Looking for a review for Rarible NFT Marketplace? Is Rarible a great marketplace for non-fungible tokens? Is it a recommendable platform to buy or sell NFTs? What are some of the advantages and disadvantages of using this service? What else should you know about it? For answers to these and other pertinent questions you might have about rarible.com, read this independent Rarible review. Discover the A-Z about the Rarible NFT marketplace, including;
● What’s the Rarible NFT marketplace?
● How to buy or sell NFTs on the marketplace.
● The pros and cons of the service.
● The answers to a few FAQs about it.
This unbiased post starts by answering one of the most common questions many beginners have about Rarible; what is the Rarible NFT marketplace?
What Is Rarible NFT Marketplace # Review of Rarible
The Rarible NFT marketplace is an all-in-one platform where non-fungible token creators, sellers, and buyers meet to conduct business. For example, the website allows artists to create NFTs to sell or keep. Similarly, it lets buyers buy and hold on to or resell their tokens to make money. The website deals in a wide range of tokens split into various categories. The categories are; art, photography, games, metaverses, music, domains, and DeFi, which is the shorthand for “decentralized finance.” Rarible does all of that at a reasonable fee.
Buying NFTs On Rarible Reviewed: What You Need To Know
1. On Rarible is where you’ll find some of the potentially most valuable tokens in the non-fungible token world. For example, here’s where you’ll find an NFT of Steve Job’s first-ever job application cover, which could have a priceless potential value online.
2. The Rarible platform lets you earn royalties on NFT(s) you may buy and resell, making for a potential source of passive income.
3. Buying tokens on Rarible can see you rewarded with some RARI tokens that give you some governance rights on the platform. The tokens are disbursed on a weekly basis under specific criteria.
4. Some tokens are listed under Live Auction, but they are not meant for sale. Watch out for the not for sale notice under a token to avoid wasting your time checking out and placing a bid on the token the owner is not selling, anyway. Instead, only bid on items that say “Open for bids.”
Also read: Fortune’s NFT Cover # The Fortune’s Latest Cover Is An NFT Art Piece
How To Purchase NFT With Rarible Reviewed?
In this section, we review how a user can purchase NFT through Rarible.
To buy a non-fungible token(s) on Rarible, you’ll need to follow a few simple steps explained as follows:
Step 1: First, go to rarible.com, which is the official website for Rarible.
Step 2: Next, scroll down the page to browse through multiple tokens. If you don’t want to browse the entire gallery, which can be time-consuming, by the way, you could use the search functionality. This allows you to reduce the number of items you browse, according to certain parameters; creator, collectable, or collection. For example, with the creator parameter, you’ll only be able to see the items listed by the specific creator you searched for when browsing.
Step 3: Then, click on the token(s) you wish to buy. Here, you’ll see two options. Option 1 allows you to buy the token. On the other hand, option 2 lets you place a bid on the token. This is great when you wish to pay a price that is different from the listed price.
Step 4: When you click the first option, a small window will open prompting you to either connect a wallet or create a new wallet. Note: Rarible lets you sign up on a service called “MoonPay.” To be clear, it’s a third-party payment processor that neither holds funds nor provides crypto wallet applications. MP simply complements your crypto wallet.
Unfortunately, Rarible’s option for creating a new crypto wallet as opposed to connecting with an existing one seems to be unavailable right now. That means that it will be easy to benefit from MoonPay only if you already have an ETH wallet to connect via this third-party crypto payment processor.
Now, you’ll need to first sign up before being able to access MoonPay fully. To do so;
● Enter an email address and click “Continue.”
● Enter the verification code sent to your email, agree to MoonPay’s terms and conditions, and click “Continue.
● Fill out the form that will pop up afterwards with your name and other details and click “Continue.
● Help protect your wallet by answering the questions in the subsequent form and clicking “Continue.”
After signing up on MoonPay, you’ll be asked to verify your identity, using either your smartphone, driving license, national ID card, or residence permit. Once you do, it’s time to use it to deposit into your wallet some ETH. To do so;
● Go to your MoonPay account and click “Buy Crypto.”
● Next, select “ETH.”
● Thereafter, enter the amount in dollars equivalent to the amount of ETH you wish to purchase and click “Continue.” Note: you’ll see the minimum amount, in dollars, you need to pay, to buy the NFT.
● Then, enter your crypto wallet address and click “Continue” to get the cryptocurrency deposited into your wallet.
Step 4: To complete the buying process, simply click “Proceed to Payment,” and that’s it.
Also, see: Opensea Review: How To Find, Buy, And Sell Nfts On Opensea
How To Sell NFT(s) On Rarible
In this section, we review how a user can sell NFT through Rarible.
Step 1: Click “Create.”
Step 2: Scroll down and choose “Single” or “Multiple” under “Create Collectible.”
Step 3: Click “Choose File” or “Choose Collection.” If you select “Choose File”, you’ll be prompted to upload the file from your computer. Note: PNG, GIF, WEBP, MP4, MP3, and Max 100 MB is the only supported file formats for NFT(s).
Step 4: Go to “Put on the marketplace,” and click either “Fixed price” or “Open for bids” as far as your pricing preference goes.
Step 5: When you select the first option, you’ll need to enter the price for your NFT per piece in the cryptocurrency of your choice. You can choose between more than 20 cryptocurrencies starting with ETH, DAI, USDC, RARI being at the top of the list. However, this step won’t be applicable if you chose “Open for bids.”
Step 6: Finally, click “Create Item.”
If you, instead, selected “Choose Collection,” click on either “Create ERC-1155” or “Rarible–RARI.” If you clicked on the former, complete the subsequent form with the required details, not forgetting to attach your NFT file by clicking “Choose File.” Thereafter, click “Create a collection.” For the alternative Rarible option, which is also the default option under “Choose collection,” just fill in the short form below with the required details and then click “Create item.”
Pros And Cons Of The Rarible Marketplace Reviewed!
In this section, we review the Pros and Cons of Rarible NFT Marketplace
Rarible is positively talked about by the NFT community. Many independent Rarible reviews, for the most part, praise the platform. However, that’s not to say that it’s without a few drawbacks here and there. To better your understanding, below is a summary of the pros and cons of this service:
● An all-in-one NFTs marketplace that allows members to not only buy or sell NFTs but also create them!
● Allows you to change the price of an already created collectable for free at any time you wish for free.
● Let’s place your bid if you think the price of a listed item is too high.
● OpenSea integration makes sure that your listed NFT(s) can also be viewed on OpenSea, which is another serious marketplace.
● A solid royalty system that allows artists to continue making money from their sold NFTs.
● Lets you pay with your debit card, credit card, or Google Pay, besides an ETH wallet.
● Lets you connect your existing wallet, if you don’t want to create a new wallet, provided it’s any of the following; Coinbase, MyEtherWallet, Torus, Portis, Wallet Connect, or Fortmatic.
● Secures and protects the works of artists through various mechanisms, including verification and providing the ability for artists to report.
● Rewards NFT sellers and buyers with Rari token, Rarible’s native token that provides holders with voting rights on proposals that affect the platform, and other powers.
● Members can connect with the Rarible community through the platform, Twitter, Instagram, Telegram, YouTube, Discord, and Medium.
Rarible Cons Reviewed
● You must first connect your wallet to be able to access many items on Rarible, for the most part.
● Charges a 2.5% fee on both parties in a transaction i.e the seller and the buyer.
● Deposits and withdrawals cannot be performed on the platform without an ETH crypto wallet.
● Creating a wallet with Rarible is a painstaking process.
Is Rarible safe?
Rarible is safe and secure because it is protected by blockchain technology.
It’s also non-custodial, which means your NFTS remain in your wallet until someone buys them from you. When your NFT is sold, the smart contract you agreed to when listing it activates and takes it from your wallet, depositing the money you are due. This blockchain process works smoothly and secures and verifies everything.
Rarible is safe but always ensure that you do not give your seed phrase to anyone claiming to be from the Rarible’s team. The Rarible team will never DM first, asking for any details of your wallet.
Is Rarible Trustworthy?
Rarible is 100% trustworthy. It’s a genuine marketplace with tens of thousands of users. Users can safely create and sell their own NFTs on the marketplace. NFTs that bridge to DeFi use cases is included in this category. It has made it simple for consumers to produce unique digital assets and connect buyers and sellers.
Rarible is a great marketplace for non-fungible tokens. This platform allows artists to create tokens, which they can then decide to hold onto or sell to make money. Similarly, it enables buyers to find valuable NFT(s) they can keep or re-sell for a profit. This is where you’ll find the NFT of Steve Job’s first-ever job application letter, which could be worth millions of dollars in a few years to come. If you would like to get started with creating NFT(s) or if you are looking for high-value tokens to purchase, this platform is where you should begin.
Rarible FAQs And Answers
1. Is Rarible globally accessible?
2. Can I list my tokens on Rarible and other similar marketplaces at the same time?
3. How come I’ve never heard about Rarible before; is this company really legit?
Answer: The reason you’ve never heard about Rarible is that this company is still fairly new and it hasn’t yet received enough popularity. Launched in 2020, this NFT marketplace is barely 2 years old.
4. Who is the background of Rarible?
Answer: Rarible is owned by Alexei Falin and Alex Salnikov. Falin is the CEO while Salnikov is the CPO. The company is headquartered in Philadelphia, USA and it enjoys serious financial backing from 6 investors; Coinfund, 01A, Venrock, 1Kx, ParaFi Capital, and Coinbase Ventures.
Melwin Philip is a FinTech specialist, a market analyst, and an investor. His investment strategy entails performing a valuation assessment and conducting technical analysis on financial and technology firms. He's passionate about stocks, forex, crypto, blockchain, and digital assets. He keeps a close eye on industry trends and provides insight into beginner-friendly platforms.