Good day friends, hope you all are doing good? Today I've decided to talk about a great topic, I'm sure a lot of users will be interested in this topic.
The topic I'll be discussing today is NFT market place, we all know that NFT is the trending topic in the crypto ecosystem today, a lot of popular firms and celebrities has emerge into NFT, making millons of money.
Before I go into details on the NFT market place, I'll like to give the definition of NFT for those that haven't understand or the newbies
NFT simple means non-fungible tokens, like any other digital asset, NFT is a one-of-a-kind digital token that is recorded in a digital ledger and has a list of who owns it. It isn't fungible like Bitcoin. A NFT can be a photograph, movie, artwork, or even a tweet!
The uniqueness and irreplaceable are the features that made NFT valued, this is totally different from Bitcoin and other fungible tokens, one Bitcoin can be changed to one Bitcoin but NFT can't be changed. I previously published a post explaining the difference between fungible tokens and non-fungible tokens.
The NFT Market Place
The NFT market place is a decentralized platform where non-fungible tokens can be created, purchased, auction, sold, and stored. Individual assets are mint and sold in NFTs marketplaces. We have a variety of NFT marketplaces, including Opensea, Rarible, Enjin, and many others.
Today I'll be exploring the Rarible NFT market.
Rarible NFT Market Place
Rarible is a non-fungible token (NFT) marketplace that lets artist, photographers, digital art creators and developers to create and trade unique digital assets that represent ownership of their work.
Rarible is notable since it provides both a platform for such assets and a distributed Ethereum network that allows them to be traded without the use of a middleman.
RARI is the native tokens of Rarible, this tokens are distributed to the active users of the market, you can't buy the token on Rarible marketplace but it can be bought on other exchanges listed. Coinbase, Poloniex and UniSwap are some of the popular exchanges where RARI can be bought.
RARI is currently trading at $5.73, with a market capitalization of $44,116,720 and a 24 hours trading volume of $1,027,609, a total supply of 25,000,000 RARI and 7,698,435.16 RARI is currently in circulation. RARI reached an all time high of $63.53 in November 2021 and the lowest price was in July 2020, when it hit $0.3095.
Why You Should Choose Rarible Marketplace
- Active users on Rarible marketplace earn the RARI as rewards
The marketplace is less expensive and more user-friendly.
Anyone can easily buy, create, or sell their NFT in the market place.
Without an intermediary, the user can readily trade.
Creating NFT On Rarible Marketplace
We must first link an Ethereum-based wallet to Rarible Market before we can conduct any transactions. I will be using The Trust mobile wallet.
On the Trust wallet, click on Dapp, then go-to https://rarible.com/ website
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On Rarible landing page click on the lines located at the upper right corner of the page, select Connect
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I want to use Trust wallet, so I select Trust wallet
Now that I've connected my wallet to Rarible marketplace, the next step is how to create or mint NFT.
On the landing page, click on Create Collectibles, there are two options, single or multiple, single means one NFT while multiple means two or more NFTs. I select Single
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Now it's time to upload my item, either artwork, music or tweet. Then the price of the item. Don't forget you have to pay a 2.5% fee for the item you want to create.
Select the Title, simple the name, then the Description of the item and finally the Properties
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Finally click on Create Item, confirm and approved the transaction with your wallet.
Now if you are interested in buying NFT, you can simply use the Rarible marketplace, I'll show the steps on how to buy NFT on Rarible marketplace.
After you have connect your wallet to the market place, navigate around for your preferred NFT, then click on it. One of the NFT caught my attention, ETH ATH REJOICE
When you click on your preferred NFT, there are two options, Buy and Bid
The Buy allows you to purchase the item immediately at the current price while the Bid allows you to place a buy/sell offer on an item at a given price.
The ETH ATH REJOICE caught my attention and I click on Buy option, the owner of the item will be displayed as well as the amount, you can choose the number you intend to buy and click on Proceed Payment
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The next step is to click on Start, confirm and approved the transaction with your wallet.
The Benefits Of Rarible Marketplace
- One of Rarible's biggest benefits is that it allows anyone to make their own original digital art without having to know how to code.
- Active users or creators are rewarded weekly with the RARI token
- Creating NFTs on the Rarible marketplace has another benefit in that it allows users to create their own NFTs at a reasonable cost.
The Drawbacks Of Rarible Marketplace
- High gas fee since it's built on the Ethereum Blockchain.
- For the project's future path, there is no whitepaper or roadmap.
- Since anyone can create, buy and sell on the marketplace, it is extremely prone to fraud.
I hope NFT users and interested individual find this tutorial useful, thank you for reading.
References Source
https://coinmarketcap.com/currencies/rarible/