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9.6/10

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Rarible Marketplace Review

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Rating
6.8/10
Best of Rarible
  • Easy to use platform
  • Supports several different blockchains
  • Multi-wallet connection
  • Gas-fee-free minting
James Bishop Crypto Enthusiast
Discover, sell and buy NFTs on Rarible! Whether it鈥檚 Ethereum NFTs, Solana NFTs or Tezos NFTs, get them on Web3鈥檚 first aggregated NFT marketplace

Rarible Marketplace Review: An Adaptable and User-friendly NFT Platform

Rarible provides a user-friendly non-fungible token (NFT) marketplace that attracts both beginners and experienced traders. The platform offers a wide range of NFT and supports various blockchains, leading users to decrease gas fees. Dive into our detailed analysis of Rarible to determine if it鈥檚 for you.

TYPES OF NFTS

  • Gaming, photography, Art, metaverse, and others

FEES

  • 2.5% trading fee

BLOCKCHAIN

  • Ethereum, TezEthereum, Flow, Tezos, Polygonos, Polygon

Platform Features

  • Services: Buy, sell, mint
  • Supported Wallets: Almost 20 different wallets including Metamask, Ledger, and Coinbase
  • Payment Methods: Cryptocurrencies and credit card

More

  • Rarible is a popular NFT marketplace that’s always adding new features to make NFT trading easier, cheaper, and more accessible.

Pros:

  • Easy to use platform
  • Supports several different blockchains
  • Multi-wallet connection
  • Gas-fee-free minting
  • Creator and collector validation

Cons:

  • Credit card fees can add up
  • Some types of NFTs are not available
  • No obvious anti-phishing measures
  • No compulsory KYC check
  • Limited educational resources

 

Complete review of the Rarible Marketplace

This platform for NFTs perfectly suits: NFT traders looking to employ multiple different blockchains for transacting and creating digital items at fair fees.

 

What is Rarible?

Rarible is a well-known marketplace for NFTs, boasting an extensive selection of digital assets. Whether you’re a seasoned digital collector or a novice exploring the realm of NFTs, the platform is intuitive and accessible to NFT admirers at all levels. Users have the ability to buy, sell, or mint various kinds of NFTs like gaming, art, metaverse, and more. In addition, the presence of its RARI token enables the community to engage in governance activities and influence the future course of this NFT platform.

Top benefits

User-friendly Interface

Rarible provides a simple and user-friendly platform. Linking a cryptocurrency wallet is simple for new traders, who can then begin trading NFTs. It is simple to browse the available NFTs by using filters or by following favourite artists. Despite the fact that the platform accepts credit cards, there are less expensive ways to purchase cryptocurrencies. Increasing the number of educational resources might be advantageous.

Support for Various Blockchains

Ethereum (ETH) remains the most utilized blockchain for NFTs, its high transaction costs have users seeking alternatives. Rarible currently supports four different blockchains and aims to incorporate more in the future. Users looking to reduce fees may find the option to use Polygon (MATIC), Tezos (XTZ), or Flow (FLOW) appealing.

Multi-wallet Linkage

Managing multiple wallets and networks can be challenging. Rarible’s multi-wallet support feature, allowing users to link up to 20 wallets to a single profile, simplifies this process. This feature enables users to manage all their NFTs and crypto assets from one centralized location.

Minting without Gas Fees

It can be expensive to mint an NFT, especially on the well-known Ethereum network. By delaying the blockchain recording procedure until after a purchase, Rarible’s lazy minting functionality enables developers to avoid these expenses. The buyer must pay additional transaction costs to finish the item’s minting, which lessens the impact on the environment.

Verification for Creators and Collectors

Every day, Rarible checks the credentials of thousands of users. Users who have been verified are indicated with a yellow tick, which raises their visibility on the platform. Despite not guaranteeing authenticity, this verification adds another level of security for users.

Areas for Improvement

Credit card fees can add up

While Rarible offers the convenience of purchasing NFTs with a credit card, the associated fees can pile up. Transaction charges and minimum amounts depend on the blockchain network in use. For instance, acquiring Ethereum (ETH) using U.S. dollars may entail a fee as high as 20%. The fees are lesser for other cryptocurrencies, but this expense should be kept in consideration.

Limited NFT categories

Although Rarible boasts a strong selection of NFTs and has affiliations with several high-profile personalities, certain categories are absent on its platform. These include sports collectibles, domain names, music, and videos. If your interest lies in these kinds of NFTs, you might need to explore other platforms.

Lack of evident anti-phishing measures

Phishing scams, increasingly prevalent online, deceive individuals into divulging personal information by impersonating genuine companies. Certain crypto exchanges have implemented specific anti-phishing strategies, such as allowing users to establish a unique phrase or code included in every email. Rarible, however, does not have such safeguards.

Absence of mandatory know-your-customer (KYC) checks

Rarible operates a voluntary verification process to mitigate fraud on its platform. Nevertheless, users can buy and sell NFTs without disclosing any personal details or source of funds. While some might appreciate this anonymity, integral to the crypto universe, those concerned about exposure to laundered money might find the absence of KYC checks less appealing.

Admittedly, no major NFT platforms enforce mandatory KYC screening. While regulatory pressure compels most centralized cryptocurrency exchanges to collect personal data before trading, the NFT sector has yet to adopt such measures.

 

Alternatives to consider:

  • Seeking a lower-fee NFT platform: Binance NFT marketplace could be a good choice, offering a flat trading fee of 1% compared to Rarible’s 2.5%. But remember, fees are not the sole consideration. Binance isn’t accessible to U.S. citizens and has faced regulatory hurdles in multiple nations.
  • Looking for a wider range of NFTs: OpenSea, the largest NFT marketplace, might be your best bet. It not only hosts an enormous quantity of NFTs but also features a wide variety of digital items. Its trading fees are comparable to Rarible, but it’s worth noting that OpenSea has had several significant security incidents in the past.

 

Platform features

Rarible is a recognized NFT marketplace, home to an extensive array of items and contributions from numerous artists. It’s user-friendly and has features that appeal to both beginners and experienced NFT traders. Among them are multi-wallet profiles, credit card payments, and gas-fee-free minting. Additionally, Rarible has introduced a mobile app for those who prefer exploring NFTs on the go.

Services

The Rarible NFT platform provides all the standard services. Users can purchase, sell, and mint NFTs across several different blockchains. NFTs can be acquired via auctions or at a predetermined price. If you’re an NFT creator, Rarible’s lazy minting option, which allows minting without incurring any gas fees, can significantly reduce expenses.

Blockchains

Rarible sets itself apart from many NFT marketplaces by accommodating four different blockchains:

  • Ethereum
  • Flow
  • Tezos
  • Polygon.

The flexibility to utilize multiple blockchains enables users to bypass Ethereum’s often steep gas fees and access NFTs developed on alternate platforms. There’s also buzz about Rarible planning to incorporate Solana (SOL) into its platform soon.

Supported wallets

Rarible is compatible with all the prominent wallets, including MetaMask, Ledger, Rainbow, Coinbase, Fortmatic, Portis, among others. Altogether, Rarible allows connection with nearly 20 distinct wallets. If you possess multiple crypto wallets, Rarible’s multi-wallet profile might be appealing, as it enables you to add several wallets to your profile and manage all your NFTs from a single location.

Payment methods

Rarible facilitates payments through both cryptocurrencies and credit cards. Regardless of the chosen payment method, a crypto wallet is necessary to use Rarible. The crypto options correspond to the blockchains it supports 鈥 ETH, FLOW, XTZ, or MATIC, depending on the utilized network.

Rarible employs a third-party processor to manage credit card payments, converting the fiat currency into the necessary crypto for purchasing the NFT. Users can also load funds through their profiles using credit cards. Be aware that credit card payments attract a fee and have a transaction minimum and that the third-party processor will also have its own KYC protocol.

Credit card fees

Fees vary depending on the purchased crypto and the amount spent. Rarible states the fees range from 2.5% to 4%, but our test run of the payment system found the fees could significantly escalate for smaller amounts. Additional gas fee (blockchain transaction fee) may also apply, and the conversion rate might not be the best. Additionally, a minimum transaction fee, which differs by blockchain, applies.

For instance, to purchase $50 worth of ETH, the fees amounted to nearly $10, about 20% of the transaction amount. Purchasing MATIC or XTZ was considerably cheaper. It’s generally more cost-effective to use a top-tier cryptocurrency app or exchange to turn your cash into crypto.

Fee Structure

Rarible imposes a flat 2.5% fee on buyers and sellers for every NFT transaction. Artists have the option to establish a royalty fee, typically around 5% to 10%, which they earn when their item is sold. Users should also be aware of the blockchain gas fee related to NFT transactions 鈥 similar to a toll for using a highway. This fee depends on the blockchain network used. Ethereum is the most common, but its fees are usually quite steep.

 

What NFTs can you buy on Rarible?

Rarible hosts a vast array of digital art, photographs, gaming assets, and metaverse NFTs. You can sort through the offerings based on the blockchain type, price, or collection. Though it doesn’t house specific categories for video, music, sports, or other collectibles like some competitors, it still holds considerable appeal with over 400,000 NFTs minted on the platform in 2021 and a user base of over 2 million.

 

It is safe to use Rarible Marketplace?

Rarible’s platform offers a detailed page outlining its security protocols and privacy policies. As you keep your digital assets in an external crypto wallet rather than directly on the platform, the security of your NFTs largely lies in your hands. NFT investments do carry inherent risks. The market’s future remains uncertain, and the value of an NFT purchased today may plummet over time. Apart from volatility, threats include:

  • Phishing: This is a deceptive practice where malicious actors mimic a service provider via email, SMS, or other channels. Users are then misled into providing their personal information on counterfeit websites or in response to the deceptive communication.
  • NFT fraud: The rising popularity of digital collectibles has made the NFT market a hot target for scammers and criminals. For instance, there have been multiple reports of unauthorized individuals creating NFTs from artists’ work without their consent. If you purchase a pirated NFT, it could become valueless.

While Rarible provides information on its site regarding its security measures, it could do more to explain how it defends against phishing attacks and how users can safeguard themselves. In the case of fraud prevention, Rarible manually reviews both collectors’ and creators’ accounts, issuing a yellow checkmark to verified members. This system aids in protecting against scams but is not foolproof. Rarible does ban confirmed fraudsters, but the responsibility for due diligence ultimately falls on the user.

 

Rarible is ideal for you if:

  • You’re new to NFTs and want an user-friendly platform.
  • You want to use different blockchain networks such as Tezos, Flow or Polygon.
  • You want to use lazy minting or gas-fee-free to reduce costs.

 

6.8/10
Rarible Ranking

Rarible at its core is a community-owned NFT marketplace that allows users to buy and auction digital and art collectibles.

Categories
7.8
Blockchains
6.5
Look & Feel
6.2
Customer Support
6.6
PROS
  • Easy to use platform
  • Supports several different blockchains
  • Multi-wallet connection
  • Gas-fee-free minting
  • Creator and collector validation
CONS
  • Credit card fees can add up
  • Some types of NFTs are not available
  • No obvious anti-phishing measures
  • No compulsory KYC check
  • Limited educational resources
User rating: 4.36 (25 votos)