Rarible is an easy-to-use NFT platform suitable for both new and experienced traders. It offers a plethora of NFTs, as well as support for multiple blockchains so that users can save on gas fees.
This comprehensive review of Rarible covers all aspects of the platform, from its features to its fees. We’ll explore the various options and tools available, as well as the fees associated with using the platform.
Rarible is a platform that enables users to create, buy, and sell digital art, collectibles, and other rare digital items. In addition, it offers an easy way to own and trade unique assets on the blockchain.
The marketplace is the perfect choice for traders who seek to conduct transactions and mint their digital items across multiple blockchains at competitive rates.
The platform is easy to navigate and perfect for first-time users who want to buy or sell NFTs. All they need to do is connect their crypto wallets and then start searching for their favorite artists or go through the filters.
Those just starting out will find the credit card payment option convenient, although there are less expensive methods of getting your hands on crypto.
Ethereum (ETH) remains the preferred blockchain for NFTs; however, high gas fees have motivated people to seek other options. Rarible currently has access to four blockchains and plans to add more. People who are aiming to minimize fees can alternate between Polygon (MATIC), Tezos (XTZ), or Flow (FLOW).
Keeping many wallets and multiple networks can be a bother. Rarible’s multi-wallet feature will help you link up to 20 different wallets with a single profile, providing a hassle-free arrangement to manage your digital assets, like NFTs and cryptocurrencies, in one place.
Rarible works with a variety of wallets, including MetaMask, Ledger, Rainbow, Coinbase, Fortmatic, Portis, and more.
Creating or minting an NFT can be costly on the famous Ethereum network, but makers can sidestep these fees with Rarible’s lazy minting feature. This postpones the registration of details onto the blockchain till after purchase, reducing environmental expenses. This is also known as zero-cost NFT minting, a technique involving existing blockchains and protocols.
Keep in mind, though, that this requires buyers to take on additional transaction charges for completing the minting.
Rarible thoroughly investigates the credentials of the users every day. Those who have gone through verification get a yellow checkmark; while it doesn’t guarantee authenticity, it adds an extra level of assurance.
Rarible is a great platform to purchase NFTs using a credit card, but the fees may accumulate.
The transaction fees and minimum amount can differ depending on which blockchain network you use. For instance, when you purchase Ethereum (ETH) in U.S. dollars, the fee may reach up to 20%. Other cryptos may require lower costs and minimums, though it is worth considering this expense.
Rarible offers a wide selection of NFTs and has established partnerships with numerous celebrities. Unfortunately, certain categories, such as domain names, sports collectibles, music, and videos, aren’t available on the platform. Therefore, you may prefer another site if these are the NFTs you’re after.
Phishing is an increasing online fraud that deceives people into revealing their personal details by imitating companies. Some crypto exchanges have countermeasures to prevent this, such as allowing users to create their own phrase or code that will appear on all emails. Unfortunately, Rarible does not have any such a feature.
Rarible has a voluntary verification process to reduce fraud, but no KYC screening is in place. Those who value anonymity, a valued element of the crypto world, could see this as a positive thing. However, it is not necessarily ideal if you’re concerned about being exposed to laundered money.
In all fairness, none of the key NFT platforms have required KYC screening. But after pressure, most centralized cryptocurrency exchanges need customers to provide personal info to trade. But this has yet to be adopted by the NFT industry.
Notice that artists can also set an additional royalty fee of 5%-10%, which will be paid to them when the item is sold.
The price of your crypto will depend on the amount you purchase and the type of asset you buy. According to Rarible, the fee can range from 2.5%-4%. However, experience shows that smaller transactions may incur higher costs. Also, remember that blockchain transaction fees, or so-called gas fees, may also apply, as well as a minimum transaction charge which could differ between blockchains.
For example, instead of spending almost 20% of the transaction amount in fees while buying $50 worth of ETH, you could get MATIC or XTZ at a lesser price. Using a reputed cryptocurrency app or exchange to convert your cash into a cryptocurrency is still more cost-effective.
The Ethereum gas fees can fluctuate based on external factors such as network congestion and ETH’s price.
A convenient tool is provided by Rarible, which can inform you of the current fees compared to the average.
If you’re looking for a lower-fee NFT platform, Binance’s marketplace is your best bet. This is because they charge a 1% fee on trades, whereas Rarible has a 2.5% fee.
If you want a more comprehensive range of NFTs, then OpenSea is the largest platform available, with a vast selection of digital assets. Despite the wide variety of NFTs, its fees are comparable to those of Rarible. However, users should be aware that there have been several reports of security vulnerabilities on OpenSea.
Rarible is the right place for you if: