Rarible is an NFT exchange platform. Created in 2020, this marketplace is building a reliable name and continues to grow. Rarible is cited as being a direct competitor with the likes of NFT giant OpenSea. How can you invest or benefit from the Rarible NFT marketplace?
Start with a look at what Rarible is.
What Is Rarible?
Rarible is an NFT exchange that makes creating or selling NFTs as easy as making a quick order. To build with the growing NFT market, Rarible became the WordPress of NFTs by offering an access code that makes NFTs operable. The code is a blockchain with a Rarible crypto.
The non-fungible tokens built on Rarible protocols are intellectual properties that are given copyrights based on the validation of each artwork within the distributed ledger or blockchain.
Is It a Coin or Marketplace?
Rarible is an NFT marketplace and comes in the form of an online art gallery. The exchange connects NFT sellers to buyers. Keeping this process decentral via Rarible is possible with its peer network. Rarible NFT marketplace was founded by Alexei Falin and Alexander Salnikov.
Before NFTs, Falin was CEO of Sticker, which is an IT firm specializing in stickers. Alexander also created the Zenome company and worked on behalf of Humaniq—a traditional banking circuit. Rarible is Alex’s most recent NFT platform and follows OpenSea’s creation.
In its development phase, the Rarible NFT network raised $14 million in June of 2021. The exchange now offers over 400,000 NFTs and has more than 1.6-million global users. The marketplace is available as a mobile app that works on Apple and Android operating systems.
Compatibility with several blockchains
A Rarible NFT, using side chains, is compatible with other blockchains outside itself. The NFTs of Rarible are stored and exchanged via its blockchain. Blockchain is what guarantees the unique character of NFTs. Blockchian enables NFTs to exist without the need for intermediaries.
Being compatible with other blockchains means that through Rarible crypto, you can collect NFTs from any blockchain that makes NFTs. OpenSea and Ethereum, for example, have NFTs on separate networks, but that doesn’t disable them from being interchangeable via Rarible.
The following blockchains can currently be used to exchange Rarible NFTs:
These 4 blockchains are part of the top-10 worldwide in terms of exchange volume. As for interoperability, having its flexibility is all but trivial. By integrating more blockchains, Rarible NFT marketplace offers more NFTs while ensuring that its own NFTs remain accessible.
What Is the RARI Token?
RARI is Rarible’s native token, is exclusive for transactions and gives you the right to participate in the network’s governance. Technically, the Rarible crypto coin is an ERC-20 token which operates on Ethereum. The total number of RARI tokens in circulation is limited to 25 million. Today, there are approximately 11.5-million RARI tokens in circulation as of mid-October 2023.
Distribution of Rarible NFT Tokens
RARI tokens are governed as follows:
- 60% are reserved for buyers and sellers
- 10% are distributed in the form of an airdrop to NFT owners
- 30% are given gradually to the Rarible team and its investors
The goal for the Rarible DAO is to focus on allocating more funds to next-generation Web3.0 projects, leveraging the Rarible protocol and the long-term growth of the space.
Who Is Rarible For?
Like OpenSea, Rarible is aimed at all audiences but more so to NFT enthusiasts. As an artist, you might consider Rarible as the platform that converts your artwork into NFTs. As a collector, you might consider the exchange for finding NFTs or transferring them from other blockchains. Beginners will appreciate this network’s interface as much as experts do.
The Rarible NFT site has only four-menu tabs: “Explore, Jobs, Blog and Help Center.” You’ll find the Rarible NFT marketplace with the following listed categories also:
As of late, the top-trending NFT collections accessible through Rarible are:
Bored Ape Yacht Club
Mutant Ape Yacht Club
Art Blocks Factory
The Ox Squad
Heaven Land Loyalty
Matrix World Voucher
Vault by CNN
Matrix World Flow Fest
Crypto Unicorns Market
Sunflower Land Collectibles
Crypto Unicorns Shadow Corns
Apeiron Primeval Planets
GFARM2 NFT 5
DEFY Genesis Mask
Crypto Unicorns Land Market
Rarible NFT services
Both NFT trading and NFT creation are available on the Rarible exchange. Here’s a better look:
The Rarible NFT marketplace
To buy an NFT on Rarible, simply:
- Open an account
- Create a site wallet
- Connect an external wallet
- Deposit funds
- Buy NFTs
Like most NFT platforms, you need a wallet before using Rarible crypto. Here are a few wallets that are compatible with Rarible and other blockchains:
- Ethereum—MetaMask, WalletConnect, Coinbase, Torus, Portis and MyEtherWallet
- Polygon—MetaMask, WalletConnect and Coinbase
Creating NFTs On Rarible
Today, you can create your own NFT and list it for sale on Rarible, which takes less than 5 minutes to do! Rarible developers say that their best record is 2 minutes and 47 seconds flat.
A dedicated page explains the different steps to create and sell an NFT on Rarible, such as:
- Choose a blockchain to register your NFT on
- Select quantity to create a gallery through
- Upload a PNG, GIF, WEBP, MP4 or MP3 file
- Add a title and description
- Set the sale type, which includes fixed price, open or timed auction
- Select the royalties you want to receive for each qualifying sale
Fees On the Rarible Network
The Rarible crypto fee is simple; it takes 1% from each transaction of sellers and buyers. In addition to these costs, you will also have gas fees, which aren’t for Rarible but rather the miners operating its blockchain. Ethereum has very high gas fees, but since Rarible is compatible with other blockchains, you won’t have to use Ethereum.
Our Conclusion On Rarible
Despite its young age, Rarible has risen among the best NFT platforms out there. User-friendly and fluid, its interface is ideal for beginners but suitable for experts also. In addition to offering a large scale of different NFTs, Rarible scores big by being interoperable with other blockchains.
Rarible—advantages and disadvantages
- A simple interface
- Low fees
- NFT creation
- Blockchain interoperability
- Native token for governance
- Secure with millions of users
- Only available in English
- A small number of NFTs compared to OpenSea
- Created only in 2020, still lacking notoriety
- Must have a crypto wallet to register