Rarible is an Ethereum-based NFT marketplace with over 1.6 million users. It has a trading volume of $274 million, and over 405K NFTs minted. The platform allows you to mint ERC-721 tokens, which are unique and one-of-a-kind tokens. It also allows you to mint ERC-1155 tokens, which are multiple editions of the same token. While offering cross-chain support over multiple blockchains, such as Tezos and Flow.
In an interview with Yahoo! Finance, Alex Salnikov Co-founder of Rarible said that “Rarible was founded in 2019 with a mission to make the NFT technology accessible and unlock the notion of digital ownership for a mass audience.” He continued, “it has since become one of the largest and most popular NFT marketplaces and protocols empowering creators and collectors everywhere to leverage this new exciting medium.”
How To Sell Your NFT Art on Rarible?
First, you’ll have to access Rarible’s webpage and connect your crypto wallet. Below is the list of wallets that are compatible with the platform.
After you successfully log into your account, click on the “Create” button in the top right corner. This is where you will be asked to choose the type of NFT you would like to mint.
Once you select whether you’d like to mint a single token or multiple tokens, you can move on to creating your NFT. You will be asked to upload a file that is compatible with the Rarible platform (i.e: PNG, GIF, WEBP, MP4, or MP3). Keep in mind that the file should not exceed the limit of 100MB.
After you upload your file, you can then choose your suitable monetization method. Rarible offers you 3 options:
- Fixed Price: Allows creators to sell their NFT immeadiately, while having its price stay fixed.
- Open for bids: Allows users to submit bids until the NFT creator accepts one.
- Timed Auction: Allows users to submit bids for a specific period of time.
In this demonstration, we will choose to have a fixed price for our NFT. However, when setting a suitable price, take into consideration that they could be cost-effective to create. Therefore, it’s better to avoid selling them too cheaply.
If you have a name, a price, and a description for your NFT, you can now choose to set your royalties fee. This will ensure that you’ll receive a percentage fee, of your choice, for every time your NFT is listed for sale. Rarible allows you to choose your royalties percentage to be a minimum of 0% and a maximum of 50%. Now, all that’s left to do is to click on the “Create item” button to list your NFT for sale.
What Are The Transaction Fees On Rarible?
Just like OpenSea, Rarible offers a “lazy minting” system. When using this system, the buyer pays the gas fees for minting your NFT on the blockchain. For instance, if you choose to sell your NFT for a fixed price, you’ll be able to list it for free. And when a buyer accepts your offer, they will be paying for the minting fees.
However, if you choose to have an auction and would like to accept a bid. You may have to pay for the transaction fees associated. Placing a bid will not charge the buyer any fees. Instead, the transaction fees in an auction will be the seller’s responsibility.
If you click on the “Accept Bid” button, the platform will show you the amount you will earn from the bid. However, it doesn’t clearly state the gas fees you are required to pay for the transaction to be submitted onto the blockchain. Nonetheless, always ensure you have sufficient funds in your wallet. Also, be aware that Rarible also charges a service fee of 2.5% for every NFT sold using their platform.
Sally is a student of International Business Management and is interested in topics related to blockchain technology. She is an author for gBlogo’s “Crypto World” column and provides insight on topics related to cryptocurrencies and NFTs.