Rarible is a digital marketplace for non-fungible tokens, also known as crypto collectibles. You can buy, sell and create your own non-fungible tokens on Rarible.
Rarible allows people to turn their works into non-fungible tokens (NFTs) and sell them on the marketplace.
In this guide, I will show you how to use Rarible and buy, sell and create non-fungible tokens on Rarible.
How to use Rarible? Buying & selling NFTs on Rarible
To use Rarible, you need a cryptocurrency wallet and some ETH in it. So you can buy non-fungible tokens and pay for transaction fees on Rarible.
But you can’t use all cryptocurrency wallets to access and use Rarible. You need a cryptocurrency wallet that allows users to access dapps.
MetaMask is the most popular wallet for using dapps. If you don’t have a MetaMask wallet yet, you can refer to our MetaMask tutorial to learn how to install and set up MetaMask.
If you have a hardware wallet like Ledger Nano X, you can connect it to your MetaMask wallet and use dapps in a safer way.
Connect your MetaMask wallet to Rarible
First log in to your MetaMask wallet on your browser and visit Rarible. Click the ”connect” button on Rarible to connect your wallet to the platform.
Tick the boxes to accept Rarible’s terms of service and click the ”proceed” button.
Buying non-fungible tokens on Rarible
After connecting your wallet to Rarible, you can start exploring digital collectibles on the platform.
If you are interested in a particular collectible, you can simply use the ”buy now” button to buy the collectible or place a bid for the collectible.
After clicking the ”buy now” button, you need to approve the transaction on your MetaMask wallet. A pop-up notification will appear on your MetaMask wallet and you’ll be able to see and adjust gas fee.
Placing a bid for a non-fungible token on Rarible
If you want to buy a non-fungible token at a certain price on Rarible, you can rather place a bid for that non-fungible token.
Click the ”bid” button and enter your bid and the quantity of the collectible. To proceed to the next step, click the ”place a bid” button.
After clicking the ”place a bid” button, you’ll be required to go through three steps via your MetaMask wallet, which will incur Ethereum gas fees.
Your ETH will be converted into WETH (Wrapped Ether) and you will be ready to go.
Selling non-fungible tokens on Rarible
If you already have non-fungible tokens, aka crypto collectibles, in your wallet, you can view and sell them on Rarible.
After connecting your wallet to Rarible, click ”my account” under the gravatar to view your non-fungible tokens.
Choose and click the collectible you want to sell and click the ”put on sale” button to sell your collectible.
Enter the price in ETH, DAI or other tokens and click the ”next step” button. You’ll be required to approve the token and then sign the transaction on MetaMask.
How to create a non-fungible token on Rarible?
Besides selling crypto collectibles that you own in a game or any other dapp, you can also create your own non-fungible token on Rarible.
To create your own collectible on Rarible, visit the platform and click the ”create” button.
Choose ”single” or ”multiple”. If you want to sell your work such as music multiple times, you can choose the multiple option.
Upload your file and enter other details. You can enter a price for your item at which it will be immediately sold, but it will be still biddable.
You can also put a key, code or a link to your original file. In the collection section, you can simply use Rarible or create your own collection by adding an image, a name and a token symbol.
Enter a name and a description for your non-fungible token. And set a percentage for royalties. This way you will be able to receive payment whenever your NFT is sold on the secondary market.
After uploading your work and entering all the details, click the ”create item” button to mint your non-fungible token and put it on sale.
You will be required to follow the steps below which will incur Ethereum gas fees. Make sure you have enough ETH in your wallet to pay for transaction fees.
The fee on Rarible is 2.5%. If you want to buy a collectible for 1 ETH, you need to pay 1.025 ETH.
If you put your own non-fungible token on sale for 1 ETH on the platform, you’ll receive 0.975 ETH when it is sold.
So Rarible takes a 5% fee in total from each sale as the fee is charged from both sellers and buyers.
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