Rarible NFT Marketplace logo

Last year, NFT Trading saw a massive surge, and the trend continues in 2021, as well. As a result, the DeFi sector has witnessed the creation of several online trading platforms, including Rarible.

The Decentralized Finance (DeFi) sector stands poised at exciting crossroads, with NFTs gaining traction rapidly. The advantage of NFTs is that they are unique and irreplicable digital assets. They are perfect for art lovers and collectors because it allows easy ownership tracking and verification on the blockchain.

What Is Rarible?

Rarible is an open-source NFT marketplace for minting, selling, and creating collectibles. Built on the Ethereum blockchain by Salnikov Alexander and Alexei Falin in early 2020, Rarible uses their cryptocurrency known as RARI. This currency is the first governance token in the NFT space.

Key Features Of Rarible

Following are the key features of Rarible –

  • Creating program royalties is possible with Rarible. Users have the right to produce future cash flow.
  • It has lots of NFTs you can buy, such as Creature World, Cool Cats, and Art Blocks.
  • It comes with a service charge of 2.5% of the final sale price.
  • Rarible uses its digital coin known as RARI.
  • It is an open-source NFT marketplace.
  • Rarible allows users to mint their NFTs without possessing any coding skills.
  • Rarible is the first NFT marketplace to launch a governance crypto token in the NFT space.

How Does Rarible Work?

Rarible is a marketplace that links sellers such as content creators (digital artists, meme makers, and model creators) with buyers who choose what they want to buy. For creators to convert their work into NFT, they must mint a token with Rarible’s software.

For this to occur, creators fill a form on the company’s website, fill in their listing price and attach their images. When this is done, the Rarible platform will now create a new token on the Ethereum blockchain. All sales, purchases, transactions, and the creation of NFTs are recorded on the Blockchain. A transaction fee is paid by both buyer and seller when the transaction goes through.

What Currencies Can You Use?

RARI token is the leading coin used on Rarible. However, you can buy the NFT of your choice with ETH after transferring it from a cryptocurrency exchange to a MetaMask wallet.

Rarible NFTs: Types Of NFTs You Can Buy

There are many popular and trending NFTs you can buy on the Rarible platform. For example, Art Blocks, BoredAppYatchClub, The Meta Key, Habbo Avatars, Winter Bears, Creature World, Galactic Apes, and Cool Cats.

How To Open An Account

It is very easy to create an account on Rarible to start buying, selling, or minting NFTs. Follow the steps below to create a Rarible account in a few minutes:

  • Install MetaMask crypto wallet.
  • Create an Ethereum Wallet.
  • After creating both wallets as mentioned above, send some Ethereum to your wallet.
  • Connect to the Rarible platform.
  • You can now customize your account to your taste.

How To Buy An NFT?

Buying an NFT on Rarible is pretty straightforward; you can follow these steps below:

  • Buy ETH by simply joining and funding a digital coin exchange platform such as Coinbase.
  • Sign up on the MetaMask wallet, which is known as a non-custodial wallet. This is where your digital assets are stored and where you have control of them.
  • Transfer your digital coin – ETH from the Coinbase exchange platform to your MetaMask wallet through which you have the control to buy NFTs across different marketplaces.
  • Join Rarible NFT marketplace and synchronize your MetaMask digital wallet to the Rarible website. You can now store and buy different NFTs.

How To Sell An NFT?

To sell an NFT on Rarible is easy, just like buying an NFT. To sell without any difficulty, follow the steps below:

  • Go to the homepage on the Rarible website and click on the create button.
  • Collectables are of two kinds, namely Single and Multiple. To sell just a single copy of your art, go to a single collectable and numerous collectables if you want to create and sell more than one copy of your art.
  • Upload a file of your art and use the toggle button to put your NFT on sale. You will start receiving bids on it. Put the price you wish to sell the NFT for.
  • Approve mint and sign a sell order. You will pay some gas fee for doing this. You can always check your profile to see your created NFTs and those sell orders.

What Is The Rarible Fee?

Rarible charges their customers a 2.5% service fee on every final sale. It serves as a listing fee. A seller can decide to take on the service fee, which costs 5% of the sale price.

Rarible Pros And Cons

Following are the pros and cons of the Rarible NFT Platform –

Pros:

  • Rarible is an open-source NFT marketplace.
  • It makes minting and creating digital tokens easier.
  • Rarible is easy to use.
  • Users can make use of it for creating and minting their digital tokens.
  • It comes with low costs of collectables.

Cons:

  • It supports only Ethereum blockchain network tokens.
  • A bad actor can manipulate Rarible to access RARI tokens and influence decisions.
  • It charges higher commission than other NFT platforms.
  • It has no mobile app.

Final Words

Rarible is one of NFTs marketplace where you can buy, mint, and create NFTs. There are many NFTs you can buy on this platform. However, you will have to pay a small fee for buying and selling NFTs. The RARI token can certainly prove to be a gamechanger in the DeFi sector, given the robust investor support it has received.

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