What is Rarible?
Rarible.com is the marketplace where digital creators can sell their assets as NFTs (Non Fungible Assets).
What is Rarible built on?
Rarible is built on the Ethereum platform. This means that sellers are able to trade their items without an intermediary. As a distributed network, it allows for better and more efficient peer-to-peer facilitation. Unlike bitcoins or other forms of cryptocurrency, NFTs are not interchangeable.
What can be sold on Rarible as NFTs?
Digital artwork is among the most popular types of NFTs sold on Rarible. Apart from that, memes and virtual land have also been quite popular on Rarible.
What do I use to trade on Rarible?
Rarible has its own cryptocurrency known as RARI.
How did Rarible start?
The company was founded by Alex Salnikov and Alexei Falin, both of whom have been involved in cryptocurrencies before this. It got its first funding from CoinFund (New York venture capital firm) in 2020, a strong advocate of the NFT movement.
How does Rarible Work?
Generally, it is a marketplace where traders can meet to buy and sell NFTs. In order to create an NFT, you will have to:
- First, mint a token with Rarible’s application. This can be done after you have registered and attached your image and information of the item.
- Rarible will then create a new token. This is built on the Ethereum platform. You will need to use a crypto wallet for this. Metamask is one of the most popular platforms used by traders of NFTs.
- The NFT’s code that has the history and information of the item is then embedded through the Etherum blockchain.
- You can then create your collectibles. This can be in ‘single’ or ‘multiple’ modes where the former refers to a one-of-its-kind item while the latter refers to a series of similar items in the specific NFT.
- Set the price and you can start selling your NFT.
What fees does Rarible charge for any NFTs sold?
There is a 2.5% service fee charged by Rarible for any NFTs sold. However, you can also set a royalty fee on the platform. This means that you will receive a certain percentage (thereby known as royalty) if your NFT is resold by another party in the future.