NFT Marketplaces explained
The growth of crypto art was one of the most interesting trends of 2020 and shows no signs of slowing as we enter 2021. NFT art marketplaces such as Rarible have boomed on Ethereum, in part as a direct result of the amount of value being generated through activity on DeFi dapps.
In that context, it is perhaps fitting that Rarible made its reputation by employing one key technique from the DeFi boom. Anyone selling or buying art on Rarible also earns some of the 75,000 RARI tokens which are distributed weekly to encourage activity. Of course, this is just another form of asset or yield farming that was kicked off back in June with the launch of Compound’s COMP token.
The good news is, it has encouraged people to use Rarible and start collecting crypto art, resulting in Rarible becoming a mainstay in the top 3 three marketplace dapp rankings on DappRadar.
NFT minting platform
Another reason 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.
More recently, 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.
Here’s 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.
Now you have a better idea of what Rarible is and what it can offer you, let Jon Jordan take you through the NFT marketplace dapp and show you how to set up an account, and get started.
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.
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. Want to learn more about NFTs? Read this.