NFT marketplaces allow for the creation, purchase, and sale of NFTs across blockchain networks like Ethereum. If you are new to the NFT world, NFT stands for ‘Non-Fungible Token’ which essentially represents a certificate of ownership of a digital asset. NFT marketplaces like Rarible, bring together digital artists, creators, consumers and collectors to facilitate seamless NFT transactions on a blockchain.
Marketplaces are a central hub for NFT creation and exchange which eliminate the necessity of a middleman. While also operating like digital communities for minting, buying and selling digital assets. People primarily use the Rarible marketplace to buy or sell limited-edition NFT creations, however, it’s also capable of a whole lot more. Created in 2021, Rarible is an open-source marketplace that keeps expanding.
Here are some of the growing features of Rarible:
Another aspect that makes Rarible unique is its stringent vetting process. There’s a thorough verification once someone submits a digital asset to be featured on the platform.
We are sharing a high-level overview of the process of minting and selling NFTs on the Rarible Marketplace.
When you “mint” an NFT, you create it. The term ‘mint’ comes from when the first silver coins were ever created. When a coin is minted, it is manufactured and put into circulation. Similarly, when an NFT is minted, the platform registers it to the associated blockchain before it can become fully tradeable.
The minting process transforms a file into a digital asset which can then be bought and sold in the cryptocurrency ecosystem as a token. The process is straightforward, starting with connecting your wallet, uploading the digital asset, and paying the associated gas fees.
Rarible has committed to providing a network free of scams and fraud. As such, it is stringent about weeding out stolen art. Consequently, if it detects a stolen digital asset, it is immediately delisted from the platform.
Per Rarible, “We’re happy to be a part of the digital ownership transformation, empowering creators and communities on the way to a more sustainable, decentralized future web.”
The Rarible platform’s fundamentals are around community, decentralization, and transparency. These are all foundational tenets of blockchain technology. Therefore, making it no surprise that Rarible remains one of the leaders in the NFT marketplace arena.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Writer and author who enjoys simplifying blockchain technology topics.
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