Rarible Review

Rarible Review 2024: Is It The Best NFT Marketplace For You?

TLDR

This Rarible review will explore whether or not you should use the platform for exploring NFT space. Rarible is a comprehensive NFT marketplace that combines creators, sellers, and buyers in a single platform.

It is a hub where artists can create and sell their NFTs, providing options to retain ownership or sell for profit. Likewise, prospective buyers can acquire and hold onto tokens, with the opportunity to resell them later.

Besides that, the platform covers diverse tokens, spanning categories such as art, photography, games, metaverses, music, domains, and decentralized finance (DeFi). These services are offered relatively and reasonably priced, making Rarible an attractive choice for NFT enthusiasts.

What is Rarible, and how does it work?

Rarible NFT platform, a New York-based company founded by Alex Salnikov and Alexei Falin, operates in cryptocurrency. Salnikov has been involved in cryptocurrencies since 2013, while Falin has experience co-founding a digital sticker marketplace for chat platforms, as stated on his LinkedIn profile.

In 2020, Rarible secured its initial funding from CoinFund, a venture capital firm based in New York. CoinFund has shown strong confidence in the potential growth of NFTs, making them one of the notable supporters of Rarible.

Rarible connects sellers (like digital artists) and buyers directly, without intermediaries. It’s a decentralized NFT marketplace where trades occur through secure smart contracts on a blockchain ledger.

Uploading files on Rarible creates unique NFTs that can be transferred between wallets. Rarible allows creators to program royalties, earning a percentage from future and consequential sales.

This feature attracts creators to the platform, setting it apart from traditional content platforms. Rarible also plans to implement cross-platform royalties and enable the integration of collectibles from OpenSea.

Who should use Rarible?

Designed to cater to different levels of NFT collectors and artists, Rarible is suitable for the following types of users:

For beginners in the NFT space

The concept of NFTs fascinated the public, but entering the space is challenging for those without crypto. Rarible aims to simplify the process by offering a user-friendly platform with popular collections and items. It enables creators to earn royalties on future sales and eliminates the need for coding knowledge when buying or selling NFTs.

Besides that, it has simple and hassle account creation and KYC processes, just like most dApps. All you need to do is connect your wallet, and you are ready. Still, if beginner-level or pro users face issues, Rarible has a comprehensive blog and FAQ section to help you.

Collectors and curators

Rarible’s marketplace provides a smooth entry for artists and NFT investors, eliminating intermediaries and technical complexities. Their core belief is in simplifying the process and fostering the mass adoption of blockchain technology and applications.

To ensure originality, the Rarible-Adobe partnership produces content credentials that verify the artist’s work and prevent scams. So, if you seek to bypass intermediaries, Rarible offers a future-oriented platform tailored to your needs.

For cost-conscious users

For cost-conscious users, Rarible is an ideal choice. Unlike before, creators can now mint and sell their NFTs on the platform without upfront fees. Interestingly, the gas fee incurred during the transaction can be transferred to the buyer.

Rarible supports three blockchains (Tezos, Flow, and Ethereum) that determine the gas fee. Finally, the minting process is straightforward, thanks to the platform’s detailed instructions.

What features does Rarible offer?

Let’s review Rarible’s top features that make it an excellent choice.

Fees and costs

Rarible imposes a flat 2.5% fee on NFT sales for buyers and sellers. Artists can additionally determine a royalty fee ranging from 5% to 10%, which they receive upon purchase. NFT transactions usually require a blockchain gas fee, similar to a toll for using a freeway.

The specific cost depends on the blockchain network utilized, with Ethereum being the most popular but also more costly.

Ethereum gas fees fluctuate based on network congestion and ETH’s current price. Rarible provides a valuable tool indicating current fees and their comparison to the average.

Minting on Rarible

Rarible’s ability to mint and sell NFTs for anyone by paying gas fees sets it apart. Unlike Makers Place and SuperRare, Rarible offers an open space for young, talented artists to create and showcase their NFT artwork.

However, this openness has also attracted scammers. To combat this, Rarible has implemented a verification process to ensure authenticity. Interestingly, Rarible has gained popularity among celebrities too.

In February, billionaire Marc Cuban, rappers Soulja Boy and Mike Shinoda, and actress Lindsay Lohan joined the platform. Rarible remains a vibrant and dynamic hub within the NFT ecosystem, empowering artists and engaging diverse communities.

Creator-friendly platform

Rarible offers artists a user-friendly space to showcase their work to a vast audience. It goes beyond visual art, encompassing various digital art forms. Additionally, minting NFTs on the Rarible website is straightforward, with the added benefit of metadata verification through its partnership with Adobe.

Royalty payments for creators: NFT creators on Rarible can set up royalty payments of up to 50%, earning compensation whenever their artwork is sold.

Furthermore, Rarible has been approved by ERC721-C NFT developers, granting creators even more control over their royalties. This potential for future support enhances Rarible’s appeal as an exceptional choice for NFT creators.

Diverse Blockchain support

While Ethereum (ETH) remains the most popular blockchain for NFTs, its significant gas fees have led to a demand for alternative options.

Rarible recognizes this need and currently supports multiple blockchains, including Polygon (MATIC), Tezos (XTZ), and Flow (FLOW), with plans to integrate other chains in the future.

This flexibility allows users to choose a blockchain that suits their preferences and reduces transaction costs. By providing support for multiple blockchains, Rarible aims to cater to a broader user base, enhancing the overall accessibility of NFT transactions.

Creator and collector validation

To maintain a trusted and reputable environment, Rarible conducts manual checks on the credentials of thousands of users daily. Verified users are distinguished with a yellow checkmark, visually validating their identity and credibility within the platform.

While the yellow checkmark does not guarantee authenticity, it provides more confidence for users engaging in transactions.

Implementing this validation process, Rarible seeks to foster a sense of trust and security among creators and collectors, enhancing the overall integrity of the NFT marketplace.

Rarible’s native token

Rarible introduces a groundbreaking feature as the first NFT project with its native RARI token. Plus, this governance token empowers creators and collectors on Rarible to actively participate in decision-making processes.

RARI token holders can vote on system updates, trading fees, platform development, and the addition of new features. This unique approach aims to establish a community-driven curation system.

It allows RARI token holders to influence which artworks are featured in the marketplace. Rarible’s emphasis on token-based governance enhances user engagement and fosters a sense of ownership within the ecosystem. You can easily buy the RARI token on Binance and other crypto exchanges.

Wallet and payment methods

Rarible accepts cryptocurrencies and credit cards, requiring a crypto wallet for any payment method. Depending on the blockchain network, supported cryptocurrencies include ETH, FLOW, XTZ, and MATIC.

Credit card payments on Rarible are processed by a third-party service, which converts fiat currency to the required crypto for NFT purchases.

Users can add funds through their profiles but note that credit card payments have a fee and a minimum transaction amount. The third-party processor also enforces its know-your-customer procedure.

Rarible is compatible with popular wallets like MetaMask, Ledger, Rainbow, Coinbase, Fortmatic, Portis, and more. Users can connect nearly 20 different wallets, and the multi-wallet profile feature is useful for those with multiple wallets. It enables adding multiple wallets to the profile, providing a unified view of all NFTs in a single location.

Diverse catalog of NFTs

Rarible boasts an extensive collection of NFTs encompassing digital art, photography, gaming, and the metaverse. Users can conveniently filter NFTs based on blockchain type, price, or collection when exploring the platform.

However, unlike competitors, Rarible does not provide specific categories for video, music, sports, or other collectibles.

Nevertheless, its popularity remains evident, with over 400,000 rare NFTs minted on the platform in 2021 and a thriving Rarible community of over 2 million active users. Rarible is a favored option for individuals seeking diverse digital assets and engaging experiences.

The safety of your assets

Rarible provides a comprehensive page detailing its security measures and privacy policy, emphasizing the importance of storing digital assets in an external crypto wallet to maintain security.

Investing in NFTs carries inherent risks. The evolving nature of this market means the value of an NFT purchased today may significantly decline over time. Besides market volatility, potential risks include phishing and NFT fraud.

Phishing involves malicious actors impersonating service providers through emails or other methods to deceive users into revealing personal information on fraudulent websites. NFT fraud has also become a concern, with instances of unauthorized creation of NFTs based on artists’ work. Owning a plagiarized NFT could render it worthless.

While Rarible manually reviews and verifies collector and creator accounts with yellow checkmarks, the platform acknowledges that this system needs to improve. Rarible claims to ban confirmed scammers but stresses the importance of user due diligence in avoiding fraud.

Getting Started with Rarible

Follow these simple steps to register an account with Rarible.

4.5

Read our review

Marketplace Fee

• 1%

Blockchain Network

• 4+

User Interface

• Easy

Get started

More details

Rarible, a thriving NFT marketplace, offers various digital items to cater to experienced collectors and beginner. Its intuitive interface simplifies buying, selling, or minting NFTs such as art and gaming. Additionally, the RARI token provides users governance, shaping the marketplace's future direction.

---

• 

  Perfect for new users.

• 

  Cost-effective platform.

• 

  Card payments are supported.

• 

  Multiple Blockchains supported.

• 

  Gas-free minting.

• 

  Service fees

• 

  ETH crypto wallet is a requirement.

• 

  Faces intense competition.

Step 1: Visit the website

Start by visiting the website. Once on the main landing page, click the [Connect Wallet] button on the top right.

Step 2: Select your wallet of choice

After that, you will be taken to a new screen with multiple wallet and blockchain options. We will select MetaMask for this guide.

So, to move forward, click [MetaMask].

Step 3: Sign wallet

After selecting MetaMask, a wallet extension pop-up will appear on your screen. Click the [Sign] button.

Step 4: Enter details

Next, you will be asked to pick a username and enter your e-mail address. When done, check the [Terms of Service] box, and click the [Finish Sign-up] button.

Pros of using Rarible

Let’s explore the advantages of using Rarible for exploring the NFT space.

Easy-to-use platform

Rarible team prioritizes simplicity and user-friendliness, making it accessible even for individuals new to NFTs. Getting started is hassle-free, requiring users to connect their crypto wallets to buy or sell NFTs.

The platform provides an intuitive interface, allowing users to navigate through available NFTs effortlessly using filters or following their favorite artists.

Additionally, Rarible offers the convenience of credit card payments, which can be particularly appealing to beginners. However, alternative methods for acquiring crypto may be more cost-effective.

To further enhance the user experience, it would be beneficial to see an expansion of educational resources to help newcomers navigate the NFT space with greater confidence and knowledge.

Multi-wallet connection

Managing various wallets across different crypto networks can be complex and time-consuming. Rarible simplifies this process by offering multi-wallet integration. Users can connect up to 20 wallets to a single Rarible profile.

This integration streamlines the management of NFTs and crypto assets, enabling users to monitor and control their holdings from a centralized platform.

By reducing the hassle of juggling multiple crypto wallets, Rarible ensures a seamless user experience across major wallets and provides a more efficient way for individuals with diverse digital assets to engage with the NFT marketplace.

Gas-fee-free minting

Creating or minting an NFT can incur substantial costs, mainly when using the Ethereum network. However, Rarible introduces a unique solution to address this issue by implementing a gas-free minting feature known as lazy minting.

With lazy minting, recording the details of an NFT on the blockchain is deferred until after the item is purchased. This approach significantly reduces the associated gas fees, making NFT creation more affordable for creators.

Not only does this feature alleviate financial burdens, but it also contributes to reducing the environmental impact of high gas consumption. While the initial creation is gas-fee-free, the buyer must pay additional transaction fees to mint the item once purchased entirely.

Supports card payments

Unlike other NFT marketplaces that exclusively accept cryptocurrencies like Ether, Rarible offers the option to use credit cards to purchase fixed-priced NFTs.

If the NFT is not part of an auction, users can conveniently buy or sell their favorite artists’ NFTs by paying with their credit cards. The payment amount is converted into ETH tokens based on the current price, ensuring the seller receives cryptocurrency payments.

Drawbacks of using Rarible

Here are some departments where Rarible falls behind its competitors.

Credit card fees can add up

When buying NFTs on Rarible, credit card fees can accumulate over time. Transaction fees and minimum amounts vary depending on the blockchain network used.

For example, purchasing Ethereum (ETH) in U.S. dollars can result in up to 20% fees. Other cryptocurrencies have lower minimums and fees, but knowing these costs is essential.

Doesn’t trade all types of NFTs

While Rarible offers a diverse selection of NFTs and collaborations with celebrities, specific categories like domain names, sports collectibles, music, and gaming NFTs are unavailable. If you’re specifically interested in these types of NFTs, alternative platforms may be more suitable.

No obvious anti-phishing measures

Rarible lacks apparent anti-phishing measures seen on some crypto exchanges. These measures, such as personal phrases or codes for e-mail verification, help combat online scams that trick users into sharing personal data. Rarible does not currently offer such features.

No compulsory know-your-customer (KYC) check

Rarible’s verification process is voluntary, allowing users to buy and sell NFTs without providing personal information or fund sources.

While this includes anonymity in line with the crypto world’s values, it may raise concerns about exposure to money laundering activities. The absence of compulsory know-your-customer (KYC) screening may not be ideal for those seeking higher security measures.

In fairness, none of the popular NFT platforms have mandatory KYC screening. Unlike centralized cryptocurrency exchanges, which require customer information due to regulatory pressure, the NFT industry has yet to adopt these measures.

Our Verdict

Rarible has risen as a prominent NFT marketplace, revolutionizing accessibility for creators entering the world of digital tokens. Its inclusive approach enables individuals with limited experience to participate in NFT trading.

Furthermore, introducing the RARI token and the community governance model has brought innovation to the DeFi sector, attracting significant investor support. To address the challenge of high gas fees that sets Rarible apart from competitors like OpenSea.

Despite this obstacle, Rarible’s journey continues to shape the NFT landscape, offering opportunities for creators and pushing the boundaries of decentralized finance.