Hello Steemians,
Welcome to week 12 in the Steemit Crypto Academy. Its actually my first homework and have really learnt quite alot about cryptocurrencytechnology from lesson delivered by professor @levycore on Buying and selling NFT. In this post, I will like to discuss about Rarible NFT marketplace.
[Source](https://www.yeetfi.com/rarible/)
Rarible is a decentralized, open-source, software marketplace for non-fungible tokens(NFTs). It is a community-owned marketplace that creates a digital platform for users to create, display and sell their own artwork having full custody of their creation and tokens. That's why it's known as a non-custodial marketplace.
Rarible is not only a marketplace but also a well distributed network system built on the support chain of Ethereum Network, that allows users/creators to mint, buy and sell their digital collectibles without the need of a mediator. Creators of these collectibles doesn't require any coding knowledge as it easy for users to operate on this platform.
Some examples of NFTs found on Rarible’s marketplace are digital artworks, memes, parcels of virtual land, photographs, games, music, domain names etc.
Rarible marketplace makes use of a governance native token known as RARI. This token is being rewarded to active users of the Rarible marketplace, and gives the users with the token voting power in this platform to make valuable decisions. Members with Rari have the power to vote or propose on the platform upgrade, moderate creations on the platform, promote members by proposing art grants and also curation of featured artworks in this platform.
[Source](https://decentralised.africa/rarible-nft-marketplace-guide/)
☆How does Rarible marketplace operate
Rarible marketplace aims to create a link between the sellers (typically content creators such as digital artists, model creators or meme makers) and buyers who can create and select collectibles or artwork they like and purchase them.
Creators first mint a token on the Rarible software, then turn their work into an NFT. For this to be achieved, they fill out a form on the website, then attach their image of choice and other data, such as a listing price, that depicts their work. Rarible now creates a new token on the Ethereum blockchain, which can be transferred between other wallets using Rarible’s software.
One most interesting feature of Rarible is that creators are given royalty payments. The creators can set a percentage of future sales and collect them automatically by issuing a token. And this percentage can be of 10%, 20%, or 30% royalty payment. This is one striking feature that draws most drawing creators to this platform.
After a successful transaction both the buyers and sellers pay a transaction fee known as gas fee to the Rarible platform, and this gas fee is usually high due to the high value of Ethereum blockchain that supports Rarible marketplace. Any user can access Rarible marketplace as the creator doesn't need to be grounded with coding skills, and each NFT is unique, and are not interchangeable, unlike other coins or tokens.
☆How to buy NFT on Rarible marketplace
Before a person can buy or sell a collectibles on Rarible marketplace, the person would have an account on Rarible or open an account on Rarible platform, which is connected to an Ethereum support wallet on this platform. Some wallets used in Rarible marketplace are Trust Wallet, wallet-connect, portis wallet, metamask wallet etc, but in this study, I'll be using the portis wallet to explore and show how to carry out transactions on Rarible marketplace
☆Connecting portis wallet to Rarible platform
▪︎Open the browser and search for Rarible.com, then click on Rarible, it takes you to the next page
▪︎A writeup is seen below'To continue on Rarible, log into portis, your secure gateway to the blockchain' now click on the continue box.
▪︎The next page pops up, you click on the login box and it takes you to Rarible platform page.
▪︎Now it takes you to Rarible platform, after successfully connecting your wallet to Rarible
☆How to Buy NFTs on Rarible marketplace
-First, you open the browser and search for Rarible.com, when the marketplace opens up, you click on two dash signs at the top right corner of the page, it takes you to next page
▪︎At the next page shown, click on explore
▪︎And another page pops up showing varities of artworks, now make a choice of the one you like most and click on the image
▪︎Below the image of choice, two instructions are seen "buy and place a bid "
If you want to buy directly you click on buy, and if you wish to bargain with the creator you click on place a bid.
▪︎When you click on buy, a write up comes
Up, "proceed for payment ". If you are comfortable with the price, you click on proceed
▪︎The next page pops up, if you approve of the transaction you now click on start and it takes you to the final step
▪︎Below is the picture of the final stage, unfortunately i wasn't not able to buy an artwork due to the high amount of Ethereum and the gas fee
▪︎once purchase of an NFT at Rarible marketplace is successfully you, go back to your account and click on 'My items' and the purchased item shows, now you are successfully the owner of the artwork. Once you sell the artwork a royalty payments of 10% goes to the creator of this piece.
☆How to create and sell an NFT on Rarible marketplace
After the successful connection of your wallet to Rarible marketplace account, now you can begin the process of creating a collectible of your choice. The steps are as follows;
-On the Rarible marketplace page, click on an icon with two dash at the top right corner of the page, another page pops up and below that page you click on the create box
-After clicking on create another page comes up requesting you select either single or multiple copies of the NFT you wish to create. I clicked on single box
-it takes you to the next page to upload a file of your choice, it could be PNG, GIF,WEBP,MP4 or MP3, with a minimum file size of 30mb.
-The next step is to fix the price of choice for the purchase of the created collectible instantly on the marketplace. This price can be fixed, time auctioned, or unlimited auction. Collectibles not for instant sales goes into an auction where bidding takes place.
Next step is to click on the arrow for available currency, in my own case i choose 1 Eth. It has a serivce fee of 2.5% of the price of the collectable.ensure to choose the Unlock once purchase feature. As this feature, allows the creator to share a discount code and digital keys, and URL to file exclusively to the owners of the NFT
-fill in the title and description details, set royalty payments, i choose 10%.Now click on Create collectables and it takes to the next page below,
-Below is the final step of the creation of a collectible
-After successfully creating a collectible, you will be asked to confirm the transactions at a certain transaction cost. After which, tokens are minted and finally, you give order to sell by signing the sell order. Go back to your profile page and check for the newly minted NFT Collectibles under your own profile page. This NFT created can either be sold or gifted.
☆Advantages of Rarible marketplace
1.It is an open-source platform that creates a large avenue for many creators.
2.Rariable platform is a simple and easy to operate marketplace, that users are able to create and mint digital tokens without any coding skills or knowledge.
3.Rariable platform is a non-custodial marketplace, that is community-driven and gives users control to vote and moderate upgrades of the systems.
4.Rariable helps the close the gap between mediators ie middleman and third parties, and gives control to users, as it is a decentralized platform
☆Disadvantages of Rarible marketplace
1.The gas fee are high thus making transaction fees costly too, due to the fact that the platform only utilizes Ethereum blockchain network.
2.The future of this marketplace is unknown due to lack of whitepaper or roadmap.
3.In the process of storing RARI tokens, wash trading may create an avenue for bad actors to access rariable uncontrollably.
☆conclusion
The Rarible platform is the second top leading NFT marketplaces that gives its users control to vote, make proposals on system upgrades and also curate features on this platform. The platform features a simple design that makes it easy to understand, access and operate by anyone. Although, it has a high gas fee making the transaction fees also high. It's rapid growth in cyprtocurrency blockchain has attracted lots of digutal artists and investors globally too.
Thank you Professor @levycore for this amazing lesson and for reading through my homework. I'm very open for corrections and improvements.