We’ve explained before in another article that Rarible is an online marketplace that aims to make the world of buying and selling valuable non-fungible tokens (NFTs) more approachable and affordable for everyday users.
The platform allows digital creators to issue and sell custom crypto tokens that represent ownership in their work, and investors can buy and collect them. An NFT is a unique token that creators create. So, it is not interchangeable – or “fungible” – like other cryptocurrencies (such as Bitcoin). Rarible’s product is a first of its kind: blockchain-based software that enables community ownership and trading without a middleman.
Here’s why you should invest in Rarible:
- It’s easy to buy and Sell NFTs
- All active users can get RARI Token
- Better control over gas fees
How do you make money? #
You can earn a return through buying and selling NFTs on Rarible. Purchase collectibles that you believe are undervalued, wait for them to appreciate, and then sell them in the marketplace. Rarible is also integrated with OpenSea, which allows you to sell your items in an even larger marketplace. It’s important to note the royalties on each item. When you sell an item, there is a predetermined royalty paid to its original creator. While it’s not investing, you can also make money on Rarible by creating and selling your own NFT. Rarible makes it easy for anyone to create an NFT.
Rare receives 2.5% of all sales as a service fee. Rare utilizes the Ethereum blockchain to embed within an NFT’s code the full history of its owners and transactions. Rarible receives transaction fees from both buyers and sellers after a transaction is completed.
Is it Safe? #
If you invest with Rarible, you can feel confident about their track record. Rarible’s ultimate goal is to evolve into a fully decentralized autonomous organization (DAO), where all decision-making and governance responsibilities are vested in the platform’s users. Platform upgrades are proposed and voted on by creators and collectors, ensuring that the platform is responsive to its users. On Rarible, you have a voice, and your voice is heard.
Due to the fact that NFTs offer a new pathway to ownership in the exploding market for digital content, venture capital firms have shown much confidence in their growth prospects. CoinFund, a venture capital firm based in New York, funded Rarible’s first round of funding in 2020. It closed a $14.2 million Series A round in mid-2021.
NFT Royalties, Minting, and More #
Using Rarible’s Ethereum-based NFT marketplace requires a Metamask, Argent, or Coinbase wallet, as well as some ether (ETH). With a credit card, you can purchase ETH via an exchange or on the Rarible crypto platform. Rarible’s NFT marketplace can then be browsed once your wallet has been linked. It displays top sellers and NFT art collections, and lets you search for NFTs via categories like photography, games, and memes. NFT sellers have the option to set a fixed price for their asset or to conduct an auction.
In addition, Rarible allows artists and creators to mint their own NFTs. As long as you house the NFTs on the platform, you do not need to sell them. The first time you mint an NFT, you need to pay two fees – one to give your wallet permission to interact with Rarible, and one to “call the mint function,” which places your file on IPFS and Ethereum.
Both fees are network fees – the cost of interacting with the blockchain – and do not go to Rarible. The only transaction fees that you’ll need to pay in the future will depend on network congestion. When you do decide to sell NFTs that you created, the Rarible art marketplace makes it possible for you to collect NFT royalties on sales, meaning that you can collect a percentage of the sale price not only when you first sell your NFT, but potentially also on subsequent third-party sales of your NFT (for example, when the person you sell to decides to sell the NFT to someone else). Rarible is also integrated with OpenSea, another NFT marketplace, which means that you can view and manage your NFTs on OpenSea as well as sell them on OpenSea for ETH or RARI.