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?
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, according to their official Medium, more than 2 million active users per month. By July 2022, the marketplace was integrated with Ethereum, Polygon, Flow, Tezos, and Solana.
How to Buy NFTs on Rarible?
In order to start collecting NFTs on Rarible, first, you need to connect your digital wallet to it.
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.
Similar to DappRadar, Rarible also has an app where you can track your NFT portfolio on iOS and Android.
How to Create Your Own NFT on Rarible?
- 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.
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 a simple process. 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 own profile on Rarible, selling her own 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.” She followed other celebrities that minted their first NFTs on the platform, including American billionaire Marc Cuban and rapper Soulja Boy.
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, RARI’s real-time value can be checked using the DappRadar Token Explorer.
Read our article How to claim RARI tokens to find out more about this cryptocurrency.
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.
NFT digital art allows people to truly own unique items with the added bonus of it being a store of tangible value. Whether it be a piece of digital art to display in a virtual environment such as Cryptovoxels or a CryptoPunk the premise is the same. True control by the owner with the ability to sell, trade, and leverage the asset.
Each of these NFTs has its own registration number, similar to the address of a house or a car registration number. Want to learn more about NFTs? Read this.
What is Rarible? Closing thoughts
Rarible is a leading NFT marketplace for many reasons, as now you 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 a 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.
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