The NFT space can be overwhelming, especially if you’re not a tech expert. Rarible offers a way to create, buy, and sell NFTs without needing coding skills. But is it really the right platform for your needs? In this Rarible review, we’ll break down how the marketplace works and explore its key features so you can decide if it’s the best choice for you in 2024.
KEY TAKEAWAYS
➤ Rarible simplifies NFT creation and trading, offering support for multiple blockchains like Ethereum, Polygon, and Solana.
➤ The platform is beginner-friendly with features like lazy minting and multi-chain wallet support, making it accessible to creators without technical expertise.
➤ Though Rarible offers flexibility, the 2.5% transaction fee for both buyers and sellers and competition with larger marketplaces like OpenSea are key factors to consider when choosing a platform.
What is Rarible?
Rarible is an NFT marketplace that connects content creators and buyers of non-fungible tokens (NFTs) without requiring users to have any prior coding skills. The experts developed the marketplace on the Ethereum blockchain to ensure that transactions are safe and secure.
Rarible offers a diverse selection of NFTs in categories, including arts, music, domain names, etc. There are six investors in Rarible. However, Venrock, CoinFund, and 01 Advisors are some of the company’s most notable investors, having raised $14 million in a Series A round on June 23, 2021.
Did you know? Rarible secured another significant investment in a Series B funding round, raising $16 million from various investors. This round was led by existing investors, including Venrock, CoinFund, and 01 Advisors, who continued to back the platform as it expanded its multi-chain capabilities. The funds were directed toward scaling the platform’s infrastructure and developing new features like gasless minting through layer-2 solutions.
Alexander Salnikov, Alexei Falin (CEO), and Ilya Komolkin created the Rarible in 2019. The team unveiled the initial edition of the Rarible marketplace in May 2020, following months of hard effort. Since then, the site has developed considerably, hitting $150 million in revenue just 18 months after its formal launch.
Rarible features
Here’s a quick summary of some of the key elements of the Rarible marketplace and its native token, RARI.
| Name of the product/ marketplace | Rarible (RARI) |
| Token type | ERC-20 |
| All-time high | $63.53 |
| All-time low | $0.3095 |
| Market capitalization* | $42,326,841 |
| Circulating supply | 23,834,553 RARI |
| Website | https://rarible.com/ |
| Buyer fees | 2.5% platform service fee |
| Blockchain | Ethereum |
| Currencies accepted for payment | MATIC, MANA, ETH, RARI |
| Total supply | 25,000,000 |
How does the marketplace work?
The platform’s primary function is to serve as an NFT marketplace built on the Ethereum blockchain. Creators must first convert their work into an NFT using Rarible to sell their work. When a content creator uploads artwork, such as an image or audio file, the platform generates an NFT to represent it.
Rarible supports a variety of blockchain technologies, including the Binance Smart Chain. When a buyer acquires content, the platform sends NFT to the buyer’s digital wallet and records the transaction on the Ethereum blockchain. The RARI native token governs the platform, which enables Rarible users to have a say in how the platform develops.
The RARI token has grown in importance, allowing for more decentralized governance. Token holders can vote on platform updates, royalty fee structures, and integration with new blockchains.
In its early stages, Rarible supported wallets included MetaMask, Coinbase Wallet, imToken, and TokenPocket. It has expanded multi-chain wallet support to include Polygon, Immutable X, and other layer-2 networks such as zkSync Era. Additionally, some newer wallets, such as Petra and Pontem for the Aptos blockchain, are also supported.
Features of Rarible
- RARI holders run the platform autonomously. They are in charge of voting on governance suggestions. The platform’s long-term goal is to become a completely decentralized autonomous organization (DAO).
- The platform addresses the limitations of the intellectual property market, such as paperwork constraints and difficult licensing procedures. The platform provides a (simple) alternative that everyone can use.
- A zero-barrier environment allows users to engage directly without limitations or restrictions. The platform does everything in a very safe and secure setting.
- In 2024 Rarible has expanded to support multiple blockchains, including Polygon, Tezos, Flow, Solana, and Immutable X.
- Rarible now supports gasless minting through layer-2 solutions like Arbitrum and Optimism, making it more cost-effective for creators to mint NFTs without paying high Ethereum gas fees.
- Rarible allows users to purchase NFTs directly with credit cards, enabling fiat-to-crypto conversion within the platform.
- Rarible launched its own blockchain, the RARI Chain, which moves it closer to its goal of becoming a fully decentralized autonomous organization (DAO).
Rarible pros and cons
Rarible has distinct advantages and disadvantages, which are worth considering for users looking to participate in its marketplace.
| Advantages | Disadvantages |
| Rarible’s lazy minting feature allows users to create NFTs without paying upfront gas fees. | RARI tokens lack API and IPFS storage support, limiting flexibility for developers. |
| Easy-to-use interface that requires no coding knowledge. | 2.5% fee on both buyer and seller, which might be higher than some competitors. |
| Rewards system: Users earn RARI tokens for buying and selling NFTs. | Limited blockchain integrations compared to competitors like OpenSea. |
| RARI token holders can vote on proposals and governance decisions, leading towards decentralization. | The platform does not support whitepapers or roadmaps, causing confusion for users. |
| Open-source and secure, providing transparency and protection from external attacks. | No built-in storage for NFTs, meaning users have to rely on external storage solutions. |
| Users can pay with credit cards, debit cards, or Google Pay, expanding payment flexibility. | Gas fees on Ethereum can still be high despite layer-2 solutions. |
| Multi-chain support, allowing NFTs to be minted on different blockchains like Polygon and Solana | Competition with larger marketplaces like OpenSea, which offer more features. |
NFTs supported by Rarible
The Rarible marketplace is the ideal place to go if you want to find NFTs that you won’t come across anywhere else. Here are some of the main types of NFT you can find on the platform and a bit about each type.
- Digital art: NFTs have had a positive impact on digital art. “Everyday: The First 5000 Days” by Beeple sold for $69 million in 2021, making it one of the most expensive digital art pieces ever sold.
- Game NFTs: These are available for purchase for gamers who want to deepen their immersion in their favorite games. Using these NFTs players can enhance their gaming experience.
- Memes: Using memes is a considerable part of the culture, and even NFTs have jumped on board the meme bandwagon. NFTs based on memes, such as Nyan Cat, have gained a lot of traction among collectors.
- Music NFTs: Rarible allows you to upload your music and make collectible copies of it that you’ll likely appreciate in the future. Additionally, it gives artists a new option to market their music and allows fans to collect and own their favorite albums and tracks.
- Metaverse: Rarible users can purchase tokens to symbolize their ownership of virtual space in the metaverse. Additionally, users can utilize metaverse to transfer digital assets between blockchains, making it a powerful asset management tool.
Photography NFTs and AI-generated art have gained significant popularity on Rarible. Notable photography NFTs like “Twin Flames” by Justin Aversano have set a precedent, while AI-generated pieces, such as “The Portraits of Mind” series by AI artist Sophia, continue to push creative boundaries.
How to setup and use Rarible
To sign up for Rarible, you must first create a wallet and purchase ETH. You’ll then be able to pay transaction fees associated with NFTs. The instructions below will demonstrate how to accomplish this:
Step 1: Link your MetaMask wallet
To begin, you’ll need to connect MetaMask to Rarible, although you can use whichever wallet you choose.
To do so, navigate to Rarible and select the “create an account” button. Then, sign in using your preferred wallet. After accepting the terms of service of Rarible, click the “Proceed” button. Upon connecting the wallet, we’re ready to move on to the following stage.
Note: You can connect multiple wallets to a single profile.
Step 2. Buy NFTs
After connecting your wallet to the Rarible wallet, click “Buy now” to purchase a specific token or to bid on one that is up for auction. You’ll need to complete the transaction and all your data will be synced to your MetaMask wallet.
You’ll notice a notification in your MetaMask wallet with the final price (including the service fee). When you complete the purchase in your associated wallet, you will receive a message congratulating you on acquiring an NFT.
Step 3. Sell NFTs
You can sell collectibles on Rarible if you already have them. Click “My account” after connecting Rarible to your wallet to see your NFTs. Click the “put on sale” option to start selling the collectible.
After entering the price in ETH or another token, select the “next step” button. You must verify your token and sign the transaction to complete the transaction on MetaMask.
There you have it! You’re all set to sell on Rarible!
Step 4. Bidding for an NFT
Rarible enables you to bid on NFTs if you wish to purchase them at a specific price. By clicking the “bid” button, you can enter the quantity and your bid for the item. Click the “submit a bid” button to advance to the next level.
Following that, you will go through three stages on your MetaMask wallet, you will have to pay Ethereum gas fee for these.
Once that process is complete, you will have ETH converted to WETH (Wrapped Ether). Thereafter, you would have completed the process of creating your bid.
When you bid for an NFT, you might use Wrapped Ether (WETH), a token that allows for better compatibility with certain transactions on the Ethereum network. Rarible has also integrated with layer-2 solutions like Arbitrum and Optimism to reduce gas fees during bidding.
Minting NFTs on Rarible
- Click the “create” button on the Rarible platform.
- Select “many” or “single” tokens from there. It will prompt you to upload a file containing your work. If you choose to produce several tokens, you must indicate the desired amount of tokens.
- Following that, decide how you will sell your NFT. You can set a fixed price, conduct a timed auction, or leave it up to various bids.
- Include the price at which you want to sell your item, as well as the item’s name and description. You can set a royalty percentage of up to 50% on the sale of your artwork. This way, you’ll be compensated each time your artwork gets sold.
- After uploading your artwork and entering all necessary information, click “create item” to begin minting. Following its completion, you’ll need to pay any applicable fees and approve the transaction.
- Once the token gets minted, the platform lists it for sale on the Rarible marketplace. The funds are immediately transferred to your cryptocurrency wallet when a transaction is confirmed, and the sale gets completed.
In 2024, Rarible offers gasless minting through layer-2 networks like Arbitrum and Optimism. If you opt for this, the minting process is more affordable, and gas fees are only charged once the NFT is sold . This is particularly useful for artists who want to avoid upfront costs.
Did you know? A notable addition in 2024 is Lazy Minting. You can list your NFT for sale without paying any gas fees upfront. The NFT is only minted on the blockchain when a buyer purchases it, and the gas fee is covered by the buyer
Is Rarible the right NFT platform for you?
If you’re looking to dive into NFTs without needing tech expertise, Rarible could be a solid choice. It’s simple to use, with options for low-cost minting and multi-chain support. Before you commit, take a moment to compare its features and fees with other marketplaces to ensure it’s the best fit for your needs.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Investing in and trading NFTs is a high risk activity. Your capital will be at risk.
Frequently asked questions
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