Contents:

• • Quick Summary
  • Details about the company
  • How does it compare? 
  • How to open an account?
  • Is it safe?
  • Can you mint NFT’s on it? How much does it cost? 
  • Features
  • Pros/Cons

Rarible

Rarible is an NFT Ethereum-based marketplace and has a history from the year 2020, which facilitates the creation, selling, and buying ownerships and rights of the NFTs. NFT (non-fungible token) is a unique piece of digital assets, such as collectibles and digital artworks.

Summary:

• Full-service NFT platform with solid online options
• Commission fee for minting NFTs
• Online catalog for NFT creators and buyers

What does Rarible offer?

If you’re thinking about opening an account with Rarible, here’s a breakdown of its key features and options.

To utilize Rarible’s Ethereum-based NFT marketplace, you must first have an Ethereum wallet such as Metamask, Argent, or Coinbase wallet and some ether (ETH). You can purchase ETH via an exchange, or on the Rarible crypto platform with a credit card. Once you’ve linked your wallet, you can browse Rarible’s NFT marketplace for items to purchase. The platform displays top sellers and NFT art collections and allows you to search for NFTs via categories such as photography, games, and memes. NFT sellers can choose whether to set a fixed sale price for their assets or to conduct an auction.

Additionally, if you are an artist or creator, you can use Rarible to mint your own NFTs. If you mint NFTs, you are not required to sell them and can merely house them on the platform. You must pay two fees the first time you mint an NFT — one to give your wallet permission to interact with Rarible and one to “call the mint function,” which puts your file on the InterPlanetary File System (IPFS) and the Ethereum blockchain.

Both fees are network fees — the price of interacting with the blockchain — and do not go to Rarible. For future minting, you will only be required to pay for transaction fees, though these vary depending upon network congestion. When you do decide to sell NFTs that you created, the Rarible art marketplace makes it possible for you to collect NFT royalties on sales, meaning that you can collect a percentage of the sale price not only when you first sell your NFT, but potentially also on subsequent third-party sales of your NFT (for example, when the person you sell to decides to sell the NFT to someone else). Finally, Rarible is integrated with OpenSea, another NFT marketplace, which means that you can view and manage your NFTs on OpenSea, in addition to selling them on OpenSea for ETH or RARI.

Minting Costs

There are no fees to open or maintain an account with Rarible, though there are minting (gas) commission costs each time sellers attempt to upload their artwork on the website, the service fee is taking 2,5%.

How Does Rarible Compare?

Rarible has a very comfortable UI/UX, which helps buyers to search for NFTs of their choice by category. You can search by categories like top-selling NFTs, collectibles, games, memes, and so on. 

Rarible, despite the fact that it is relatively new, is one of the most popular marketplaces in the world. Rarible is best known for its token “RARI”, which helps customers to participate in Rarible’s platform management.

How Do I Open An Account?

You can open a Rarible account online in about 10 minutes. For creating NFTs you have to own a digital wallet, such as MetaMask, Coinbase wallet, etc., and purchase some Ethereum via exchange or with a debit/credit card. You can either use a computer browser or a mobile app. You must confirm that you want to ‘create a new wallet and seed phrase’. After signing up, creating a password, agreeing to the terms, and going through some security measures, the account will be created. The sign-up process is very easy. On the main Home page there are buttons on the upper right side “create” and “sign in”. If you created a single unique piece, choose the “single” option, but if you created multiple collectible artworks, select “multiple.” After making your choices, you will need to fill in the title and description gaps. The final step is clicking the “create” button and minting your NFT. You can choose which crypto blockchain you prefer for transactions. You can choose from “Ethereum”, “Flow” or “Tezos”. The Ethereum version is the most common one, it is most stable and widespread, the Flow is the cheapest version for creating items, and the final Tezos is the most secure and upgradable. 

Is It Safe And Secure?

Rarible is very safe when it comes to the privacy policy and verifies your identity and location, which connects your historical data and account. By registering and using the services, you consent to receive follow-up questions and other communication, either from Rarible or from relevant third parties.

Rarible is using Ethereum-based blockchain, meaning that it is almost impossible to hack the system. The data is stored in multiple decentralized nodes on blockchain technology. Buyers either can buy NFTs right away or they can place bids, the choice is upon them. Every interaction with auctions (placing bids, winning and claiming NFTs, etc.) on Foundation is recorded on the Ethereum blockchain. After the first bid is placed on the artwork at or above the reserve price, a 24-hour countdown for the auction starts. An auction comes to an end when the countdown has run out of time.

Is Rarible good for beginners?

Rarible is one of the most popular marketplaces today, which means that newly established artists mostly mint their works on Rarible. One of the biggest appeals of this platform is its UI, which helps buyers of all kinds to find their preferred pieces. Therefore beginners might get their NFT listing beneficial and easily approachable for the potential buyers. 

Pros And Cons 

The biggest Pro of the Rarible marketplace is the fact that it is one of the biggest platforms today, and it is commonly used by collectors and potential buyers, thanks to Rarible’s comfortable search engine. 

Though the biggest cons of this platform are its gas commission fees. 

Especially beginners and not so famous artists find it difficult to pay for the gas fees, considering that Rarible charges sellers not only once but for separate minting and listing fees each time they attempt to sell their works. This is one of the main reasons why creators complain about this platform.