Non-Fungible Tokens have become a buzzword in the world right now. These secure digital tokens built on blockchain networks have introduced the world to a new way of trading physical and digital assets.
NFTs have already started to revolutionize the art industry, music, fashion, entertainment, real estate, and other sectors. According to Kevin McCoy, NFTs were invented for the sole purpose of blending technology with art to empower artists.
However, NFTs would not have been such a hit in the market, if the NFT marketplaces would not have been there. NFT marketplaces have simplified the NFT ecosystem and made it accessible to everyone.
One such leading NFT marketplace is Rarible. With over 1.6 million users, the Rarible marketplace is the most trusted platform for NFT creators and buyers.
But can we trust Rarible with our assets? How much fees Rarible charge? What are the key features of Rarible marketplace? How to sell NFTs on Rarible?
If you are looking for credible answers to these questions, you have come to the right place. We have minutely analyzed the Rarible NFT marketplace and crafted this detailed review.
Let’s get started.
What Is Rarible Marketplace?
Have you ever wondered what has made NFTs so popular among the common people?
If you start minting NFTs from scratch, you will have to write the entire code yourself. For tech people, it is an easy task, but not everyone is a tech geek.
Would you have taken the pain to write pages of codes yourself?
Of course! No.
It is the NFT marketplace that has simplified NFT minting, selling, and buying. These marketplaces have brought NFTs to the fingertips of common people. NFT marketplace platforms are integrated with automated tools that help people mint, list, sell and buy NFTs without any hassle.
There are a number of NFT marketplaces like OpenSea, Nifty Gateway, Mintable, NBA Top Shot, etc. Some NFT marketplaces specialize in creating and selling only specific NFT categories. For example, NBA Top Shot is a platform for NBA NFTs. Others like OpenSea are a global marketplace for all NFT categories.
Similar to OpenSea, Rarible is a leading NFT marketplace among all. Launched in 2020, it is one such secure NFT platform that brings together NFT creators, buyers, and enthusiasts across the world.
The NFT platform is built over the Ethereum blockchain network for enhanced security and efficiency. Backed by the Ethereum blockchain, Rarible supports two ETH token standards, ERC-721 and ERC-1155.
ERC-721 is the token standard that enables the creation of NFTs on EVM-supported blockchains. At the same time, the ERC-1155 facilitates the efficient transfer of NFTs in a single transaction.
In 2019, Alexander Salnikov, Alexei Falin (CEO), and Ilya Komolkin started the development of the Rarible marketplace. By May 2020, they launched their platform in the market. To everyone’s surprise, in just 18 months, Rarible successfully generated a revenue of $150 million.
Credit to its collaborations with celebrities, Rarible stands out among its competitors. Famous personalities and brands like Yum! Brands, boxer Floyd Mayweather Jr., and actress Lindsay Lohan partnered with Rarible to launch their NFT platform.
You can trade multiple NFT categories on Rarible like art, music, metaverse, games, memes, domains, and Defi.
The best thing with Rarible is that you can mint, sell and buy NFTs on major blockchain networks like Ethereum, Solana, Polygon, Binance Smart Chain, Flow, and Tezos.
Initially, the Rarible NFT marketplace was launched as a centralized platform.
However, its founders are planning to decentralize it by integrating DAO functionalities. The platform will then be controlled and run by the Rarible community members. One of the ways to achieve this vision was to launch the RARI token.
What Is RARI Token?
In 2021, the development team launched the RARI governance token. It is an ERC-20-based token that holders can stake to participate in voting and other crucial proposals on the platform. Holders can also use the RARI token to mint NFTs and pay fees on the platform.
RARI has a maximum supply of 25M tokens. 60% of the tokens are reserved for rewarding platform users. 30% of the tokens were distributed among the Rarible team and investors. The rest 10% was airdropped to the NFT and cryptocurrency community.
Here are some of the key features of the Rarible marketplace:
- User-friendly platform
- RARI holders run the platform in an autonomous environment.
- The platform functions on the DAO governance model.
- Compatible with major blockchain networks.
- Enables the users to create NFTs without paying any upfront gas fees.
- NFT sellers and buyers are rewarded with RARI tokens.
- The platform supports multiple payment options, including credit cards, debit cards, and Google Pay.
- The marketplace is fortified with multi-layer security features like 2FA, email verification, and others.
- You can set royalties on the NFTs you create or buy to earn passive income from its secondary sales.
- Supports major wallets like Coinbase, MyEtherWallet, Torus, Portis, Wallet Connect, or Fortmatic.
Pros & Cons Of Rarible Marketplace
Have a look at the pros and cons of the Rarible NFT marketplace.
- Open-source & non-custodial marketplace
- Community-run DAO governance
- Strong investor backing
- RARI governance token
- User-friendly experience
- Cross-chain compatibility
- Rarible royalties
- Limited customer support
- No API or IPFS storage
- No mobile app
- High gas fees
What types of NFTs are available on Rarible?
Rarible has a huge collection of rare NFTs belonging to different categories. From games, metaverse, music, and digital art to memes, you can find a bundle of valuable NFTs on the platform.
Here are some of the top NFT categories on the Rarible NFT marketplace.
Digital art NFTs are selling for millions globally. Beeple digital art “Everydays: The First 5000 days” was sold for a whopping $69 million. When it comes to digital art, there are a lot of scopes.
If you are an NFT artist, Rarible is the perfect place for you to start listing your NFT art for sale.
As a gamer, you can buy and sell valuable in-game assets as NFTs on the NFT marketplace. Rarible offers you the best features and simplified tools to trade game assets on the platform and monetize your online gaming experience.
Memes NFT collections like Bad Luck Brian, Disaster Girl, Success Kid, Doge, and others are selling high at the marketplaces. Memes have become an integral part of our digital world.
For meme collectors, Rarible has a large collection of popular meme NFTs to explore, bid on, and buy. Whereas for meme creators, the Rarible marketplace offers the latest tools to seamlessly mint, list, and sell their meme NFTs.
You can trade metaverse NFTs and tokens on the Rarible marketplace. You can buy tokens that prove your ownership of an online avatar on the metaverse or virtual land, or any other metaverse asset.
Rarible allows you to upload and tokenize your music as NFTs. You can sell limited edition copies of your music NFTs or launch your own NFT music album. Moreover, you can also add special rewards for your fans with your music NFTs.
How To Buy NFTs On Rarible Marketplace?
Follow the steps to buy NFTs on the Rarible NFT marketplace.
- Log in to your Rarible account.
- Use the search option to explore NFTs of a specific category or creator.
- Click on the NFT you like to buy.
- Here, you will see two options.
- Option 1 – buy the NFT
- Option 2 – bid on the NFT
- You can buy the NFT for the listed price with your connected wallet.
- Or you can bid on the NFT with your offer to the creator.
- You will receive a notification if the creator accepts your bid offer.
- You can then proceed to complete the payment procedure and buy the NFT.
How To Mint & Sell NFTs On Rarible Marketplace?
Here is a step-by-step guide to creating and selling NFTs on Rarible.
- Log in to your Rarible account with your credentials.
- Connect your wallet if not already done.
- Click on the “Create” option.
- A new page will open where you will have to enter all the details regarding the NFT.
- Upload the file – supported file types are PNG, GIF, WEBP, MP4, and MP3, and the size is less than 30 MB.
- Enter the number of copies of the NFTs you wish to create.
- Enter the name and description of your NFT collection.
- Set your royalty percentage. You can set it at 10%, 20%, or 30% as per your wish.
- You can also apply the ‘unlock once purchased’ feature. It allows you to add exclusive rewards with your NFTs, like discount codes, digital keys, URLs, and other special offers to the buyer of the NFT.
- Now set the price of the NFT.
- Pay the gas fees to finalize your NFT minting.
- Then, you will have to sign the sell order to list the NFT for sale on the marketplace.
- Once minted, you will find your minted NFT under the “Collectibles” section.
Rarible NFT Marketplace Fees
You will have to pay 2.5% platform fees while selling and buying an NFT.
As a creator, you will have to pay two fees. One is to give permission to your wallet to interact with Rarible. The other fee is for the “call to the mint function”. This puts your file on the IPFS system and the Ethereum blockchain.
The next time, you will only have to pay the transaction fee or the gas fee. The gas fee depends on the network congestion on the blockchain.
Please note that you can use only ETH or RARI for transactions and payments on Rarible.
What Blockchains Are Supported On The Rarible?
Currently, Rarible marketplace supports the following blockchain networks:
You can easily switch between these blockchains under the “Explore” tab on the website.
What Wallets Does Rarible Support?
As of now, you can connect only Ethereum-based wallets on the Rarible NFT marketplace. Rarible platform accepts the following wallets:
- My Ether Wallet (MEW)
- Coinbase Wallet
Rarible vs OpenSea
Rarible gives strong competition to NFT marketplaces like OpenSea. Some of the key comparison features between the two marketplaces are:
- OpenSea was launched in 2017, while Rarible is new, founded in 2020.
- OpenSea supports only Ethereum and Solana blockchain networks. On the other hand, Rarible supports Ethereum, Solana, Flow, Polygon, and Flow.
- You can use major cryptocurrencies on the OpenSea platform. But you will have to pay the gas fees in ETH only.
- On Rarible, you can only use the native currency of the blockchain you are minting and the RARI token to use the platform’s DAO functionalities.
- There is no buyer fee on the OpenSea, while the seller has to pay a 2.5% service charge.
- Rarible marketplace charges both buyers and sellers a 2.5% service fee.
- You can set your NFT royalties on OpenSea up to 10%.
- The NFT royalties can go up to 50% on the Rarible marketplace.
- OpenSea supports English auctions, Dutch auctions, fixed price, and bundle selling, models.
- Rarible has three sales models – fixed price, open auction, and fixed auction.
What is NFT in the marketplace?
NFTs are non-fungible tokens that represent an asset. You can create, sell and buy NFTs on the NFT marketplaces.
Which is the best marketplace to sell NFT?
OpenSea and Rarible are the two leading and secure NFT marketplaces. Here you can easily mint, sell and buy NFTs with the latest features and automated NFT infrastructure.
How do I sell NFT on Rarible?
Follow the steps mentioned above to list your NFT for sale on the Rarible marketplace.
How much does it cost to make an NFT on Rarible?
You will have to pay a 2.5% service fee in addition to current gas fees to mint an NFT on the Rarible.
What wallet does Rarible use?
Rarible supports major Ethereum compatible crypto wallets like Metamask, Torus, Portis, and Coinbase Wallet.
How do you purchase NFT?
There are two options to buy NFTs on Rarible. Either, you can buy it at the fixed price set by the seller or bid your offer on the NFT.
Can I mint NFT for free on Rarible?
You can enable the “free minting” option while creating the NFT. In this case, the minting fees go to the buyer.
How do I sell NFT without a gas fee in Rarible?
You can choose the free minting option to create and sell your NFT on Rarible. In this case, the buyer has to pay the gas fees while buying the NFT. Using this feature also adds your collection to the Rarible NFT collection and not your own.
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