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Rarible is an industry-leading NFT marketplace that was founded in 2019 and is based in Los Angeles. It serves 1.6 million users and has a trading value of over $270 million. Rarible is a top 10 marketplace on its multi-chain networks, including Ethereum, Tezos, Polygon, Solana, and Immutable X.
In addition to being a marketplace for buying and selling NFTs, Rarible is also a digital art gallery where NFT owners can display their collections for sale. The platform is powered by RARI, its native cryptocurrency, which allows users to vote on proposals, moderate creators, and curate featured artwork.
This guide will give you all the information you need to know about using Rarible, including how to navigate the app and marketplace, how to use Rarible, and how it differs from OpenSea.
Rarible is a multichain NFT marketplace that allows users to buy, sell, trade, or create NFTs across its compatible blockchain networks. The platform showcases a variety of NFT genres and is an easy-to-use marketplace for new creators looking to create their NFTs on Rarible. On its homepage, by simply selecting the Explore tab, users can swap between blockchains and explore different NFT collections specific to each blockchain. The tab next to the “Explore” tab, is the “Create” tab. This allows users to mint new NFTs on any and all blockchains supported in the Rarible ecosystem.
Moreover, Rarible is also flexible when it comes to creator royalties. The platform allows creators to choose up to 10% royalties. Users can also list their existing collections on Rarible and add custom royalties for multiple addresses. Rarible is a cutting-edge marketplace geared towards new and up-and-coming creators in the NFT space. The web3 and NFT space is dominated by sarcasm, memes, and innovative storytelling, and this is where Rarible lands as a reflection of the industry. Its cool, diverse pool of NFT collections and creators display the ideals of the vibrant, early, and rising world of web3.
Collectors can mint their NFTs using many cryptocurrencies and can even use a credit card for fixed-price items. To add to all of this, Rarible also has a “dark” view mode, which is a lot easier for the eyes to explore and navigate.
Renowned crypto entrepreneurs Alexander Salnikov and Alexei Falin, based in Moscow, founded the platform. Salnikov has been in the crypto industry since 2013, while Falin has co-founded a digital sticker marketplace previously. Rarible raised its first round of funding in 2020 from New York-based venture capital firm CoinFund.
Rarible offers a free mobile app on both the Google Play store and the Apple App Store. The app – Rarible: NFT Browser – is available on Apple and Rarible: NFT Discovery on the Google Play store. This app is the very first version of Rarible official apps, and it can only be used to:
Currently, users can’t buy, sell or mint NFTs on the app. But we are sure further rollouts will be added on, to make the app more usable and for further interaction.
Rarible allows creators the option of lazy minting. This essentially means that creators can create NFTs on the platform at zero cost. This in turn decreases the barrier to entry for new and established creators to sell their art on Rarible. Furthermore, Rarible is a mixed marketplace. It features multiple genres of NFTs, which include:
To add to this, Rarible only takes a 1% fee from both, the buyer’s and the seller’s side. These are the only fees that Rarible levies on its users.
The native token on the Rarible platform is called RARI. Launched in July 2020, it is the first governance token created in the NFT space. Although the tokens have a maximum supply of 25,000,000, 50% of these tokens are reserved for buyers and sellers. However, while paying for NFTs and gas fees, the cryptocurrency you use will depend on the blockchain that you are buying from. For example, if you choose to purchase an NFT on the Ethereum blockchain on Rarible, you will need Ether (ETH), its native cryptocurrency, in your wallet. However, there are credit card options for fixed price NFTs on the platform as well.
There are technically 4 ways to earn RARI. Rarible is the first aggregated NFT marketplace with weekly token rewards. These rewards are for trading and listing eligible NFTs.
To buy NFTs on Rarible users need a crypto wallet. Rarible supports multiple wallets for the multiple blockchains that users can access on the platform. Buying NFTs is as easy as connecting your wallet and purchasing NFTs. Users do not even require to give their email addresses to Rarible or create a password to make purchases! Purchasing an NFT on Rarible goes like this:
Selling NFTs on Rarible also does not require any sign-in. All you need is to connect your wallet to the site.
Like buying and selling, minting NFTs also start with connecting your wallet. Connect your crypto wallet and choose the blockchain you want to mint on.
Rarible is a multichain marketplace. This is a great option for collectors and creators alike. Moreover, users have the option to mint their NFTs on five different blockchains. Rarible also supports multiple wallets. The site is simple to navigate, easy to use for both collectors and creators, and overall has a great vibe to it. Rarible focuses on reliability and usability more than the fancy exhibits and popularity/hype factors of other marketplaces.
A new feature on Rarible is that now, users can also create their own NFT community marketplaces. These custom marketplaces that creators make for their specific NFT collections.
There are a few differences between Rarible & OpenSea marketplaces, but the final decision to choose either marketplace would depend on personal project needs or requirements. Below are some key differences between both marketplaces:
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All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
Vineet is a storyteller based in Mumbai. Having previously worked for various web2 organizations as a journalist, instructional designer, and event manager, he got into blockchain in early 2021. As a musician by passion, he fell in love with the digital megastructures building the future of art and creativity. He believes that web3 unlocks creativity at a higher level, and works towards onboarding music projects to the space.
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