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Last Updated: Feb 15, 2022

Rarible

New York, United States

OVERALL RATING

4.9
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RaribleNFT Marketplaces Review

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Kresimir Ilicic

Expert Analyst & Reviewer

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icon Updated on: Feb 15, 2022

Rarible NFT Marketplace is one of the biggest NFT marketplaces. It’s based on the Ethereum blockchain, but official sources verified that Rarible will support Tezos, Solana, and Flow blockchain in the future as well.

Rarible also has its own token called RARI. You can create an NFT in the “RARIBLE” collection for free, and let the buyers pay for minting fees. However, if you decide to make a collection of your own, you’ll need to pay for the fees to create a new smart contract.

Spec

TOTAL NFT 309,698
NUMBER OF CATEGORIES 10
FEE 2.50%
TOTAL SALE VOLUME $207.5M
TOKENS ETH
WALLETS SUPPORTED MetaMask, Torus, WalletConnect, Portis, Coinbase, MyEtherWallet, Fortmatic
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OVERALL RATING

4.9
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PROS

Low marketplace fee

Set royalties up to 50%

Buyer pays minting

Many different NFTs

Beginner friendly

CONS

Only ETH blockchain supported

High transaction fees

Pros

Rarible charges only a 2.50% marketplace fee which is pretty low when compared to other marketplaces. You’ll pay the marketplace fee when you sell your item. It is automatically taken from the total sale amount. If you sold your NFT for $100, $2.50 goes to Rarible.

Unlike many other NFT marketplaces, Rarible has capped the maximum royalty fees at 50%. That means if you want to set the royalty fees for your collection, you can set a percentage between 0 and 50.

Similar to OpenSea and some other marketplaces, Rarible also supports “lazy minting”. As previously mentioned, you can let the buyers pay for minting fees. Considering the fact that Rarible is on the Ethereum blockchain, lazy minting will save you from spending a fortune on transaction fees.

There are hundreds of thousands of different NFTs published on Rarible. You can find some highly talented artists that made beautiful NFTs on here. The competition is lesser by numbers when compared to other NFT marketplaces, but it seems Rarible follows the quality over quantity rule.

The website layout is awesome. It is beginner-friendly and very simple to navigate through. Rarible definitely has a great website structure and there are plenty of filters for easier search.

Cons

Now let’s talk about bad things in Rarible NFT marketplace. The first and obvious one is the fact that Rarible is only available on the Ethereum blockchain. Ethereum blockchain is awesome, however, right now it’s not scalable.

Because it’s not scalable, transaction fees on Ethereum blockchain can get super high. Sometimes they’ll cost even more than the NFT itself. However, once Ethereum 2.0 is out, we should finally be able to pay way fewer transaction fees.

The problem is not in the Ethereum itself, but in the fact that Rarible doesn’t support other blockchains. Rarible supports the RARI token, but not for minting, instead, traders get it as a reward for using the marketplace.

That being said, Rarible team has stated they plan on including Tezos, Flow, and Solana tokens on their platform.

What blockchain is Rarible NFT Marketplace working with

As stated before, the only blockchain that’s supported on Rarible right now is Ethereum. That includes both ERC721 and ERC1155 standards for NFTs. After purchasing, you can view your NFTs in your profile.

All of the NFTs bought on Rarible can be seen through other NFT marketplaces as well. You just need to connect the same wallet to both marketplaces. OpenSea has explained it perfectly in their support article:

Think of the Ethereum blockchain as the gallery where your artwork is hanging. OpenSea is one window looking into the gallery, Rarible is another. You can sell the item from either window and it will go to the first buyer who meets your terms, but once it’s sold through one window, it’s gone and you can’t sell it again through the other.

OpenSea

Rarible team has announced they will support three more blockchains in the future:

  • Flow
  • Solana
  • Tezos

We believe that Rarible will see a great increase in their total trading volume once they do implement these new blockchains. Multiple blockchains on a single marketplace are always a plus.

Are there any minting fees on the Rarible marketplace?

Yes, there are minting fees, however, the buyer will pay for it. If you are a creator, you don’t have to worry about paying the minting fees because Rarible has implemented “Lazy minting”.

This type of minting will allow you to create NFTs without paying anything for them. When someone wants to buy your NFT, they’ll have to pay for the minting fees as well.

These fees depend on the Ethereum blockchain activity, and not the Rarible marketplace. If you are a creator, you’ll love lazy minting as it will save you a bunch of money.

That being said, if you want to burn your NFT, you’ll have to pay for the transaction costs.

Is there a listing fee on Rarible

No, there isn’t a listing fee on Rarible NFT marketplace. However, there is the marketplace fee though. The marketplace fee on Rarible is 2.5% and charged after the sale, you don’t have to pay for anything upfront.

This means if you sell your NFT for $100, you’ll get $97.5 from the sale.

Both the seller and the buyer pay for the fee, so it’s 5% at the end. If you want to, you can choose to pay for the whole fee yourself. You can use this as your marketing strategy so the buyer only pays for the mint price and transaction fees.

You can also decide if you want to include royalty fees in your collection. In case you are wondering what are royalty fees, let us help you.

Royalty fees are the commission fees for creators. Let’s say you set the royalty fee on your collection to 10%. You sell your NFT to person A for 100$ and then that person sells your NFT to person B for 200$. You’ll earn 20$ from the transaction between person A and person B.

This works on multi-level as well. As long as your NFTs are being re-sold, you’ll get the royalty fee. This is a great way for the creators to profit from their original work.

What file formats are supported on the Rarible marketplace?

Rarible supports multiple file formats, unfortunately, no 3D models yet. Luckily, there is a workaround. File formats supported on Rarible include:

  • PNG
  • GIF
  • WEBP
  • MP4
  • MP3

As we can see from the file formats, Rarible is suitable for digital artists that draw, make animations, or make music. If you are making 3D models, writing books, or something else, Rarible may not be the ideal choice for you.

However, you can always include your files in the “Unlock once purchased” section. You may include your digital keys, redeem codes, or links in this section. Basically, you could upload your 3D models or other unsupported files to online file storage and provide the link in this section.

This is currently the only way to bypass the supported file formats. One downside of this method is that when the link to your unlockable content is no longer valid, people won’t be able to access it.

One way to prevent that is to own the domain that’s pointing to the file. You can then simply redirect the buyers through your domain to the destination file. If something happens to the destination file, you can always re-upload it and forward your domain to that file.

Can I decorate my collections on Rarible?

Yes, you can decorate and edit your collections. You can specify certain details such as the name of the collection, symbol, description, and the short URL as you can see on the image down below.

You can edit your collection on Rarible NFT marketplace
Editing Collection on Rarible
Remember, creating a collection of your own has its benefits, but it costs a lot too. For example, when we have tried to deploy this specific contract, the price was 0.388ETH as you may see in the picture down below.

If you are just experimenting with NFTs, creating a new collection on Rarible might not be a smart financial decision for you. At least not until they support other blockchains with smaller transaction fees.

Instead, you should use “Rarible Singles” collection which is free for everyone to use. You might not be able to modify the collection to your exact needs, but at least you’ll be able to “test the waters” before spending any extra money.

What NFT wallets are supported?

Multiple NFT wallets are supported on Rarible NFT marketplace. All of these wallets support Ethereum blockchain, but some like MetaMask support other blockchains as well. Support NFT wallets on Rarible are:

  • MetaMask – One of the most popular wallets that’s supported on almost every NFT marketplace that works with ERC-721 tokens.
  • Torus – NFT wallet with simplified login. You can even use your gmail to log into this wallet.
  • WalletConnect – Used to connect Rarible with your mobile wallets. More than 75 different wallets can be integrated with WalletConnect.
  • Portis – Log in with your e-mail and password, but keep the private keys for yourself. Very simple and good wallet.
  • Coinbase wallet – Do not confuse it for Coinbase exchange. The owners of this wallet and the exchange are the same, but these two are not directly connected.
  • MyEtherWallet – Free, open-source wallet that even support hardware wallet integration.
  • Formatic – Simple and free to use NFT wallet with multi-factor authentication.

Choosing which wallet to use is totally up to you. It’s important to understand that Rarible doesn’t have access to your private keys. Each transaction on the marketplace will have to be manually verified by you.

In case you don’t know which wallet to use, take a look at our “Best NFT Wallets” ranking.

Does Rarible support auctions?

Yes, Rarible supports auctions for all supported file formats on this marketplace. Creators can set their NFTs on an auction for a certain time period. You can also set a reserve price which will save you from lowball offers.

If your set reserve price is not met, your items won’t be sold. Auctions can be a great tool to earn more than you would with fixed price listing. However, we suggest you first gain some recognition.

Auctions tend to work better with creators that are already famous. When people see art made by a famous artist, they don’t even question the quality. They’ll simply bid for it, and if they win the auction, they’ll mostly flip the NFT for profit.

Who is a perfect client?

Everyone who wants to collect extraordinary and cool-looking NFTs is a perfect client of Rarible. Most NFTs available on Rarible are single images. When we compare Rarible to other marketplaces like OpenSea, we’ll quickly see that there are far fewer “uniquely generated” collections on Rarible.

In case you don’t know what we mean when we say “uniquely generated”, think of CryptoPunks or Bored Ape Yacht Club. OpenSea has far more such collections, most likely because you don’t have to pay a separate fee for a collection on there.

You are also a perfect client of Rarible if you are a digital artist who wants to sell single digital images that you have created. The chances are much higher that someone will discover your art on Rarible than on OpenSea because there are far fewer NFTs on Rarible.

Also, when you take a look at the style of the NFTs published on Rarible, you’ll notice how they are strongly focused on the art, rather than the collection. There are more “1/1” NFTs and some artists got the verification symbol next to their image.

Can you promote your NFT on Rarible?

Unfortunately, Rarible doesn’t offer any type of advertising on their website at the moment. Featured NFTs on the front page are there either because a lot of people view them or because they have high trading volume.

However, advertising directly on the marketplace is not the only way to promote your NFT. You can always promote it on social media, news, YouTube, etc.

Each promotion will help your project grow, but what’s the best way to do it? The best way would be to advertise directly to the NFT audience. You can do that through our website.

We offer direct advertising on our website. You can promote your project through our NFT rankings, directory, banners, and many other ways. Make sure you take a look at our “List your NFT” section.

Does Rarible provide any support?

Yes, Rarible has both FAQ and help docs. You can learn everything about getting started on Rarible, Verification, $RARI token, and a bunch of other stuff in the help docs.

In case you have any kind of problem, bug, error, or something else, you can contact Rarible directly. Simply select “Submit a request” in the upper right corner. You’ll then need to choose a category and write the message inquiry.

Are there any partner programs?

No, at this time Rarible.com does not provide any partnership programs. There are no affiliate programs or any type of partnership program in their documentation.

We hope this feature will become available in the future.

How does Rarible compare to competitors?

Rarible is the third biggest NFT marketplace by trading volume. Unfortunately, it supports only one blockchain, Ethereum. Other marketplaces mostly support multiple blockchains.

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