I’m wondering about the collection option when creating a new NFT. I can’t find any explanation about it. Whats the difference between the default Rarible(Rari) collection or a new one (ERC-721)?
Does using the Rarible default collection mean that the NFTs are not stored on the Ethereum Blockchain?
What is the “token symbol” that is required when creating a new collection?
Why is such a high price for creating a new collection?
Why is there no documentation about it?
There should definitely be better documentation on how to use Rarible. The FAQ are not that great for new users.
I am not part of Rarible team nor an expert on NFTs but I will try to answer your questions.
The Rarible collection is exactly that. A new collection is one you create with your choice of name and symbol. When you create a new collectible in one of the Rarible collections you will get token number 123456789 in contract 0xwhatevertheRariblecontractaddressis. If you create a new collection you will have token number 1 in contract 0xyourveryownnewcontractaddress.
Rarible has 2 collections: ERC721 and ERC1155. When you click Create, if you select “single” you mint in the 721 contract if you select “multiple” you mint in the 1155 contract. When you create your new collection I can confirm that if you select the multiple option you create an 1155 contract, but if you create a new collection on the single side I am not 100% sure whether you get 721 or 1155. I assume you get a 721 contract.
Both are stored on the blockchain. However Etherscan does not read erc1155 (yet) so you will not see it in your wallet address unless you connect to an NFT platform or a compatible wallet and look in your account. erc721 you can see it on etherscan as well as any platform.
Token symbol is the 3-4 letter symbol of the token. Basically the abbreviation of your choice. For example Rarible is $RARI, I created an ERC721 collection Metaverse Motors and the symbol is $CARS I also created an ERC1155 collection Crypto Bubbles and the symbol is $CBS
Rarible is free, meaning they don’t charge a fee to mint you only pay the gas. When creating a new collection you are deploying a new contract to the Ethereum blockchain and therefore you pay the transaction fee in Gas. That cost will vary based on Ethereum on the day and time you deploy. I once paid around $30 and at other times it was over $100. Then each time you mint a new collectible/token you will also pay the gas to mint but still no fee to the platform.
Here are examples of both 721 and 1155 I minted.
Metaverse Motors $CARS is ERC721:
Crypto Bubbles $CBS is ERC1155:
Notice how on Etherscan Crypto Bubbles shows as 0 tokens and no transactions meanwhile there’s plenty of tokens on Rarible.