Non Fungible Tokens or NFTs for short, have taken the internet by storm and have become the latest internet trend. Much like anything crypto and blockchain related, it’s intricacies are beyond complex and the brief run down is still very difficult to digest at best.
Maybe you have seen some stories of celebrities selling strange items or odd digital art such as a nyan cat animation selling in an online marketplace for over $600K.
So What Actually is a Non-Fungible Token?
A more difficult question to answer than first anticipated. An NFT can represent real world items such as digital photos, videos, audio, or other types of digital files. Ownership of this NFT however does not restrict everyone else’s access to this digital file.
This is the strange part of NFTs, anybody can have access to a copy of the NFT however since NFTs are tracked using blockchain, this can provide the owner with proof of the ORIGINAL work that is considered separate from copyright.
The fact that NFTs are usually unique or of a very limited run, coupled with built-in authentication from blockchain, this basically creates an ecosystem for scarce and valuable collector’s items. Bragging rights to digital art ownership has suddenly become big business!
How Do I Access NFTs
Non-Fungible tokens are usually exchanged on online marketplaces such as Rarible, or on aggregate sites such as Opensea that displays NFT results from multiple websites.
Websites such as Rarible allow artists and creators to “mint” and sell customized digital work usually in exchange for digital currency such as ETH in the case of Rarible. This means you will need to have access to digital currency and have a private crypto wallet address.
Now that we have some bases covered, let’s jump into what Rarible has to offer and how the average user can benefit from Rarible’s NFT creation and marketplace. Firstly let’s jump into how we can buy NFTs so that all the new prospecting collector’s can get their collections under way.
Buying NFTs through Rarible
Rarible’s main page looks more like a social media platform rather than a blockchain asset. The page shows the most popular and purchased NFTs of the day and places creators in positions based on selling performance.
Getting featured on the front page of Rarible can add a lot to an artist’s reputation and increase the value of their art collection to levels they didn’t think possible.
In the main page there is an explore tab that allows you to look up specific artwork, artists or collections. So if you have seen a specific artist's collection and want to grab the remaining pieces in the collection you can easily find what you are looking for by using keywords, or names.
Accepted Forms of Payment
Keep in mind that Rarible only uses ETH for their transactions as it means that purchases are backed by the blockchain and buyers have a guarantee that their NFT is verified.
You will need to connect your digital wallet to Rarible which accepts most major wallet providers. Once you have done this then, it’s just like any other transaction and your collections can begin.
Rarible does charge a 2.5% fee to both the buyer and the seller on every transaction. This fee however does not go to Rarible but instead is used to cover the costs of processing the transaction on the blockchain and pay the miner’s on the chain.
Are NFTs An Investment?
Most folks only hear about NFTs because of some of the ridiculous figures some of these NFTs have sold for. So with all that profit potential is it possible for NFTs to be a good investment?
Well, to be clear no, NFTs are not an investment in the traditional sense that stocks or other assets such as property are. The value of an NFT is entirely driven by demand and it could very well be that you and the artist are the only ones who care about it.
That being said, if you buy a highly sought after NFT that is valuable to collectors then you may also find that your NFT will significantly increase in value the more scarce the NFT is.
Supporting the Artist
While NFTs may not be an investment in the traditional sense, they are a great way to help support the artists creating them. Rarible creates a unique ecosystem where artists have a better opportunity to monetize their creations and continue to afford creating their best work.
If you are a collector and a fan of digital art then using a website such as Rarible is one the best and easiest ways to support your favorite creators. If you want to look at it with a silver lining then consider that In a sense you are investing in the artist and his/her future creations.
Royalties System For The Artist
Rarible additionally has a royalty system that can be programmed into the NFT meaning that whenever the NFT is sold to a new owner the creator receives a portion of the sales. This is a super attractive and unique feature as artists generally don’t get the ability to collect royalties after a piece of work has been sold.
Rarible For The Content Creators
We have talked about how to buy NFTs and how they help promote and support artists creating the type of content and collections you love.
Not only this, but the Rarible ecosystem is backed by blockchain meaning the content owner can be confident that they are dealing with the one and only original piece.
So far though we have only talked about buying and the security of the NFT itself. Let’s break down what Rarible can do for the Content Creators out there and see if Rarible can take their work to the next level. After all, the system would not work without artists and creators constantly producing new works.
NFT Minting Platform
Contrary to what you may believe, creating(minting) an NFT is so simple and easy thanks to Rarible than anybody can do it.
The only requirement to making an NFT is paying the required fees and bam, just like that, your own NFT. This makes rarible unique as, other websites may curate artist’s work, but they do not allow just anyone to create an NFT.
As you may have already imagined, this created a large influx of artists onto the platform and has brought with it incredible talent from young, up-and-coming artists.
While there are plenty of talented artists getting more spotlight and support, there has been a recent surge in more celebrities joining and creating NFTs for large figures. One such example being Lindsey Lohan selling her NFT of “Bitcoin to the moon” tweet for 33ETH, or $59,000 at the time.
Steps to Minting An NFT on Rarible
If you are an aspiring artist and looking to get set up on Rarible to turn some of your work into NFTs then all you need to do is follow these next steps and you will be on your way to posting and earning through Rarible.
- 1Firstly if you have not already, you need to connect your ETH-compatible wallet to Rarible.com
- 2Your next step is to simply click the “CREATE” button in the top right corner of the page.
- 3Next you have to choose between creating a unique one of a kind NFT or an NFT with multiple editions.
- 4After that tough decision simply upload your file of choice.
- 5Fill in required info such as the name of the work, description, price, royalties and anything else you may find relevant.
- 6You will then be prompted by your wallet to sign and pay for gas fees.
Tip: Watch the price of ETH gas fees as they tend to fluctuate a lot and it may be worth your time to wait when the fees are high.
- 7All Done, nice and simple
Who Should Use Rarible?
Rarible is both easy to navigate and use, making it perfect for anybody to use. Rarible is the best choice for aspiring artists and content creators looking to make a bit of extra cash and get some more exposure.
It may only take one unique piece of work to get noticed and sent on your way to fame. Artists will find the extra income potential along with the royalties system to be very fair and rewarding, not something usually found elsewhere.
The royalties system can be a huge boost to income if one of your pieces of art becomes popular and trades hands multiple times.
When it comes to buyer’s and collectors, Rarible makes it easy to acquire sought after pieces and support your favorite artists.
ETH and blockchain backed purchases make certain your purchases on Rarible are easily verifiable and ensures the authenticity of the original content. Any collector can appreciate the built-in authenticity of their items and the bragging rights associated with them.
NFTs have hit the market by storm and have generated over 200 million in sales since 2017. 2021 has seen massive growth for NFTs as well and they may become a new standard of digital art certification.