Complete review of the NFT Marketplace Rarible
To get into this Rarible review, let’s see where it all started…
Launched in 2020, Rarible is a platform for the trade of non-fungible tokens. Rarible is bringing NFT creators and collectors together, becoming one of the top platforms where people go to publish their NFT collection, collectors come to mint, buy and sell new non-fungible tokens.
From Photography, music, domains, DeFi ( Decentralized Finance), Art and the Metaverse, Rarible has got all of the Non-Fungible Tokens most people are generally looking for. Another bonus on top of all of this is that the fees are low and reasonable.
Now, to get into the real review! We are going to cover everything about the Rarible NFT marketplace, how to sell on Rarible, different Rarible prices, what Rarible is and how to use it as a whole!
What is Rarible and how can you start using this marketplace?
Unlike other NFT platforms, Rarible’s main focus is a middle man between not just everyday NFT’s, but mainly the rare types. There is huge volume traded on this platform every day, and it’s down to its rare NFT access set-up nature and popularity, making this the HubSpot for avid NFT collectors.
The blockchain technology that protects users and Rarible is a great feature and a necessity when it comes to platforms like this, to ensure everyone’s safety. This is done via smart contracts and the fact that your NFT’s are Non-custodial, meaning your NFT’s will remain in your wallet until it is bought through the platform! We would say the only real safety breach is usually from other people phishing. If someone claims they are from Rarible and wants a seed phrase or sensitive information, it is more than likely bogus so report them and ignore them! The Rarible team will never message you for phrases or sensitive info.
Rarible is great for top tier NFT holders and collectors. The main reason sellers benefit from this platform, in particular, is that the Rarible marketplace is a space that allows creators and traders to earn royalties on NFT’s, this opens a new avenue for revenue you can produce passively, this is, of course, a very attractive proposition for users.
This trustworthy platform has built a great name for itself over the short time it has been around, the technology and system they have in place has earned its respect and we recommend checking it out if the trading of rarer NFT’s is something you are looking for. It’s got tens of thousands of users and not only can you buy/sell Rare NFT’s, go ahead and check out how to safely sell and create your own NFT on the platform using smart contracts and their wicked and user friendly technology.
What is Rarible?
There are some new, unique and fantastic things that the Rarible team is doing. To get started and dive right into the Rarible review, let’s cover the RARI coin. In July 2020, Rarible launched the first NFT based Governance token ever made, called RARI. The token is worth more than 10x its launch price at the moment, so all of you crypto junkies, I’d highly recommend giving this a look as an avid coin collector, and if you have some already, more power to you!
What makes their RARI coin so unique and able to add value consistently is the fact that the token can not be purchased, instead, it has to be earned on the platform by taking part in the trade of NFT’s. The market cap of this trading platform has reached over $30M to date.
Possibilities in the NFT realm are almost endless with what you can tokenize these days, and Rarible is no stranger in capitalising on this potential and helping those on the platform do so as well. Most of us know of the Art based NFT, mostly visual digital canvas form. As mentioned before, there is a huge range of NFT’s they also cover.
The fees on Raribles platform are fair but some platforms are better, depending on how you look at things. The 2.5% Fee is a standard, but some users are upset that Raribe charges both buy and seller a fee, rather than some platforms which only charge one party. It’s not a big deal or problem in my eyes, especially for the service and dedication that has gone into this free to browse platform.
Gas fees are a consistent battle for all collectors and creators of NFT’s. Other platforms have tried to tackle the high gas fee issue by launching minting options that do not require a gas fee, when your NFT is made this way, nothing is submitted to the ledger. Smart contracts have allowed transactions to only take place when someone buys it, therefore it’s in your wallet and doesn’t leave your ownership until sold.
What is the Rarible Marketplace about?
Avid NFT collectors, creators and enthusiasts, Rarible is your platform. Based on the Ethereum blockchain, the NFT marketplace allows and facilitates the creation, purchase and sale of ownership rights to Non-fungible Tokens such as Defi, Metaverse, Music, Memes & Punks, Games, Domains, Photography and Art.
For artists and creators, Minting your own NFT’s through Rarible is very much possible, if that’s what you are looking to do. When it comes to a successful Mint, you are not required to sell them and can keep them stored on the Rarible platform. There are some fees involved when it comes to Minting for the first time, one that gives your wallet permission to interact with Rarible, and one which puts your file on the IPFS, or InterPlanetary File System, and the Ethereum blockchain.
How Does Rarible Work?
Rarible has some simple steps to follow when it comes to the workings around everything on the platform. The main objective is to allow creators, sellers and buyers to synergise systematically in a fairway.
For creators, turning their work into an NFT, the first step is to ‘Mint’ by filling out a form, located on the website which presents the options of listing their price, data, info and attaching their image. Once all is done, the platform will interact with the Ethereum blockchain, allowing the transferring of the art, which is now tokenized. The Ethereum blockchain that is used in the final step, has code that will provide a full history of the ownership of the NFT, and is set up to prove ownership and can be an income source through the royalty system embedded in the code.
The royalties provide potential future cash flows within the NFT’s for the creators. This is done through the NFT code, which has an embedded command allowing royalties of up to 50% of all future sales of the particular NFT once it has swapped hands initially.
This feature is a magnet for creators because, unlike other platforms, these NFT’s can pay out the royalties right away, being much more beneficial for creators to use this platform.
What Wallets Does Rarible NFT Marketplace Support?
Rarible is on the Ethereum blockchain and supports top trusted Ethereum wallets such as Coinbase, Metamask, Torus, Portis, Walletconnect or Argent. Plus a handful of other trusted Ethereum blockchain wallets. You can load up your wallet by either transferring pre-existing Eth you may have on the wallet, transferring over from another wallet or using the platform’s credit card payment option.
If you are looking to purchase right away, linking your wallet will be the first necessary step to access and browse the Rarible NFT Marketplace.
How Can I Link My Wallet to Rarible’s Platform?
You will need to make sure this is complete if you want to Buy or Sell on Rarible.
First and foremost go to Rarible.com, look at the top right corner of the online browser website and select the ‘Connect Wallet’ Option. A handful of Eth wallets will appear, select which one you have or create a new account. If you are going to create a new account, we would recommend Metamask as it is the most popular and trusted wallet on the Ethereum blockchain.
Going down the Metamask route, here’s a quick guide. First of all, select ‘Metamask’ as your wallet of choice, the Chrome wallet extension will slide down from the top right corner, click ‘Next’ and then ‘Connect’. If you require creating an account, follow the steps, or connect your pre-existing account. The next step is to select the ‘V’ sign on the terms and conditions, confirming you are over the age of 13 and that’s it, you have successfully connected your Metamask wallet to Rarible.
How Do I Buy NFTs at the Rarible NFT Marketplace?
So, you have connected your Rarible wallet and are raring to go! What’s the first step, and how do you go about buying an NFT?
First of all, you will need to browse the NFT listings, either on the explore page or search for a specific NFT if you know the name of the collection. Once you stumble upon the NFT you desire, and your wallet is connected, you can use Ethereum to purchase the NFT.
Depending on how the seller/creator has listed their Non-fungible token, you can either purchase through an auction or ‘buy now’ at the listed price. You can always place a bid on the NFT, below the price but it will be up to the owner whether they will accept your offer, or not!
How Do I Sell on Rarible?
So, you are not so much of a buyer, but you want to sell on Rarible! You have come to the right place. Your first sale may be very profitable, the start of something new and significant, or something else. Either way, here is how you do it!
You can either take your minted NFT and sell on Rarible, or pre-owned from somewhere else, such as if you are an avid collector, and have stored it on your Ethereum blockchain wallet.
Press ‘Sell’ and you will be presented with some options.
- Open Auction – Your NFT will be ‘Open for bids’. Anyone can make you an offer at any time, it is then up to you to accept or simply decline their offer.
- Timed Auction – With this option, your NFT will be listed and sold to the highest bidder at the end of the auction. It’s up to you to set starting and ending auction listing times, as well as a minimum price that you’d be comfortable selling at if the auction isn’t too successful. If the price is bumped up in the last 10 minutes, the auction is extended, giving you a good chance for more offers.
- Fixed Price – List your NFT at a price you want, people can send you offers below this price or simply buy it for your listed price.
This Rarible review has been fun to do, I have learned much more myself, and I hope you have too!
The platform is highly trusted, popular and backed by a huge community. There is no reason why it wouldn’t be in your top NFT platforms list already, and if you are new to the NFT space or only just hearing about Rarible, it’s worth checking out and researching!
The team and creators have had and successfully pulled off their goals from the start, it’s going to be interesting watching the progression of this platform continue. I’m sure they will continue to impress us and keep everyone’s eye on them.
All in all, the main concerns about usability and fees are not too bad here and are probably one of the best go-to marketplaces out there as of now.