When it comes to NFTs, platforms like OpenSea get all of the credit. And while they are the largest NFT marketplace in the industry at the moment, that's bound to change sooner or later.
After all, the crypto market and the NFT industry place a huge priority on decentralization, meaning that no single entity should be in control. And that's exactly why other platforms, like the Rarible NFT marketplace, are so important.
If you are familiar with how OpenSea works, then you will feel right at home on Rarible. It's super easy to buy and sell NFTs on the platform. And anyone can join the platform and mint NFTs as an artist as well.
But what sets Rarible apart from other marketplaces, and why should you consider buying NFT art on the site? Read on below to find out.
Rarible is still new, having only been launched in 2020. Founders Alex Salnikov and Alexei Falin started the company in Moscow, Russia. Both co-founders have helped launch other companies prior to starting Rarible.
In June 2021, just 18 months after launching, Rarible announced a $14 million Series A funding round from investment firms Venrock Capital, CoinFund, and 01 Advisors.
Rarible also has its own token, RARI, which the community can hold in order to participate in governance, submitting and voting on proposals to improve the platform.
As of January 2022, Rarible has handled $274 million in total trading volume. Considering that 2021 saw an overall $23 billion in NFT sales, Rarible is still a small player in the NFT market. But they are growing all the time.
More than 400,000 NFTs have been minted on the marketplace, and more than 1.6 million users make up the overall community.
Rarible has worked with many notable artists and companies to launch NFT art. Digital artists like Pak, eBoy, and Aavegotchi trust the Rarible platform to mint and sell their work. Even the likes of Twitter, Lindsay Lohan, and Floyd Mayweather Jr have launched projects on Rarible.
OpenSea, the most popular NFT platform, only supports NFTs minted on Ethereum, Polygon, and Klatyn. But Rarible supports NFTs on Ethereum, Tezos, and Flow. Flow was created by Dapper Labs, the company that launched NBA Topshots and CryptoKitties
Rarible bills itself as a safe place for all collectors and creators. Anyone can use the platform to buy, sell, and mint. This is similar to how OpenSea works; as a free-for-all marketplace, similar to eBay.
However, it's different from other popular platforms like Foundation or SuperRare, where you either need to be invited to sell on the platform or submit an application.
Interested in buying an NFT from Rarible? The process is similar to most NFT marketplaces. You'll use a crypto wallet like MetaMask, load it with ETH from a crypto exchange, and search for collectibles.
Thanks to a partnership with a payment processor, Wert, buyers can also use Visa credit cards and Apple Pay to purchase an NFT.
Sellers can list any ERC-721 token on Rarible, so you're bound to find artwork from popular collections like Bored Ape Yacht Club, Doodles, Cool Cats, and rising stars like Alien Frens.
When buying an NFT, both the buyer and sell will pay a 2.5% commission to Rarible. Sellers will also pay royalties to the original artist, while buyers will also pay gas fees, which fluctuate based on network activity.