Rarible: OpenSea Worthy Opponent?

If you follow the cryptocurrency and altcoin markets closely, you’ve probably heard about Rarible by now. Rarible is the world’s first “community-owned NFT marketplace,” according to the company. Continue reading to learn everything there is to know about Rarible, including how to buy RARI token with crypto and how to use Rarible itself.

What is Rarible? How to Buy RARI Token with Crypto

What is Rarible?

Rarible is a software system that enables digital artists and creators to produce and sell individual crypto assets that signify ownership in their work. Therefore, Rarible is both a marketplace for these goods and an Ethereum-based platform, a distributed network that enables trading without the use of middlemen. Furthermore, Rarible’s community-run platform architecture is powered by the RARI token, the world’s first governance token in the NFT industry.

Rarible (RARI)

How to Use Rarible?

Rarible is a marketplace that tries to connect consumers with sellers — usually content providers such as digital artists, model creators, or meme makers. Firstly, to convert their work into an NFT, creators must use the Rarible protocol to mint a currency. To do so, you need to fill out a website form with photographs and other information about your work, such as the list price. Secondly, the platform introduces the new token on the Ethereum blockchain. Finally, you can exchange NFTs between wallets using Rarible’s software, like other Ethereum currencies.

How to Use Rarible?

Key Features of Rarible

Rarible has numerous features that make it unique compared to other blockchain projects. Here are some of the most important elements that set it apart from the crowd:

RARI coin

Rarible users are motivated to engage in the NFT market because they earn RARI coins every time they sell or acquire NFTs. Moreover, RARI acts as a governance token in addition to its inherent worth, which may be traded for actual cash via USDT or ETH on a variety of DeFi protocols such as Uniswap. Furthermore, the RARI governance token has a total supply of 25,000,000 tokens divided as follows:

  • 10% goes to the airdrop (of which 2% goes to Rarible users and 8% goes to all NFT holders).
  • 30% goes to Rarible investors and team.
  • The remaining 60% is available through market exploitation.

Additionally, the distributed Rarible coins are shared equally between sellers and buyers, with weekly sellers receiving 50% of the 75,000 RARI and weekly purchasers receiving the remaining 50%.

RARI coin

Rarible NFT

Rarible’s NFT marketplace was originally a non-custodial NFT minting system and marketplace open to the public. However, as the platform’s popularity grew, as did the number of users and investors, Rarible’s developers began working on making it a true DAO. Nevertheless, before that happens, users can vote on proposals, help administer the platform, and decide on the network’s future using Rarible’s native RARI token.

Rarible royalties, which are the ownership to future revenues within NFTs, can be programmed by digital producers. Thus, you can receive returns automatically by issuing a token if you use smart contracts to determine a proportion of future sales.

Rarible NFT

Rarible vs OpenSea

The following table mentions all the notable differences between Rarible and OpenSea:

Services and Features

Rarible

OpenSea

Launch Year

2020

2017

Multi-Chain

Yes

Yes

Decentralized Governance

Yes

No

Native Token

Yes

No

Payment Options

ETH, FLOW, XTZ

150+ cryptocurrencies

Credit Card Payment

Yes

No

Trading Fee

2.5%

2.5%

Royalty Fee

Up to 50%

10%

Beginner-friendly interface

Yes

Yes

Lazy Mining/Gaseless

Yes

Yes

Rarible vs OpenSea

How to Buy RARI Token With Crypto? 

You’ll need the services of decentralized exchanges to buy RARI in exchange for another coin that you own. Swapzone is among the most user-friendly decentralized exchanges, aggregating different platforms so that you can simply buy RARI token with any crypto coin you want. For the sake of simplicity, we’ll use ETH as an example.

  1. Visit Swapzone.io to get started.
  2. Select the Ether (ETH) to Rarible (RARI) exchange pair.
  3. Type in the total amount of ETH you wish to exchange.
  4. Compare the figures and use the best ETH to RARI exchange deal.
  5. Click on the “Exchange” button to proceed with the deal.
  6. Input your wallet address to receive the traded RARI.
  7. Copy the ETH wallet address the aggregator will generate and send your ETH deposit.
  8. Allow the deposit to be complete and for the ETH-RARI exchange to be done.
  9. Don’t forget to rate the service and write a review of the experience you had with the exchange partner.

How to Buy RARI Token With Crypto?