Rarible has been active since 2020 and is one of the world leaders among NFT Marketplaces. Rarible's main claim to fame is their seemingly endless supply of NFTs. Every type of NFT you can imagine is available here.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFTs. So far so good. But what is an NFT?
NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.
Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).
The key focus of Rarible is the option of self-listing. Artists can create a market place for their NFTs without paying any commission or platform fees. In many ways, this is comparable to the status Uniswap has among crypto exchanges. Uniswap allows anyone to list cryptocurrencies on their platform, without a meticulous and time consuming listing procedure. The same goes for Rarible, but with respect to NFTs.
The self-listing process also creates a great diversity in the supply of NFTs. Whatever you might be searching for; collectibles, trading cards, digital art, you will find it in one way or another, at Rarible.
Layout of Rarible
Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. At Rarible, you can decide to sell your NFTs in two different ways: through the "Buy Now"-function or through an auction procedure.
The following picture is a print screen from Rarible's "Explore"-section. As you can see from the below picture, you can sort and filter the NFTs in a wide variety of ways, ensuring that you will eventually find something that you like.
If you move in to one of the specific NFTs, in this case the NFT called "Fuck Censorship", created by the artist Nico Simon Princely, a.k.a. NSPART, the page layout is as follows. As can be seen from the picture below, the layout includes information on the price, the rarity (10 pieces here), the current owner and previous owners (if any), any existing bids etc.
When you buy an NFT somewhere, it is customary for the relevant NFT Marketplace to charge a fee for enabling the sale. This fee is typically a percentage of the NFT's sale price and is normally paid by the buyer. This can be compared with how regular art galleries normally take a share of the sale of any paintings etc. hanging in the gallery when a sale is executed.
At Rarible, you will have to pay 2.50% to the marketplace as a commission, but there are no listing fees involved. The original creator of the NFT can also choose to take a fee on the final sale amount as well, but is under no obligation to do so.
Accordingly, if you purchase an NFT worth USD 100 at Rarible, you will have to pay USD 102.50 in total (provided that the creator of the NFT has chosen not to charge a fee for himself/herself).
Rarible Payment Methods
A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal-deposits.
Rarible doesn’t allow withdrawals or deposits through credit/debit cards or PayPal. Accordingly, you need to have a previous holding of the cryptos supported by Rarible in order to be able to interact on this particular marketplace.