Rarible is a marketplace (digital) where non-fungible tokens are sold. Crypto collectibles are what they can also be called. On a platform like Rarible, NFTs can be bought, sold and created. In this post, you will be shown how to make use of Rarible in buying, selling and creating non-fungible tokens.
How you can start using Rarible today
In order to make use of Rarible, a currency wallet will be required. Also, you will need to have some ETH in such wallet. The funds will enable you purchase NTFs (non-fungible tokens) and pay for charges which come with transactions on Rarible.
Not every cryptocurrency wallet can be used in accessing and using Rarible. What you need is a crypto wallet which can enable users in accessing dapps.
A very popular for use of dapps is MetaMask. In case you don’t have MetaMask, we have a tutorial which shows you the entire process of installation and setting up.
With a hardware wallet like Ledger Nano X at your disposal, it possible to have it connected to your MetaMask wallet. This is a much safer way of using dapps.
Having your MetaMask wallet connected to Rarible
The first step is use your browser and log into your MetaMask wallet. Once this has been done, you need to visit Rarible. In order to have your wallet connected to the platform, locate the button which says “connect” and click on it.
Before clicking on the “proceed” button, ensure to tick all the boxes to indicate you have accepted all the terms and conditions of Rarible.
Purchasing of non-fungible tokens (NFTs) on Rarible
Once your wallet has been connected to Rarible, it is now possible to explore the digital collectibles that are available on the platform.
In case you seem to be interested in a digital collectible, just make use of the “Buy Now” button. You can either buy such collectible outright or have a bid placed.
After clicking on “Buy Now”, such transaction will have to be approved on your wallet (MetaMask). The wallet is going to show a notification in the form of a pop-up. This will enable you make adjustment to gas fee.
Selling of non-fungible token (NFTs) on Rarible
In case you already have crypto collectibles (also known as non-fungible tokens), they can be viewed and sold on Rarible.
Once your wallet has been connected to Rarible, locate the “my account” section and click on it. You can view all of your crypto collectibles just under the gravatar.
Now, choose any of the collectibles you wish to sell and have the button which says “put on sale” clicked on. This will enable you to sell such collectible.
The next is to enter your preferred price in DAI, ETH or any other token. After, that click on the button which says “next step”. You will have to approve such token and have the transaction signed on MetaMask.
Creation of a non-fungible token (NFT) on Rarible
Apart from selling NFTs, it is also possible to create a non-fungible token of your own using Rarible platform. In order to do this, just visit Rarible and hit the button which says “create”. Choose multiple or single. Choosing multiple means you plan selling your work multiple times. Choosing single on the other hand, means your work will be sold once.
Now, have your file uploaded and enter all the necessary details. Although you can fix a selling price for such item, people can still bid for it.
It is possible for a link, key or code to be on the original file. The same can also be said for a collection of your own to be created on Rarible as well. This can be done by adding a name, token symbol and an image.
Give your NFT a name as well as description. Also, royalties percentage should be set. Through this, it becomes possible for payment to be received once your crypto collectible is sold.
Once your work has been uploaded and all the necessary details entered, just hit the button which says “create item”. This will enable you to mint an NFT. Ensure your wallet has enough ETH since such will be required for payment of fees and charges.
Rarible has charges of 2.5%. For instance a collectible worth 1ETH is purchased, the fee is 0.025ETH. In case your non-fungible token is put for sale at 1ETH, the amount you will receive is 0.975ETH. This means both the buyers and sellers are charged 2.5% each making a total of 5%.