One of the leading NFT marketplaces explained
The growth of crypto art was one of the most interesting trends of the past few years. And among so many NFT marketplaces, Rarible stands out. But what is Rarible, and how exactly can you use it to trade and keep track of your digital assets? Is Rarible worth using? Keep reading to know all about this leading NFT marketplace.
- What is Rarible?
- Major celebrities and brands launching NFTs on Rarible
- How to buy NFTs on Rarible?
- How to create your own NFT collection on Rarible?
- How to sell an NFT on Rarible?
- What is the RARI Token?
- What is an NFT?
- Top Rarible alternatives
- Rarible and NFT royalties
What is Rarible?
Rarible is a multi-chain platform where you can buy, sell, and create non-fungible tokens (NFTs). It is one of the main NFT marketplaces and is based on the Rarible Protocol, an open-source multichain community-governed NFT Protocol.
As 2021 was a breakout year for NFTs, Rarible grew a lot and reached more than 2 million active users per month, according to their official Medium. By September 2023, the marketplace was integrated with Ethereum, Polygon, Tezos, Immutable X, and Flow.
In the midst of the NFT bear market in 2023, Rarible returned to the spotlight as it raised the flag of the importance of royalties to creators. We’ll dive deeper into that later in this article.
Major brands and celebrities launching NFTs on Rarible
Back in early 2021, Rarible was the gateway for many people into the NFT space. Digital collectibles began to move millions of dollars and made headlines in major media outlets daily. Meanwhile, many celebrities and global brands saw Rarible as the right platform to launch their NFT collections for the first time. Some examples include actress Lindsay Lohan, billionaire Marc Cuban, boxer Floyd Mayweather JR, and rapper Soulja Boy.
Additionally, Rarible allows brands to easily create their own free NFT marketplace for their community. This feature has already secured Rarible notable partnerships with Mattel brands Barbie and Hot Wheels, Mocaverse from Animoca Brands, and Smurfs.
How to buy NFTs on Rarible?
As one of the most popular NFT marketplaces, Rarible is pretty easy to navigate. Buying NFTs here, as on any marketplace, requires a crypto wallet and sufficient funds to complete the purchase.
You can search directly for the collection you want on the platform, the brand’s marketplace, the creator, or any user with an account. The Explore page for NFT collections presents a ranking where you can view the most traded projects, facilitating decision-making and market analysis.
Like DappRadar, Rarible also has an app to track your NFT portfolio on iOS and Android.
Once you have found the NFT project of choice and verified it belongs to the original collection, it’s time to buy it. After completing the purchase, your new NFT will be safe and sound in your wallet.
How to create your own NFT on Rarible?
For those who want to try creating their own NFT, Rarible provides this service simply and cheaply – only gas fees can be involved. Whether in Ethereum, Polygon or Tezos, creating your own collection is possible for those without technical knowledge of blockchain. The basic process is as it follows:
- Go to Rarible.com and connect your wallet (i.e. Metamask);
- Click the blue CREATE button at the top of the page;
- Select whether you want to mint a Single NFT or an NFT with multiple editions;
- Upload your image, video, or music file;
- Specify a price, name, description, royalties, and other info;
- Click create item;
- Your wallet will ask you to sign and pay for gas fees. Gas fees can be high, and it’s worth it to pick the right moment to mint an NFT;
- To avoid transaction fees on Ethereum, Rarible launched the “lazy mint” in October 2021 where the buyer pays for the minting gas fees.
In addition, there are also services for creating your own marketplace and app with the help of the Rarible protocol.
Why Minting NFTs on Rarible?
One of the main reasons why people prefer Rarible is that it allows anybody to mint an NFT artwork simply by paying gas fees.
While platforms like SuperRare and Makers Place curate the artists on their platform, anybody can create an NFT on Rarible.
This opened up the floodgates for young talent and upcoming artists, but unfortunately, to scammers as well. That’s why Rarible has created a verification process to minimize the risk of dealing with a fake project.
How to sell an NFT on Rarible?
Placing an NFT for sale on the Rarible marketplace is also simple. Once your non-fungible token is duly registered, you can sell it for a fixed price, leave it open for bids, or organize a timed auction.
Linsey Lohan launched her profile on Rarible, selling her creation, ‘Bitcoin Lightning’ for just over $50,000. Portions of additional resales will go back to the actress, who has also announced she’ll donate it to “charities that accept Bitcoin.”
What is the RARI Token?
In the context of being more than simply an NFT marketplace, Rarible launched its own ERC-20 governance token in 2021, RARI. From 2020 to 2021, anyone selling or buying art on Rarible would also earn some RARI tokens, a key technique from the DeFi boom.
The good news is it has encouraged people to use Rarible and start collecting crypto art, resulting in Rarible becoming a top marketplace dapp on DappRadar’s Ranking. Having reached his all-time high in March 2021 at around $40.
(At the time of writing) the Rarible market, with a circulating supply of 23.2 million RARI, currently holds a market capitalization of $10.7 million. Its 24-hour trading volume stands at $420,180.
What is an NFT?
An NFT is a token on the blockchain that proves ownership and confirms the rarity or scarcity of a digital asset. NFT is an abbreviation of non-fungible token, meaning that each of these digital assets is unique in its own way. Each of these NFTs has its own registration number, similar to the address of a house or a car registration number.
NFT digital art allows people to truly own unique items with the added bonus of it being a store of tangible value. The premise is the same whether it be a piece of digital art to display in a virtual environment such as Cryptovoxels or a CryptoPunk. True control by the owner with the ability to sell, trade, and leverage the asset.
Top Rarible alternatives
Just in terms of NFT marketplace, Rarible has several competitors that also offer collectors variety and artists a large audience. OpenSea, Blur, and LooksRare are some of the top Rarible alternatives.
However, Rarible as a brand has gained respect from the core NFT community in this bear market with the royalties dilemma.
Furthermore, currently, there are only a few projects helping onboard so many businesses, influencers, and giant brands in the world of NFTs. The Rarible protocol and NFT marketplaces by Rarible are good initiatives with value in both bear and bull markets.
Rarible and NFT royalties
After leading NFT marketplace OpenSea announced that it would make paying royalties on secondary sales optional, Rarible did something different. While OpenSea’s decision met with criticism from the NFT community, Rarible took the opportunity to reaffirm its commitment to what many considered to be the core values of the creator economy.
This led to an increase in traded volume on Rarible, as well as in top media mentions.
Royalty fees for NFTs allow original creators to earn a commission on subsequent sales of their work. By setting a royalty rate, creators benefit from future sales, receiving a portion of the sale price each time their NFT is resold.
Therefore, with this commitment, Rarible positions itself as a creator-friendly NFT marketplace.
Explore Rarible and other NFT marketplaces
Rarible is a leading NFT marketplace for many reasons, as you now know. There you can buy, sell, and mint non-fungible tokens from various protocols while supporting your community. It’s also a project that has experienced huge growth and is still standing strong.
DappRadar will keep following Rarible’s path leading the NFT community. If you want to learn even more about the best projects in the exciting world of decentralized applications, then follow the DappRadar blog, YouTube channel, and Twitter.