Rarible is one of the top NFT Marketplaces that offers various benefits to users. Users can use this platform to share and show off their creations and collections. Moreover, the platform allows you to create your NFT on any of these three blockchains, i.e., Flow, Ethereum, and Tezos. This is a non-custodial marketplace that allows you to have full control over your tokens. Rarible NFT Marketplace is suitable for newbies who want to earn income from the digital world since it offers 5-10% in royalties each time the NFT piece is resold.
The History of Rarible NFT Marketplace
Alexei Falin, IIya Komolkin, and Alexander Salnkov founded the Rarible NFT Marketplace in 2019. Rarible has become famous over the years due to its partnerships with celebrities like Floyd Mayweather, Lindsay Lohan, and social media presence on sites like Twitter, etc. The company is based in Los Angeles with a trading income of $274 million. Rarible NFT Marketplace offers everyone the opportunity of minting their NFTs, whether celebrity or not. Users can also mint their NFTs for free by passing minting fees over to the buyers. In this way, the buyer faces a low financial risk while entering the market.
Opening an Account on Rarible NFT Marketplace?
Rarible is an easy online platform that is simple to use. To get started, you must create an account with your cryptocurrency wallet to be linked to the blockchain of your choice. Rarible operates on three blockchains, namely Flow, Ethereum, and Tezos. MetaMask is also a popular Ethereum wallet supported by Rarible including other wallets like Formatic, Portis, Torus, Mobile Wallet, etc. If you want to use Flow tokens on this platform, then you must use your Blocto wallet. On the other hand, users who use Tezos must connect their Beacon Wallets. Tezos also supports the following wallets, Umami, Kukai Wallet, Spire, etc. Once your wallet has been connected and verified, you must accept the terms and conditions to confirm that you are above 13 years. After this, you can start minting, buying, and selling your NFTs.
Buying and trading NFTs on Rarible?
There are various ways to buy and sell NFTs on Rarible NFT Marketplace since the platform accepts different blockchain technologies. The only important thing to consider is where the NFT token was minted, and the price attached to it. You can buy NFTs on Rarible either through an auction or fixed price.
Auction: When an NFT is placed on auction, a certain amount of time is set and interested buyers submit bids. The buyer with the highest bid at the end of the auction will buy the NFT. Auctions on the platform are processed in cryptocurrency, so buyers must purchase enough coins to cover their maximum bids.
Fixed Price: When selling an NFT at a fixed price, the seller set a price for the NFT. If a buyer wishes to purchase, they press the ‘’Buy For’’, button below the NFT and follow the instructions on the screen to complete the transaction.
Minting NFTs on Rarible
The Rarible NFT Marketplace allows users and creators to create and mint their own NFTs. This is done in a simple and easy process. The first step is to click the ‘’create’’, button on top of the page. Decide on the blockchain you want to use because each blockchain has its fees, pros, cons, etc. The platform will ask you whether you want to mint one or multiple NFTs. The platform accepts files in GIF, WEBP, MP4, and PNG formats. The next step is to add the specific details of the digital file description, method of sale, etc. You will receive royalties each time the NFT changes hands or when someone resells it. To make the NFT more sellable and compelling, you can add additional features like downloadable links, additional buyer content, etc. The next step is to pay for gas fees associated with that type of listing, and finally, your NFT will be listed.
Do I Need a Wallet for Rarible NFT Marketplace?
To conduct NFT transactions on Rarible, a wallet is required to log in. Since the platform offers three blockchains, the system now supports a Multi-Wallet Profile. This means that you can add multiple wallets to one Rarible profile, and you can manage all your NFTs from there. The Multi-wallet profile can support 20 wallets that are connected on the blockchain.
Setting up a Multi-Wallet Profile
- Choose the most active wallet you have. Log into your Rarible account using this wallet. Thus, this wallet serves as the foundation of the new multi-wallet profile. Head over to the user menu and click on ‘’Manage wallets’’.
- Link all your wallets one at a time, this can either be wallets from single or multiple chains. Make sure you do not list, or merge wallets issued by the same provider.
- When you have merged your wallets, all your information will be merged to this main profile. This means that all your likes, comments, activity, etc. from these different wallets will be merged into one. Some of the information will be wiped after the merge, however, this does not apply to your NFTs.
- After the merge, your NFTs will be listed under the new multi-wallet profile. It might take some time for all the amounts of NFTs to show right away on the profile.
Is Rarible the Best NFT Marketplace?
Although Rarible NFT Marketplace does not offer NFTs like CryptoPunk or Bored Ape Yacht Club, it is a unique platform for users to share digital art. The platform offers users an inexpensive way of entering the digital space because of the three different blockchains it offers.
Rarible is rated as the best NFT Marketplace because it offers users the opportunity to create, buy, and sell NFTs all in one platform. It has a solid royalty system that allows sellers to continue earning money from their sold NFTs. The platform allows you to make payments with your debit, credit card, or Google Play. You can use your existing wallet to connect to the platform if you do not want to create a new one. Rarible rewards the members on its platform, i.e., the buyers and sellers, with Rari tokens. Rari tokens provide members with voting rights and other powers. However, it is advisable to conduct thorough research before jumping into decisions about the best NFT Marketplace that would suit you.