Rarible has been doing great things as an NFT marketplace. It’s not an aggregator, but it does have a vast array of unique items to enjoy. Creators, buyers, and sellers alike come together for incredibly lucrative transactions.
- 1 Rarible at a Glance
- 2 Rarible Categories
- 3 Using Rarible
- 4 Creating with Rarible
- 5 Pros and Cons of Rarible
- 6 Final Thoughts
Rarible at a Glance
- There are several NFT categories to explore.
- While relatively new, the platform has performed admirably.
- Token categories are well represented.
Commissions and Charges
On every transaction, Rarible charges a 2.5% fee to both the seller and purchaser. According to the platform, none of this is retained for profit. Instead, the fees are used to both process the underlying blockchain transaction for the NFT and to pay miners.
For example, if you purchase a UFC valued at $1000, it’s going to cost you a total of $1025. Of course, this assumes that the NFV creator does not charge any additional fees.
Initially, Rarible worked exclusively with Ethereum. When ready to check out, you would be presented with the options to connect your existing wallet or create a new one.
The latter was known to not work as well as was desirable, and the former allowed you to connect to the “MoonPay” payment processor service that would complement your crypto wallet.
However, more recently, Rarible partnered with Wert, which is a licensed virtual currency provider. Therefore, in just over 190 countries, users became able to use a credit card to make payments.
The integration allows the funds from the credit card to be automatically converted to ETAH at whatever rate is applicable at purchase time.
Rarible does not have an overwhelming number of categories like some competitors do. Nevertheless, it does touch on a few of the most popular of the bunch. Here is a quick outline of the five categories offered by the platform.
Online collectibles are one of the most popular kinds of NFTs, and their meteoric rise to popularity began with the boom of CryptoKitties in 2017. CryptoKitties represents a historic milestone for NFTs overall, since it marks the first recorded instance of NFT use.
Anyone new to the NFT space is likely going to hear about art before they do anything else. It’s incredibly prominent in the NFT world, and its popularity and uptick continue to increase.
It’s the optimal blend of creativity and technology that creates value through rarity. Even legacy artists are showing an increased interest in the digital space based on the opportunities that the NFT world presents.
Trading cards are perfect for the NFT workflow. Mass production of physical cards always made them less rare and valuable. However, whenever limited edition cards were created, they would be way more sought after.
NFTs take that concept to the digital space with one-of-a-kind trading cards, which present immense value and trading leverage for their owners.
Video game assets have also found themselves being at the center of the NFT conversation. Game developers and players have developed a vested interest in the potential to foster ownership records of various in-game items.
Games, such as Grand Theft Auto, already had a booming and very realistic stock market going. When you think of the possibilities for economics in the gaming world, you understand the revolutionary power of NFTs.
The perception of value of many in-game items is transforming, especially when you consider that the opportunities for income even outside of the game can only get better.
Of course, this doesn’t speak to ownership of the sport. Instead, it’s about the acquisition of rare cards, clips of sporting moments, etc. Value, in this case, depends on the popularity of the sport, the significance of the event, and the general perception of the player(s) at the center of the NFT.
Anyone who knows about NFTs can tell you that the NBA is leading the pack here.
Rarible only launched in 2020, but it has been making huge waves in the NFT marketplace. Of course, at that time, the digital assets would have already picked up much steam and would have gone well beyond their niche appeal just a few years earlier.
It’s an all-in-one platform bringing together NFT creators, buyers, and sellers. The platform sees approximately monthly visits from over 1.6 million unique buyers and sellers. Over 400,000 items have been minted for an impressive trading volume of just over $270 million.
Note that this is not an aggregator site, such as Opensea. Therefore, Rarible only displays its own NFTs on its platform.
Rarible makes use of an intuitive user interface to allow for minting, buying, and selling.
If you’re interested in minting, then there is a convenient “create” button that allows you to take the Rarible create path. In doing so, you create your NFT and offer it to buyers if you wish to.
If not, you can mark it as “not for sale” and put it on display. When sold, you get all the revenue minus the Rarible service charge. You can also set up and earn commissions if you choose to.
As a buyer, simply navigate to the explorer page to browse listings. Once you’re ready to purchase, connect your cryptocurrency wallet and use your ETH to make your purchase. Of course, some countries also support credit card purchases. Some NFTs have fixed prices, while others are sold via auctions.
Creating with Rarible
As indicated before, they create path on Rarible makes minting your NFT a very easy process. With your item uploaded, you can select whether you want to sell it once or do you want multiple copies to be available.
Additionally, you select whether you want to initiate a single sale or a timed auction. Note that you’re under no obligation to sell your NFT to any buyer if the auction-style is used.
Pros and Cons of Rarible
- Highly competitive commission charges
- Easy minting process
- Active community
- Access to royalties for secondary sales on collectibles
- User-friendly design
- No mobile application
- Just accessing certain items on the site requires connecting your wallet first
A Few Interesting Facts about Rarible
Sunil Singhvi, known for his time as an executive at Twitter and Instagram joined Rarible in the capacity of Chief Business Development Officer.
The Rarible protocol, an open-source and cross-chain tool was created, which incredibly simplifies the go-to-market process for newer NFT products.
Rarible’s trading volume stands at $274 million, with 405,000 NFTs created.
Rarible has made its mark in the NFT space in the relatively short time it has been around. It’s known for having some unique NFT’s, and it’s quite accessible to newer persons.
So, if you’re just getting your feet wet, consider registering with Rarible and see what the future holds!