Rarible is a well-known marketplace or market for buying and selling NFTs that has earned an important place within the ecosystem NFT together with marketplaces like OpenSea or Super Rare.

EIn any case, Rarible is a space where you can not only buy and sell NFTs, but also create them with a couple of clicks in order to bring your own creations to this ecosystem, not to mention its ability to create monetization and participation spaces in decentralized governance thanks to the RARI token.

Origin of rare

Rarible is a project created by Alex Salnikov and Alexei Falin at the beginning of the year 2020, at which time the NFT ecosystem was starting to take off. At that time, Rarible started its platform focused on offering an easy and fast to use NFT trading and mining service. The main difference between Rarible and OpenSea at that time was that this platform was more focused on art, music and videos, as well as NFT collectibles, unlike OpenSea, which was more focused on NFT collectibles and blockchain NFT games.

In July 2020 the platform announced the launch of the RARI governance token, with the ultimate goal of RARI token holders controlling the Rarible market. The launch of RARI allowed not only to create a DAO for the protocol, but also to generate a new value generation system using NFTs, known as mining is. liquidity of the NFT market. This liquidity mining rewards scheme is intended to reward the buyers and sellers of NFTs within the platform. The idea is to not only encourage use, but also reward platform users and maintain an active community around it.

RARI's impact was immediate. Not only was the door opened for decentralized governance of the protocol, but the development team managed to secure sufficient funds to ensure the future development of the platform, and at the same time, the community was committed to using and massifying the creation of NFTs within Rarible, leading the platform to become the second largest NFT market in the world.

How does Rare work?

Rarible pursues the goal of creating a highly liquid environment for all NFTs, being a robust protocol with support for multiple blockchains (Ethereum, Polygon, Flow, Solana and Tezos). All this is possible thanks to the independent work of a dedicated team that has designed a protocol in order to allow direct interactions from multiple spaces, offering additional distribution channels and improving the liquidity of the NFT market.

Added to this is the creation of new NFT trading mechanisms and an organized community that exercises governance over said protocol. In this regard, a special place in the initiative is reserved for RARI's native governance token as the basic building block for the future NFT ecosystem.

To do this, Rarible bases its entire operation on a series of powerful smarts contracts to carry out all its tasks on-chain. At the same time, rarible makes heavy use of standards for the development of its NFTs, as the platform supports standards such as ERC-721 and ERC-1155 and their derivatives on supported blockchain networks. Finally, Rarible also has a powerful series of additional services and APIs, designed to allow integration with third-party services that want to use the potential of Rarible for their users to enjoy.

In any case, Rarible and its protocol allows:

  1. Create NFT tokens (ERC-721, ERC-1155 and shareable).
  2. Support for Lazy Mining. This is a marketplace capability where token metadata and mint signatures are stored on the Rarible back-end until an order is placed by a buyer. Next, the process of creating the NFT is carried out and it is transferred to the buyer.
  3. It allows the exchange of NFTs, which includes the purchase, sale and offer of them.
  4. Another feature of Rarible is to allow order comparison using an off-chain order book. In this way, Rarible amplifies its capabilities as a market for NFTs.
  5. Rarible exposes a powerful API for developers and integrators that enables order creation, indexing, and more, for third parties.
  6. Additionally, Rarible also has a powerful proposal for commissions (fees) and royalties within the platform. In this case we can highlight:
    1. RoyaltiesV1, in which an interface is defined to consult the royalties of a contract. It is implemented in Rarible's standard token contracts.
    2. RoyaltiesV2, which is an exchange contract that interacts with Rarible's royalty implementation indirectly through a Royalty Registry. The registry checks whether the NFT contract supports the expected interface, and if so, queries the Rarible royalty matrix to indicate the NFT royalty.
    3. Support for EIP-2981 that allows contracts, such as NFTs that support the ERC-721 and ERC-1155 interfaces, to state a royalty amount to be paid to the creator of the NFT or rights holder each time the NFT is sold. sell or resell. This is intended for NFT marketplaces that want to support continued funding for artists and other NFT creators.

Using Rarible to create, buy and sell NFTs

Rarible is a powerful dApp that we can use very quickly using our browser and a Web3 wallet (such as Dappradar). For this, all you have to do is go to the official website of the project and access the dApp:

Once on the Web you just have to click on the “Connect Wallet” button and with it start the connection process:

How to create an NFT with Rarible?

Creating an NFT in Rarible is pretty straightforward. Once you are in the dApp, you just have to click on the “Create NFT” button and start the process, in which you must start by choosing the network in which you will create the NFT, keeping in mind that you must choose the correct blockchain and according to your Web3 wallet (ex: if you use MetaMask with Ethereum, then you must use the Ethereum network to create the NFT).

Once you have made the choice, you only have to choose if you will create a single NFT (or several) and fill in all the information about the description and labels of your NFTs, in addition to uploading the file that you want to transform into a new NFT, to finally click on the “ Create” and start the NFT creation process.

Finally, you just have to confirm the creation order. Take into account the gas fees for the creation of an NFT that you will have to pay through your Web3 wallet. The fees to create an NFT can be quite high due to the energy required, so check the fees before confirming the operation. Finally, the NFT will be listed on the Rarible platform so that buyers can bid or buy instantly.

How to buy an NFT in Rarible?

Buying an NFT in Rarible is also very easy. You just have to explore the wide collection of NFTs that are listed on Rarible or search for a collection that is of interest to you and make an offer for the NFT of your interest. Once you find the NFT you like, you just have to click on “Buy” and pay the value of the NFT. In this case, you must be aware of the NFT and the network where it is deployed so that you can pay correctly for the NFT and that it reaches your wallet correctly.

There is also the possibility of making an offer for a certain price (a Bid). At this point it is the current owner of the NFT who decides whether or not to approve the offer you have made.

How to sell NFT on Rarible?

Selling on NFTs is quite similar to buying, only in this case you must already have an NFT within the platform. That is, you must either create it (which puts the NFT directly up for sale) or register the NFT if it is in your wallet and you want to sell it. In any case, the process is simple, since you simply have to go to the “My Collection” section and choose the NFT you want to sell by placing the price (if you want a fixed price) or opening an auction so that potential buyers can make you different. offers that you can freely reject or accept.