Introduction

In this guide, we will delve into the operations of Rarible, exploring its features, strengths, and weaknesses.

What is Rarible?

Rarible, founded in 2020 by Alexei Falin and Alexander Salnikov, is an NFT marketplace. Its mission was to create an NFT ecosystem that empowers users to contribute to the platform's activities. Functioning as a decentralized protocol, Rarible facilitates NFT trading and creation. Unlike other platforms, Rarible allows NFT creation without coding skills, making it accessible to a wide range of users.

Rarible stands out by operating as the first NFT-based protocol governed by a decentralized autonomous organization (DAO). Users influence the platform's governance through the RARI governance token, enabling proposal creation and voting.

With a user-centric approach, Rarible empowers users to control their assets and shape the platform's direction. Active participation earns users RARI tokens, and staking these tokens grants voting rights after a specified period.

User Interface of Rarible

Rarible boasts an impressive user interface. Its choice of a default black background lends a professional and visually appealing touch to the listed artworks. Additionally, users have the option to switch to a white background if preferred. The top search bar simplifies finding specific NFTs by name, collection, or creator.

Creating NFTs on Rarible

Creating NFTs on Rarible involves the following steps:

1. Register an account and connect your NFT-compatible Ethereum wallet.
2. Personalize your account with a name and profile picture.
3. Initiate NFT creation by clicking "Create" and specifying single or collection.
4. Provide details, upload files, write descriptions, set prices, and add previews.
5. Configure buyer fees, including a 5% listing and gas fee.
6. Define royalty configurations, enabling up to 50% secondary sales proceeds.
7. Choose a fixed price, timed auction, or open bid option.
8. Click "Create Item" to mint the NFT.

Selling NFTs on Rarible

To sell an NFT:

1. Select the NFT from your connected wallet.
2. Click the three dots next to the NFT title and choose "Put On Sale."
3. Set a fixed price or auction.
4. Click "Next" to list the NFT, paying a 2.5% listing fee.

Buying NFTs on Rarible

For buying NFTs:

1. Select the desired NFT.
2. Pay the fixed amount or outbid others.
3. Pay the appropriate gas fee for transfer.
4. Receive the NFT in your wallet.

Pros and Cons of Rarible

Pros of Rarible

• Decentralized nature, offering full control of private keys.
• User-friendly services without coding requirements.
• Robust customer support through an informative FAQ section.
• Decentralized governance through the RARI token.
• Measures to reduce fraud and verified account privileges.
• Gas-free lazy minting for creators and buyers.

Cons of Rarible

• Relatively new project compared to established alternatives.
• Supports only Ethereum blockchain and ERC-721 NFTs.