Non-fungible tokens (NFT) have increased exponentially in the last 2 months, as major celebrities and companies are looking to get in on the money you can possibly make from the platform. One of the most well-known NFT markets is Rarible, as it contains a user-friendly platform that anyone can use. Including those that have never even heard of cryptocurrencies.
But what makes Rarible so popular and how can you start to get into the NFT action?
Here is your complete guide to Rarible and getting started with the platform.
What Is Rarible?
Despite only being around a year old, Rarible has become the go-to place for those interested in owning or selling NFTs. It features a community-run/decentralized network that allows users around the world to mint their artwork onto the Ethereum blockchain.
The Rarible ecosystem is run by RARI holders. These holders receive their tokens from participating in the community by buying or selling NFTs. There will only ever be 25,000,000 RARI tokens minted and they are distributed once a week to the buyers and sellers.
Because you have the option to vote on artwork and governance proposals while holding RARI tokens, you benefit more from holding your tokens rather than selling. By holding, you’re making the market a better place and more decentralized.
The benefit of Rarible over other NFT websites is that you don’t have to be a person with coding knowledge to mint your NFTs. Instead, Rarible has a system that automatically allows the asset to minted onto the Ethereum mainnet.
What Is an NFT?
Non-fungible tokens are pieces of media that exist on different blockchains. As of recently, NFTs minted on the Ethereum blockchain have been the talk of the town. These are the ones that celebrities like Rob Gronkowski are using for trading cards or people like Jack Dorsey are using to sell their old tweets.
Non-fungible tokens have a limit to how many are produced, with a minimum of 1 and there being no maximum. Because of their limited supply, these tokens are often high in price compared to a single ETH.
NFTs are not limited to media either. Certain blockchains specialize in assets like documentation for real estate or loans, while others can focus on holding stock shares.
How To Use Rarible To Buy NFTs
To buy NFTs on Rarible, you first need to make an account by signing into a wallet like MetaMask or other decentralized wallets. You’ll be able to fund your account or receive funds through this address. For those that want as much anonymity as possible, you should create a separate wallet for NFTs that you can fund with a separate ETH wallet.
From there, you can set your username and start the browsing process of Rarible. You can choose between digital artworks, GIFs, and even photos or videos that you took yourself that you want to try and sell.
The NFTs you buy won’t show up in your wallet unless the wallet supports them. They won’t reflect the price that it may sell at either, so you’ll want to keep tabs if there are other copies of your NFT out there.
How Do You Sell NFTs?
Now you don’t have to create NFTs to sell them. Instead, you can choose to buy NFTs on Rarible or transfer them in from a different platform to then sell on the marketplace.
Just like with buying, you’ll need to have your wallet set up so that when people buy your NFT, you can receive their payment. When you sell NFTs, you have the option to include bonus unlockable content for the buyer. This unlockable content can be anything from the original files artwork, a simple message, or videos that pertain to the piece.
You have two ways that you can sell your NFT. The common method is to put the NFT on sale for a bidding price and let people pay as they see fit. You also have the option to put an instant sale price, where users can buy the piece outright without having to worry about bids.
How Do You Make NFTs?
To mint NFTs through Rarible, you simply hit the create button that is located next to your profile. This first option you’ll have is whether you want to create one or multiple of the NFT.
After you’ve decided how many you want to mint, you’ll then be brought to the platform to list your NFT. Rarible supports multiple different media files, such as a PNG, GIF, MP4, or even an MP3. They support up to a 30MB file.
You then set whether you want to create and sell your NFT, or just create one. You then can set your price like mentioned above and if you want it to include unlockable content. Then you get to name the NFT whatever you feel like and put a description to be used for the site’s SEO purposes.
The reason why individuals are getting into the NFT is thanks to the royalties that marketplaces like Rarible are setting for their users. This helps out artists that make it big or their pieces of work making it big and them not getting any kickback from it.
The way it works is after you name and describe your NFT, you then get to decide the royalties that you collect from selling the artwork every time after the initial sale.
So let’s say you mint an NFT and that NFT sells for your asking price of 1 ETH. Five years down the road, that NFT has increased in price exponentially and it now sells for 100 ETH. With royalties of anywhere from 10% and upwards, you would still get at least 10 ETH from that sale, meaning that you don’t lose out on any potential income.
Do note that it will cost ETH to mint these NFTs, so be prepared to pay “gas fees“.
Rarible: Your Introduction To the NFT Market
The Rarible platform is a great introduction to the NFT market where you can easily buy, sell, and mint your own NFTs. They make it easy to understand what you’re getting into and reward users that stay consistent on the platform with the RARI token. Just be wary of the “gas fees” that can follow the ETH mainnet.
If you want to see more guides about different platforms, then be sure to check out the guides section of our blog. Subscribe to our newsletter to receive updates on the latest cryptocurrency news.