Rarible Review
Rarible is one of the top NFT marketplaces and is built on the Ethereum blockchain. Rarible aims to be a decentralized autonomous organization (DAO) one day.
The platform uses their own cryptocurrency called RARI which is the first governance token in the NFT space. RARI enables the most active creators and collectors on Rarible to vote for any platform upgrades and participate in curation and moderation and is distributed at a rate of 75,000 RARI a week. While artists are required to submit their creations for approval, Rarible allows anyone to be listed on its portal. Fees can be set by the seller and all NFTs created on Rarible can also be found on OpenSea.
- Has its own native crypto (Rarible Token)
- Community oriented with goal of becoming DAO
- No coding knowledge needed to mint NFTs
- Set royalties for future sales of your art
Rarible Pros & Cons
Pros
Artists can choose future royalties of up to 50%
Non-custodial marketplace
Very easy to create and sell NFTs
Native token used to shape governance of platform
Cons
Commission is higher than some competitors
No mobile app
What is Rarible?
Rarible was launched in 2020 and it is an open-source NFT marketplace where any user can buy, mint and sell digital items.
These items can be images, videos, music, domains, and more. The ownership of these items is exchanged on the company’s online platform using Ethereum blockchain technology, meaning there is no middleman, Rarible is simply a platform you interact with and agree to smart contracts on. You can mint and sell you own NFTs, buy ones listed on the platform, or sell ones you have already purchased.
Is Rarible Safe?
Yes, because it is secured with the power of blockchain Rarible is extremely safe.
It is also non-custodial, meaning that your NFTS never leave your wallet until they are sold. When a sale occurs, the smart contract you agree to when listing your NFT activates and pulls it from your wallet, in exchange depositing the funds you are owed. Everything is secured by the blockchain and verifiable.
How to Mint an NFT on Rarible
It is easy to mint an NFT on Rarible using the following steps:
- Visit the Rarible homepage, connect your wallet, and click “Create”
- Select whether you want it to be a single NFT or multiple
- Upload a file up to 100mb (PNG, GIF, WEBP, MP4 or MP3)
- Choose whether you want it to be an auction or fixed price
- Choose price and currency if fixed price
- Choose a title and description
- Pick Royalties of up to 50% and number of copies you want (if multiple)
- Click “Create Item”
- Confirm the transaction with your wallet
- Sign the transaction
- Your item will show up for sale once it is processed on the network
What Wallets Does Rarible accept?
You can connect to Rarible with seven different crypto wallets, all of which are Ethereum network compatible as that is the network that Rarible uses. The wallets Rarible accepts are:
- MetaMask
- Torus
- Portis
- My Ether Wallet (MEW)
- Fortmatic
- Coinbase Wallet
WalletConnect Wallets (Argent, Crypto.com Wallet)
Advantages of Rarible
Apart from it being extremely easy to mint your own NFTs on Rarible, another advantage is that you can choose what royalties you will earn on future sales of your art, up to 50%.
The distribution of RARI tokens to both active buyers and sellers is appealing as well, as it has decent value and holding it allows users to shape the future of the platform, which has a goal of becoming a decentralized autonomous organization (DAO) in the future. RARI is distributed at a rate of 75,000 per week, split evenly between the most active buyers and sellers of the platform.
Disadvantages of Rarible
The only real disadvantage of Rarible is that there is no specific mobile app, though you can access it through your browser on mobile if you have a mobile wallet that is compatible.
Otherwise, the only real disadvantage is that you have to pay a fee to purchase art on the site, whereas most sites only charge commissions to the sellers. Sellers can choose a setting to pay the fee for the buyer if they want though.
Rarible Frequently Asked Questions
To connect your wallet to Rarible, you must have an Ethereum network compatible wallet such as MetaMask. Visit the Rarible homepage, click connect wallet, approve the connection via your wallet, then verify that you are over 13 years of age and agree to the Terms & Conditions. Done!
You can make money on Rarible in a few ways, you can mint and sell your own NFTs, you can speculate and purchase NFTs that you think will go up in value later and sell them for a profit, or you can try and do quick flips on drops. It is not guaranteed that you will make money though.
Rarible takes a 2.5% service fee on both purchases and sales, meaning when you sell an NFT they take 2.5% and when you buy you pay an extra 2.5%, overall Rarible gets 5%. The seller can choose to pay the fees for their buyers.
Gas fees are the fees required for the network to process your transaction. They are not paid to Rarible but rather to the miners who verify and process the blocks on the Ethereum network.
Rarible Token or RARI is the native cryptocurrency of the Rarible marketplace. It gives users voting rights and is distributed weekly to the most active buyers and sellers, ensuring that only active users can shape the future of the platform. The main benefit to RARI holders is that they can vote on system upgrades, but it also allows them to curate and moderate creators on the platform.
You can earn RARI by using the platform, but it can also be purchased at exchanges such as Crypto.com Exchange, Kraken, SushiSwap, and Uniswap.
