Rarible NFT tutorial
The platform I’ll be going through this tutorial is called Rarible, which is well known to be the NFT platform for digital art. And in this lecture, I will share with you some pros and cons and at the same time, you will learn how to navigate through the platform.
So first things first. I’ll be connecting the wallet and you will see that I have MetaMask, Torus. We have Coinbase as well.
If you click on Show more, you see that we have Fortmatic and a few more.
So I’ll be using MetaMask and I will just paste my passwords. I click on Unlock. Here is my account where I have 0.0194 of Ethereum. I click forwards and connect. Then I accept the Rarible Terms of Service and click on Proceed, but I will suggest everyone go through the Terms and Conditions.
And here I am on the Rarible platform. So the first thing you see at Rarible is that there are some NFT tokens that are new. But what I want you to see from the beginning is that we have top sellers, in 1 day I can switch to 7 days, I can switch to 30 days.
So the Metakey seller for the last 30 days sold NFTs that are worth a total of 216 Ethereums.
How Rarilbe NFT platfrom works
And at the current moment, by the time I’m creating this lecture, 1 Ethereum sits at about $2,500. You do the math. Now, in this tutorial, I don’t want to show you how much these guys do from selling NFT tokens at Rarible.
What I want to point out here and what is vital to understand about NFTs is that people are willing to spend money for NFTs, not because of the NFT itself, but for the creator or for the artist.
The same thing with non-digital art, for example, rich people are willing to spend a lot of money on Picasso or da Vinci paintings. Not because the paintings are actually amazing, but because they are made by Picasso. And if they share with each other what they have in their house, they’ll just say, I have a Picasso painting rather than I have the old guitarist or the Weeping Woman, for example.
So it’s the very same thing that applies on the NFT market, the people are willing to spend money on NFTs that come from popular sellers. And there is a reason why Rarible has placed the top sellers on the front page. So obviously it is a huge battle for the sellers to be on the first spot so they can easily sell their arts. If I scroll below, you will see some live auctions below.
NFT Photography Tokens
We have some hot collections. Explore, we can go through Art and you’ll see that some of the art starts from the minimum of 0.005, others 0.1, 0.2.
And you can notice what a variety of NFTs are out there. Then we have photography, and with the photography, you can see that the style is a little bit different, I can say it that way.
But for example, if you look at the first 3, you will see that the first one has 2 likes, the second one has 21 likes, and the third one has 154 likes. And if I click on it, you will see that the minimum bid is 0.15 of Ethereum and if I click on Details, you will see who is the owner. And if I click on History, you will see something interesting. It was listed for 1 Ethereum on the 1st of May.
Then the owner reduced the price to 0.6, then to 0.5, 0.46. Then there was a bid of 0.02 and now it’s listed again for 0.16.
So basically what happened? The creator probably realized that asking 1 Ethereum for this NFT is too much. So he has reduced the price a lot. In the NFT Masterclass course, I talk about how you can find valuable NFTs. But with simple words, we need to see an NFT that increases in value.
That there is interest in that NFT and people are willing to spend more money on it. Rather than seeing something like that, where the price actually decreases. Obviously, only by looking at that, you realize that even if you buy these NFTs for 0.16 Ethereums, probably you won’t be able to sell it for 1 Ethereum or even for half of the Ethereum because the creator failed to sell it at this price.
NFT Domains Tokens at Rarible
Now, going back to the Rarible front page, we see that there are many different NFT tokens. We have Games, Metaverses, Music. But what I want you to have a look at is Domains.
This is something attractive and I want to give you a few tips about Domains because they are very important for businesses. And now we have Domains that end on .eth or .crypto, and probably with time, we will see more websites and the Crypto space with .eth or .crypto.
However, what is very important here is that if you are looking to buy a Domain name, you should be looking for a shorter name. And of course, the shorter it is or the clearer the name is, it will cost more money. For example, very randomly here, you see that ‘nftpanda’ starts from 1 Ethereum and ‘rockandcoin’ starts from 0.1.
So ‘nftpanda’ has the name and has the NFT keyword inside, obviously, it is more suitable for a NFT platform or for a platform that is related to NFTs compared to ‘rockandcoin’. And if I click on load more, you will see many others. For example, cardano.eth, you see that it starts from nearly 400 Ethereums. Probably, this will be a valuable Domain name one day for the Cardano community.
And to see that on the current page where I am random, it has probably the highest price or I have missed seeing some other. So for the Domain names, it’s important to have a keyword, a popular one. It’s important for the name to be short and clear. If it is one word that is even better, if it’s longer, probably it won’t increase a lot in value.
Filter & Sort NFT tokens
And on the right side, we have the filter and you can sort them by the cheapest or the highest price, for example.
So you can see that current moment, the 0xb1.eth has a starting price of 100,000 Ethereums. And if I click on it and click on bids, I doubt that there will be any bids above that price. So what we have on the top is the Explorer section.
The summary
Then we have My Items. So if you have bought them then you will see them inside your wallet. Or if I have connected it to my MetaMask, they will be actually stored into my MetaMask. Then I have Following, so for example, if I go back and I click on any of the sellers very randomly, let me click on the Metakey, which is the first one. I can click on Follow and then I have to sign that I want to follow.
And then on following you will see that if I refresh, I will have the items from that creator. So this way you can follow the new NFTs from the creators you are following. Then we have the Activity where you will see simply the history of everything you have done. Then we have the section on how it works, which is a kind of FAQ section. Here, you will find answers to probably the most frequently asked questions. That’s the idea.
And then we have the Community if you want to check it out. So to summarize, Rarible is a platform where you can buy digital art as NFT tokens. And the most important thing here is that you can create your own NFTs.
In the NFT Masterclass course, I talk about how to create NFTs on Rarible and what are the costs. You can preview the course and enroll here. Because there are costs, I will compare it with OpenSea and share with you which one is better.
And, on the other hand, you can buy NFTs from different sellers. Usually, the people are willing to spend money on items that are created by popular people, influencers, someone they like to follow, and not that much for the NFT itself.
So if you have someone who you are following, you are a big fan of an artist and they are on Rarible, then you can just start following them and buy some of their NFT whenever they are launched on the platform.
Let me know if you have any questions about the NFT platform in the comments below. Thanks for reading and see you in another lecture.
