Rarible Review | NFT Marketplace And Community

Non Fungible Tokens (NFT) are digital collector's items that are sweeping the world of blockchain. These collectibles can be purchased in games, communities, and marketplaces like Rarible. 

Rarible is an unrestricted NFT marketplace that allows users to create, buy and sell NFT without needing to code. If you’re interested in the current NFT craze, Rarible is an easy-to-use platform for NFT interactions. Here’s what you need to about the site.

What Is Rarible?

Rarible is an online marketplace where creators can “mint” NFTs and collectors can buy them. This digital marketplace allows creators to sell everything from “Bored Elon” art, to original songs, to artwork featuring Tupac.

The only currency accepted on Rarible is Ether (ETH). To buy or sell on the site, you will need a cryptocurrency wallet. This allows Rarible to be backed by the blockchain. That means buyers have a guarantee that their NFT ownership is verified.

Rarible is different from aggregator sites like Opensea in that Rarible only shows NFTs from its own marketplace. Opensea, meanwhile, displays files from various markets. So while you'll be able to find your Rarible NFTs on Opensea, it won't work the other way around.

Rarible secured an undisclosed amount of funding from CoinFund in September of 2020. The platform also grew tremendously throughout the year, finishing with more than 100,000 items minted and over $24 million in trading volume.

How Can I Mint An NFT On Rarible?

Rarible is one of the first online marketplaces to allow individual artists to profit from their art. If you create digital artwork, you can "mint" your creations through Rarible’s “Create” Path.

Once you’ve created the NFT, you can offer it to buyers but you don't have to. There's many pieces of art on display on the site that are currently marked "Not for sale." 

You’ll earn the full purchase price of the NFT less service fees charged by the Rarible platform. If you choose to sell an NFT with commissions, you can earn commissions when the NFT resells on the Rarible platform.

Will I Earn Future Royalties?

Whenever you create a collectible NFT, you can set a royalty on the collectible. After the initial sale of the item, the creator can continue to collect royalties on secondary sales.

For example, a collectible may sell for .005 ETH (Around $14 at the time of writing). A few weeks down the road, the collectible sells for .01 ETH. If the creator doesn’t have a royalty fee, the creator gets no additional value from the secondary sale. However, if the creator had imposed a 10% royalty, her or she would receive .001 ETH from the secondary sale.

Royalties provide interesting incentives for creators. A “high velocity” NFT (one that changes hands quickly) becomes more valuable than one with a “high collection value.” It may incentivize more frequent trading for certain assets.

Currently, the royalties on Rarible only work if the NFT is bought and sold on the Rarible platform. Developers are working to create “Open Sea” royalty options for NFT owners who want to sell in other marketplaces while also paying the required royalty.

How Do I Buy NFTs From Rarible?

Prospective buyers can explore listings from Rarible’s explore page. If an NFT seems like a good purchase, connect your cryptocurrency wallet. Rarible supports most major wallets. Then, simply use ETH to buy an NFT. 

Some NFTs are available for purchase at listed prices. Other NFTs can only be bought through auctions. If you’re interested in an NFTs, you can always place a bid on the item at any time (though owners are under no obligation to sell to you).

Are There Any Fees?

Yes, Rarible charges a 1% fee to both the buyer and seller on every transaction. For aggregated listings from other marketplaces, it's a 0% fee. (Listings are aggregated from non-Rarible marketplaces, so watch out for fees from the original source.)

Rarible says that the platform itself doesn't keep any of these fees, but instead uses them to cover the costs of processing the transaction on the blockchain and paying its miners.  

Is Buying A Rarible NFT An Investment?

With famous memes such as “Disaster Girl” selling for up to $500,000, it's hard to ignore the profit potential offered by NFTs. However, Rarible is first and foremost a digital collector’s marketplace.

Some of the NFTs are interesting, cool, or provocative. Other NFTs are just cute and fun. A few NFT on the site have high values and have been bought and sold many times. However, the majority are low-cost items made by lesser-known artists.

NFT are not an investment the same way that stocks, businesses, or real estate are assets. The value of an NFT is entirely driven by demand for that NFT. It could be that many people want the NFT. Conversely, you could be the only person in the universe who cares about it.

While some may certainly appreciate in value, but not all NFTs available on Rarible will be valuable collector's items. Be careful, and make sure you’re proud of what you buy. After all, you may own it for many years to come

Is The $Rari Token The Next Hot Cryptocurrency?

Rarible has minted a platform token, but users shouldn’t expect this currency to take on financial value. Instead, the Rarible designers and developers treat $RARI as a sort of community vote for features that are important to users.

“Power users” (both sellers and buyers) will receive most of the $RARI tokens. The platform is trying to generate a Decentralized Autonomous Organization (DAO) by allowing $RARI holders to use tokens to make decisions for the platform.

While the Rarible developers and investors still have the greatest say in changes to the platform, $RARI token holders will gain more sway as they accumulate more tokens. Rarible users can gain tokens by Marketplace Liquidity Mining (buying and selling NFTs on the Rarible platform).

Should You Use Rarible?

As someone who is not deeply ingrained in online gaming communities, I found Rarible to be a very user-friendly NFT marketplace. It was simple to hook up my crypto wallet and browse available products. I was also shocked by how easy it can be to mint a new NFT.

Most NFTs on the site are “low-end” collectibles without much financial value. But if you dig through the site, you can see tons of interesting and cool pieces that you may want to add to your collection.

As with all collectibles investing, be cautious. It’s not clear whether NFTs are the next gold, the next Bitcoin, or the next Beanie Baby. An NFT may not return a profit, so don’t risk more money than you can afford to lose. That said, if the idea of owning digital art appeals to you, you will appreciate all that Rarible has to offer.

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