What Is Rarible? Does Its Reputation Live Up to Its Name?

Okay, we kinda are on an NFT marketplace spree after the OpenSea discussion. But then again, the NFT market is growing and evolving at an impressive rate, so we gotta know where to step. So what is Rarible? And should you create NFTs or buy them there? Let’s find out what makes the marketplace the place for you to invest in! And here are some NFT terms you gotta be familiar with before you dive in.

What Is Rarible?

Rarible is an NFT platform where you can buy and sell different types of digital media. Art, music, metaverse, and gaming, it’s all there! The platform launched back in 2020, along with the rarible coin $RARI (worth $7,20 at the time of writing). Besides supporting different types of media, it also supports three different blockchains: Ethereum, Flow, and Tezos. One of its strengths is that it’s pretty simple to use. It gives the users the ability to filter items based on certain criteria.

One of Rarible’s coolest features is that it’s on an environmental sustainability mission to reduce carbon footprints. It’s doing that by collaborating with the Nori Carbon Removal Marketplace. You can read more about how this happens right here. And this really helps if you’re worried about the environmental impact of the NFT market (as we all should).

How to Buy and Sell NFTs on Rarible?

If you’ve got an NFT collection you wanna sell, Rarible is a good place to start! When you create your account and wanna sell your NFTs, you’ve got three ways to go. First, you can go for a classic fixed-price approach until someone buys it.

Second, you have the timed auctions where you can set the start/end date along with the minimum price. And if someone puts in a bid in the last 10 minutes of the auction, you get another 10-minutes extension!

Finally, there’s the open auction option. You just have to list your NFT as “open for bids”. Potential buyers can then send their offers, and you can either accept or decline the offer. That’s a good way to test how much your NFT is worth for people.

Fees and Payments

Just like OpenSea, Rarible charges 2.5% on every transaction that happens in the marketplace. Meanwhile, the OG creators of NFTs can set a 5-10% margin for royalties. That way, whenever the item goes through a transaction, they make money out of it. It’s a great idea to make sure artists get the compensation they deserve. Oh and, if you’re worried about the gas fees as a beginner, you can go for lazy minting. That way, gas fees will apply to the buyer only after the NFT sells.

What Is Rarible Gonna Be in the Future?

Well, we gotta wait and see what happens with the whole NFT market as a whole. But if it keeps on growing like that, we’re sure that marketplaces like Rarible will thrive further. And if you’re still not really sure about investing in the NFT world, maybe go for something more physical! Sneaker reselling is a great idea if you’re into the pop culture x music x sports kinda thing. 

Economists expect that the sneaker reselling industry will reach a $30B value in 2030. So it’s no wonder that resellers have been making thousands of dollars every month for decades now. The sneaker industry is, after all, closely linked to the fashion, music, and streetwear industries. But with solid markets like that one, you’ll need a lot of help. From cook groups and guides to top-tier sneaker bots like NSB, there’s always someone to do the dirty work.

And make sure you read this if you wanna check out the benefits of reselling sneakers. Godspeed 🔥