Rarible 2022 Overview: The Main Features of The NFT- Marketplace

In a world where NFTs have become a hit with so much money in circulation, forgery has sadly become rampant. Therefore, knowing and understanding the real deal is crucial to discovering market frauds.

Is Rarible the real deal? Let’s find out! This article comprehensively reviews the Rarible marketplace, how to use the marketplace, NFTs you can buy and how much, and every other thing you need to know when looking to transact on the platform.

Without further ado, let’s get right into the details!

What is Rarible?

Rarible is an NFT marketplace where you design mints and buy or sell digital collectibles. It is a community Centric marketplace.

How Was the Rarible Marketplace Created?

Rarible is a Moscow-based project first conceived in 2017 but founded in 2020 by two Russians, Alex Salnikov and Alexei Falin. Supporting them is a team of 12 people who are primarily artists.

Its current CEO, Alexei Falin, was a developer who also co-founded a software company, “Sticker Place,” that connects artists to people willing to buy stickers. However, the desire to tokenize collectibles gave rise to Rarible. July 2020 saw Rarible issuing its token RARI, aiming that the holders of the RARI token will control Rarible.

Rarible aims to become a DAO, a software-based user-controlled system supported by Blockchain, i.e., the platform will be controlled by users. A DAO uses blockchain technology like programs, code, etc., to promote transparency and decentralization over the platform.

Rarible is revolutionary as it represents a new kind of ownership for digital files, including pictures, memes, games, videos, music, and documents. Moreover, it is a unique intellectual property available in limited quantity as traceable assets.

Rarible has a liquidity mining scheme as an incentive to reward active buyers and sellers. However, this development has increased the number of wash traders; the founders have been combating the issue since 2020.

Rarible currently has several investors, including Coin Fund, and the marketplace has over 50,000 users and over $140 million in trade.

How to Get Started on Rarible

It is pretty easy to start on Rarible as the process is straightforward. All you need do is:

1.Create an account with a cryptocurrency wallet of your choice.

2.To do this, you need a wallet that supports any of the blockchains Rarible operates. They are Ethereum, Polygon, Tezoz, Flow, and MetaMask. You can also use these Ethereum wallets on rarible: Torus, Mobile Wallet, Portis, Coinbase Wallet, MyEtherWalet, and Formatic.

3.You will also have to agree to the terms and conditions and confirm that you are over 13 years old. Then, after some minutes, you can create, buy and sell NFTs using Rarible.

How to Set Up Your Rarible User Profile

To commence your NFT journey on the Rarible platform, you must sign up and set up your user profile. Here is a step-by-step procedure to follow,

I. Check out the Rarible website; the net will lead you to the homepage. Please check to ensure you are on the right page before granting access to your wallet. There are several scam imitations out there willing to dry up your wallet. Therefore, be careful, don’t be in haste.

II. You will see a white “sign in” button on the homepage at the top right corner, beside the colorful “create” button. Click on it to continue.

III.  It will reveal a sign-in page that will present the available currencies as each has its distinguished wallet and address. Ensure you pick the correct currency and wallet address, as that is what you will be able to use with your account.

IV. Then, you will see a pop-up on the top right corner of your screen to confirm the account of whatever wallet you are linking. If satisfied with your chosen wallet, you can proceed by clicking on the blue “next” button on the bottom right of the pop-up.

V. You will receive a notification of the access you are granting Rarible by connecting your wallet.

VI. If you agree with the notification, you can proceed to click on the blue “connect” button to complete your account creation process.

VII. The pop-up will refresh anew with a fleeting colorful animation of the connection process before it mechanically closes and redirects you back to the Rarible homepage.

VIII. On the homepage, you will observe that at the top right corner, which previously housed the “sign in” sign, there is a colored circle, your default profile picture. This confirms that your account is ready.

The Rarible Home Page: Basic Sections and Features

Rarible has a user-friendly website and interactive UX/UI. The Rarible homepage has an icon with a yellow colored background and the letter “R” inscribed in black color on it. The home page contains several pop-up buttons with different colors, asking you to:

1. Connect wallet

2. Choose Blockchain

3. Explore all blockchains NFTs

4. Following feed

5. Explore Ethereum NFTs.

How Do You Create Your First NFT on Rarible?

NFTs are easy to create. The art of Creating an NFT is simply “minting.”

Creating your NFT on Rarible takes 5 minutes. However, do not fret if it takes you more than that; it might be because you are unsure of what you are doing. The goal is to create NFTs and not create them in record time. Note that Rarible delists stolen art. Do not post art that you do not own; otherwise, you will be paying gas fees while making nothing.

To get started:

1. Click on the “create” button at the top right corner of the Rarible homepage.

2. Choose the Blockchain on which you’ll like to mint your NFT.

3. Decide on the edition type your NFT will be, either a single (one of a kind) or multiple (several versions of the same work) edition.

4. Then, you upload your file. It can be a WEBP, PNG, GIF, MP4, or MP3 file. Ensure the size is under 100 MB.

5. Select a collection for your NFTs.

6. Create an eye-catching title and a captivating description so people won’t help but buy it.

7. Also, decide on the sale type – fixed price, open auction, or timed auction.

8. Select the royalties you want to receive from every secondary sale (these are fees you receive based on the total sale price each time your NFT sells).

9. You can decide to add unlockable content like secret links, vector files, or other things.

10. You can choose Free Minting to evade gas fees.

11. Click “Create item,” sign the transactions with your wallet, and your art is now on Rarible!

How Do I Buy Already Posted NFTs?

To buy existing NFTs, you must open an NFT marketplace and crypto exchange accounts. Then you buy a blockchain, preferably Ethereum, as most NFTs are on the Ethereum blockchain. Afterward, you transfer the Ethereum into your crypto wallet and connect your wallet to the NFT marketplace. Then, you can proceed to buy NFT.

How Do I Buy NFTs on Rarible?

Once you find an NFT of your choice on Rarible, you can purchase through an auction or a fixed price.

1. Through an Auction:

Buying NFT through an auction is similar to regular auctions. However, an NFT will be up for sale for a particular time for several people to submit bids. The highest bidder wins the NFTs’ purchasing rights at the end of the auction. Note that to bid in auctions, you must use cryptocurrencies only. Hence, ensure you have enough coins in your wallet to cover your maximum bid. In addition, note that cryptocurrency transactions are taxable.

2.Fixed Price:

If you buy an NFT with a fixed price, the seller puts the NFT up for sale at a fixed cost. After this, you click on the “Buy for” button on any Rarible supported Blockchain you choose. Each Blockchain has different ways in which you can buy NFTs. For example, Rarible’s Crypto Eggs Civilizations collection headlining a collection of animated Non-Fungible-Tokens is on the Ethereum blockchain. You will then click the “Buy For” button to make a purchase. Once you’ve done that, a check-out window will pop up on your screen, displaying the price with the 2.5% service fee deducted and confirming the purchase.

You can make payments using a Visa or Mastercard if you have insufficient wallet funds. However, not all wallets and blockchains enable you to purchase NFTs using your credit or debit card. For instance, if you buy on the Tezoz blockchain, you can only complete your transaction with Tezoz coins.

Also, note that if you buy NFTs from a more extensive collection, to avoid purchasing counterfeits, search for a yellow checkmark; this mark verifies users and collections.

How Do I Sell NFTs on Rarible

Once you have successfully bought or created NFTs, you can list them on your profile for sale. Your NFTs are in your connected crypto wallet. So, to sell, click on your profile, the NFT you want to sell, and finally click on put on sale. Should anyone decide to buy, Rarible handles the transaction and ensures the NFT moves into your buyer’s wallet. You can sell your NFT in three ways.

1.Fixed Price: You can select an NFT to sell and set a fixed price at which your buyers will purchase.

2.Open For Bids: You can choose to display your NFT for people to make you an offer, allowing you to accept whichever offer you find fair.

3.Timed Auction: You can also start an auction by allowing people to bid. Once the timed auction ends, your NFT goes to the highest bidder in exchange for what their bid on it.

What Edge Does Rarible Have Over Other NFT Marketplaces?

NFTs have gained wider adoption, and brands and celebrities are fast following its trail. As a result of increased users, several marketplaces have sprung up. For example, cryptocurrency exchanges like Binance, Coinbase, FTX, and Kraken have launched their NFT marketplaces.

Rarible presents some significant advantages to make you consider choosing it above other NFT marketplace.

For instance, while OpenSea might have some edge over Rarible in terms of popularity and age, full support of Solana, and its acceptance of more file formats, It does not allow new features available in younger market places like Rarible.

On the other hand, Rarible:

1. Allows users to set their royalty percentage,

2. It supports four blockchains,

3. It offers lazy minting and allows users to buy fixed-price items using credit cards, and

4. Embraces new features like the NFT marketplace index and its merger with the DeFi ecosystem.

Rarible collaborates with crypto exchanges, while SuperRare focuses on high-quality art pieces and operates with a single chain Ethereum.

Rarible certainly has the edge over other NFT marketplaces; its multi-chain operation makes working with it cheaper, attracting more users and companies.

Secrets, Tricks, Tips, And Non-Obvious Moments

Here are a few secrets, tricks, and tips you can work with on the Rarible Marketplace.

You Can Connect with Your Favorite Rarible Users on Messenger.

Rarible lets you connect to your favorite users on the Rarible messenger, the first ever NFT marketplace messaging service.

You Can Make Your Ethereum NFTs Carbon Negative

Although this is awesome, proof-of-work blockchains exhaust much energy and need to be transformed into proof-of-stake to reduce energy exhaustion. Rarible has chosen to partner with Nori for carbon removal. Now, click on your Ethereum NFT; once you have opened the details tab, click on the “remove carbon” button, then check out with Nori. Once you’ve done that, your NFT is carbon-free.

You Could Collect Royalties from Sales on Rarible Even if You Didn’t Create Your Collection on The Platform.

What could be more fabulous? Though you created your NFT elsewhere, you can earn royalties on the Rarible marketplace. All you need do is find your collection on Rarible, claim ownership add a description, upload a profile picture, and set royalties. Voila! You begin to earn royalties.

Create NFTs For Free

On Rarible, you mint NFTs for free without upfront payment as you pay at the point of sale. Also, Rarible allows lazy minting, of which you can mint a token without designing a blockchain entry, skipping gas fees. You can switch on the “free minting” button while creating NFTs. Once you’ve done this, the first person to buy or transfer your NFT will pay the gas fees.

How Much Does It Cost to Put NFT on Rarible?

It does not cost anything to put NFT on Rarible. You do not have to pay any charges to mint NFTs and offer them for sale. However, the platform charges a buyer/seller fee of 2.5% of every transaction.

How Do I Buy NFTs on Rarible?

Once you have found an NFT community and are willing to buy an NFT, here is how to go about it: log into your Rarible account. Since Rarible supports three blockchains, you can buy and sell NFTs in multiple ways on the platform, depending on the price and where you mint your token. For example, on Rarible, you can buy an NFT through an auction or a fixed price.

What is the commission on Rarible?

Rarible fees are like this: the marketplace takes 1% on the buyer’s side and 1% on the seller’s side, and that’s it.

The Final Verdict

The NFT world is a desirable place to be now, and rather than being displaced and overwhelmed, you can choose to enter that space with Rarible. Rarible is one of the most popular marketplaces to have emerged in 2020. It is the first community-owned marketplace with outstanding features over every other NFT marketplace, which is worth considering. Does this platform sound like the best marketplace to you? Figure it out!