NFT Marketplace - Rarible 2.5% on NFT sales
Description: Rarible is one of the most unique marketplaces and it has seen rapid growth. Sign up and use are very easy!
Offer price: 0.0
Operating System: "Windows", "OSX", "Android"
Application Category: NFT Marketplace
Rarible is a standout marketplace, using a self-listing workflow that enables NFT creators to upload a vast array of token types for buyers to take advantage of. The interface looks great, and ambiguity is never a factor.
With the use of a crypto wallet for both storage and authentication, there’s never been a lesser need to worry about the storage of personal information in multiple places.
- Self listing functionality creates an attractive marketplace for content creators
- A vast array of NFT types, which represent virtually all categories
- The UI is incredibly intuitive and uses its design to subconsciously provide direction
- The minting process on the site is incredibly intuitive
- Royalties have been implemented to ensure creators perpetually profit from their works
- Credit card payment option in some countries
- No support for IPFS storage or APIs
- Transaction fees charged to both seller and buyer
Rarible is a very well-regarded NFT marketplace that provides a respectable variety of NFT types for its users to enjoy. It facilitates the creation, purchase, and sale of NFTs in a decentralized and relatively safe marketplace.
Having come to fruition in 2020, Rarible is certainly one of the newer NFT marketplaces and has seen a meteoric rise. One of its most outstanding claims to fame is the incredible array of listings that you can find on it.
Representation is almost across the board, as in most cases, if you can imagine it, then Rarible likely has it. Artists tend to enjoy the platform because they can self-list and not necessarily worry about dealing with oppressive commissions.
What Is Rarible?
Rarible provides a solid and diverse marketplace, bringing NFT creators, purchasers, and sellers together in a very convenient setting. Everyone can choose to either hold on to or resell their NFTs on the platform, depending on if they want to use them for earning.
Since self-listing is such a big part of the equation, you find that there are a host of NFT types present that are not necessarily listed on other platforms. To simplify things, Rarible categorizes the tokens under several umbrellas.
It’s a very welcome platform in the industry, considering that there is no coding experience required to get started with it. Even so, the development process taking place on the Ethereum blockchain contributed to a situation in which transactions are incredibly secure.
As indicated above, Rabble is the place you’d look if you’re trying to find NFT tokens that are not necessarily too mainstream. Though platforms, such as OpenSea have tremendous representation in their own right, the self-listing that Rarible offers opens the proverbial floodgates for creators.
Since the variety can be so broad, the platform uses categories, such as digital art, games, memes, music, and metaverse to keep things simple for its users.
You may notice that digital art and memes are two separate categories here, and they are often differentiated by the implicit nature of their content pieces.
Metaverse may also stand out to you. This category is simply based on ownership of virtual metaverse space. Note that the metaverse can also be used for digital asset blockchain-based transfers, meaning that what is an NFT can also double as an asset management tool.
Token Standard Used in the Platform
The Rarible network uses its own token standard known as RARI, which also doubles as a sort of shareholder currency, allowing members to put forward proposals and vote on ways to modify the platform for the better. RARI is an ERC-20 tool and was initially launched during a liquidity minting program.
There’s only exclusive support for Ethereum blockchain tokens including MANA, Tezos, and Matic.
Does It Have Gas Fees?
While gas fees are present, they make no appearance until the selling stage of the NFT lifecycle. At this point, both seller and buyer pay a 2.5% fee.
Can You Buy an NFT with a Credit or Debit card
Previously, Rarible did not support credit or debit card payments. However, thanks to a partnership with Wert, credit cards are now accepted in over 190 countries. Of course, if your country is not on that list, then you are likely going to have to go with one of the cryptocurrency-based payment methods.
How Rarible Works
Rabble is an NFT marketplace at its core, which makes it nothing more than an intermediary operating on the Ethereum blockchain. First, creators must go through a minting process, converting their work to an NFT, which is a process facilitated by the Rarible platform. It boils down to uploading a piece of work and having an NFT token generated that represents it.
Once that is completed, sellers can then list their work for purchase. Buyers are then incentivized to look around and find NFTs that they may be willing to purchase. Once that is done, the Rarible platform then sends the NFT to the purchaser’s digital wallet, recording the transaction on the Ethereum blockchain.
Our Rarible Analysis
Of course, being reviewers of the Rarible platform requires us to use it ourselves, and so we did. Our choice was to use a simple email address that’s not necessarily traceable to any of us, to balance the equation.
We didn’t necessarily find the signup process prohibitive. However, it is a little different from the traditional workflow you have come to expect. For one thing, you would think that you would create a Rarible account with some personal details like you would on other platforms.
The best way to explain what happens is that you use your crypto wallet as the sign-in gateway, linking it to Rarible. You can think of it as a platform that allows you to use your Google, Facebook, or even Twitter account to sign in, which prevents you from having to set up a new one. It’s different, but it’s certainly convenient.
The Signup Process
Several wallet types are supported, but we found that MetaMask has one of the best integrations, so that’s the one we went with. If you are following along the same line, then you’re going to need to set up your MetaMask wallet first and then connect it to Rarible. Again, you can connect other wallet types that you might be more comfortable with.
From the Rarible page, select the “create an account” option From there, you can sign in with your wallet and proceed to accept the terms of service. With that said, you proceed to the NFT purchase stage of things. The workflow looks something like the four pillars below.
- Setup Your Wallet
- Sign-in with Wallet Integration
- Learn about the platform
- Start browsing NFTs
Ease of Use
We must commend the Rarible team for making their platform so intuitive that even a true beginner with no form of NFT transaction experience can run through the process. After you’ve completed your sign-up, you may then be ready to start looking around to get your hands on some NFTs.
Once you find what appeals to you, there is a “buy now” button that you use. Note that you can purchase tokens as final sales or under auction, based on the way the seller has listed them. Once the transaction is complete, everything syncs to your wallet, which in our case, was provided by MetaMask.
Note that there is a 2.5% charge to both the buyer and the seller, which means the final price that you are going to see Includes this charge.
On the seller side of the fence, you can see all NFT tokens that are present in your integrated wallet. Simply select the one that you are interested in putting up and click on the “put on sale” option. Enter the price and click on “next step.”
You are then presented with a token verification, and you’re required to sign the transaction. With all that done, your item is listed for sale.
There is probably value in mentioning the auction side of things, since Rarible provides the facility for you to bid on NFTs. In this case, you must pay the Ethereum gas fee and you have control over how much you bid.
Rarible’s reputation is deeply rooted in its style of differentiation. Whenever you want out on this world NFTs that you probably didn’t even know existed, Rarible is the place you go. Creators very much enjoy the platform because of the level of freedom that they have with their listings. Additionally, the fees present are not on the oppressive side of the spectrum.
People are also confident in Rarible because it is one of the later NFT marketplaces to show up, yet it simply exploded. Its success in a relatively short amount of time is nothing to turn up your nose at.
Additionally, accessibility is one of the biggest parts of the appeal. Unfortunately, decentralized currency-based areas are often very prohibitive to beginner users because of the steep learning curve.
Make no mistake as there is quite a bit going on behind the scenes, but the developers did a lot of the heavy lifting so that users do not have to.
Rarible is an incredibly safe platform for you to engage with, and a big part of this is the protection offered to it by blockchain technology. Additionally, it does not use a custodial style of operation. In other words, unless you sell your NFTs to someone else, they reside within your wallet as opposed to on the sides.
Smart contracts are used for ownership transference, allowing for a secure and smooth workflow with trusted verification.
Nevertheless, platforms such as Rarible can only protect your interests to an extent. They tend to advise their users (and rightfully so) to take certain precautions to prevent any leaks of data.
For example, your seed phrase is never something that you should share with anyone, regardless of the circumstances. Rarible is never going to ask you for that kind of information.
You don’t have to worry about trustworthiness with this platform. It is quite reputable and highly transparent in all its operations. Thanks to the use of a wallet as an authentication method, there is even less reason than usual to worry about your personal information being collected and compromised.
The site’s only interest is providing a platform for the exchange of NFTs, and all the steps of the process are quite clear. No hidden fees are present either!
Of course, with the self-listing style alluded to before, minting on Rarible is no problem at all. We would say that it’s a lot easier than some competitors make it. All you do is upload your piece of artwork and select the quantity that you want to be available. Note that if you’re going to list it for auction, a bidder can bid on multiples, just like a buyer could purchase multiple.
On the topic of auction sales, you also choose whether you want a one-off sale, or you want to list your item for auction. Note that you can set up a royalty percentage that provides you with compensation every time your artwork sells. While it’s not necessarily advised to go too high with this, you are allowed to put it as high as 50%.
The Mobile App
To make things more accessible for its users, Rarible has a mobile app that’s available on both Android and iOS platforms, making it more convenient and accessible than ever to purchase or sell NFTs.
Rarible NFT Storage
The wallets supported by Rarible include:
- Coinbase Wallet
- Encrypted Ink
- Infinity Wallet
On Rarible, buyers and sellers pay 2.5% on NFT sales.
Our Verdict of Rarible
Our experience has led us to be very satisfied with Rariblel. We understand the need for differentiation in the NFT space, and rabble does that quite well with its unique range of NFTs. Once your crypto wallet is created, the rest is not difficult at all.
You can tell that simplicity was a big part of the design choice, and it means greater accessibility. It’s also a nice touch to have credit card payments be accepted in some countries. We have no reservations in recommending Rarible as an NFT marketplace.