Non-fungible tokens (NFTs) are hot ticket items these days. Some crypto collectibles have even made it to the big leagues, selling at top auction houses like Christie’s for tens of millions of dollars. However, most NFTs are sold on NFT marketplaces.
One of the most popular NFT marketplaces is Rarible. Co-founders Alexander Salnikov and Alexei Falin launched Rarible in early 2020, and it quickly became a leader in the NFT space. The company website boasts an audience of 1.6 million people and has hosted hundreds of thousands of NFT auctions.
Although the platform is popular, there are some drawbacks to consider. The big question is whether you should use Rarible for your activities in the crypto collectible market. Read our Rarible review to find out.
Key Features of Rarible
Rarible is no small player. Its NFT exchange has attracted a massive audience by offering a long list of features to help you become successful as an NFT artist or collector.
Easily Buy, Sell & Trade Digital Art
The Rarible platform was designed to be one of the most user-friendly places to buy, sell, and trade NFTs. If you’re looking for a specific digital asset, just type its name in the search bar and chances are you’ll find it.
Not sure what you want? That’s fine too!
Rarible categorizes the digital assets it lists. Some of the most popular categories include Top Bids, Top Collections (1 day, 7 days, or 30 days), Live Auctions, and Top Sellers. Simply peruse through the category you’re most interested in and you’ll likely find something to buy.
It’s also simple to list your own NFTs for sale. When you do, you’ll have three options:
- Fixed Price. Set a fixed price you’ll accept to sell your NFT.
- Timed Auction. Set an auction in motion that will expire at a specific date and time.
- Open Auction. List your NFT as accepting bids with no time limit on the auction. End the auction when you receive an acceptable bid by taking the offer.
One thing that really sets Rarible apart from other platforms is its social features, which make it possible to negotiate with other users and set up NFT-for-NFT trades.
Mint NFTs & Earn Royalties
You can earn money by collecting NFTs and reselling them when they become more valuable. However, another way to earn money in the NFT space is to mint your own art.
If you’re a photographer, digital artist, painter, or even sketch artist, Rarible may be your venue to bring your art to the world. Minting your own digital items on the Rarible NFT platform is a breeze. Once you do, you can list your art for sale.
There are three major benefits to listing your art for sale as digital collectibles on Rarible:
- A Large Audience. Rarible has more than 1.6 million active users, yet under half a million NFTs on the platform. Captivating an audience may be easier because the platform has such a large member base and less competition than some other platforms.
- Earn Royalties. You’ll get paid when your NFTs sell the first time and every time after that. You can set your royalty rate anywhere from 5% to 10%, and you get a cut of the transaction every time the art trades hands.
- Don’t Pay Gas Fees Upfront. When you mint an NFT on Rarible, the mint actually happens on the platform but doesn’t quite make it to the blockchain until the NFT is sold. This means you won’t pay any gas fees — or any other fees — until you sell your art.
Multi-Blockchain Support
As a Rarible user, you have the opportunity to buy, sell, trade, and mint NFTs on multiple blockchains. Most NFT marketplaces use the Ethereum blockchain, which is also an option on Rarible. However, there’s a major problem with Ethereum: gas fees.
Gas fees are blockchain transaction fees that aren’t controlled by Rarible or any other NFT platform. Instead, the blockchain charges these fees in exchange for access to its technology. Gas fees are dictated by demand. Ethereum gas fees tend to be exorbitantly high, while other blockchains are far less expensive.
If you’re not interested in doing your business on the Ethereum blockchain, you can transact on the Tezos, Polygon, or Flow blockchains. Tezos uses less energy than Ethereum and charges lower gas fees, Polygon is able to process transactions faster than other blockchains, and Flow is able to both reduce energy consumption and process transactions quickly.
Multiple Payment Options
Rarible supports Ethereum (ETH), credit card, and debit card payments. However, the platform doesn’t support Bitcoin payments or payments from other altcoins, whereas many of its competitors support both.
Supports Several Wallets
You’ll need a cryptocurrency wallet to use any of the services offered by Rarible. The good news is you have plenty of options. The platform supports all major crypto wallets including MetaMask, Coinbase Wallet, Rainbow, FortMatic/Magic, Portis, and WalletConnect.
RARI Token
Rarible is a decentralized autonomous organization (DAO), meaning there’s no central authority that dictates the rules on the platform. Instead, in the true spirit of the metaverse, Rarible lets users and owners on the platform dictate development, terms, and governance.
This is done through the RARI token, Rarible’s dedicated cryptocurrency. There are perks to owning Rarible’s native token:
- Your Thoughts Heard. As a governance token, owners of RARI tokens have a say when changes are being made to the Rarible platform. You can cast your vote on proposals that are important to you. You can also submit your own proposals for a vote.
- Liquidity Mining. RARI token holders can take part in liquidity mining in order to limit liquidity and keep values high. This means you can earn rewards by allowing Rarible to lock up your RARI token holdings through a process known as staking.
Advantages of Rarible
Rarible climbed to the top of the NFT marketplace industry in a matter of a couple years. Naturally, a platform capable of doing so must have several advantages:
- A Massive Selection. Rarible features hundreds of thousands of different NFTs. You’ll have no shortage of options when you decide it’s time to look for a digital collectible.
- Mobile App. The platform is available as a desktop app or mobile app. You can download the mobile app at the Apple App Store on iOS devices or the Google Play store on Android devices.
- Low-Cost Primary Sales. The first sale of your NFT is known as the primary sale, and some platforms charge a larger commission on these. On Rarible, you’ll pay the same 2.5% in transaction fees whether the sale is primary or secondary.
- Simplicity. The platform is easy to use whether you’re a collector interested in buying, selling, and trading NFTs or you’re an artist hoping to build a name for yourself by minting your own art.
- Royalties. You’ll earn between 5% and 10% of the value of transactions when your art sells on the secondary market.
- Multi-Blockchain Support. The ability to transact on multiple blockchains means you’ll be able to reduce your gas fees and carbon footprint and transact on the blockchain you believe is the best fit for you.
Disadvantages of Rarible
There are plenty of reasons to consider signing up for Rarible, but there are also a few drawbacks to consider. Some of the biggest disadvantages to consider include:
- Buyers & Sellers Pay Transaction Fees. In most NFT marketplaces, either the buyer or the seller pays transaction fees. Unfortunately, Rarible charges transaction fees to both parties.
- Limited Cryptocurrency Support. ETH is the only cryptocurrency supported by Rarible, although you can make payments via credit or debit card.
- Limited Customer Support. There’s no phone number to reach customer support. If you have questions, you’ll have to ask them in an email and wait for a response or hope the question is answered in Rarible’s website’s help section.
How Rarible Stacks Up
Rarible’s competitor OpenSea is the largest exchange on the NFT market. Here’s how Rarible and OpenSea compare:
| Rarible | OpenSea | |
| Transaction Fee | 2.5% | 2.5% |
| Who Pays Transaction Fees | Buyers & Sellers | Sellers |
| Minting Gas Fees | No fees until the NFT sells. | No fees until the NFT sells. |
| Payment Methods | ETH, credit cards, debit cards. | Credit cards, debit cards, Apple Pay, Google Pay, and hundreds of cryptocurrencies. |
| Supported Blockchains | Ethereum, Polygon, Tezos, and Flow. | Ethereum, Polygon, Klatyn, and Solana. |
FAQs About Rarible
Although Rarible is a popular platform, it’s also a new one. In fact, the whole industry is new. It’s natural to have questions before signing up for one marketplace or another. Here are some of the most commonly asked questions about Rarible.
Is Rarible Safe and Legitimate?
Rarible serves millions of active users and has had few complaints. The platform is not an accredited business with the Better Business Bureau (BBB), but it has earned a B+ rating. There’s only been 1 BBB complaint since Rarible’s inception, but the complaint has been closed and is no longer visible on the watchdog’s website.
When you take part in transactions at Rarible, you’ll be a party to a smart contract. This means the entire transaction happens securely without any human intervention. Once the contract is executed, the NFT is transferred to the buying party, and funds are transferred to the selling party automatically.
Is Rarible a Good Investment?
Rarible isn’t quite an investment in itself — it’s an investment platform that makes it possible to buy, sell, trade, and mint NFTs.
Investing in NFTs is a speculative business and comes with a high level of risk, but also a high level of potential reward. Some NFTs have turned early adopters into millionaires with meteoric rises in value; others have become worthless.
Whether this type of investment is good for you depends on your risk tolerance and goals as an investor.
If you have a healthy appetite for risk and are willing to take on a potentially significant loss for the chance to tap into big gains, NFTs are a great asset to mix into a well-balanced investment portfolio. Conversely, if you’re a risk-averse investor who prefers a slow-and-steady approach, NFTs aren’t an asset class you should consider diving into.
How Do You Sell NFTs on Rarible?
Follow the steps below to sell your NFTs on Rarible:
- Mint or Select an NFT to Sell. Mint a new NFT or select an existing one from your wallet and click the sell button to set the sale into motion.
- Choose the Sale Type. Decide whether you’ll sell your NFT at a fixed price or through a timed or untimed auction.
- List Your NFT. Simply click the “Start” button to initiate an NFT sale or auction.
How Do Rarible Auctions Work?
There are two types of Rarible auctions, and their mechanics are slightly different:
- Timed Auctions. Timed auctions are only available for a predetermined amount of time. Once the time limit expires, the NFT will go to the highest bidder.
- Open Auctions. Open auctions can last for minutes, years, or any time period in between, as they have no predetermined time limit. Once a buyer makes an acceptable offer, the seller accepts it and closes the auction.
How Do You Get Verified on Rarible?
Rarible’s Verified badge shows other users you’re a real person, rather than a bot. Follow the steps below to get verified on Rarible.
- Complete All Fields In Your Profile. Log into Rarible and go to the Edit Profile page. Fill out all fields as accurately as possible and click “Update Profile.”
- Click “Get Verified.” Now, click the Get Verified button on the platform.
- Be Patient. Rarible will verify your information as quickly as possible. You should have no problems getting verified as long as you completed all fields on your profile accurately.
Final Word
Rarible is a top-notch NFT marketplace that provides simple access to the industry whether you’re a collector or an artist. Its fees are low compared to other providers, and you won’t pay gas fees at all when minting an NFT until your item sells.
The biggest drawback to the service is that buyers and sellers both have to pay the transaction fee. On most platforms, fees are charged to one party or the other.
For example, only sellers pay transaction fees on OpenSea and only buyers pay transaction fees on SuperRare. By charging both parties, Rarible is effectively doubling its 2.5% transaction fee, making it far less competitive from a price standpoint.
Nonetheless, the simplicity of the platform and the sheer size of its audience make it a top choice as you compare NFT marketplaces.