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Rarible Review 2023: Features, Fees and Security
Luis Clark
- URL: https://rarible.com
- Payment Method: Credit Card, Ethereum, MATIC, Solana, Flow, and Tezos
- Year Founded: 2020
- Blockchain: Ethereum, Polygon, Solana, Flow, TezEthereum, Polygonos, and Tezos
- Fees: 2.5% trading fee
- No. of NFT Collections: 400,000+
Rarible Review: Our Opinion
Rarible is an easy-to-use NFT marketplace that both beginners and advanced NFT traders would find appealing. Not only does Rarible support a vast range of NFTs but it supports over 4 blockchains and allows users to buy some NFTs using their credit card. This makes Rarible a great option for users searching for platform flexibility and ease of use.
An Overview of Rarible
Rarible was founded by Alexei Falin and Alex Salnikov in 2020. Rarible at its core is a community-owned NFT marketplace that allows users to buy and auction digital and art collectibles. The Rarible platform is used to sell, collect, and create unique digital assets secured on a blockchain.
Pros
- Users can buy and mint NFTs on the platform
- Users can bid on the prices of items
- Items listed on Rarible can be viewed on OpenSea
- Buyers and NFT sellers are rewarded with RARI tokens
- Supports multiple payment options
- NFT creators can earn royalties from secondary sales
Cons
- Both parties in a transaction are charged a transaction fee
- An ETH crypto wallet is required for deposits and withdrawals
- High gas fees
- Limited Customer support channels
- Long registration and verification process
Key Features of Rarible
RARI Token
RARI is the official token of the Rarible Protocol and the RARI foundation. It is traded with the ticker $RARI. It is the governance token of the Rarible DAO. The Rarible DAO is responsible for voting on multiple upgrades and deciding on how the Rarible platform should advance.
The RARI token can also be used to buy NFTs in the Rarible marketplace and as an incentive for NFT traders. Users are rewarded with RARI tokens for buying and selling in the NFT marketplace. Users who have traded NFT on Rarible before January 16 2022 or between July 2022 and September 2022 can claim their RARI tokens by visiting this page.
The RARI reward claimed is locked for 2 months. ¼ of the locked RARI tokens are made available to withdraw on the first day of the second month, while the remaining ¾ are vested linearly.
Users who buy NFT items from the $RARI rewards collection are eligible for a free RARI reward. Also, the NFTs do not need to be listed on Rarible to qualify for buying rewards. NFTs listed on NFT marketplaces like OpenSea where Rarible aggregates orders from are also eligible for the buying reward.
RARI tokens are available for sale in decentralized exchanges like Uniswap and centralized exchanges like Coinbase, Kraken, and crypto.com.
Rarible users can also lock their RARI tokens to earn rewards. Once you lock your RARI you will receive vote-escrow $RARI also known as veRARI. To qualify for locking rewards, you must lock at least 100 $RARI. Users who lock their RARI tokens enjoy 0% trading fees, the ability to govern the RARI foundation, the ability to vote on NFT collections that will receive listing rewards, and access to a locker-only Discord channel.
To lock your RARI tokens, do the following:
- Go to the RARI token website
- Click “Connect Wallet”
- Scroll to the “Lock” section and click “Lock RARI”
- Input the amount of RARI you wish to lock.
- Choose the lock time frame
- Review your veRARI rewards
- Click “Lock”
- Go to your crypto wallet and approve the transaction.
You can choose to lock your RARI between 1 month and 2 years. The longer the locking period, the more veRARI you earn. Depending on the time frame, the veRARI received increases linearly from 20% to 100%. Once you lock your RARI token, they cannot be withdrawn until the set time frame is over.
Rarible Royalties
NFT creators on Rarible NFT marketplace can earn royalties on their digital art. Rarible royalties are how much the NFT creator gains when their artwork is sold on the secondary NFT market. This is like a commission earned by the creator whenever the NFT is resold.
NFT creators who wish to earn royalties can use smart contracts to program the rights to future cash flows in royalties within the assets. If the creator sets the royalty at say 20%, they will receive 20% of any consequent sale of the NFT.
The Rarible multichain protocol supports two types of royalties: Royalties V1 and Royalties V2. Royalties V1 is implemented on the standard Rarible token contracts and it defines an interface to query royalties from a contract. Royalties V2 on the other hand, checks if the NFT contract supports the expected interface. Under the V2 the exchange contract interacts with the Rarible royalties implementation through the Royalty Registry. Royalties V2 also allows Rarible to support various royalty standards for different collections.
Under the Rarible royalties program, EIP-2981 allows contracts like NFTs that support the ERC-1155 and ERC-721 interface to signal the royalty amount to be paid to the rights holder or NFT creator whenever the NFT is sold or resold.
Types of NFT You can Buy and Sell
Rarible offers several types of NFTs including Gaming, Metaverse, photography, and Art. Though Rarible NFT marketplace offers a great selection of NFTs, a couple of popular categories aren’t on the marketplace. Some of such NFTs include summation domain names, sports collectibles, videos, and music. So if you intend to buy or sell the just listed NFTs you need to search elsewhere. That said, Rarible NFT marketplace has more than 400,000 NFTs minted on the marketplace.
Supported Blockchain
Currently, Rarible NFT marketplace supports Ethereum, Tezos, Solana, Polygon, and Flow. More blockchains will be integrated with the network in the future.
Rarible users can switch between blockchains before minting. The switch can be done under the “Explore” tab on the website. Once an NFT has been minted on one blockchain, it cannot be moved to another blockchain. They can however mint the same artwork on different blockchains.
Supported Wallets
Rarible NFT marketplace supports different crypto wallet options for different blockchains. Users can sign in with up to twenty wallets at a time across different blockchains. Supported Wallets include Coinbase, Metamask, Rainbow, Portis, WalletConnect, Torus, MyEther Wallet, Phantom, Beacon, Magic, Gamestop, and Blocto.
NFT Minting
Rarible supports NFT minting. To turn your creations into NFTs you would need approximately 5 minutes or less.
First, click the “Create” button at the upper right corner of the Rarible homepage. It’s important to state that Rarible delists unoriginal digital art.
Next, you’ll need to input the details of your NFT. To do so, select which blockchain you want to mint the NFT on.
Next, pick which blockchain you wish to mint your NFT on.
Select whether your NFT will be a multiple or single edition. Pick “Single” to mint a one-of-a-kind or “Multiple” to create a series of one work.
Next, upload your file. This can be in GIF, MP4, WEBP, MP3, or MP4. But it must be under 100 MB in size.
Select a collection for your NFTs. You can pick the default RATI collection (Rarible Singles) or make your own so it is easy for fans to discover your artwork.
Next, give your work a catchy title and an attention-grabbing description.
Select the type of sale for the NFT. This can be an open auction, fixed price, or timed auction.
Pick the royalties you intend to receive from all secondary sales. You’ll get these fees depending on the total sale price every time your NFTs are purchased.
Include unlockable content such as vector files, secret links, etc. This is optional.
At this point, you can enable free minting to eliminate gas fees. This is also optional.
Lastly, click “Create Item” and sign the transactions with your crypto wallet. That’s it! Your art is listed on Rarible as an NFT now.
To elaborate on free minting also called zero-cost or Lazy NFT minting; the process allows Rarible users to mint NFTs on Ethereum without having to pay any gas fees. This is possible as the NFT is stored off-chain and is only recorded in the blockchain after a purchase, which eliminates the environmental costs of NFT minting and makes life seamless for creators. However, it also means that the buyer must pay for both purchase and minting fees which will double the purchaser’s transaction fee. This is why zero-cost NFTs may be difficult to sell.
How to Buy NFT on Rarible?
NFT trading on Rarible NFT marketplace is simple. Here’s how to buy NFT on Rarible quickly. First, sign in to your Rarible account with your cryptocurrency wallet. Rarible supports a ton of wallets but the popular options are MetaMask or Coinbase.
Once you’ve connected your wallet, look for the NFT you want to buy. If you’re buying the NFT for a large collection, search for the yellow check mark that verifies users and collections. This implies that it’s authentic.
Why? Bad actors create profiles and collections that resemble popular NFT artists or projects but aren’t from the original artists. Also, always ensure that you’re buying your NFTs from the original creator by double-checking the NFT contact address and checking links. It is similar to a COA for conventional art. Anyone can create a copy but it must be from the original creator to count.
After you’ve verified the NFT you intend to buy, click “buy” at the bottom of the page. If you hold enough funds in your wallet, hit “Confirm” to approve the purchase. Once the blockchain confirms the transaction, which usually takes 30 to 60 seconds. Your NFT will be safely stored in your wallet.
Rarible Fees
The Rarible marketplace charges a simple 1% fee on the buyer side and another 1% on the seller’s side for all sales that happen on the platform. Creators can also set royalty fees for all secondary sales of their art, which are typically between 5% to 10%. This is what the creator will get as royalty whenever their art is sold on Rarible or other NFT marketplaces.
Users must also be aware that all NFT transactions involve network or blockchain gas fees. These fees usually fluctuate and depend on the blockchain you choose to mint your NFTs. The most popular option is Ethereum, however, it charges the highest fees.
This is because Ethereum’s gas fees are dependent on how congested the network is and the current price of the cryptocurrency. That said, Rarible features a tool that’ll tell you what the current gas fee is and if they’re below or above average. Gas fees are usually anywhere between $10 to $100 for minting.
Rarible also charges credit card fees and these fees vary based on the cryptocurrency you buy and the amount spent. Credit card fees can get up to 4% but they can also be higher if you deposit smaller amounts. In addition, you may even have to pay gas fees as well.
For instance, if you intend to buy $60 worth of ETH the fees can get up to $20, which is almost 20% of the transaction amount. Buying other cryptocurrencies on Rarible come out cheaper though. But it may be a better move to change to a cryptocurrency exchange to convert your fiat currency to crypto.
Rarible Payment Methods
Rarible lets users pay using their credit cards or cryptocurrencies. Regardless of the payment method that you choose, you need to have a crypto wallet to use Rarible. The supported cryptocurrency payment methods mirror the blockchains that the NFT marketplace supports which include Ethereum, Polygon, Solana, Flow, TezEthereum, Polygonos, and Tezos.
For credit card payments, Rarible uses a 3rd party processor to facilitate transactions. It converts your fiat currency to the cryptocurrency that you require to purchase that particular NFT.
You can add funds to your profile using your credit card. It’s important to note that credit card payments will incur fees and there’s a minimum amount for such transactions. Also, the 3rd party processor will require an independent Know Your Customer (KYC) process.
Rarible Security
Rarible is non-custodial marketplace. This means that the creator has sole custody of their NFTs and they remain in their crypto wallet until they are sold. When a sale is finalized, the smart contract used when the listing, is activated takes the NFT from the creator’s wallet and deposits the fund owed in return. All NFTs on Rarible are verifiable and secured by the blockchain.
Rarible has a strict verification process. All users are required to submit an authentic backstage photo proof to verify their identity. This is a major requirement for account verification. To be able to buy and list digital assets on the platform, users are also required to verify and link their Twitter account to Rarible.
Since Rarible had issues in 2020 for wash trading, it has begun to pay more attention to the activities of all traders. Traders who are guilty of wash trading are blacklisted on Rarible.
Customer Service
Rarible customers can contact the support team via email at support@rarible.com and through the support team’s dedicated Twitter account @RaribleHelp. Users can tag their tweets or DM the team via their Twitter handle. These tags and tweets will automatically create a ticket. The support team usually reply support tickets within 24 to 72 hours. Rarible does not offer phone support.
Rarible also has a help center equipped with FAQ articles, tutorials, and ZenDesk articles. These articles are based on Rarible community searches and provide answers to many of the common questions asked by users.
Final Thoughts
The Rarible NFT marketplace offers a ton of NFT collections and flexible payment options. It is best for NFT newbies who are searching for an easy-to-use platform to buy and sell NFTs . The platform offers payment and usability flexibility as it allows users to buy digital assets using their credit cards or over 3 cryptocurrencies.
Our extensive analysis of the NFT Marketplaces doesn’t stop here. You can also read about our Opensea Review as an alternative to Rarible or you can check out our list of Top NFT Marketplaces.
FAQ
Most frequent questions and answers
Rarible is a popular NFT marketplace with a broad range of digital assets and over 1 million users.
OpenSea is a better choice for NFT traders searching for NFT trading platforms with larger investment options and NFT creators looking for low minting fees.
Yes, you can make money on Rarible by selling NFTs.
No, Rarible charges a fee for all transactions on the platform. Also, you’ll need to pay network fees.
Yes, you can mint NFTs on Rarible for free by enabling Lazy minting.
Yes, but you can choose to mint for free and have the buyer pay all fees.
OpenSea is the largest NFT marketplace at the moment.
According to their official website, Rarible charges 1% for both the buyer and seller.
It takes less than 5 minutes to mint an NFT on Rarible.
No, Rarible does not allow withdrawals through credit or debit cards.
Yes, you can but this will ruin your reputation as a seller.
Technically, yes you can but it isn’t advised to do so because it’ll hurt your reputation.
We always try to provide the most accurate information available, and make sure our team follow through.
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