This Rarible Review will guide you with all the information needed before you sign up on their platform.
Decentralised finance was a huge movement in the cryptocurrency and blockchain world in 2020, but in 2021 it looks as if, it will be overtaken by a new introduction know as NFT.
NFT stands for non-fungible token and these are digital representations of unique items, typically something considered highly collectible and along with these highly collectible NFTs, there are new creation of marketplaces where they can be bought and sold.
All You Need to Know About Rarible (Rarible Review)
Rarible is one of these and it extends it’s operation by giving users the ability to mint their own NFTs.
What is Rarible?
Rarible is a software that allows digital artists to sell crypto assets that represents ownership in their digital work.
Rarible is not just a means but a marketplace for assets, as well as a network that is built on ethereum, that helps for trading without the need of a middleman.
How Does Rarible Work?
Rarible is a market place that aims to connect sellers and buyers of digital contents together. Before the seller ( Content creator) can sell, they have to convert their works into an NFT and this involves minting a token using a rarible software.
To mint a token, the seller will be required to fill a form on the website and attach their content image which represents their work, then rarible platform creates a token on the ethereum blockchain.
What are Rarible Royalties?
This means that creators on Rarible can set a percentage of future sales and collect them automatically by just issuing a token. Its a major feature that is attracting creators to this technology.
Pros and Cons of Rarible
- Open-source codebase
- Non-custodial marketplace
- Create and mint digital tokens without coding knowledge
- Peer-to-peer trading NFTs with low costs
- Wash trading can allow bad actors to unfairly access RARI tokens
- Only supports tokens of Ethereum blockchain network
The Rari Token
Another interesting feature of Rarible is that it is the first NFT project to roll its own native token. The RARI token is the very first governance token released in the NFT ecosystem. RARI was created with a total supply of 25,000,000.
Is Rarible a Good Investment?
Rarible is a good investment to look into. As at today, RARIBLE price equals 8.77 USD, if you buy Rarible for 100 dollars, you will get a worth of 11.393 rari. Based on forecast, a long term increase is expected and with a 5 year investment, the revenue expected is around +1171.92% and your current investment of $100 can get you to $1,271.92 in 2026.
How Much Does it Cost to Mint an NFT?
Nowadays, NFTs are becoming a serious case in the cryptocurrency market and everyone wants to get a piece of it, that is until you get the information of what it actually cost to mint a single piece of NFT token.
On Rarible, it costs $677 to create an initial collection of NFT token.
How to Create Your Own NFT on Rarible
- Go to Rarible.com and connect your Ethereum-compatible wallet (i.e. Metamask).
- Click the blue “CREATE” button at the top right of the page.
- Select minting a Single NFT or an NFT with multiple editions.
- Upload your image, video, or music file.
- Specify a price, name, description, royalties, and any other relevant info.
- Click create item.
- Your wallet will ask you to sign and pay for gas fees. Because gas fees can be high at times, it’s best to watch the Ethereum gas fees and pick the right moment to mint your NFT.
Is Rarible a Scam or Legit?
Rarible has certainly created a buzz around its marketplace, which has led to rapid growth. It is one of the most watched projects in the NFT space, and with its bridge to DeFi, it is well known in that space too. The combination could make it one of the top projects in 2021 and in subsequent years to come.
Rarible is a legit platform that is safe and can be trusted, content creators should keep a eye on this project and make efforts to be part of its ecosystem.