One of the biggest NFT platforms, Rarible, just announced that it has cut its marketplace fees by more than 50 percent. This could be seen as an attempt to boost the NFT market during these tough times.
Rarible reduced fees on NFT transactions from 5% – 2.5%
Before the company announced the policy change yesterday, NFT sellers on the marketplace paid about 2.5% of the sale price. And buyers also had to pay a 2.5% fee every time they bought something. In total, Rarible made about 5% of all the money traded on its platform.
Rarible have reduced this amount to 2%. Which means that both buyers and sellers will pay 1% in fees for each NFT they buy or sell. Therefore, reducing the amount spent by buyers and also increasing the sellers profit from each sale (about 97.5 – 99% ).
The lower NFT platform fees is available every chain on the Rarible platform, such as Ethereum, Tezos, Solana, and Flow.
And you can now get more liquidity on Rarible and less fees by taking advantage its ability to combine orders from across its protocol.
A Brief Overview on how you can buy NFTs
- Buy cryptocurrency by signing up for a cryptocurrency exchange like Coinbase and putting Ethereum in your account.
- Get a wallet for your crypto: Sign up for a “Non-custodial” wallet like Metamask. This is where you can store and control your cryptocurrency and digital assets.
- Transfer your cryptocurrency: Transfer your ETH coins from Coinbase to your wallet (Metamask or another), which gives you the freedom to buy NFTs on all the different marketplaces.
- Join an NFT Marketplace: You can join marketplaces like Rarible, a place where NFT art is sold. You will be asked to connect your digital wallet (Metamask or another) to the site. This will let you buy digital assets and then store them.
- When you buy your first NFT, either through an auction or a direct sale, be aware of the current “gas fees,” which can add a lot of extra costs to your purchase.