What is Rarible? How to Get Started
Looking to get started with NFTs? Learn everything you need to know about Rarible, what it is, how to buy, and sell NFTs.
The non-fungible tokens phenomenon has truly gained a lot of traction ever since the ERC-721 standard was introduced in 2017. NFTs broadly encompass all tokenised assets, unique objects that can be owned and traded, as well as their digital representations.
As more people want to participate in this space, many NFT marketplaces are popping up, allowing anyone to buy and sell their collectibles on open digital platforms.
Rarible is a decentralised NFT (non-fungible tokens) marketplace that enables owners to list, sell, and buy unique digital assets.
This article provides a guide on how you can get started with Rarible.
What is Rarible?
Rarible is the platform that’s used for creating and trading non-fungible tokens.
It’s been called “the world’s first non-fungible token marketplace owned by its community,” because it uses the Rare token (RARI) to power the community ownership model.
In addition, RARI is positioned as the first governance token in the non-fungible space.
The video game Rare was invented by Russian developers Alex Salnikov and Alexei Falin in 2020. It has over two million active users by July 2022.
What are NFTs?
NFT stands for Non-Fungible Tokens, which are digital assets that prove ownership of a digital or physical property. With that definition, you can think of NFTs as a digital certificate or fingerprint.
The key takeaway is the non-fungible aspect: something that is unique and can’t be exchanged for another. There are many items that can be issued as NFTs on the blockchain: your artwork, for example.
After you’ve learned about non-fungible tokens, you may want to know how to buy and sell them. NFT marketplaces like OpenSea allow you to do so.
Want to learn more? Read our guide on Non-Fungible Tokens (NFTs).
How to buy and sell NFTs in Rarible
Here what you need to know before buying and selling NFTs in Rarible:
- A compatible crypto wallet: such as Phantom, Metamask, etc.
- Cryptocurrencies to transact: Rarible currently supports Ethereum (ETH), Tezos (XTZ), Flow (FLOW), Polygon (MATIC), and Solana (SOL).
Please be aware that currently it’s not possible to use non-cryptocurrencies payment e.g., USD or Euro.
Setting up your wallet
A crypto wallet is a type of digital wallet that you can use to store your digital currency. There are different types of crypto wallets available now, but Phantom is an example of one type.
Phantom provides both desktop and mobile versions with an interactive user interface.
Proceed to follow the instructions just like you would install any other extension.
One of the first prompts you’ll get when setting up Phantom Wallet is creating a password, and then a recovery phrase. This will be used if you forget your password.
The mobile version has an Android and iOS app, which makes it very convenient to use on your phone. The app is also very simple and easy to navigate through.
The setup process for the mobile app is similar to that of the browser extension outlined above.
Just follow the prompts, and set up your recovery phrase. Once you’re done with that, you should be able to use Phantom on your mobile phone.
Further reading: What is Phantom Wallet?
How to buy NFTs on Rarible?
Once you’ve set up your crypto wallet, you can buy NFTs on Rarible by following these steps:
Step-by-step on how to buy NFTs on Rarible
- Join an artist community
If you’re looking to invest in a Non-Fungible Token, or NFT, the best place to start is by checking out the project’s community.
The amount of people who join and interact inside that community can tell you how much faith and support the project has.
Social media, roadmap, and whitepaper can help you to decide whether you want to invest in those projects or not.
- Buy the supported cryptocurrencies
To obtain your NFT, you must first purchase some cryptocurrencies to fund your purchase.
Easy Crypto makes it easy for you to buy and sell more than 160+ cryptocurrencies, simplifying your crypto journey and sending funds directly to your wallet.
- Buy your favourite NFT
In order to buy a NFT at a fixed price, click “Buy Now.” You can choose to pay with cryptocurrency. To bid on an auction that ends at a specific time, click “Place a bid” and follow the instructions.
- Congratulations on your first NFT purchase!
Once you’ve completed a payment, you’ll get notifications from both your wallet and the platform.
How to create NFTs on Rarible?
Step 1. Create your collections
There are various types of NFTs you can create, such as GIF or JPEG. You can also create MP4 or MP3 NFTs. It’s important to continuously show your identity through your NFTs.
Your NFTs must represent your value. This value will attract people to purchase your NFTs. When you create and sell NFTs, you aren’t selling a copy of your work. You are selling the exclusive right to own it.
Take a closer look at how to drive value to the NFTs.
Step 2. Build the community
In every crypto project, community is a crucial aspect. It gives power into the hands of your project.
You can start building your community by creating an official page on social media platforms such as Facebook or Twitter where people can join your group or follow you on Instagram!
The more active you are on these platforms, the more followers you’ll get and the more visibility you’ll get for your project.
Step 3. Minting your NFTs
To make your own NFT, go to the website. Then, connect it with your wallet.
Once you’ve connected your wallet, you will be prompted to fill in your email address and a password to complete the process.
After that, click the “create” to create your NFTs.
Fill out the fields with all the information that is needed and at the end you will cost around 0.00001 SOL. (You should prepare some amount of SOL in your crypto wallet).
Step 4. Sell and share your NFTs
When you finish uploading your NFTs collection, you can share it with the community.
Once you’ve learned how to buy and sell NFTs in the Rarible, you may be asking yourself what’s next. There are three main reasons people enter the NFT sphere: to produce NFTs, to trade NFTs, or both.
As a beginner, trading sounds fun. But it’s important to remember that crypto markets are volatile and that includes the prices of NFTs. You should do your own research before buying any NFTs.
Do your own research before buying any NFTs — the possibility of getting scammed is high if you put aside your research!
Stay tuned for more NFT topics! Explore our library of crypto coin fundamentals on our learning hub at Easy Crypto.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated Nov 3, 2022