Hi folks, I’m Jay, old crypto guy and somewhat of an artist here,
since I joined I have helped countless people navigate the blockchain fees and the Rarible platform by copy pasting my same messages to many people.
I thought I would make a collage of them so people can read it as an instruction guide.
The first fee you pay, which is not going to Rarible in any way by the way, is only to allow the future transactions to take place between your wallet and the Rarible platform. This fee to open the channel will be incured as the initial step on any NFT platform.
The second fee is the fee you pay to create and list an item, this fee also does not go to Rarible.
These fees are just the price needed to execute the contracts on the blockchain and are paid to the miners that own the computer hardware doing that computation.
What you pay is not taken by Rarible, but rather earned by the miners. If you don’t have enough money, or underbid the gas, your transactions may fail and you will still have paid the price to reach halfway.
You can look at fee estimates for different transactions here:
Gas has two features, price and limit. You can see the lowest gas cost for your time zone here
Price is the amount of ETH per gas unit (in gwei, or 0.000000001 ETH), low end these days is 100 gwei, high is too damn high, going up to 300 gwei sometimes.
Limit is the amounts of gas units to expend on a transaction. This is calculated based on the complexity of the transaction. I would not recommend messing with this setting.
Your cost is the multiple of these two factors.
I.E.: 100 gwei X 21000 gas to send ETH from wallet to wallet = 0.002100000 ETH
Most NFT transactions will need a much high gas limit, you can see estimates here.
Every step in a transaction that has to be verified and secured on the blockchain will incur a gas fee. (AKA starting account, minting, bidding, transferring, burning etc)
Each is different in terms of computation needs, so the price will vary. The gas price itself will vary based on network usage and congestion. You will have the option to select a lower gas price than suggested through the options in your wallet, however there is some inherent risk to reducing the price too low.
Gas is basically an auction between the miners and people trying to transact. If you offer too low, you will get beat anew every second by new users and your transaction will stay in limbo.
For example, if you underbid gas, it can stay pending indefinitely until a miner picks it up when the general price drops enough, because otherwise at every second there are new transactions that are offering a better price than you to compute.
Rarible takes a commission at the very end, it’s 2.5% on each end, so 5% of final sale price.
When you click to mint the piece, after uploading and filling the information, the transaction will be pushed to your wallet and you will be able to see the cost as well as reduce it by choosing a slow transaction option, if it’s too much for your current budget you can cancel it before it goes through without any cost. You can try at a later time to see if gas prices are more reasonable.
You can also look at this guestimator for various minting processes on Rarible https://tools.gravityenterprises.co.za/#/Cost
To follow a fellow artist you need to click follow, and then go to your wallet to sign the authorization.
There should normally be white notification in the upper right corner of the browser window saying ‘‘Pushed a request to your wallet’’ right after you click follow.
You can try following me here https://rarible.com/jaycomtois
The verification process is expected to take about two weeks. It will be preferable to have minted one piece, have a profile and banner picture, as well as a valid twitter or Instagram account.
When the process is in progress, you should have a message displaying ‘‘Verification in review’’ in the right side of the banner picture. If this message is not displayed, you could be able to see it by going to your profile’s settings and looking at the bottom.
While you are waiting to be verified, your art ad profile will not be visible in search results, but you will be able to direct people to your profile with direct links.
If you link to your on sale items page or profile the links will looks as follow.
Only the text and Rarible platform, no mention of artist name.
If you link directly to your selected artwork, the link will show the actual piece, which is more engaging.
Mostly everything you do on the blockchain is permanent and immutable. If you think about it, that is where the entire value of NFTs comes from, the blockchain is a permanent encrypted public ledger securing the information. To make changes you need to alter a contract or create a new one, this will incur fees. The exception will be reducing the price of an item. Most mistakes will be final, so be careful before you proceed. The blockchain giveth, the blockchain taketh…
Rarible VS OpenSea
Opensea is like a giant bazaar where you can see stuff from many markets, but Rarible is its own market that doesn’t showcase others, so your Rarible items will be visible on OpenSea, but not vice versa. Opensea has various functionalities that Rarible doesn’t, and vice versa.
In a sense the instant sale price is like the reserve price of an auction. If people bet lower its a bid, subject to be accepted by you, if they bid on or over that number then it’s an instant sale. Terminology is different, but the result is the same.
These are all the questions I have answered so far, let me know if you have more!
I hope this helps, this is shaping up to be a great community,
consider replying to keep the topic afloat and reach more people.
Cheers folks! Thanks for reading!