Entrepreneur Alexei Falin, product manager Alexander Salnikov, and product designer Ilya Komolkin established the Rarible NFT marketplace in 2019. The company, which has its headquarters in Los Angeles, has a $274 million market value and services 1.6 million consumers.
Rarible has forged alliances with significant businesses and well-known figures in the entertainment industry, which is one of the reasons it stands apart. For example, with the aid of Rarible, the social media platform Twitter, and the fast-food chain Yum! Brands, the boxer Floyd Mayweather Jr., and the actress Lindsay Lohan all launched their NFTs.
What is Rarible?
Using non-fungible tokens, the Ethereum-based platform Rarible makes it easier to create, sell, and buy ownership rights to digital works of art (NFTs). Unique crypto assets, NFTs, represent distinctive goods like collectibles and original works of art.
Two NFT token standards are used by Rarible, which allows the creation of unique goods, and ERC-1155, which permits multiple versions of a single item to be produced simultaneously.
Its developers intend to hand over control of the platform to a decentralized autonomous organization (DAO) that the Rarible community will govern. In addition, the company has opened a market in 2021 on the Flow blockchain, which is intended to house applications and speed up transactions.
How Does It Work?
It would be best if you had an Ethereum wallet like Metamask, Argent, or Coinbase wallet and some Ether (ETH) to use Rarible’s Ethereum-based NFT marketplace. You can buy ETH with a credit card on the Rarible cryptocurrency platform or through an exchange.
Once your wallet has been linked, you can explore Rarible’s NFT marketplace to find things to buy. The platform shows top sellers and NFT art collections and lets you look for NFTs by selecting from categories like memes, games, and photography. In addition, NFT sellers can hold an auction or set a fixed sale price for their assets.
What Makes Rarible Special?
There are numerous ways to buy and sell NFTs because Rarible supports transactions on three separate blockchains. It all relies on the token’s price and the location of its mint. On Rarible, there are two options for purchasing NFTs: paying a set fee or bidding.
Fixed cost: The vendor will set a price for the NFT before listing it for sale to a buyer. Click the “Buy For” button on the NFT to finalize the transaction if you want to buy it.
Auction: The highest bidder at the end of the auction will win the right to purchase the NFT at the highest bid. WARNING: Bitcoin transactions are taxed, so be prepared to pay a tax on any crypto transaction.
Supported Wallets
To make an account, you will need a wallet that supports one of the three blockchains Rarible uses to operate: Ether, Tezos, or Flow to open an account. MetaMask may be the most well-liked wallet among NFT collectors, but other wallets can also be used.
- Torus
- Mobile Wallet
- Portis
- Coinbase Wallet
- MyEtherWalet
- Formatic
Guide
You must first connect your digital wallet to Rarible to collect NFTs.
It’s time to purchase the NFT project of your choosing once you’ve located it and made sure it’s from the original collection. Your new NFT will be secure in your wallet after completing the transaction.
Step 1: Go to rarible.com, the official website for Rarible.
Step 2: You can filter the selection of products you browse based on criteria like creator, collectible, or collection. If you use the creator parameter, you will only be able to see items listed by the creator you searched for when browsing. Then, continue scrolling down the website to browse a variety of tokens.
Step 3: Select the token(s) you want to purchase. You have two possibilities here. You can buy the token using option 1. Option 2 allows you to bid on the token.
Step 4: A tiny window will open when you select the first choice and ask you to connect an existing wallet or create a new one.
