Rarible is a popular NFT marketplace with a wide range of items and work from a number of artists. It is easy to use and its functionality will appeal to both beginners and experienced NFT traders. Stand-out features include its multi-wallet profiles, credit card payments, and gas-fee-free minting. Rarible also launched a mobile app last year for those who want to browse NFTs on the go.
The Rarible NFT marketplace offers all the services you’d expect. You can buy, sell, and mint NFTs on several different blockchains. There are two ways to buy NFTs, through auction or at a fixed price. If you’re an NFT creator, check out Rarible’s lazy minting option. This is a way to mint NFTs without paying any gas fees, and can significantly reduce costs.
Rarible is ahead of many NFT marketplaces in that it works with four different blockchains. These are the blockchains Rarible supports:
The option to use more than one blockchain means users can avoid Ethereum’s often high gas fees and access NFTs built on other systems. There are also rumors that Rarible will soon add Solana (SOL) to its platform.
Rarible works with all the major wallets, including MetaMask, Ledger, Rainbow, Coinbase, Fortmatic, Portis, and others. In total, Rarible users can connect almost 20 different wallets. If you have more than one crypto wallet, Rarible’s multi-wallet profile might appeal. It allows you to add multiple wallets to your profile and see all your NFTs in one place.
READ MORE: Best NFT Wallets
Rarible allows users to pay using both cryptocurrencies and credit cards. Whichever payment method you use, you’ll need a crypto wallet to use Rarible. The cryptocurrency options mirror the blockchains it supports — depending on which network you use, you can pay in ETH, FLOW, XTZ, or MATIC.
Rarible uses a third-party processor to handle credit card payments. It essentially converts the fiat currency into the crypto you need to buy that NFT. Users can also add funds via credit card through their profiles. Be aware that credit card payments will incur a fee and there’s a transaction minimum. The third-party processor will also have its own know-your-customer process.
Credit card fees
Fees vary depending on what crypto you buy and how much you spend. Rarible says fees vary from 2.5% to 4%, but when we tested the payment system, we found the fees could be much higher for smaller amounts. You may also pay a gas fee (a blockchain transaction fee) and you may not get a great conversion rate. Finally, there’s a minimum transaction fee that also varies by blockchain.
For example, to buy $50 worth of ETH, the fees came to almost $10 — about 20% of the transaction amount. Buying MATIC or XTZ was much cheaper. Nonetheless, it’s probably cheaper to use a top cryptocurrency app or exchange to convert your cash to crypto.
Rarible charges a straight 2.5% fee for buyers and sellers on every NFT sale. Artists can also set a royalty fee that’s typically 5% to 10%. This is the amount they receive when an item is sold. Users also should be aware that NFT transactions usually involve a blockchain gas fee — a bit like a toll you might pay to use a freeway. The fee depends on which blockchain network you use. Ethereum is the most popular, but its fees tend to be a lot more expensive.
Ethereum gas fees vary a lot depending on how congested the network is and what ETH’s current price is. Rarible has a handy tool that tells you what the fees are right now and whether they’re above or below the average. Here are some average Ethereum gas fees for various transactions at time of writing: