Rarible is betting big on community marketplaces with its new product that lets anyone launch their custom marketplace. With the new “Create marketplace” button, Rarible says that anyone can easily create their marketplace by pressing a single button. Until now, Rarible has been hand-picking the projects they partner with for community marketplaces, including Tiny Dinos, Mfers, and V1Punks. However, now the service is available to any NFT collection owner on the platform.
Here’s all you need to know about Rarible’s new feature to create community NFT marketplaces:
What are community marketplaces?
First things first—what exactly are community marketplaces? Essentially, these are customized marketplaces catering to a single project’s NFT collections. As Rarible outlined in a blog post, community marketplaces have a couple of advantages compared to third-party marketplaces:
- The community members can ensure they are buying authentic collections and not fake ones.
- You can set custom fees as you please. You can also send the sales proceeds to community or DAO wallets.
- Finally, buying and selling NFTs on the project’s own marketplace creates an on-brand trading experience, that resonates with the community.
How to create a custom marketplace on Rarible?
Here are the steps to create a custom marketplace on Rarible:
- Sign in/up to Rarible by connecting your wallet to the website. However, make sure that it is the same wallet that has the collection you want to create a marketplace for.
- Once signed in, go to the collection’s page and click “Create marketplace” under the three dots. To be sure, this button only shows up for collection owners.
- Next, fill in your details. To start with, you can simply give your email address and fill in the remaining details later.
This is what each field means:
- Title: This is the title of the tab in the browser, Google results, and more. You can keep it the same as your collection’s name or choose something new.
- Community fee: This is the transaction fee your marketplace will charge in addition to Rarible API’s fee.
- Fee address: Here, you have to give the wallet address where you want the trading fees to be sent.
- Hero Title: The headline on your marketplace
- Fullscreen hero: Enabling this will make the top section of your marketplace fullscreen instead of showing additional information.
- Description: This is basically a short explanation of your marketplace/collection and goes under the headline.
- Show stats: Enabling this will allow your community to see floor price, trading volume, and other statistics.
- Featured item ID: Finally, here you can an NFT to feature at the top of the page. Use this format to specify it: BLOCKCHAIN:itemId
Once all the information is added, your Rarible custom marketplace is ready to go!
Launched in 2019, Rarible is a multi-chain, community-centric NFT marketplace. It is dedicated to artists and collectors who want to create, collect, and trade digital collectibles. Last month, it integrated with Solana-built, Metaplex Protocol to offer an interoperable NFT experience. Already, Rarible supports Ethereum, Flow, Polygon, Tezos, and Immutable X.