Rarible is one of the most popular NFT marketplaces that allows anyone with an internet connection and a crypto wallet to mint, sell, and buy NFTs. Read on to learn how!
What is Rarible?
In 2019, Alexei Falin, Alexander Salnikov, and Ilya Komolkin founded the Rarible NFT marketplace. With Rarible, you can search and trade unique assets created on five different blockchain platforms: Ethereum, Flow, Solana, Tezos, and Polygon.
Featuring a wide selection of NFTs, Rarible is popular with both long-time blockchain users and newcomers. It is especially a popular destination for new artists looking to launch their first NFT on an alternative blockchain (such as Solana and Tezos) and build an audience around it.
In addition, Rarible does an excellent job of helping newcomers to the NFT world navigate its nuances. The company has lively Twitter and Discord communities for ongoing discussion of relevant topics like liquidity, security token standards, and more.
Rarible has also partnered with major companies and celebrities to help launch their NFTs. Social media site Twitter, fast food operator Yum!, boxer Floyd Mayweather Jr., and actress Lindsay Lohan are a few of the well-known names that have partnered with Rarible.
How to Mint & Sell an NFT on Rarible: A Step-by-Step Guide
To get started on Rarible, you will need a cryptocurrency wallet that supports your blockchain of choice.
When buying NFTs, your purchases are tied to the blockchain where they were created. This means that if you want a particular piece of artwork, then you must use whichever blockchain its artist used to mint/create it.
For this reason, users interested in buying, minting, or selling NFTs on Rarible will need a wallet that is compatible with one of the five blockchains it supports. MetaMask is arguably the most popular wallet, but there are other Ethereum wallets usable with Rarible, including:
- Coinbase Wallet
Users wishing to use the Flow token on Rarible must connect their Blocto wallet.
For Tezos, users will need a Beacon-compatible wallet, such as:
- Kukai Wallet
Connect Your Wallet
The first step is to connect your crypto wallet. If this is your first time signing into a platform using a crypto wallet, you might find it less familiar than linking your email address and adding a password. Web3 platforms like Rarible eliminates the need for a username and password. All you need is to connect your web3 wallet.
Once you choose your wallet of choice, a pop-up window will appear, asking you to approve the request for signing in.
Create Your First NFT with Rarible
Now that you are signed in, you are ready to create your first NFTs. The process is rather simple. Just click the “Create” button at the top of the page.
Next, you will have to choose which blockchain you wish to mint on. Before making this decision, be sure to consider gas fees (as they vary from chain to chain).
Next, you will be prompted to decide whether you want to mint a single, an exclusive NFT, or if you want to mint multiple NFTs of the same work. Any NFTs that infringe on copyright laws will be removed from the platform immediately. So be sure to only mint the works you have ownership of.
The next steps are filling in the title, description, and type of sale for the NFT (if you wish to list it in the marketplace).
You will also have to set your royalty price, which is the amount you will receive every time someone resells your art. NFTs can also include add-on incentives like secret links, or additional downloadable content. Therefore, you can mint your NFT and put it for sale in one go.
Finally, you will have the option to pay to mint your NFT or publish it for free. If you decide upon the free option, you will pass the gas fees up to the first buyer. This is called ‘lazy minting.’
Although lazy minting may save you from upfront costs, it increases the price of your NFTs and could potentially discourage participation in your project.
After setting everything up, click “Create item,” and that’s it. Your NFT is now minted! Go to your wallet to confirm.
How to Buy Your First NFT on Rarible: A Step-by-Step Guide
If you want to buy your first NFT, here’s how!
Sign in to your Rarible account with your wallet. In this case, we use MetaMask. Once you’ve connected your wallet, find the NFT that you want to buy by browsing through the various NFTs.
It’s important to note that some scammers create fake collections and profiles, attempting to pass them off as legitimate works from well-known artists or projects. Always make sure you are buying from the official creator by verifying their links and contract address before making a purchase!
For larger collections—or simply as good practice—look for a yellow checkmark next to users’ or collectors’ names. It verifies their authenticity and ensures they aren’t duplicates of other NFTs.
Once you’ve verified the NFT’s authenticity, click “Buy Now For…” at the bottom of the page. If your wallet has enough funds to cover this purchase, all you have to do now is confirm and approve it inside your MetaMask Wallet.
Once your transaction has been verified by the blockchain (usually within 30-60 seconds), you can now access the purchased NFT in your wallet.
It is worth mentioning that there are two ways to purchase an NFT on Rarible: by paying a fixed price or through an auction.
- Fixed price: The seller will list the NFT for sale at a set price. If you wish to purchase it, press the “Buy For” button on the NFT and follow the steps above to complete your transaction!
- Auction: In an auction, a designated amount of time will be given for people to submit bids. Whoever submits the highest bid by the end of that period will have ownership over the NFT.
Be aware that you need enough of the marketplace’s supported digital currencies to cover your maximum bid. Also, keep in mind that you need funds in your crypto wallet to cover the gas fees.
How much does it cost to mint NFT on Rarible?
The platform itself doesn’t charge a minting fee. However, users must pay the gas fees associated with minting NFTs. This will depend on which of the five different blockchains are available on Rarible (Ethereum, Tezos, Solana, Polygon, and Flow).
How much does it cost to sell an NFT on Rarible?
Rarible takes a 1% commission on every sale that happens within the marketplace.
Can I list my NFTs on both Rarible and OpenSea?
Yes, you can. There are a variety of marketplaces that support NFT purchases. Top NFT markets include Rarible, OpenSea, Super Rare, and Foundation. However, you can not sell the same NFT on two different platforms.
Can you buy an NFT on Rarible using a credit card?
Yes. Rarible lets people buy NFTs with a credit card, but fees can add up depending on the network you’re using and what type of blockchain it is.
Which is better to mint on, Rarible or OpenSea?
It depends on several factors, such as your preference, goals, blockchain of choice, etc. For example, if you want to trade NFTs using multiple different types of cryptocurrencies, then OpenSea is a good option. If paying for purchases with credit cards is more important to you, then Rarible might be better suited.