How to Mint, Buy, and sell NFT on the Rarible platform
NFTs are the vision of digital culture and art. Many artists have entered this technology and sold their works in this market as NFT. Rarible is one of the most popular NFT platforms with a large audience and applicants. In this article, we will tell you how to mint and sell NFT on the Rarible platform.
What is NFT?
NFT stands for Non-fungible token. NFT tokens are unique and have their own special features. Each NFT token represents a digital identifier that identifies its authenticity and ownership. NFT tokens are stored on the Ethereum ERC-721 standard. You can mint NFT on this platform and keep it in your wallet or sell it on the market.
How to Trade NFT?
To convert a file to NFT, you must first log in to one of the platforms and convert your file to NFT through the ready-made smart contracts of that platform. The process of converting a file to NFT is called the mint process.
How to work with Rarible platform
● First, go to https://rarible.com.
● Click Create at the top of the page.
● Then, by appearing in the image below, you can convert a file to NFT by selecting the Single option, or by converting multiple files related to a work of art to NFT by selecting the Multiple options.
● Then on the new page, first upload the file you want.
● It will then ask you to select a cover photo for your NFT.
● At this point, if you enable Put on the marketplace, it will be put up for sale immediately after NFT is created.
● We have enabled this here to show you how to price.
You have two choices for pricing
Fixed price (fixed price)
You set a fixed price on your NFT.
By enabling this option, you allow others to place their bid on your NFT.
Note : By activating the Unlock once purchased button, if you have other content and other options for your NFT buyer, put the download link in this section. This additional content is displayed to the buyer only after purchase.
As you can see, 2.5% of the sales amount is Rarible commission.
● Once you have specified the price, in the section shown in the image below, you can specify which collection your NFT will be in. Here we select Rarible by default.
● Then select a title or name for your NFT in the Title field and in the Description field you can put a description of your NFT.
On the Rarible platform, this royalty to the creator of the artwork can be between 10 and 50 percent.
● After you have completed all the steps, click the Create item option.
● Then you connect to the digital wallet installed on your browser and after confirming the transaction, you first sign and pay the fee for using the Rarible platform. (Usually between $ 10 and $ 20)
● In the next transaction, you sign and pay the NFT commission and its storage in the Ethereum blockchain.(This fee is usually between $ 50 and $ 100, depending on whether the Ethereum network is quieter or not.)
Finally, it asks for a confirmation for the final signing of the transaction and It will be created after confirming your NFT.
In the following, we try to give a complete answer to the most frequent questions of applicants.
Can we mint NFT on Rarible.com but not sell it?
Yes, it’s your decision to sell the NFT at the time you make it, or to do it at any time.
Can we change the price of a collection we made earlier?
Yes, you can change the price at any time without having to pay for the transaction. All you have to do is sign the petition through your wallet.
Can we give a gift (NFT) to someone or send it to someone?
Yes, go to the details page of your collection, open the “…” menu and select “transfer token”.
What does “burn token” mean?
The ERC-721 standard not only allows you to mint NFT, but also allows you to destroy or burn your NFT if necessary.
Can the token we created in Rarible also be displayed in Opensea?
Yes, you can view and manage the collection you created in Rarible in OpenSea as well.
How does the royalty system work?
Each time you create a collection, you can set a certain percentage for the secondary sale. For example, you have drawn a digital painting and you want to sell it for 0.2 ETH, and you consider the royalty of this work to be 10%. When someone buys this NFT from you and wants to sell it at a higher price, say 0.5 ETH, you get 10% of 0.5 ETH.
Can a work of art or collection be reported?
Yes, go to the details of the token page you want to report. Click “…” and select “Report”.
What is Verification?
Certification is provided to manufacturers and collectors who have provided sufficient evidence of their identity and expertise in the market. Rarible considers several factors for confirmation
In this article, we tried to teach all the details about working with the popular Rarible platform. We have already talked about NFTs and the remarkable place they have found in the digital world today. If you have a question, you can share it with us in the comments section.