you are free to explore the marketplace. Go through the NFTs shown there. See the prices available, and check the other details as well.
Step 4 - If you like a certain NFT then click on it. Thereafter go to the buy option and select it.
Step 5 - The final price and will appear in the checkout window. And now you have to just proceed with the payment.
Congratulations on buying your first NFT.
How to sell NFT on Rarible?
Step 1 - The very first step involved is connecting your wallet to Rarible. As shown earlier, you can choose the wallets that are supported by Rarible and then connect one of them.
Step 2 - Now, at the top right of the Home page, go to the option Create and click that button.
Step 3 - Now, there will be two options available to you. And you must choose whether the NFT you want to create, should stay as a single piece or you want to create multiple copies of it.
I will show you how it is done with the Single option. It's up to you to decide whichever option you want to choose.
Step 4 - After choosing the Single option, you will be taken to the below window, wherein, you must select the choose file option.
You can choose to upload a file from a number of options like PNG, GIF, MP3 or WEBP files. There are a lot of options for you.
Step 5 - After choosing, you must place the price bid on the item. Then you should choose the collection and by default, it should be Rarible.
Step 6 - Now, you must work fill out the details regarding your NFT. These are the Title, Description and Royalties. In case you are wondering what Royalties is, then it is for your additional earning in future, in case you NFT is sold again. Fill out the Title and Description properly as they also impact your NFT.
Step 7 - Now it's time to hit the create button.
Step 8 - Follow the steps that appear, where you have to first approve, then mint and then set the fixed price.
Step 9 - Click the confirm button and the fees will be charged from your wallet. Thereafter the NFT will be listed on the platform and available for sale.
Congratulations, on listing your first NFT.
Advantages of Rarible Marketplace
Rarible offers you a wide amount of NFTs where you can choose and purchase from several categories and price ranges.
Rarible is a very popular platform that offers you several investors who might be interested in buying your work.
Rarible provides you with $RARI tokens as a reward for the time you spend engaging in this marketplace. This is beneficial for both the buyers and sellers.
Rarible offers a verification process that ensures safe handling. The verification is done by a staff member and ensures that the account is safe to continue with.
Disadvantages of Rarible Marketplace
Rarible works only on the Ethereum blockchain and does not support other blockchain networks.
The gas fee for minting and creating and NFT can sometimes be very high because more and more people are now engaging in the work of NFT making so the fees can be a lot.
The lack of any clear whitepaper or roadmap might often lead to confusion among people whether to pursue this platform or not.
Conclusion
Rarible in conclusion is a great marketplace to go through. It offers diverse options when it comes to dealing with NFTs. The marketplace is very secure and several safe transactions are made every day. If you want to build your own profile in terms of an NFT ceator, then I would suggest that Rarible might be a good platform to showcase your work. The $RARI token offered is also very valuable. I hope this post is up to the expectations of my professor @levycore.
Thank You.
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