Rarible: Everything you need to know about NFT Marketplace

Rarible’s NFT Marketplace allows users to create, buy and sell NFTs without programming knowledge. Still not sure if Rarible is right for you? In this overview, we take a closer look at the platform and tokens, so you can decide if the platform suits your needs.

Table of Contents

the name of the product Rarible
token type ERC-20
all-time high $ 63.53
all-time low 0.3095 USD
market value 61,713,029 USD
Offers in circulation 6,058,731.49 RARI
payment method cryptocurrency
website rarible.com
fees 2.5% service charge
Blockchain Ethereum
Accepted currencies MATIC, MANA, ETH, RARI
overall offer 25,000,000

What is Rarible?

Rarible is an NFT marketplace that brings together content creators and buyers of NFTs without the need for users to have any coding skills. The marketplace was built on the Ethereum blockchain to ensure secure transactions.

Rarible also offers a large selection of NFTs in the categories of art, music or domain names. There are six investors backing Rarible. Venrock, CoinFund and 01 Advisors raised a total of $ 14 million in Series A sales on June 23, 2021.

Alexander Salnikov, Alexei Falin (CEO) and Ilya Komolkin founded the Rarible team in 2019. After months of hard work, the team presented the first edition of their own NFT marketplace in May 2020. Since then, the site has grown significantly and reached $ 150 million in revenue. only 18 months after its official launch. Rarible is headquartered in Wilmington, Delaware, USA.

How does Rarible work?

Rarible offers an NFT marketplace based on the Ethereum blockchain. Creators must first convert their works to NFTs before they can sell their works on Rarible. When a work of art such as an image or audio file is uploaded, the platform automatically generates an NFT token to represent the work.

Rarible currently supports a number of blockchain technologies, including Binance Smart Chain. When a purchase takes place, the platform sends the NFT to the buyer’s digital wallet and records the transaction on the Ethereum blockchain. The native RARI token manages the platform’s infrastructure so that Rarible users have an influence on the development of the platform.

What currencies can you use on Rarible?

Although many other prominent cryptocurrencies are in use today, the Rarible uses the RARI token and supports exclusively tokens on the Ethereum blockchain such as Matic (Polygon), MANA (Decentraland) and XTZ (Tezos).

Characteristics of Rarible

Benefits of Rarible

  • Rarible has a “Lazy Minting“function that can be used to create NFTs, without paying gas fees in advance.
  • NFT Marketplace is easy to use and requires no programming knowledge.
  • The platform distributes RARI tokens to NFT sellers and buyers.
  • Holders of RARI tokens can vote on proposals that affect the platform.
  • Rarible is open source, free and secure from outside attacks.
  • Users can pay at Rarible with a credit card, debit card or Google Pay.

Disadvantages of Rarible

  • RARI does not support APIs or IPFS storage and there is no official one timetable or a white paper.
  • Rarible charges a fee of 2.5% – for both seller and buyer.

Supported wallets

Unfortunately, Rarible does not support many wallets, but the wallets can be MetaMaskConnect, Coinbase, imToken and TokenPocket to the stock exchange.

Which NFTs does Rarible support?

Buy NFTs – An Image from BeInCrypto.com

Rarible supports several NFTs, which is a big advantage. Unlike OpenSea and other similar NFT platforms, however, it is impossible to say how many NFTs are available on Rarible in total. Raribles NFT Marketplace is ideal place to go if you want to find NFTs that cannot be found elsewhere.

  • Digital art: NFTs have a significant impact on the digital art space. Beeple’s Everyday: The First 5000 Days sold for $ 69 million in 2021, making it one of the most expensive digital works of art ever sold.
  • Game: In-game NFTs are purchased by players who want to expand their favorite games and enhance the gaming experience.
  • memes: The use of memes is an integral part of the cryptocurrency culture, and NFTs have also jumped on the meme bandwagon. Meme NFTs, such as Nyan Cat, have been a hit with collectors.
  • music: Rarible allows you to upload your music and make collector’s copies of it, which may increase in value in the future. In addition, Rarible offers artists new ways to monetize music and allows fans to collect and own their favorite albums and songs.
  • metavers: Rarible users can purchase tokens to secure their virtual space ownership in Metaverse. In addition, users can use Metaverse to transfer digital assets between blockchains. This also makes Rarible a powerful asset management tool.

How does Rarible work?

To sign up for Rarible, you must first create a wallet and then purchase ETH. This allows you to pay for the transaction fees associated with NFTs. The following instructions show you exactly how this works:

1. Connect your MetaMask wallet

To get started, connect MetaMask to Rarible. But you can also choose any other supported wallet. Just click the “Create Account” button and connect your favorite wallet. Once you have accepted Rarible’s Terms of Service, click the “Continue” button. Once the wallet is connected, you can proceed to the next step.

Buy NFTs

Once you have connected your wallet to the Rarible wallet, click on “buy now“. How to buy a specific token or bid on a token. Once you have completed the transaction, all data will be synchronized to the MetaMask wallet. You will then receive a notification in your MetaMask wallet and you will find out the final price of the purchase, including the service fee.

3. Sell NFTs

You can sell collectibles on Rarible if you already own them. To do this, click on “my account‘after connecting Rarible to your wallet to view your NFTs. Then click “Put up for sale” to start selling the collectible.

Once you have entered the price in ETH or another cryptocurrency, click on “Next step“. Now you need to confirm your token and confirm the transaction to complete the process on MetaMask. Done? Then you are now ready to sell on Rarible!

Bid on an NFT

Rarible allows you to bid on NFTs if you want to buy them at a certain price. If you click the buttonbid”Button, you can enter the quantity and your bid on the item. To do this, click on the button “Make a bid“. Then there are three more steps to paying the Ethereum gas fees through your MetaMask wallet.

After the process will ETH in WETH (Wrapped Ether) transformed and your bid creation is complete.

Implementation of NFTs on Rarible

Create NFTs, buy NFTs
Creating NFTs on Rarible – Source: Rarible
  1. Press the buttoncabinet“.
  2. choose there ”many“or”single“out. You will then be prompted to upload a file with your work. To create more tokens, enter the desired number of tokens.
  3. You then decide exactly how you want to sell your NFTs. you can one set a specific priceone hold a time-limited auction or the Make the selling price dependent on the different bids.
  4. Now you enter the price you want to sell your NFT for as well as a name and a description. You can also make one percentage participation of up to 50% at each resale of your works of art. This way, you make money every time your artwork is sold.
  5. Once you have uploaded your artwork and entered all the required information, click on “Create item‘to begin to imprint. Upon completion, you must pay any applicable fees and approve the transaction.
  6. Once the token is created, it will be listed on Rarible’s NFT Marketplace. The income goes directly to your cryptocurrency wallet when a sale is completed.

Conclusion

The NFT world is an exciting area right now, but the information overload can also be daunting for beginners. Fortunately, there are NFT marketplaces like Rarible that make buying and selling NFTs easier than ever before. You can find everything you need at Rarible. And the best part is that you do not need any programming knowledge.

To take advantage of this trend, you should compare Rarible’s features with those in other marketplaces and decide on the one that works best for you. The cost factor must also not be ignored. For while some say investing in digital art is a gamble, it is worth considering. Is Rarible the right platform for you? You decide this.

Frequently asked questions

Yes. The platform is excellent for buying and selling NFTs. Rarible has a user-friendly interface and is one of the most reliable NFT marketplaces. The platform also offers innovative features such as a governance token. This makes it an excellent choice for anyone who wants to enter the NFT market.

With Rarible you can buy NFTs and resell them at a profit. To do this, find undervalued collectibles, buy them and wait for them to increase in value. Then you sell them in the marketplace at a profit. It is worth noting that you can also get royalties on your NFTs once they have been sold on the platform.

Despite the many benefits, Rarible and OpenSea also have some differences. If you are a new digital artist who wants to quickly make a name for yourself in the NFT industry by selling your artwork, consider Rarible. The website even helps you learn how to use the platform in an online course.
On the other hand, if you are interested in more technology integration, smart contracts and lower gas fees, OpenSea is the best choice. It is best to try both platforms to see which one best suits your needs.

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