Digital non-fungible (NFT) works of art, including images, video games, and memes, can be made, purchased, and sold on Rarible. We’ll learn the ropes of using Bitcoin on Rarible NFT
Like Bitcoin, Non-fungible tokens (NFTs) have gone from relative obscurity to overnight fame thanks to their increasing popularity. There is a wide variety of NFTs to choose from, from bored monkeys to pixelated punks and plenty of stores selling them.
Rarible is only one of several online exhibition spaces and markets where NFT owners can display and sell their works. Additionally, Rarible enables creators to immediately enter the realm of digital art by “minting” their very own NFTs, also known as creating their very own digital works of art. This presents creators with a tremendous opportunity to establish a name for themselves, grow an audience, establish connections with potential buyers, and retain full ownership rights over the artistic creations they produce.
The unique selling proposition of this exchange is that every participant can launch their own NFT on any of three blockchains (Ethereum, Tezos, and Flow).
A brief talk on NFTs
Cryptographic assets on a blockchain that has their own unique identification codes and metadata are called non-fungible tokens (NFTs).
They cannot be traded or exchanged at par with cryptocurrencies. In contrast, fungible tokens such as cryptocurrencies all look the same and can be used as a medium of exchange because of this similarity.
There could be a wide variety of applications for NFTs. They can be used to digitally represent the real estate or artwork, for instance. Since NFTs are built on blockchains, they can also be used to connect artists directly with their audiences or to manage people’s identities. Without the need for middlemen, transactions are streamlined and new markets are born thanks to NFTs.
What is Rarible NFT?
Launched on the Ethereum blockchain, Rarible allows users to create, sell, and buy non-fungible tokens representing ownership rights to digital works of art (NFTs).
Founder Alexei Falin, along with Product Manager Alexander Salnikov and Product Designer Ilya Komolkin, launched the Rarible NFT Marketplace in 2019. The Los Angeles-based company has a market cap of $274 million and caters to 1.6 million customers.
NFTs are singular crypto assets that stand in for rare and valuable things like artwork and collectibles. In order to facilitate the manufacturing of both one-of-a-kind things and limited-edition runs, Rarible implements two different NFT token standards: ERC-721 and ERC-1155.
You don’t have to be famous to make an NFT project with Rarible, which is one of its most distinctive qualities. Because it allows users to access three separate blockchains, anyone with a creative idea and the necessary skills can “mint” their own NFTs and make them available to investors and investors. By charging the purchaser for the cost of minting, some NFT artists are able to provide their creations at no upfront cost.
In spite of the fact that the Rarible NFT platform was initially managed centrally, its developers intend to hand over authority to a community-run DAO in the near future.
The RARI governance token, which grants users a voice in the platform’s administration, is key to RARI’s strategy for achieving this goal. Dapper Labs’ Flow blockchain is built to host applications and support fast transactions, and in 2021, Rarible stated that it would create a marketplace using the Flow blockchain.
Features of Rarible NFT marketplace
- Minting
- Creator rights and ownership
- NFT Royalties
- Multi-trading and management
Minting
It is possible to mint your own NFTs using Rarible if you are a creator or artist. If you mint NFTs, you can keep them on the platform without ever having to sell them.
When minting an NFT for the first time, you will be charged two separate fees: one to authorize your wallet to communicate with Rarible, and another to actually “call the mint function.”
Creator rights and ownership
Rarible enables creators to have full rights and access to their creations and the profit from selling them without any third-party involvement.
NFT Royalties
The Rarible art marketplace allows you to collect NFT royalties on sales when you decide to sell NFTs that you created, which means that you can collect a percentage of the sale price not only when you sell your NFT but also, potentially, on subsequent third-party sales of your NFT.
Multi-trading and Management
Last but not least, Rarible is compatible with OpenSea, another NFT marketplace, allowing you to not only sell your NFTs for other cryptocurrencies but also view and manage them there.
Can Bitcoin be used to purchase NFTs?
NFTs can be thought of as an authentication technique when applied to digital media and ownership. NFTs can’t be regular cryptocurrencies because their individual values render them non-fungible.
Both cryptocurrencies like Bitcoin and NFTs can be stored in the same digital wallets, but only the latter is used to make purchases of the former. Since NFT prices are denominated in cryptocurrencies, most NFT holders are also cryptocurrency investors.
Hence, Bitcoin like other cryptocurrencies can be used to purchase and trade NFTs
How to use Bitcoin on Rarible NFT
Here are some practical ways to make use of Bitcoin on Rarible NFT
Step 1: Add a cryptocurrency to your wallet
In order to purchase a Rarible NFT, you will need to have some cryptocurrency in your wallet. Bitcoin and Ethereum are examples of cryptocurrencies that can be used.
Step 2: Open Rarible
Go to the Rarible website, this is to be able to access the Rarible protocol. On the website, in the top right corner of the homepage, select “Connect wallet.”
Step 3: Connect to the Exodus wallet
You will be prompted on-screen to select the wallet that you want to use. If you have your wallet configured to “prioritize Exodus,” clicking on the “Metamask” button will launch the Exodus browser wallet, provided that you have done the necessary configuration changes.
When the Exodus wallet has opened, select “Connect” from the menu. Immediately after this, Exodus will request that you sign the connection to Rarible. To sign, just click the “Sign” button.
Step 4: Provide your name and email address
You’ll then be prompted to provide personal information such as your name and email address. After that, select “Finish sign-up” to complete the process.
Step 5: Choose the NFT you want to purchase
You can now begin looking for an NFT on the Rarible market. The user has the option of doing a search for a specific performer or simply perusing a catalog of well-liked NFTs.
If you like an NFT and want to buy it, you can do so by clicking the “Buy now” button. The specifics of the purchase will appear in a new window. Proceed to payment by selecting the button.
Step 6: Purchase your chosen Raribe NFT
To complete the purchase, select “Approve” in the pop-up box that appears from Exodus. Congestion on the network notwithstanding, the NFT should be in your wallet soon.
Final Thoughts
Especially for first-time users, trading with NFTs can seem like a lot of work. Because of this, it is recommended to trade and buy non-fiat currencies (NFTs) with well-known cryptocurrencies such as Bitcoin. Additionally, websites such as Rarible make it incredibly simple even for first-time users to buy NFTs.