Rarible Review: Community-centric NFT marketplace

Today we have prepared for you a detailed review of the growing popularity of the Rarible.

Rarible is a NFT marketplace that has been successfully operating for more than a year and is gaining more and more attention. This link will take you to the site itself.

The site becomes a real competitor to OpenSea due to some advantages:

• First, the team made it easy to create NFT tokens with just a few clicks.
• Secondly, at the moment there is no strict moderation of the creation of NFTs. Thanks to this, a large number of authors have moved to this site. But the fact is that other marketplaces rather tightly regulated and moderated collections of tokens. On Rarible, the only condition is uniqueness.
• Thirdly, the marketplace works on several blockchains: Ethereum, Solana, Flow, Polygon. All blockchains have different pricing policies in terms of transaction fees. Thus, you always have the opportunity to choose the option that is convenient for you.

Founders and history of Rarible

By tradition, we begin the review with the creators of the Rarible marketplace. The founders of the project were two Russians – Alexander Salnikov and Alexei Falin, who met each other on Facebook. Having similar views on the development trends of decentralized networks and the development of Web3, they decided to create a common project.

The creators release the first version of Rarible at the end of 2019, and the fully working project was present in 2020. The company’s headquarters are in Wilmington, Delaware, USA. Entrepreneurs decided that they did not want to create another typical project, so they began to develop their ideas in the direction of an NFT marketplace.

This led to the fact that users began to show creativity. So in 2021, one person was auctioning parts of his body for tattoos. Any user who bought a body part from him at auction could send a picture or sketch, which later appeared on the body of the seller in the form of a tattoo.

Numbers and personalities of the marketplace

In early 2021, celebrities came to the site, including singer Sean Ono-Lennon (son of John Lennon and Yoko Ono), rap group Wu-Tang Clan, actress Lindsey Lohan.

In June 2021, the biggest deal on Rarible was the sale of NFTs from the collection of boxer Floyd Mayweather. It was bought for $286,000. According to Rarible , the monthly number of unique users is 460,000 people.

How to register on Rarible?

In fact, the registration process on Rarible is the same as on other platforms. Click “Connect wallet”, select blockchain and crypto wallet. For example, you can use the popular MetaMask . For more information on how to create an account in MetaMask, we described here (link).

After authorizing the wallet, enter your Display in the window Name and e – mail , we agree with the user conditions. Ready!

In addition, you can get verified. This is not necessary, but it helps to increase the trust of counterparties. According to the regulations, verification can take up to two weeks.

Main page: platform interface

After authorization, an review of the Rarible opens before us. We can see the sections by clicking on the three dots in the upper right corner.

There we have:

• Explorer

In this section, we can view all the tokens on the site. There are both very famous collections, such as Cryptopunks, as well as works by newcomers. Please note, since the marketplace uses different blockchains , respectively, you can trade with different cryptocurrencies. In the convenient filter section, it allows you to select the desired blockchain, coin, category, specify the NFT value range, and more.

• Rankings

This section presents the ratings of all NFT collections for 1, 7 or 30 days; floor price and volume. You can also see the rating for each blockchain. If you click on the collection, you will see all NFTs as well as project information.

• How it works

This is the FAQ of the entire project. The team has provided detailed and structured information here. If you did not find the answer to your question, you can use the feedback form or go to the channel in Discord.

• Blog

The project team takes an active social part. For these purposes, they have developed a blog. There is a lot of different information from the NFT topic: an overview of collections, an analysis of the myths about NFT, answers to frequently asked questions and guides for various processes.

How to create an NFT on Rarible?

Now let’s create our collection. To do this, click “Create” in the upper right corner. Then we choose a blockchain for minting. We describe in detail about each blockchain and what is the difference here. We chose Ethereum as an example .

Select the type of NFT:

1. Single Item is a single instance;
2. Multiple – multiple instances.

Fill in all the fields:

1. File: PNG, GIF, WEBP, MP4 or MP3 (maximum 100 mb ).
2. Offer Type: Fixed Price, Open Auction, or either Temporary Auction (the latter option is not available for multiple NFT bundles).
3. Price: in cryptocurrency or USD equivalent.
4. Unlock once purchased : When enabled, the contents of this tab will only be available after a purchase. Usually these are redemption codes, referral links or certificates for receiving goods in real stores. It can also be the same file, only in higher quality.
5. Collection: add to the standard Rarible collection , or create your own (will cost more gas). For blockchain Flow, only the standard Rarible collection is available.
6. Free / Lazy Minting: The ability to create NFTs for free. The feature is only available for the standard Rarible collection. Unlike standard minting, with Free Minting you mint a token not after creation, but at the time of sale. At the same time, the buyer will pay for the gas. Once created with lazy minting, you can sell the NFT on Rarible, but it won’t show up on OpenSea or Etherscan. Because technically it is not on the blockchain until it is sold.To “burn” NFTs created for free, you need to pay a commission.

Rarible authors can change the parameters of tokens through the menu in the upper right corner next to the NFT icon. You can change the price, remove the token from sale and burn it. When burned, the NFT is destroyed forever, the effect is irreversible. You can use this feature to reduce the size of collections and increase the rarity and cost of tokens.

Once you have filled in all the required fields, click “Create Item”. Done, your collection has been created! As mentioned earlier in the review, creating a token for Rarible is simple.

How to sell NFTs on Rarible?

To sell an NFT token, go to its page, open it in the menu in the upper right corner and click «Put on sale». Then select the type of offer and confirm the publication.

How to buy NFT on Rarible?

You must select the work you like in the catalog and click on the item. Next, you will see all the information on the NFT token.

The system will ask you to confirm the transaction and indicate the amount of funds debited from the account. You also need to take into account Gas fee, which are charged as a transaction fee. You can read about it here. The amount of this commission will be indicated in the wallet itself when you try to make a payment. After the transfer of funds, the rights to NFT are completely transferred to the new owner.

Governance Token Rari

Our review is complemented by another important part of Rarible – the RARI governance token. To manage the marketplace, RARI’s own cryptocurrency was created. It allows users to participate in voting on the further development of the platform. Previously, until January 16, 2022, rewards in the form of RARI were accrued once a week to users who sell or buy NFTs. Recently, by decision of the DAO, these payments have been canceled. Here’s what the developers have to say about it: “In doing so, the DAO shifts its focus to allocating more funds to next-generation web3 projects based on the Rarible protocol and to the long-term growth of the space.”

The token is freely traded on crypto exchanges. To date, its cost is approximately $ 2.31.

Why Rarible?

Beginners may wonder why they should switch to Rarible , and experienced users will probably ask why they should switch from a familiar platform to a new one. Let’s take OpenSea as an example and compare both platforms. It turns out that in fact there is only one qualitative difference – this is the absence of a commission for issuing. Otherwise, platforms can compete only in the convenience of the interface, since both the design and the organization of internal processes are at their best on both platforms.

Read more about the OpenSea exchange here.

Summing up

Let’s sum up our review about Rarible. It is one of the main platforms for creating and trading NFT tokens. The marketplace has a multi-chain protocol, a convenient and simple interface. A large number of educational materials are presented. The Rarible collection is constantly updated with the works of famous authors.