What Is Rarible And How Does It Work?

Since the advent of blockchain technology and cryptocurrencies, there has been a surge in NFTs (non-fungible tokens).

People have been clamoring for the ownership of NFTs as these digital assets are a great way to invest. With the rise in demand for NFTs, several marketplaces have popped up recently. Rarible is a marketplace where you can buy, sell, or even create your own NFT collections.

It is based on the Ethereum network where the ownership rights to digital assets can be virtually transferred to prospective buyers.  

What Is Rarible?

Rarible is essentially a software that allows people to sell or trade their digital assets. Artists can also use the platform to generate entire NFT collections. The NFTs created on the blockchain platform are very unique and cannot be manipulated or duplicated.

The platform is also home to games, virtual properties, artworks, music, animations, and even memes,  which can be bought and sold. 

Rarible is based on the Ethereum platform and makes use of its blockchain network for the creation of digital assets. The assets or NFTs created on Rarible are stored on the database as blocks. The platform has based the NFTs on ERC-721 and ERC-115 token standards for the creation of a unique asset and to generate its multiple editions respectively. 

All the information related to the creation of the artifact is imprinted on the platform’s blockchain, allowing users to verify the authenticity and genuineness of it. It is virtually impossible to tamper with the NFT, as it will trigger a cascade of the blocks linked with the data chain. So, the ownership of the NFT is safeguarded using the blockchain technology. 

Rarible was started as a centralized platform, which was gradually decentralized and controlled by the decentralized autonomous organization (DAO). The platform is run by the users with the platform’s governance token called RARI. 

What Is Rarible

How Does Rarible Work?

To put the operations of Rarible in simpler terms, it is a marketplace where digital assets can be sold, bought, and exchanged. It connects the buyers and sellers of NFT and promotes hassle-free transfer of digital assets.

The platform is unique in a way that it allows digital artists to create NFTs and make multiple editions. The creator has to first mint a token in the platform to list their NFT. When an asset is created or entered on Rarible, the platform records the information associated with it. The NFT is then listed on the marketplace with the value its creator set. 

The NFT can then be transferred between the wallets of the users using the token the creator previously minted. The buyer having paid a price can get the ownership of the NFT and the asset digitally transferred to their crypto wallet.

The seller and the buyer then have to pay a fee to Rarible for the seamless transaction. This is how Rarible earns its commission, by digitally transferring the NFT using its blockchain. When the asset is transferred from the seller to the buyer, all the transaction details will be embedded in the blockchain. 

The intuitive and user-friendly interface of Rarible makes it easy for collectors to look for NFTs. Assets that can be traded on Rarible include digital art, virtual games, music, memes, virtual land, and many more. Anything that can be digitized can be bought and sold on Rarible. The incorporation of Metaverse has enabled the users to explore the 3D virtual reality and own properties and buildings using the platform’s native token, RARI. 

To trade in NFTs, you have to link your crypto wallet to Rarible. The platform supports all major crypto wallets like MetaMAsk, Ledger, WalletConnect, and Coinbase.

Rarible also supports multiple blockchains like Ethereum, Polygon, Immutable-X, zkSync Era, and RARI-Chain. RARI can be bought from popular exchanges like Kraken, Binance, Coinbase, Exmarkets, and StealthEX. 

Conclusion

Rarible has simplified the notion of creating, selling, and owning an NFT. The popularity of NFTs is bound to increase over the years to come. Rarible is an ideal marketplace where digital assets can be sorted according to your preference and easily bought using your crypto wallet. The prices of NFTs have been soaring high and Rarible is the best place to invest in NFTs. 

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