The surge in popularity in non-fungible tokens (NFTs) has turned a once-obscure art form into an overnight sensation. Ranging from Bored Apes to pixelated CryptoPunks and everything in between, there’s no shortage of NFTs to add to a collection – or places to purchase them.
On October 20, 2022, the platform announced major updates, including that it is transitioning into an aggregated NFT marketplace, pulling Ethereum NFT listings from competitors like OpenSea, LooksRare, X2Y2 and Sudoswap. It also updated its platform fee structure: Rarible takes 1% on the buyer side and 1% on the seller side from every sale on the marketplace. For aggregated listings from other marketplaces, there are no Rarible fees. Listings aggregated from non-Rarible marketplaces are subject to their original marketplace fees.
What is the Rarible NFT marketplace?
The Rarible NFT marketplace was founded in 2019 by entrepreneur Alexei Falin, product manager Alexander Salnikov and product designer Ilya Komolkin. Based in Los Angeles, the company serves 1.6 million users with a trading value of $274 million.
One reason that Rarible stands out is the partnerships it has cultivated with major companies and famous celebrities. Social media site Twitter, fast-food operator Yum! Brands, boxer Floyd Mayweather Jr. and actress Lindsay Lohan all launched their NFTs with the help of Rarible.
You don’t have to be a celebrity to create an NFT project with Rarible. Because it offers access to several different blockchains, anyone with a vision and artistic ability can “mint” their NFTs and make them available to collectors.
What do I need to get started on Rarible?
Getting started on Rarible is a simple and straightforward process. All you need to create an account is a cryptocurrency wallet for your blockchain of choice
To create an account to buy and trade NFTs, you will need a wallet that supports one of the several blockchains Rarible operates on: Ethereum, Solana, Polygon, Tezos and Flow. While MetaMask is arguably the most popular wallet among NFT collectors, there are multiple wallet options across Ethereum, Solana, Tezos, Immutable X and Polygon.
From there, new users will have to agree to the terms and conditions and confirm they are over 13 years old. After a few moments, you will be ready to create, buy and sell NFTs through Rarible.
Read more: How to Create, Buy and Sell NFTs
Buying and trading NFTs on Rarible
Because Rarible supports transactions on different blockchains, there are multiple ways to buy and sell NFTs. It all depends on where the token was minted and the price. There are two ways to buy an NFT on Rarible: buying at a fixed price or through an auction.
- Fixed price: The seller will list the NFT for sale at a set cost for a buyer. If you wish to purchase it, press the “Buy For” button on the NFT and complete the transaction.
- Auction: With an auction, an NFT will be placed for sale for a certain amount of time, where multiple people can submit bids. The highest bid at the end of the auction will win the right to purchase the NFT at the highest price bid. At this time, auctions are processed only in cryptocurrency, and so be prepared to buy enough coins to cover your maximum bid. Also, be mindful that any crypto transaction is usually taxable.
Each blockchain supported by Rarible has different ways you can buy NFTs. For instance: The CryptoEggs “Civilizations” collection is minted on the Ethereum blockchain featuring a collection of animated NFTs. To purchase the NFT and add it to your connected wallet, click the “Buy For” button. A Checkout window will pop up, showing you the price after any fees. If you have insufficient funds in your wallet, you can also buy using a Visa or Mastercard.
Not all wallets and blockchains, however, allow you to purchase NFTs using a credit or debit card. As an example: The Ottez NFT collection is minted on the Tezos blockchain. When you select “Buy Now,” you will need to hold enough Tezos coins to complete the transaction. With Tezos NFTs, you can’t directly buy them using a Visa or Mastercard – but you can add funds directly to your wallet using the cards within Rarible.
Once you own one or several NFTs, you will be able to list them on your profile for display and sale. Because NFTs are stored in your linked crypto wallet, you can select which ones to display under your profile on the site and list your price. If someone decides to purchase your NFT, Rarible will handle the secure transaction, ensuring the NFT moves to the buyer’s wallet and depositing currency into yours.
Creating your own NFTs on Rarible
Rarible also allows creators to jump directly into the world of digital art by creating – or “minting” – their own NFTs. The process is rather simple: To get started, click the “Create” button at the top of the page.
Your first decision will be which blockchain you want to mint on. Each one comes with its own set of fees and other pros and cons, and so be sure to do your research ahead of time. Next, you will be asked if you want to mint a single, one-of-a-kind NFT or mint multiple NFTs of the same work. Acceptable file types include PNG, GIF, WEBP and MP4. Any pirated NFTs or art that violates copyright laws will be immediately removed from the platform.
The next steps are the fine details of the work: the title, description and type of sale for the NFT. You will also set your royalty price, which is the amount you will receive every time someone resells your art. To make your NFT collection more compelling, you can also add unlockable content for the buyer, including secret links or additional downloadable content.
Finally, you will have the option to pay the gas fees associated with minting your NFT or minting it for free. If you decide to go with the free option, you will pass the gas fees forward to the first buyer, increasing the price and potentially discouraging their participation in your project.
Read more: What Are Ethereum Gas Fees?
Bottom line: Is Rarible the right marketplace for me?
Rarible offers a unique platform for both collectors and creators to create digital art. Because it supports several different blockchains, this marketplace offers new users an opportunity to get into the sector without spending a lot on cryptocurrency or transferring tokens from one wallet to another.
Before jumping into Rarible, though, you should conduct your own research and due diligence on any NFT you are interested in buying. Like with any investment, there’s no guarantee any NFT will increase in value over time, and it could even lose value. By clearly understanding the risks and rewards, you can make the best decisions for your journey into cryptocurrency.
Read more: NFT Scams: How to Avoid Falling Victim