Rarible is one of the popular marketplaces to create, buy and sell all your digital artworks. It was started in early 2020. These digital artworks also called NFTs, mean Non-Fungible Tokens. It can be anything like photos, videos, arts, collectible cards, and more. In particular, Rarible focuses on the NFT art assets. The notable feature of this Rarible platform is it gives you previews of contents in the format of previews, trailers, or snippets. Rarible has its own token named RARI, and the platform is almost entirely autonomous. If you’re holding assets here, you can vote for the platform’s development.
Rarible introduced bidding on its platform on November 17, 2020. With these awesome features, the NFT holders can receive offers from the bidders and accept them as they wish. This feature also helps buyers by finding the underperforming NFTs and being able to carry with them a potential bargain.
While bidding makes an advantage to the Rarible marketplace, the process can be difficult to process if mistakenly understood. To make your bidding process easier and more efficient, we guided you through this article.
How to do Bidding on Rarible?
Before the introduction of the bidding process on Rarible, they used to sell the NFTs through a price-point model. Bidding means the content holder or creator of the NFT is able to list it on the marketplace and provide the required amount of ETH they require for selling it. With this, the platform is able to decide in accordance with the buyer’s amount. The best example is online-shopping platforms, where we cannot negotiate the provided amount.
It enables the holders to get benefits with at least a minimal amount as they provided. Based on the content quality, the cost of bidding can be increased.
Once the buyer gives their Bid, and as a seller, you have to accept it or reject the offer within a limited time. Accepting the offers carries in two steps as mentioned below.
- The platform tells you that a 2.5% amount will be taken from the amount of sale as a commission.
- Next, the seller will be asked to pay the variable gas fee.
Make sure that you have sufficient funds in your wallet to pay these fees. Since the Rarible uses the Ethereum blockchain, those fees are unavoidable. Looking into these points, it is advisable to provide the minimum bid amount that covers at least the cost of gas required during transactions.
Steps to bid on Rarible
Due to the involvement of NFT and blockchain technology, the process of bidding may be difficult to do. The following procedure will help you understand the process and carry it through.
- To create a Metamask wallet:
Creating a MetaMask wallet starts by downloading the browser extension. Click here to download.
After downloading, you can see its logo on the extension panel. Once you click on this, it requests you to agree to their terms and conditions. Then start by setting a password; with this, you create your digital wallet on Metamask.
- To link Metamask with Rarible:
Once the wallet is created, you have to integrate it with Rarible. To do it, click on the “Connect Wallet” on the top right side. Rarible will detect the Metamask extension on your system. Now, click “approve” to finish the link of Metamask with Rarible.
- To Browse the Marketplace:
This step is up to you. On the Rarible marketplace, you can look for the artwork you like. Moreover, here you can use the search box if you have any content on your mind.
- To Ensure the wallet is funded or not?
Before your transaction, you must check whether you have an adequate balance in your wallet. To do that, click on the Metamask icon and select “Add Funds.”
Now you can check your balance. Also, remember that, during your transaction, some of the gas will be deducted from your wallet balance. So make sure you have enough of the wallet.
- To place the Bid:
Now, press the button “Place Bid” and enter your offer. By contacting the seller, canceling your Bid is possible, but it is not guaranteed. Because of this, you only place bids on items you require and the bid amount you want to earn.
- To wait for the buyers:
As you own your digital product and after placing the Bid, you have to wait for your buyers. Based on your content quality and demand, your buyers either accept or reject it. If any accept your Bid, you will get a notification from Metamask.
Gas fees are an important factor when it comes to bidding in Rarible. So it is recommended that you bid with the minimum amount that covers the gas fees. The conversion of ETH to wETH is also involved in that fee. Always make sure that your wallet has a sufficient amount to cover all those fees before bidding the amount.
Three options when you press Sell
- Fixed price: If you want to sell your NFT on the market at a fixed price, you can select this option. So that anyone can buy it, to simply say that, who comes first gets that NFT.
- Timed auction: This is the option to sell your NFT to the highest bidder. You are able to set the starting and ending times for the auction. You can also provide the bid amount to make sure your NFT is not sold cheaply. Rarible extended your auction time by 10 minutes to get the possible highest price. This happens only if a bid happens in the last 10 minutes of your auction time.
- Open auction: This option is used to put your content open for bids. So that anyone can make you an offer at any time they want, it’s your choice, whether you want to accept or decline the offers you got.
Frequently Asked Questions:
How do bids work on Rarible?
Once the sellers place the minimum bid amount for their NFTs, the buyers can start to place their Bid. Finally, the NFT is sold to the highest bidder.
What is the fee for selling your items on Rarible?
Raribles charges a 2.5% amount from the total cost of the transaction from both the buyers and sellers on each transaction. They say that this fee is used for the transactions on the blockchain and paying its miners.
With this article, we have seen the procedure to place your bids on the Rarible. It starts from creating your own wallet and ending up accepting the offers you got. Before beginning the bedding process, always make sure that you have enough money to pay the gas fee when the transaction is completed.