Letâ€™s admit: keeping track of all the NFT marketplaces out there can get a little confusing. And, in all honesty, finding your way around some of them might not be all that easy. The world of NFTs itself is often more confusing than not. So, youâ€™ve most probably wondered: what is Rarible?
Youâ€™ve probably also wondered about OpenSea. But, weâ€™ve actually covered that in another post.
For now, weâ€™re going to talk about the NFT marketplace, Rarible. Everything you need to know about what it is, how it works, and what makes it special. In other words, whatâ€™s the appeal in Rarible that other marketplaces donâ€™t have. Or, maybe the additional fees that come with it! Keep reading to find out all you need to know about the platform!
WHAT IS RARIBLE?
What is Rarible? It is an Ethereum-based platform that allows people to mint, buy, and sell NFTs. It makes the entire process a whole lot easier! The whole process of buying or selling NFTs becomes more direct – without needing a middleman. It also supports other blockchains like Tezos, Flow, and Polygon!
You can use it to check out all the latest and trending NFT collections. Theyâ€™ve got their own NFT blog to guide you through your non-fungible journey. It was founded back in 2020 by Alex Salnikov and has since then become one of the most popular marketplaces! Raribles uses two NFT tokens standards:
Royalties on Rarible
What is Rarible ROYALTIES? Well, digital creators get a chance to be a part of their program royalties: the right to future cash flows within NFTs. This means that the creators on Rarible can set a percentage of future sales and collect them automatically.
So, what is Rarible MINTING like? To mint an NFT on Rarible, you have to fill out a form on their website and attach the digital art. And, of course, you have to include all the other data like the listing price and other representations.
The Rarible platform creates the new non-fungible token on the Ethereum blockchain. After that, you are free to perform all kinds of crypto transactions related to your newly minted NFT! However, you will have to pay the transaction fees that come with it!
What is Rarible FEES? The marketplace fee is 2.5% which is only present during sales between market participants.
What is Rarible TOKENS? So, youâ€™ve also probably heard of the Rarible token $RARI! Rarible aims to become a DAO to create a user-controlled environment. Therefore, the $RARI token is given to active users to act as governance instruments in decision-making. This allows users to vote on upgrades and decide on the platformâ€™s path of evolution.Â
Finally, what is Rarible security measures like? Well, all collectibles are secured with blockchain technology. Also, upon registration, all users must submit a legitimate backstage photo proof to verify their authenticity.
PLUS, they have to verify and link their Twitter accounts! So, in short, VERY secure!