Rarible is quickly becoming one of the best marketplaces for buying and selling NFTs.
NFTs (non-fungible tokens) are highly unique digital collectibles. We’ll go over the wide range of items that can classify as an NFT later.
What makes Rarible, well, rare, is how user-friendly it is.
Traders invest in and learn about digital assets thanks to an easy-to-use interface and community support.
This trade is relatively new, and much like eBay, these items need a marketplace where you can purchase or sell them. That’s where Rarible comes in.
Our Rarible review will cover functionality, fees, the development team, and the overall logistics of the marketplace.
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What is Rarible?
Rarible began in 2020, founded by Alexander Salnikov and co-founder Alexei Falin. It’s a non-proprietary marketplace that allows users to buy, sell, or mint their non-fungible tokens.
When you’re a member of a non-custodial market, such as Rarible, it means you have total control over your digital items at all times.
Having control is better than a custodial marketplace because the actual platform does not store your tokens during your membership.
Although music, videos, and other things can be an NFT, Rarible specializes in promoting digital artwork and collectibles. Ownership of the tokens are carried out and recorded through the Ethereum-supported blockchain.
One of the most convenient aspects of this market is that there is a lot of diversity. With no barriers to entry, it allows artists to create a space for their NFTs to flourish. It also increases the likelihood you’ll find what you’re looking for on the platform.
Additionally, they have their own governance token, known as RARI, which we’ll discuss later.
How Does Rarible Work?
The way that the Rarible marketplace functions is pretty straightforward. Digital content creators send NFTs directly to the buyers. There is no one else involved in the transaction, and the buyer receives direct ownership rights.
This trade gets facilitated through a smart contract and recorded through the Ethereum ledger. This lends security and transparency for those that participate in the market.
Your NFTs get stored between any crypto wallets that you have connected to Rarible, such as MetaMask.
Another nice touch added by the platform allows creators to program the entitlement to receive royalties from future sales of their tokens.
If the piece gets sold again, they can arrange for a percentage to automatically get transferred into their digital wallet.
Cross-platform royalties is a future development that may be available soon for Rarible users.
Integrating your NFTs from one platform to another, specifically OpenSea marketplace to Rarible, further increases the ability to find what you’re looking for when you browse the site. You can sell through either Rarible or OpenSea for your convenience.
Aside from creating NFTs and selling them, you can make and keep them to yourself while collecting from other creators. You can also give NFTs as a gift to others.
You must have a digital wallet compatible with Ethereum to use Rarible, as all transactions use ETH.
What Currencies Can You Use on Rarible?
In general, Rarible uses ETH for all transactions regarding buying, selling, and creating NFTs. The Ethereum blockchain backs all the wallets you use on the site.
The blockchain is the most secure digital ledger. It will remain in place for this platform.
Additionally, the platform uses two other types of tokens. The ERC-721 allows you to create one-off items, and the ERC-1155 permits the ability to create more than one edition of the same item.
Rarible also created the RARI token, used for governance and community involvement to impact future developments.
With this structure, Rarible users make the decisions, and they influence the future of the company. The RARI tokens let users vote on changing the trading fees, adding on new features, performing moderator duties, curating artwork, and so on.
There is a limited supply of the tokens, with a maximum of 25 million. It says that 60 percent goes to buyers and sellers (active participants), 10 percent to NFT holders in general, and the last 30 percent to the development team and investors.
What Types of NFTs Can You Buy on Rarible?
These are the types of tokens available for purchase through Rarible’s platform:
Photography and Art: This category can be a logo, a jpeg, a GIF, a hologram, and much more. Beeple is an artist that sold their art piece for a little over $69 million. Pest Supply and Murat Park are other notable artists on the platform.
Games: Making in-game purchases is more popular now that users can buy items and keep them as the owners instead of just using them during gameplay. NFTs in this genre include skins, virtual real estate, avatars, weapons, and more.
Music: You can mint and upload audio files to Rarible to sell as NFTs. The artist can earn more money by selling multiple editions instead of getting paid for each stream. These online files may become worth more over time.
Metaverses: This describes the concept of virtual space shared between NFT holders. The Metaverse operates across various marketplaces. You can transfer NFTs between virtual universes to another because they are all backed by the same blockchain.
Punks and Memes: Remember Nyan cat? That meme made the equivalent of $590,000, or 300 ETH. These types of pieces are scarce and worth more than some other more traditional types of NFTs.
DeFi: You can also trade cryptocurrencies such as Bitcoin, ETH, and DAI on the Rarible platform.
Domains: Domain names are becoming more popular for purchase through the platform as well. Currently available is the Binance domain.
How Do You Buy an NFT on Rarible?
You need a digital wallet, like Coinbase or MetaMask, to buy NFTs on Rarible. Think of the mask as a connection between apps backed by Ethereum and the cryptocurrencies you purchase.
Follow these steps:
- Connect Your Wallet: Go to Rarible.com and click on Connect Wallet. It should be in the top right-hand corner.
- Create an Account: Once you choose your wallet, you need to create an account by agreeing to the Terms of Service for Rarible.
- Select the NFT: Pick the NFT that you want to buy. You can purchase some through the auction, and others you can purchase instantly.
If you’re bidding in an auction, you’ll need to look at the current bid, set a max bid amount for yourself, and review previous bids.
Find them at the bottom right side of your screen. Stay close to continue bidding if the NFT is competitive.
- Make the Purchase or Place Your Bid: You’ll now click on the Buy button and then Proceed to Payment. You need to click Place a Bid if you’ve entered an auction.
- Confirmation: If you bought an item instantly, you confirm the purchase through your wallet, and you pay the gas fees.
If auctioning, wait for the seller to accept your bid or to win the bidding war. You can confirm the transaction once you win.
You can now find your NFT artwork or collectible within your wallet. You may transfer it to another wallet as long as it’s on the blockchain (Ethereum).
You could also get a high-res digital copy to distribute to others as you please, depending on the non-fungible token.
Do You Need to Store Your NFTs? How Do You Do So?
You’ll need to store and manage your NFTs using a non-custodial digital wallet. This type of wallet gives you all the power when it comes to moving around your assets and you are the sole owner.
MetaMask is a good option to use because you can both view and transfer your NFTs as you please. Their wallet is better than some other choices because you can manage your tokens however you see fit.
Usually, your tokens autmaticlaly transfer after you make a purchase. If that does happen, try these troubleshooting tips:
- Give the sender your wallet address to send the token(s)
- Ensure you have plenty of ETH to pay all the fees
- See if you can add the token manually from the platform to your wallet if it’s visible
You should be able to view your NFTs under the Collectibles tab on Metamask mobile app.
How Do You Sell an NFT on Rarible?
Minting or creating NFTs on Rarible only requires the artists to pay the gas fees.
Creating NFTs:
- Go to Rarible and connect your wallet
- Click the “Create” tab (top right corner)
- Select the option to create one NFT or a collection
- Upload the media file that you want to sell
- Provide details about the token like the price, name, royalty information, and a description
- Submit your creation by clicking “Create” again
- Confirm that your NFT is for sale by paying the gas fees with your crypto wallet
*Your fees may vary depending on energy usage for creation.
Buyers can now bid or buy your creation instantly since it is listed on the platform.
You can also sell NFTs that you buy at a higher price. Go to your account, view the NFTs there, and select the token you want to resell.
You’ll see three dots next to the token, and there will be an option that says Put on Sale.
Enter the amount you want to sell it for, and you’re all set once you confirm that transaction.
Selling Options on Rarible
With Rarible, you can sell your non-fungible tokens in two ways; you can sell them for instant purchase or via an auction.
The Buy Now feature lets you set the exact price you want, while the auction gives you the chance to let your token get the most money someone is willing to pay for it.
Rarible Fees
On both sides of a transaction, Rarible charges a 2.5 percent service fee or listing fee. However, an agreement can arise where the seller chooses to pay the fees. In this case, there will be a cost of five percent added to the final asking price.
Additionally, the fees necessary to mint tokens will be the buyer’s responsibility.
Rarible only accepts ETH for buying, selling, and minting NFTs. Therefore, you can. Get charged conversion fees if your wallet doesn’t support ETH.
As is the case with most other NFT marketplaces like OpenSea, MakersPlace, or KnownOrigin, you have to pay a gas fee.
A gas fee refers to the cost of the computing energy needed to process and validate all transactions on Ethereum’s blockchain.
Is Rarible Safe to Use?
Rarible is very safe and secured with the power of blockchain technology.
With Rarible, your NFTs will never leave your wallet until they get sold, meaning that it’s non-custodial. At the moment of a sale, the smart contract that you agree to when you list your NFT activates.
The item leaves the wallet, and in exchange, your payment gets deposited. All of this is verifiable and secure by the blockchain.
Rarible Pros
- Instant buying options for NFTs
- User-friendly experience
- No coding skills needed
- RARI governance token
- Non-custodial platform for users
- Open-source marketplace
- They specialize in digital artwork
- They support community governance to become a decentralized autonomous organization (DAO)
- They receive strong support from investors like Coinfund
- Users remain in complete control of their NFTs at all times
Rarible Cons
- No IPFS or API storage
- They don’t currently have a mobile app
- No official roadmap or whitepaper
- There’s not a lot of customer support, contact details, or FAQs on the site
- Only supports NFT tokens from the Ethereum blockchain
Frequently Asked Questions
Below are the answers to the most commonly asked questions concerning Rarible:
Is Rarible Trustworthy?
Rarible is trustworthy. It’s a legitimate marketplace that currently has thousands of users.
Users have assurances they can make their own NFTs and sell them on the marketplace. Rarible has successfully provided users with a way to mint unique digital tokens and a medium to match buyers with sellers.
Does Rarible Use Ethereum?
Rarible is indeed an Ethereum-based platform. This platform facilitates the sale, creation, and purchase of ownership rights to digital art through NFTs or non-fungible tokens. You can only complete Transactions by using ETH.
What is the Best Wallet for Rarible?
Not every cryptocurrency wallet is compatible for use with Rarible. A cryptocurrency wallet that has access to dapps is needed.
A popular wallet for using dapps is MetaMask. Install MetaMask and set it up with your Rarible account.
Can Anyone Sell on Rarible?
Yes, Rarible is a platform where all artists can sell their artwork online. Rarible is unique in that digital works of art are limited and highly valuable for this reason.
Additionally, you can get a commission from the resale of your artwork, which is a rare occurrence elsewhere.
Can You Use Metamask on Rarible?
Yes, MetaMask happens to be the most common way to connect to Rarible.
You can also download this software in the form of a Chrome extension. The Ethereum wallet is always accessible through the browser. Developers can also use the test networks run by Ethereum.
Final Thoughts
On its face, Rarible is an excellent platform for buying and selling NFTs. This user-friendly site offers the ability to create tokens with essentially no programming or coding experience. This opens the door to a world of possibilities for aspiring artists.
Rarible is on course to become one of the first marketplaces for NFTs that’s truly decentralized. There are still concerns about the high gas fees, the limited direction of the project, and their lack of transparency.