Artists: You need to know about... Rarible!14.10.2020, 18:51
Are you an artist or illustrator? Then you should be looking to enter the intriguing world of NFTs. Look no further than Rarible, a marketplace where anybody can create an NFT from their art/imagery, and set up a shop. You might find yourself buying someone else’s awesome art, and one day selling it on, (at a higher price!)
What are NFTs? ‘Non-fungible tokens’ can be anything minted digitally into something unique, like a drawing, artwork, in-game asset, domain name, game asset, event tickets…
They are not - necessarily - the artwork (etc) itself. An NFT is a ‘proof’ of ownership. These proofs are what have value, but they should be associated to the thing itself, whether it exists digitally or in the real world.
‘You mean, like gift cards?’ You might say. Very much like gift cards, only more instantaneous, more digital. And more than that, they’re not distributed by any one company or by one, certified organisation. Anyone, can publish an NFT, and certify it to a global, public blockchain. This means it can be verified by anyone, and any fraudulence can be traced.
What happens when you buy an NFT, or someone else does? Well, the NFT (+ item) is passed automatically to your digital wallet address, along with its details.
You might say that art has no value, beside a spiritual value perhaps, but you’d be wrong. Art has the value someone is willing to pay for it. The same goes for domain names, even though they can be used and attached to digital crypto wallets. The same, in fact, goes for anything, that you can attach value to.
This is possible at Rarible. You can create an NFT from anything, it might just be an old arty photograph. Tokenising it, and putting it up for sale, is easy, but involves transacting via a MetaMask or web3 wallet.
An online revolution is taking place with NFTs, and it’s important to keep up. Rarible is a marketplace for kinds of NFTs, mostly artwork at this stage.
What all this means is that images are no longer unattributed to their creators. With NFTs, all images can now be owned by someone, and attributed to their original creators, and have special rights and permissions attached.
Even the game Minecraft is set to start minting NFTs this year, some of which could become super-valuable in the future.
The $RARI token
Even better, the Rarible marketplace is governed by its users, thanks to a crypto token called RARI that rewards members for their engagement, which includes buying and selling NFTs, of course.
The RARI token itself is currently trading in the cryptocurrency world for over $4 each. There are many exchanges where you can just buy the RARI token, but you can earn it, simply be being a creator or trader of NFTs on the platform.
In fact, if you've already bought an NFT in the past, you might be in for an airdrop of RARI tokens to your wallet, as this is currently ongoing.
What do you do with an artwork once you’ve purchased it? Well, it’s just like a real painting. You don't want to damage it and you're not allowed to make money from copying it etc, but you can ‘hodl’ it as a long-term investment, display it, or put it back up for sale online. You may get access to a full, high-res copy direct from the artist, in order to display it at its best.
Are they appreciating assets? They could well be, if you manage to find an important artist, at an early stage of their career. And if you possess the only edition ever minted by the artist.
The Future of NFTs....
NFTs can really be anything unique. There are insurance NFTs, or for fine wine. They can be used like digital tickets or vouchers that can be redeemed for… anything.
Instead of simple, art NFTs that dominate the space right now, this is just the beginning.
What about dynamic NFTs? Those that activate something when they’re redeemed. What about an NFT as a cryptocurrency voucher that can be redeemed for actual cryptocurrency and sent to a wallet address, or a ‘savings card’ that unlocks at a certain time or a date, or at certain time, or at a certain place. Dynamic NFTs will be the next phase, and it’s all good fun. In a sense, money is getting more fun and whether you're fretting about getting hacked or not, the fact is that value is already zipping about the internet in the form of NFTs and cryptocurrencies as we speak. In any case, if you look after your wallet and private keys, there is little chance you will lose your funds.
Hopefully this small introduction to the world of NFTs and Rarible will help raise awareness of this early, exciting trend.
Go check it out!
RESOURCES for Your Own Research
Rarible - community, creation and marketplace platform
Rarible blog - on Medium
Mintbase - another recommended app for minting NFTs
Opensea - get immersed in the biggest marketplace for all kinds of NFTs
MetaMask - download and create your own web3 wallet for transactions. Learn about Ethereum.
Lastly, if you found this post interesting or eye-opening, don't forget to share it for others you know who might be interested. Maybe you know some amazing artists who could garner a whole lot of new sales to their work on Rarible, so you could boost their careers.
Meanwhile, here at Prizes Drop, we offer free Bitcoin and Ethereum cryptocurrency to members who earn enough of our points, completing easy mini-tasks and surveys. This is relevant since you use Ethereum to mint new NFTs of your own artwork. Sign up to get your own, personal dashboard with us today.