Rarible is a marketplace, a trading platform for creating, buying and selling NFT tokens. One of OpenSea’s main competitors. It works with three blockchain networks: Ethereum, Tezos and Flow and supports a large selection of wallets to connect. The activity page tracks purchases, subscriptions, bets, and other activities of all users. The site’s own token is called RARI and acts as a management token.
The editors of digiitallife.com will tell you more about the features and functions of the NFT-platform Rarible.
General Information
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- Name Rarible
- Official website https://rarible.com/
- Services NFT trading and creation
- Launch year 2020
- Country of registration USA
- Rarible, Inc.
- Registration Address Attn. DMCA Notice 1209 Orange Street Corporation Trust Center Wilmington, DE 19801
- Mobile App Yes (for market watching only)
- Daily trading volume as of 25.02.22 $2 580 000
- Work with fiat No (but in some cases it is possible to buy from card)
- No KYC verification, but there is account verification for those who want trusted seller/buyer status
- Supported blockchains Ethereum, Flow, Tezos
- Commission for NFT sale 2.5% from buyer and the same from seller
- Royalty Up to 50%
- Selling Options Auction, Fixed Price
- Available file formats PNG, GIF, WEBP, MP3, MP4
- Reference materials https://rariblecom.zendesk.com/hc/en-us
- Support https://rariblecom.zendesk.com/hc/en-us/requests/new
- Blog https://rarible.com/blog/
- Social networks
https://www.youtube.com/channel/UC2v3aVwed777Sxj7pjrpK9Q
Getting started. Connecting the wallet, settings
Since Rarible works in three blockchain networks, you should first decide which one you need. And then choose the appropriate wallet.
Ethereum:
- Metamask
- Torus
- Coinbase
- Portis
- MyEtherWallet
- Fortmatic
- WalletConnect
Tezos:
Flow:
To connect, simply select the wallet option you want (assuming it’s already installed on your device/browser) and confirm the connection. Now all NFT buying, selling, minting transactions will be done using your wallet. There is no need to register an account. When logging in confirm that you agree to the terms of service and you are over 13 years old.
By clicking on the icon in the upper right corner of the screen the theme changes (dark or light). If you want, you can edit your profile.
Rarible allows you to enter the following information about yourself:
- A name or nickname that will be visible to other users.
- Avatar.
- A personal link to Rarible.
- A short story about yourself.
- Link to Twitter, personal website, portfolio, etc.
- Email if you want to receive platform news.
- In addition, you can go through verification. It is not obligatory, but it helps to increase the confidence of counterparties. According to the regulations, verification can take up to two weeks.
To get the badge of a verified user, you have to fill out a profile and have at least one created or purchased NFT on the site. The profile will first be verified by the script, then, if everything is complete, it will be sent to the person. The person will check the social media (number of subscribers is not important), as well as the uniqueness of the works in the account, if they are claimed as their own.
How to buy NFT on Rarible
Having connected a wallet, you can immediately start shopping (provided, of course, that there is enough money on it). Find the tokens of interest by selecting the desired blockchain from the Explore menu and applying the filters at the top of the screen.
Auction
On the Ethereum network, bids are accepted in WETH tokens. To do so, you need to convert your ETH into WETH by confirming transactions in your wallet.
The auction lasts as long as the creator has set it. Whoever bids the highest price at the time of completion becomes the owner. However, this will still only happen after the seller manually accepts the bid.
You can cancel the bid, but not immediately after posting.
Collection pages, such as the Bored Ape Yacht Club, have a button that allows you to buy any random item from that collection. Note that some sellers accept payment by bank card.
Fixed Price
A seller can also put up a token without an auction system, at a fixed price. Payment can usually be made in cryptocurrency or by card. If it is several tokens in one lot, you will need to specify the quantity to be purchased. Next, confirm the transaction, and the asset will immediately appear in the wallet. If the token had unlockable content associated with it, you’ll get that too.
Creating and selling your own NFT in Rarible
To create an NFT on Rarible, click Create at the top of the screen and select the blockchain on which you will mint and distribute the token. You can use PNG, GIF, WEBP, MP3 and MP4 files as the basis.
- Choose whether you want to create 1 NFT or an entire series at once. Upload the file. Check carefully that the file is the right one, as you will not be able to edit the token created on the blockchain later (only burn it and mint a new one).
- Set up all other parameters. Choose whether you want to sell at a fixed price or by auction. The possible duration of the auction – from 1 to 7 days. The option Open for bids means that you choose which bid you want to sell your token for.
- If necessary, add unlockable content. This is what the buyer will get in addition to the main file. Any keys, links, etc.
- Select the collection where the new NFT will be stored. Enter a title and description. This too cannot be edited later, so be careful.
- When you’re done with the settings, click Create Item.
- Now you need to mint the token on the blockchain. You will be sent a transaction request to your wallet, which you need to approve. Minting will require a certain cost – the payment of the blockchain network fee. Rarible has no control over this cost. If it seems high to you, wait until the network is less busy.
- On top of that, two more confirming transactions will need to be signed, already at no cost.
RARI token.
RARI is a Rarible Protocol control token. It is distributed weekly starting January 16, 2022 for activity on the trading platform. It allows decisions to be made within a Rarible DAO.
The key goals of the decentralized autonomous organization are to develop web3 projects based on the protocol and to expand the space in the long term.
RARI token figures as of the end of February 2022:
- Maximum issue: 25,000,000
- Outstanding: 6,067,446
- Rate: $6.65
- Market capitalization: $40,272,675
- The asset is traded on DEX and some centralized exchanges – Kraken, MEXC, CEX.io, Coinbase.
Reviews
Users like: the quality of service, the convenience of trading NFT and creating collections, a good user interface, the ability to set a high royalty.
Users dislike: problems with NFT placement (some had gas fees charged twice, some had NFTs stuck in processing and not placed even though the transaction was paid).
Advantages and disadvantages
Pros
- Support for three blockchains, multiple tokens and collections.
- Commission is split equally between buyer and seller.
- Convenient functional interface – subscriptions, messages, buying a random item from the collection and much more.
- Decentralized management with RARI tokens.
- Royalty up to 50%.
- Ability to buy/sell with a bank card.
- Detailed help system.
Cons
- Limited functionality of the mobile app.
- Little choice of file formats for the NFT creation.
FAQ
What is Rarible?
A platform for creating and trading NFTs, which are irreplaceable digital tokens linked to a particular object.
What blockchains can I mint NFTs on?
Ethereum, Tezos, Flow.
Allowable percentage of royalty payments?
From 0 to 50%.
What commission does the platform charge?
Total of 5% which is divided equally between the buyer and the seller.
Which wallets can be used to connect to the protocol?
Ethereum: Metamask, Coinbase, MyEtherWallet, etc. Tezos: Beacon. Flow: Blocto.
Why do we need a RARI token?
This is a decentralized management token that is distributed to active users on a weekly basis. It allows you to vote for certain changes in the protocol.
Conclusion
Pretty quickly, Rarible has become one of the leading NFT marketplaces. The simplicity and accessibility of the exchange makes it possible to start working with it even for newcomers who have never dealt with digital tokens before. The community management model and the RARI token also appealed to users. The project has strong enough support from investors, so it has every chance to catch up with OpenSea, especially if it continues to actively develop DAO and add new blockchains to coin tokens with minimal commissions.