What is Rarible: The multi-chain NFT platform =

NFTs currently dominate the world of crypto. You will therefore have noticed that the trade in NFTs exploded in 2021 and that this trend will continue in early 2022. Forbes Magazine shared at the end of 2021 that no less than $ 23 billion was traded in NFTs in the year 2021 .

But how do you know which NFT marketplace is best for you? There is a wide range, but they all have their advantages and disadvantages. In this blog, let’s take a look at Rarible’s NFT platform.

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  • View quickly
  • What is an NFT Marketplace?
  • Statistics NFTs
  • What is Rare?
  • RARI token
  • Blockchain networks
    • Ethereum
    • Flow
    • Tezos
  • Types of NFTs on Rarible
    • Art
    • Photography
    • Games
  • NFT Collections
  • Which wallets on Rarible?
  • How to buy an NFT on Rarible
  • How do I make an NFT on Rarible?
    • Royalties
  • Critical note
  • Conclusion
  • Make money with NFTs?
    • Start immediately with our NFT Blueprint!

Can’t wait? Check out the beginner tutorial about Rarible below:

 

What is an NFT Marketplace?

An NFT marketplace is a platform where you can buy and sell different NFTs . The NFT market experienced explosive growth in 2020 and this trend will continue in the first month of 2021. Never before have so many NFTs been traded and so many NFT collections have been added in a relatively short period of time. In addition to supply, demand is also exploding for one reason: the return on an NFT can be extremely high.

There are now several NFT marketplaces that each have the same goal; namely being the leading platform where anyone can trade their favorite NFTs. We are now seeing more and more NFT marketplaces emerging, but they are all different or have a different focus.

Statistics NFTs

The explosion of NFTs is nothing new. But we would like to substantiate this with data and statistics. Thanks to nonfungible.com we can consult all of this data. We can filter on different types of NFTs, such as:

  • Collectibles
  • Metaverse
  • Game
  • Art
  • Utility

Here we gain more insight into which NFTs were traded the most and which type of NFT offers the highest returns . We see that the top sales of the past year were the CryptoPunks, with a sale price of a whopping $ 10 million.

To gain more insight into the current market, we can look at the trading volume. Here we see that the most volume has taken place in gaming NFTs from Axie Infinity, followed by the Bored Ape Yacht Club. These statistics are very important if you want to be profitable yourself with NFTs.

nonfungibletoken.com

What is Rare?

Rarible is one of the largest NFT marketplaces that was launched in early 2020 by two Russian developers named Alexei Falin and Alex Salnikov . In addition to large platforms such as OpenSea, Rarible is also a widely used NFT marketplace. At the time of writing, Rarible has had a whopping 1.6 million users who have collectively traded more than $270 million in value on the platform.

RARI token

Rarible wants to become a Decentralized Autonomous Organization (DAO) that is managed and controlled by the community and the users. Thanks to RARI’s native token, users can help decide on the future of the platform. Users earn RARI Tokens by buying or selling NFTs on Rarible.

Rarible.com

Blockchain networks

Each blockchain uses its own network. When we look at NFTs, we see that many NFTs are launched on the network of Ethereum (NFT). This token standard for NFTs, then, are ERC721 tokens . But what we often don’t think about is that there are now quite a number of networks and that each is different. Each network has its advantages and disadvantages. The different NFT marketplaces have different offerings in terms of networks. Rarible supports the following blockchains:

Ethereum

If we look at the network of Ethereum, we see that it is very accessible because it is also the largest network . The other side of the coin is that this network is often so overloaded that transactions are accompanied by high gas fees. This is no different in NFT trading. As a result, many people still stay away from NFTs and you exclude people who are less wealthy. After all, 100 dollars for a transaction is unfortunately no exception.

That is why more and more blockchains are being added, which want to tackle the problem of these gas fees in order to make transactions faster, but also cheaper. This also applies to NFT trading.

Flow

Flow is a blockchain that focuses on using developers to promote the growth of decentralized applications (dApps) and games . Some say that this blockchain was built specifically for the creation of NFTs. The makers of Flow are therefore no strangers, namely the Dapper Labs team. In the early years of NFTs, she already had great successes thanks to the blockchain game CryptoKitties.

Thanks to its specific architecture, it is an ideal network for scaling up usage, without affecting network congestion and transaction costs.

Tezos

The Tezos blockchain is a direct indication to the digital token, which is also called ‘tez’. The smart-contract protocol is built in such a way that it can be scaled endlessly and where optimization is central. This also makes the Tezos blockchain suitable as a network for trading NFTs, where smart contracts can be easily created and optimized.

Rarible.com

Types of NFTs on Rarible

An NFT platform is a digital marketplace where you can search for NFTs that are of interest to you. Here you can easily filter on different categories so that you can effectively start your search. Depending on the marketplace, there are more or fewer categories. The types of NFTs on Rarible are:

Art

Digital art is perhaps the most popular category in the NFT world . This is also a very big concept and ranges from pixelated pictures to very artistic works of art. Thanks to the different filters you can look for the latest art, but you can also filter between a certain price. Have you found an interesting NFT? Then you can continue to navigate here, where you will see more details about the artwork. Think of the number of bids, the maker, but also how much royalties the maker asks for this.

Photography

In the category of photography you will find both static photos and animated photos . The advantage of blockchain technology and NFT development is that you can let your creativity run wild and you can create what you want. Due to the decentralized nature, no one has any influence on your decisions.

Games

No one can deny how important NFTs are in the gaming industry. In addition to the aesthetic character, they also often have a certain in-game application. For example, an NFT can make you a better player, achieve goals faster and therefore potentially earn more money thanks to play-to-earn.

We see that all game-related NFTs on Rarible exist exclusively on the Ethereum network. This also means that you cannot use or import NFTs from other blockchains into games that exist in the Ethereum network.

NFT Collections

An NFT is often part of an entire collection. This is a collection of similar NFTs by the same maker . A popular collection on Rarible is the Mutant Ape Yacht Club, inspired by the popular Bored Ape Yacht Club. With every NFT you can see if it is part of a collection, if so, you can also view this collection.

Rarible.com

 

In the example above, we see that the entire collection has 17 200 NFTs with a total volume of 772 million. Are you curious about more information? In statistics you can see a history of the average selling price and whether it has increased or decreased over time. With this collection we see an average price of 27 443 dollars, which is a significant increase.

Which wallets on Rarible?

To use an NFT marketplace, you use a software wallet. We also see that there are more and more NFT marketplaces that have a built-in wallet. You only create your account, and they have a custodial wallet for you. Rarible supports no less than 5 different software wallets:

  • MetaMask
  • Torus
  • Beacon
  • Block
  • Wallet Connect

How to buy an NFT on Rarible

Are you connected to your software wallet? Then you’re ready to buy an NFT on Rarible! With every overview of an offered NFT you will receive a lot of information. This way you immediately see the creator, but you also see whether the NFT is part of a collection. For example, you could trade multiple NFTs from the same collection. But more important here is the price.

Depending on the choice of the creator, you can also place a bid. You do not agree to the full price, but you want to make an offer to negotiate. In the example above, bids are possible in the currency below:

  • wETH
  • DAI
  • USDC
  • RARI
  • ASH
  • ATRI

Do you not want to bid, but do you want to purchase immediately? Then you can immediately buy this NFT for the full purchase amount.

How do I make an NFT on Rarible?

You can also create your own NFT on Rarible, by simply navigating to ‘create’ at the top right. As we mentioned earlier, an NFT can only exist on one blockchain. When creating your NFT, you will also have to choose on which blockchain you want to mint your NFT.

Rarible.com

 

Here you get an overview of all possibilities. You choose whether you want to sell your NFT at a fixed price, based on an auction or whether you want to use different bids. In this way you can determine whether or not you agree with each bid. Of course, the selling price is not unimportant.

Royalties

Finally, you can also choose whether you want royalties and if so, how much. These royalties mean that with every sale, you as a creator receive a certain share of the sale price. Do you have an NFT that explodes in value with every sale? Then you have a very nice passive income. Let’s give an example below. Suppose you sell an NFT worth 1,000 euros with 10% royalties:

Selling price

Royalties (10%)

1 000 euros

100 euro

5 000 euros

500 euro

12 000 euros

1 200 euros

As a creator, you earn 1,800 euros on 3 individual sales. This sounds too good to be true for many, but it is possible. If your NFT increases in value and trades regularly, this is possible.

Critical note

Before you start trading NFTs, it is important to know how the different networks work. Each NFT is minted in a specific network. As of this writing, this NFT can only exist in that network unless it is re-mined on another blockchain. The latter is relatively rare in practice.

This is important to know because choosing your network comes with a number of pros and cons . Ethereum’s network is still the most dominant, meaning most NFTs are tradable with Ethereum. This means more expensive gas fees, but also a larger supply.

If you prefer to look for alternative blockchains as mentioned above, or for example NFTb that is built on the Binance Smart Chain (BSC), then you have fewer transaction costs, but the supply is also smaller. Here is also, to date, lower trading volume. It is therefore a consideration that you as an investor must make for yourself.

Conclusion

Crypto is and remains a very volatile market that carries the necessary risks . Despite this, we see a lot of people making absurd profits by trading NFTs. We see more and more messages from young people who have become millionaires overnight by selling selfies as NFT. It is possible, but there are also risks involved. Not every NFT will increase in value, so you can also suffer large losses.

But if you still want to take a chance, it is important to know which NFT platform you are using. After all, you want to reach as many people as possible to sell your NFT with a certain profit margin. Rarible is an NFT platform that supports various blockchains and also distinguishes between different types of NFTs. You can buy both in-game NFTs and collectibles. But the use of Rarible and the associated blockchains also come with a more limited supply than competitors such as OpenSea. It is important to make the choice for yourself which platform and which network you use and whether you are willing to pay the higher gas fees.

Do you have any questions about NFTs or Rarible? Ask us in our AllesOverCrypto Facebook group where we now have more than 100,000 members! You can also easily find the answer to a question about crypto in our FAQs. Furthermore, you can also find a lot of information by googling your question + AllesOverCrypto.

Header image: AdriaVidal/Shutterstock.com

 

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