Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
Bottom Line: Rarible is best for crypto-focused investors who want to create, sell, or purchase NFTs while utilizing an array of community features. The platform may also suit those who want to earn additional income from their NFT creations, since it allows you to earn a 5-10% royalty each time your piece is resold.
See more: Cost to create nft on rarible
Is Rarible right for you?
Rarible is an NFT marketplace that has been in business since 2020. As long as you have an existing cryptocurrency wallet (you can set up a crypto wallet if you don’t), you’ll be able to create, sell, or purchase NFTs on the platform.
More than 400,000 NFTs have been created on Rarible, and the platform currently has 1.6 million total users. Rarible is also available on both iOS and Android devices.
How does Rarible compare?
Rarible, MonkeyFirm, and OpenSea all offer unique products and services for NFT sellers and buyers. But the platforms differ when it comes to fees and features.
Rarible and OpenSea both allow for the creation, purchase, and sale of NFTs. Plus, both platforms offer a 2.5% fee. The MonkeyFirm, however, charges a 1% fee, and its platform strives to reduce payment scams through token-backed NFTs.
Ways to invest with Rarible
Rarible is an NFT marketplace that connects NFT sellers with buyers. You can create NFTs (also known as “minting”) or buy or sell them through the online platform. NFTs are digital assets that represent proof of digital items (e.g., collectibles, artwork, music, and videos) that utilize blockchain technology.
When it comes to creating NFTs, Rarible says it typically takes less than five minutes to do so on the platform. And as for fees, it charges both buyers and sellers a 2.5% fee. This means you’ll pay 2.5% for every buy transaction and 2.5% on every sell transaction.
Rarible marketplace is also quite easy to navigate. You can filter by blockchain (Rarible uses ethereum, tezos, and flow), sale type, price range, collections, and NFT categories (e.g., art, photography, games, metaverses, music, and domains).
Creating an NFT
Here’s how Rarible says the NFT creation process works:
- Select the blockchain through which you’d like to create your NFT
- Decide whether to make your NFT a single edition or multiple edition
- Upload the file (Rarible accepts PNG, GIF, WEBP, MP4, or MP3 files that are under 100 MB)
- Choose a collection, or folder, to store your NFTs in
- Give the NFT a title and description and set the sale type (the sale types Rarible offers are fixed price, open auction, or timed auction)
- Determine the royalties you want to receive from every sale (you can also add unlockable content and enable free minting if you choose)
See more on the Rarible NFT creation process here.
Is Rarible trustworthy?
Maybe you are interested: Omni plans the release of the first-ever celebrity NFT collection — Omni Celebrities
Personal Finance Insider evaluates trustworthiness by reviewing each investment platform’s Better Business Bureau profile. BBB ratings range from A+ to F and typically reflect the bureau’s opinion of how well a company interacts with its clients.
Rarible currently has a B+ rating, which the bureau mainly attributes to the length of time the crypto platform has been in business. While it doesn’t have a long history of lawsuits or public scandals, its platform has fallen victim to fraudulent listings of NFTs.
Rarible has closed one complaint in the last 12 months, according to its BBB profile.
Rarible — Frequently asked questions (FAQ)
What is Rarible?
Rarible is an online NFT marketplace allowing creators of digital artwork and collectibles to connect with NFT buyers. The platform offers several categories of NFTs, including photography, art, games, metaverses, music, and domains.
How do you make money on Rarible?
You can earn money through two ways on Rarible: (1) You can sell NFTs you’ve created, or (2) you can resell collectibles you’ve purchased from the original creators of the NFTs (when you take this route, the original artists earn royalties for each secondary sale of the item).
Is Rarible free?
You don’t have to pay any upfront costs to create NFTs on Rarible. However, the platform charges both buyers and sellers a 2.5% fee per transaction.
Maybe you are interested: EIP-2981: NFT Royalty Standard
- Cryptocurrency: These digital assets utilize blockchain technology to allow for decentralized transactions between two parties. There are thousands of cryptocurrencies available for exchange.
- Minting: This process involves adding your token, or digital art/item, to the ethereum blockchain to make it publicly available for purchase.
- Token: These digital currencies are created through existing blockchains, meaning they’re built on top of previously established databases.
- NFT: These unique digital assets constitute as ownership of real-world items like art, videos, real estate, and other goods. The phrase “non-fungible” is associated with these tokens since they represent interchangeable data.