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Rarible is a newly developed, popular NFT marketplace that allows the buying, selling, creating, and storing of individual NFT or NFT collections.
Rarible is a multi-chain platform where users can buy, sell, and develop non-fungible tokens (NFTs). It is one of the most popular NFT marketplaces based on the Rarible Protocol with an open-source multichain, community-governed NFT protocol.
2021 is considered to be a breakout year for NFTs. With the growth in NFTs, Rarible grew tremendously, and the number of active users increased to 2 Million per month. The marketplace was integrated with Ethereum, Polygon, Tezos, Immutable X, and Flow in 2023.
In the middle of a bear market for NFT in 2023. Rarible came into the spotlight again as it raised the flag of the importance of royalties to creators.
The process to buy NFTs on Rarible
The ease of usability and easy navigation are two reasons that helped Rarible become one of the most popular NFT marketplaces.
A crypto wallet with sufficient funds is required to buy NFTs on the platform. A user can directly search for the preferred collection of NFTs. The collections include the brand’s marketplace, the creator, or any user with an account.
The Explore page for the NFT collections represents a ranking where a user can view the most traded projects, facilitating decision-making and market analysis.
Besides its website, Rarible has a mobile application that is supported on iOS and Android. The application helps users track their NFT collections.
Explore Page of Website showing the available Marketplaces on the platform
Explore page of the Website presenting available NFTs
Once a user chooses the NFT project and verifies its belonging to confirm whether it belongs to the original collection, then the user can execute the buy order.
After the purchase is executed, users’ new NFTs will be safely stored in the linked wallet.
Process of creating NFTs on Rarible
For users who try to create their own NFT, Rarible provides this service simply and cheaply. They only need to pay gas fees. It allows for creating NFTs on various blockchains, including Ethereum, Polygon, or Tezos. It also allowed users who need more technical knowledge to create their own NFT collection.
The process of creating an NFT collection involves following the steps
Step 1: Go to Rarible.com and connect to the preferred crypto wallet. It allows the selection of wallets for various available blockchains.
Step 2: Click on the available CREATE menu at the top of the home page.
Step 3: A user must select whether to mint a single NFT or an NFT with several editions.
Step 4: Upload an image, video, or music file.
Step 5: Specify various details of NFT, such as price, name, description, royalties, and other information.
Step 6: After inserting all the details, click on Create Item.
Step 7: The user wallet will ask the user to sign and pay for gas fees. Gas fees can be high, and it’s worth picking the right moment to mint an NFT.
Step 8: To avoid transaction fees on Ethereum, Rarible launched the Lazy Mint in October 2021. In Lazy Mint, the buyer pays for the gas fees.
Moreover, there are services for creating their marketplaces and apps with the help of the Rarible protocol.
Importance of Minting NFTs on Rarible
One of the main reasons why people prefer Rarible is that it allows anybody to mint an NFT artwork simply by paying gas fees. Platforms like SuperRare and Makers Place develop the artists on their platforms, but Rarible allows anyone to create NFT.
This has created opportunities for young talent and upcoming artists, but unfortunately, it has also opened doors for scammers. Rarible has developed a verification process to reduce the risk of dealing with a fake project.
Process for Selling an NFT
Selling an NFT or placing a sale order in the Rarible Marketplace is simple. Once NFTs are duly registered, a seller can sell them for a fixed price, leave them open for bids, or organize a timed auction.
Once a user clicks on the Sell menu, they need to select the available blockchain to choose from or connect the crypto wallet. After this, a user is allowed to execute the sale order.
Linsey Lohan created her profile on Rarible, selling her “Bitcoin Lightning” creation for just over $50,000. A portion of the additional sales will be returned to the actress. However, she has announced that she will donate it to charities that accept Bitcoin.
Royalties in Rarible
In 2023, OpenSea announced that it would start paying royalties on second sales optionally. However, Rarible has a different perspective. OpenSea’s decision raised criticism from the NFT community.
Rarible took the opportunity around the same time and gained popularity. It reaffirms its commitment to what many consider to be the core value for the economy of creators.
We support royalties.
— Rarible (@rarible) August 22, 2023
We always have.
And we always will.
By September 30th, https://t.co/xjSw1Jg8bV will no longer aggregate orders from OpenSea, LooksRare or X2Y2. pic.twitter.com/BfOWVTCboT
It increased the trade volume on Rarible and further gained popularity among the media. The original creators earn a commission on the resale of their work with royalty fees. With a fixed royalty rate, creators benefit from future sales, receiving a portion of the sale price after each resale of their NFTs.
Conclusion: Alternatives of Rarible
Rarible has multiple competitors in the NFT marketplace that also offer a variety of collectors and artists a large audience. Top alternatives to Rarible include OpenSea, Blur, and LooksRare.
Rarible has, however, gained respect from the core NFT community in this bear market with the royalty dilemma. Moreover, a few projects are helping onboard multiple businesses, influencers, and giant brands in the world of NFTs. The Rarible protocol and NFT marketplaces by Rarible hold value in both bear and bull markets.
FAQs
Which are the latest NFT collections at Rarible?
Some of the latest NFT collections are Not Your Bro and My Body.
What is Rarible?
It is an NFT marketplace that allows the buying, selling, and creating of NFTs.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
