The World of NFTs: Part3 — Everybody should Rarible

Published in

Coinmonks

5 min readDec 19, 2020

Read my original post at Voice.

Welcome to Part 3 of my article series on NFTs. The previous 2 parts were focused on outlaying the entire NFT Ecosystem (links at the end of the article). The NFT world is getting stronger with each passing day. We will now focus on individual projects which are important to the ecosystem.

Today we will look into Rarible. Rarible has made quite a wave in the NFT space with the introduction of the RARI Token. It is the first community-owned NFT marketplace. It is a direct competition to some of the established portals like Superrare and Known Origin.

There are 2 main areas where Rarible stands out. Anybody can create an NFT (this is similar to Enjin). So, you can just have fun by using a small gas fee to mint your Token. Active users in Rarible are also rewarded with RARI governance tokens.

Differentiators:

• Anyone can create and sell an NFT

• RARI Token airdrop for both Buyers and Sellers

• Integrated with Opensea

• Better control over Gas Fees

• Unlock option enables NFTs as gifts

Disadvantage:

• Content is not curated as a result it is not an exclusive digital art platform. Buyers need to scroll through a long list to get good quality material.

Connect:

Use the extreme right ‘Connect’ button to connect to a Web 3 wallet. I prefer Metamask as it is compatible with many other platforms.

Create Collectible:

Once connected, you will get a tab called Create Collectible.

You have the option to create a single piece of NFT or multiple versions. Singles are the rarest.

You need to then upload your file which will be put into the blockchain and created as an NFT. Note that Rarible also accepts audio formats (MP3) as NFTs.

You can see a preview of the item. If you are putting a video, you will have to upload an additional JPG for the preview.

Also, you can instantly and automatically put it on sale after the minting process completes.

Unlock is one of the most important features in Rarible. You can send your NFT as a gift and send some instructions (maybe a coupon code) which only the 2nd owner of the NFT (the one after the creator). This increases the potential of the NFTs which can now be used as gift items along with proof of rarity and ownership.

Put in the amount you want to receive as fees. Note that Rarible takes 2.5% of the sales as service fees. You will also be able to select how much amount commission you will receive with each subsequent purchase.

As a best practice, for the new starters, it is recommended to keep lower prices and higher rarity. It is important to grab the attention of buyers. It is difficult to make your first sale. Do your marketing cleverly.

As mentioned previously, you can put a secret message which the buyer can unlock upon purchase.

Note that as per the below screenshot, if you use Rarible (RARI) as a service to create your NFT you will have to pay much lower fees than if you want to create a collection by yourself.

Also, select the number of copies you want to sell.

Click on ‘create item’. This will be a 3 step process where you will have to use your Metamask to sign and also pay gas fees.

You will find your items, listed under your profile in the Collectibles and On Sale Tabs.

The NFT will also be listed in the marketplace .

Marketplace

The marketplace has been categorized under different sections.

You can look at an item by clicking on it. You can expand the picture or play the video.

Check carefully the description, beware of fake copy-pastes. Check the History and Bids. It will give you an idea of how the price movement has been.

You can place a bid at a lower price. You can also purchase it directly at the given price by clicking Buy Now. After you sign the transaction in metamask and pay the amount, the NFT will be yours.