Ever wondered how to create a Non-Fungible Token more commonly known as an NFT? Well, you’re in luck, as this guide will show you how to use Rarible to create and sell NFTs. Plus fees associated with creating an NFT, as well as a comparison to OpenSea.
Rarible is a platform that operates on the Ethereum Blockchain. Allowing digital artists to create custom crypto assets or Non-Fungible Tokens that represent ownership in their digital work.
How to Use Rarible to Create & Sell NFTs
What is Rarible?
Rarible.com is a digital art NFT platform that allows users to mint, buy and sell digital assets on the Ethereum Blockchain. It was founded in early 2020 by Alex Salnikov and Alexei Falin. In the same year, it also received its first round of funding from CoinFund- a venture capital firm that is known to be very confident about the growth of NFTs.
Rarible RARI Token
The RARI token is the native governance token for the Rarible NFT marketplace. RARI was created to give Rarible users a voice and the power to influence decisions. Their aim is to become a fully decentralized autonomous organization.
What are NFTs?
NFTs stands for Non-Fungible Tokens. These tokens are unique, digital assets that can be traded and hosted on blockchains, such as Ethereum. NFTs can be anything from pieces of art, cards, videos, or any type of digital file. As an example, the best known and one of the earliest NFTs is ‘CryptoKitties‘ where these NFTs have been sold for up to 600 ETH. These were virtual cats that could be traded and even ‘bred’ to create new cats.
If you are interested in CryptoKitties, you can see our tutorial here.
How to Use Rarible to Create & Sell NFTs?
The process of creating an NFT is to ‘mint’ the digital asset. This is essentially making a digital certificate to show that you are the original owner of that digital asset. You are then able to sell this to a buyer by giving them secondary ownership. If this user decides to sell on the asset again, you will then also make a commission on your work in perpetuity as the Blockchain records all transactional history.
Connecting your wallet.
The first step in minting your digital asset on Rarible would be linking your digital wallet. You can see the below wallet options which are where you will be paid for your NFT, should you wish to sell any. You can even link your Metamask Wallet on your browser should you have one. As Rarible works on the Ethereum Blockchain, all payments are made in ETH.
Rarible supports multiple Web3 wallets such as;
- WalletConnect (including wallets Argent, Trust, Dharma)
How to Creating your NFT?
Once you have linked your digital wallet, you can navigate to the ‘Create’ button on the top right-hand side of the Rarible platform. You are then able to choose between creating single or multiple collectables.
A single collectable means you intend to sell this once as a “one of a kind”. With single, you are also able to use the ‘timed auction’ function where users can bid for your artwork.
With multiple, this is where you can sell the collectable multiple times.
Once you have decided which type of collectable you want to create, you can upload your asset.
Simply click on the “Choose File” link and open the file that you would like to make an NFT (30 MB limit). Also choose the price, title, royalties, and other information a user would need for your NFT, should you wish to sell. You also have the option to choose to mint between creating your own collection with ERC-721 or on Rarible.
When you have confirmed all of your NFT information, you can click the “Create button” at the bottom of the form. This will open up your digital wallet for 3 steps for you to go through before you can sell your NFT. Firstly, you will need to pay a fee to transact on the Rarible platform and then another ‘Gas Fee’ to mint your NFT. After this, you’ll need to confirm again and then your NFT will be minted to the Rarible platform!
Getting Verified on Rarible
Being verified on Rarible means you will get a yellow tick on your profile and will be visible on the marketplace. Buyers will then know that your profile has been checked by Rarible and is trustworthy. Unless you are Verified, your NFT will not appear in search results however you can send out your NFT and art out by direct links. Verification is expected to take 2 weeks and it is preferable to have a minted NFT and a social media account linked for this.
Rarible fees vary depending on what you are doing on the platform and the ETH Gas price. If you are creating an NFT, you’ll need to pay an initial fee to open a transaction channel with the Ethereum Blockchain. After this, you will also need to pay to mint your NFT. This is a ‘Gas Fee’ for the miners to transact for you on the Blockchain. You will also have a 2.5% service charge at the start of creating your NFT and at the end, totalling a 5% charge taken by Rarible.
If you are reselling, the original owner will have set their own royalty % which you may want to take note of when you resell.
Rarible RARI Token
According to Rarible, their native RARI token was the ‘first NFT governance token’ at launch in mid-2020. Rarible launched with a supply of 25,000,000 RARI tokens, with 30% going to investors and the Rarible team, 60% being accessible through marketplace mining and 10% being earned from airdrops. Mining on the Rarible platform is essentially buying and selling, where the platform releases 75,000 RARI tokens per week.
So, what can you do with the RARI token? Rarible is working towards being a fully decentralized autonomous organization with full community governance. This is where the RARI token comes in. Holders of this token will be able to have a voting right for company strategies, system upgrades and policy decisions for Rarible.
Rarible vs OpenSea Comparison
Both Rarible and Opensea are NFT trading platforms powered by the Ethereum Blockchain. They are both very similar because of this however there are some key differentiators.
The first and biggest differentiator between these two platforms is the way that sellers are charged for minting their NFT. With Opensea, you mint your NFT when you want to sell your item, not when you are advertising it. This means you will not have to pay gas fees until you have a buyer. With Rarible, as we’ve seen, you have to pay gas fees as soon as you list your NFT, even if you are not able to sell it. As the Ethereum Blockchain has high gas fees, this can get very expensive.
All features on both platforms are pretty similar. OpenSea does have the capability for users to create their own NFT store which is a great thing for artists to showcase their work. Rarible sadly doesn’t have this feature and you will just list your NFTs on the marketplace. Rarible also has its own native token as mentioned, whereas OpenSea does not.
Educational material also differs on the platforms. OpenSea has a large range of tutorials and resources on how to get started, buying and selling, etc, which is great for beginners in the Crypto/ NFT space. Rarible is targeted toward more experienced users but does have an FAQ section for users.
The last difference between to 2 platforms is the Trading Volumes. Raraible saw a 3x higher trading volume in September 2020, when the NFT market exploded than Opensea did with $8.5 million compared to $3 million. It was during this month that Rarible took the top spot on the Marketplace that OpenSea has held since its inception.