Founded in 2019, the Rarible NFT marketplace has become an industry-leading platform. The marketplace is a constant in the top 10 marketplaces on its multi-chain networks. The Los Angeles-based company serves 1.6 million users with a trading value of over $270 million. Rarible is also one of many digital art galleries and marketplaces where NFT owners can display their collections for sale. The Rarible Marketplace offers NFTs across different blockchains: Ethereum, Tezos, and Polygon. Solana, and Immutable X. Moreover, RARI, Rarible’s native cryptocurrency is central to the platform. Owning RARI tokens allow users to vote on proposals that affect the platform, moderate creators, and curate featured artwork. The guide below will tell you all you need to know about NFTs on Rarible, how to navigate the app/marketplace, how to use Rarible, and how Rarible differs from OpenSea.
What is the Rarible NFT Marketplace?
Rarible is a multichain NFT marketplace that allows users to buy, sell, trade, or create NFTs across its compatible blockchain networks. The platform showcases a variety of NFT genres and is an easy-to-use marketplace for new creators looking to create their NFTs on Rarible. On its homepage, by simply selecting the Explore tab, users can swap between blockchains and explore different NFT collections specific to each blockchain. The tab next to the “Explore” tab, is the “Create” tab. This allows users to mint new NFTs on any and all blockchains supported in the Rarible ecosystem.
Moreover, Rarible is also flexible when it comes to creator royalties. The platform allows creators to choose up to 10% royalties. Users can also list their existing collections on Rarible and add custom royalties for multiple addresses. Rarible is a cutting-edge marketplace geared towards new and up-and-coming creators in the NFT space. The web3 and NFT space is dominated by sarcasm, memes, and innovative storytelling, and this is where Rarible lands as a reflection of the industry. Its cool, diverse pool of NFT collections and creators display the ideals of the vibrant, early, and rising world of web3.
Collectors can mint their NFTs using many cryptocurrencies and can even use a credit card for fixed-price items. To add to all of this, Rarible also has a “dark” view mode, which is a lot easier for the eyes to explore and navigate.
Who Created it?
The platform was founded by renowned crypto entrepreneurs Alexander Salnikov and Alexei Falin, and is based in Moscow. Salnikov has been in the crypto industry since 2013, while Falin has co-founded a digital sticker marketplace previously. Rarible raised its first round of funding in 2020 from New York-based venture capital firm CoinFund.
How Does The Rarible App work?
Rarible offers a free mobile app on both the Google Play store and the Apple App Store. It’s called Rarible: NFT Browser on Apple and Rarible: NFT Discovery on the Google Play store. This app is the very first version of Rarible official apps, and it can only be used to:
- View NFTs, trending collections, and their details
- Browse featured NFTs
- Like and share digital assets
Currently, users can’t buy, sell or mint NFTs on the app. But we are sure further rollouts will be added on, to make the app more usable and for further interaction.
Is Rarible Free To Use?
Rarible allows creators the option of lazy minting. This essentially means that creators can create NFTs on the platform at zero cost. This in turn decreases the barrier to entry for new and established creators to sell their art on Rarible. Furthermore, Rarible is a mixed marketplace. It features multiple genres of NFTs, which include:
- Digital art
To add to this, Rarible only takes a 1% fee from both, the buyer’s and the seller’s side. These are the only fees that Rarible levies on its users.
What is Rarible’s $RARI coin and how does it work?
The native token on the Rarible platform is called RARI. Launched in July 2020, it is the first governance token created in the NFT space. Although the tokens have a maximum supply of 25,000,000, 50% of these tokens are reserved for buyers and sellers. However, while paying for NFTs and gas fees, the cryptocurrency you use will depend on the blockchain that you are buying from. For example, if you choose to purchase an NFT on the Ethereum blockchain on Rarible, you will need Ether (ETH), its native cryptocurrency, in your wallet. Although there are credit card options for fixed price NFTs on the platform as well.
How To Earn RARI?
There are technically 4 ways to earn RARI. Rarible is the first aggregated NFT marketplace with weekly token rewards. These rewards are for trading and listing eligible NFTs.
- Claiming Airdrops: The Rarible platform periodically organizes airdrops as they continue to navigate web3 and improve their marketplace. Previously, 420,000 $RARI was distributed among the community. Heading over to their official RARI foundation page allows users to stay updated on the upcoming airdrops.
- Listing NFTs: Each week, Rarible selects five NFT collections for which users can earn rewards. These rewards can be collected by listing the NFTs of these specific collections. The system is called $RARI Rewards Collections. Furthermore, these are selected through the voting process. The NFTs must be listed either at or near the floor price to be eligible for the rewards. Listers receive points every 10 minutes that those listings are active. This means that if users unlist the NFT or it gets sold, they stop receiving those points). At the end of each day, people who have earned points will be able to claim their $RARI. Any claimed $RARI will be locked for 2 months with a quarter of this available to withdraw on the first day of the second month and the remaining three-fourths vesting linearly from there. More information can be found here.
- Buying NFTs: You can also earn rewards by simply buying NFTs from $RARI Rewards Collections. Each day, Rarible curates the rewards based on NFT projects purchased by users and the total pool of buyers for a project. This means that some projects may even allow users to gain rewards equal to the royalty fees for projects. There’s a 0% fee on all Rarible-native listings, while NFTs aggregated from other marketplaces are subject to different fees.
- Trading NFTs: The $RARI foundation allows users to lock up their RARI tokens for further rewards. These locked-up tokens cannot be used for a specified amount of time, but they give users RARI tokens instead. These are the tokens that are used for voting on $RARI Rewards Collections as well as governing propositions via the RARI Foundation.
How To Use Rarible?
To buy NFTs on Rarible users need a crypto wallet. Rarible supports multiple wallets for the multiple blockchains that users can access on the platform. Buying NFTs is as easy as connecting your wallet and purchasing NFTs. Users do not even require to give their email addresses to Rarible or create a password to make purchases! Purchasing an NFT on Rarible goes like this:
- Connect Wallet: Start by connecting your wallet to the Rarible website. On clicking on the “Connect Wallet” option in the right-hand corner, you may choose the blockchain for your corresponding wallet.
- Browse NFTs: You can now start exploring top collections, hot bids, top sellers, live auctions, hot collections, and more on the marketplace. Click the Explore option to browse for more NFTs.
- Choose NFTs: Select the NFT from any collection that you’d like to purchase. Rarible also allows users to buy NFTs via an auction or instant purchase.
- Auctions/Bidding: For users buying an instant purchase NFT, they may confirm the transaction in their wallet or choose to buy via a credit card. For users buying in an auction select “Place A Bid” and enter the amount, you’d like to bid for the NFT. The NFT for the digital collectible (or artwork) is then on the collector’s digital wallet.
Selling NFTs on Rarible also does not require any sign-in. All you need is to connect your wallet to the site.
- Selecting Assets: Once you connect your wallet to Rarible, you may select the assets you would like to list.
- Listing: While listing NFTs, look for three dots adjacent to the NFT’s title in the wallet. Next, choose the “Put on sale” option in the drop-down menu. Rarible has three sale options: fixed-price, timed auction, and open auction. You can choose either one for your NFTs.
- Pricing: Next, you may toggle on Instant sale price and enter the amount you’d want to sell for. You may then confirm the posting by hitting “Next”. Please note that Rarible takes two fees on NFTs: a 1% sales fee and a 1% listing fee.
Like buying and selling, minting NFTs also start with connecting your wallet. Connect your crypto wallet and choose the blockchain you want to mint on.
- Click on the Create button in the top-right corner of the Rarible homepage screen. You may then choose the blockchain you’d like to mint on.
- Next, you may choose whether your NFT is a single or multiple editions. With multiple editions, you can sell multiple copies of the same artwork. You may upload PNG, GIF, WEBP, MP4, or MP3 files. Please ensure the files are under 100 MB in size.
- You may then add the details for your NFT collection. Next, you could choose the sale type – fixed price, open auction, or timed auction.
- You can then set your royalties for the collection.
- You can also add Unlockable content like secret links, vector files, etc if needed. To skip gas fees, you may also set your project as a free mint.
Is Rarible A Good Marketplace To Sell An NFT On?
Rarible is a multichain marketplace. This is a great option for collectors and creators alike. Moreover, users have the option to mint their NFTs on five different blockchains. Rarible also supports multiple wallets. The site is simple to navigate, easy to use for both collectors and creators, and overall has a great vibe to it. Rarible focuses on reliability and usability more than the fancy exhibits and popularity/hype factors of other marketplaces.
A new feature on Rarible is that now, users can also create their own NFT community marketplaces. These custom marketplaces are created for specific NFT collections by their creators.
Rarible Vs OpenSea: What Is The Difference?
There are a few differences between Rarible & OpenSea marketplaces, but the final decision to choose either marketplace would depend on personal project needs or requirements. Below are some key differences between both marketplaces:
- Security: In terms of security, both marketplaces have seen their fair share of ups and downs. OpenSea being the bigger marketplace has seen a lot more security problems. The most recent of which was NFT theft. Alternatively, in April 2022, cybersecurity firm Check Point found a vulnerability in Rarible’s platform that could allow nefarious persons to create malicious NFTs. Rarible acknowledged this issue immediately and deployed a fix for this vulnerability. Rarible has also held its ground against major hacks but phishing scams, rug pulls, etc.
- Wallets: Both marketplaces support multiple compatible wallets across different blockchains.
- Minting: Both platforms also support lazy minting and supports minting on multiple blockchains.
- Platform Fees: While OpenSea just retains 1% of the total transaction price, Rarible collects 1% from both the buyer and the seller.
- Royalty: The royalty rate for OpenSea is set at 10%. Rarible, in comparison, provides more flexibility because the original inventor can set the royalty rate at a maximum of 50%.
- Overall Audience: Rarible focuses more on creating a supportive and easy-to-use interface for both collectors and creators. On the other hand, OpenSea offers a massive community that makes it simple for users to buy and sell digital goods.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.