The Ultimate Guide On Buying & Selling On Rari

The Ultimate Guide On Buying & Selling On Rari


What is Rarible: Rarible is a platform that allows digital artists to tokenize their artwork onto the blockchain through NFT-tokens. The NFTs ensure that the digital art is original, unique, and cannot be copied. Once the NFTs have been minted, the artists can sell their artwork on the Rarible open marketplace to prospecting buyers.

What is an NFT Token: NFT tokens are Ethereum-based tokens built on the ERC-721 standard. It stands for non-Fungible tokens as they are said to be unique in character and, therefore, are non-fungible. 

Opening your rarible account 

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Opening a Rarible account is relatively easy - primarily if you use other dApps such as Decentralized Exchanges (Uniswap, Loopring, etc.). As you would expect, as this is a dApp, to open a rarible account, you simply need to connect your wallet by clicking the highlighted button above.

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You will then be presented with the four different options to choose from. In this example, we will go with MetaMask. 

After clicking MetaMask, you will get the typical “connection request” from MetaMask asking you to confirm the connection;

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If you have no idea what is going on here and need to create a MetaMask wallet - do not worry! This article should have you completely covered.

Once your wallet has been connected, you will be asked to confirm the Rarible Terms of Service. After reading it (obviously, you should read every line) hit the [Proceed] button;

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You have now successfully created a Rarible account! You can see it highlighted by the little avatar in the top-right hand side of the platform;

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It is here where you can also set your “Display Name” for users on the platform to search for you when it comes time to selling. While selecting the Display Name, you will be asked to set a “Public Name” and a “Short URL” to make it easier for people to find you. In addition to this, you can also set a Display Picture;

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Once you are happy with your choice, hit “Update Preferences.” A separate MetaMask window will pop up, asking you to sign the updates. Hit sign (PS. It costs nothing);

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Now you have completed setting up an account on Rarible.

Let us move on to buying some NFTs!

Buying your first NFT 

The main dashboard is where we will be hunting for some cool NFTs to purchase;

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On the dashboard above, Box number 1 shows you the top sellers. You can filter this to show the Top Sellers by day, week, or month. It also allows you to filter for the Top Buyers to see who has been buying the most recently.

Box 2 is all the digital art NFTs available for us to purchase. Each card shows us a quick preview, how much the NFT costs, and how many are available overall.

Box 3 lets us filter the NFTs displayed by Recently added, Cheapest, or Highest Price.

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It is mainly Box 1, where we will find some of the best NFTs available with the potential to sell for a profit down the line. Some of these guys will eventually become popular in the future as they are selling the most right now. 

I’ve chosen to filter by Top Sellers in the past seven days;

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It shows the top sellers’ names and how much they have sold in the period chosen (7-days in this case). Here, we can see that “Pranksy” is the top seller as he sold over 225 ETH worth of NFTs in the past seven days.

As you can imagine, the guys (or gals - whichever you prefer) will have higher selling artwork at the top of this list. Not all of us can afford to blow a few thousand on digital art today, so let us dig into some top sellers closer to the list’s bottom. 

This part is all about browsing to find something you like. First, click on one of the sellers in the list to bring up their profile;

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Here, I’ve chosen Parkesy. Once you click the name, the profile for the artist will show up;

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The profile usually will include a quick Bio from the artist in Box number 1. 

Box number 2 allows you to filter through different categories of artwork by the artist. By default, it shows you what is on sale first. However, you can also select the “Created” tabs to see everything created by the artist, including items that are not up for sale anymore. It also allows you to see NFTs the artist has liked and who he is following/followed by.

Box 3 shows you everything up for sale (depending on which tab is selected in Box 2).

Once you have found a piece that catches your eye - remember art is entirely subjective and personal, find something that speaks to you - click on the thumbnail to bring up the details about the piece;

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Here, I have chosen a piece titled “The Last Punk Supper.”

Box 1 shows the actual digital piece itself. Box 2 shows information regarding the work, while Box 3 is where you would buy it. Box 3 also shows you how many are available for this unique art piece. In this case, we can see that 10 of 12 are available - this means that other users have already purchased two, and there are only ten left!

Let us take a closer look into Box 2;

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Here we can see all the information that is relevant to the piece. Box number 1 shows the title of the artwork, “The Last Punk Supper.” It also shows the retail price of the work. This one is set at 0.12 ETH, around $41.93.

Box 2 shows the information provided by the artist about the piece. 

Box 3 allows us to cycle through some relevant information about the piece. By default, it shows the info tab, which is displayed in Box 4. However, you can also cycle the tabs to see information about the Owners, History, and further details. I will cover them shortly.

Quickly looking at Box 4, it shows the information related to which tab was selected in Box 3. In the above screen, we have the default “info” tab selected. We can see that Parkesy is both the Owner and Creator of this piece. If Parksey were selling the work from another artist, then the Creator would show a different profile. 

Lastly, we can see that it says, “12% of sales will be paid to the original creator”. This means that no matter who is selling this piece further down the line - Parkesy will always receive 12% of the sale - forever!

Let us quickly click the “Owners” tab in box 3;

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Now we can see the other Owners for this piece. Remember, there are 12 copies of this digital art in total - 2 of which have already been sold. In this tab, we can see who owns all 12 copies of this piece. It shows that Parkesy still has ten available for sale.

Another user called Cosmic Josh was one of the other purchasers - and he has copy up for sale at 0.7 ETH. The other purchaser was a verified digital artist called Pranksy, who has his copy up for sale for 1.5 ETH.

Let us move onto the “History” tab;

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This shows us the entire history of the artwork when it was minted and who purchased it. We can see that Parkesy minted this NFT just 6-days ago. Cosmic Josh bought one copy for 0.12 ETH on the day it was minted. A day later, it seems that Parkesy transferred it to Pranksy for free (or an under the table purchase).

The last tab, “Details,” shows us some quick details about the NFT like when it was created and who the Artist is;

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If you are happy with the chosen art piece, it is time to buy it! All you have to do is click the blue “Buy” button that you can see from Box 3 on the original screenshot above;

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NOTE: there is a service fee of 2.5% added on top of the 0.12 ETH price. 

Once you click the blue-button above, you will be directed to the following checkout page, which shows you the total to Pay and shows which artist will receive the Royalties from this sale. If you are happy to go ahead, click “Proceed To Payment”;

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As always, this will bring up the following MetaMask window to confirm the payment. Once you have chosen a GAS fee, simply hit “Confirm”;

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While the transaction is being confirmed, you will see the following;

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It shows that the transaction has gone through, and it is being processed. Once the transaction has been confirmed, the screen will change to this;

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It will confirm that you are the art piece’s owner and will allow you to view it and download it. Simply click Show Locket Content to bring up the following MetaMask signing window;

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Just hit “Sign,” and you will receive a link to the unlocked content;

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That’s all there is to buying an NFT on the marketplace! It's mine now. And yes, you can screenshot it however you like. But, its digital ownership belongs to me. I will elaborate more on this in my next piece. 

Let us move on to selling this NFT!

Selling Your NFT

Compared with buying an NFT, selling the NFTs are fairly straight forward. First, let us bring up our profile by clicking the avatar at the top right-hand corner;

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This will bring up our profile where we can see each NFT we own;

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Here, we can see the NFT that I just bought. To sell this NFT, first, we click the dots “...” icon highlighted above to bring up the following menu;

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Then we click Sell Token (Why Token and not Art? - remember that it's the NFT - Non Fungible Token that's underneath that art. Therefore, on rarible, any type of art will be always referred to as a Token.

This brings up the Selling Menu;

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First, we need to put in a price for the NFT to be sold at. While entering the new price, we have to keep in mind that there is a 2.5% Service Fee and 12% of the Royalties from the sale will go straight to the artist, Parkesy. 

Now, I remember that Cosmic Josh had his up for 0.7 ETH and Pranksy has his up for 1.5 ETH. I’ll go in the middle and set it up for 1 ETH.

Once you have entered the price in ETH, hit “Next Step”. You will then see the following; 

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First, we have to approve the wallet to perform transactions. Simply hit, “Confirm.” 

Once it has confirmed, the next step is to sign the sell order; 

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As usual, a MetaMask window will pop up asking for your confirmation. Simply hit “Sign”;

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And that’s it!

Your NFT is now officially up for sale. You can double-check this by hitting the “On Sale” tab on your profile. Your NFT should show as on sale;

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As you can see, the NFT I just purchased is now up for sale for 1 ETH.

More rarible tutorials coming up soon!

 


Ed-california
Ed-california

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