Rarible’s new product, which lets anyone start their own custom marketplace, is a big bet on community marketplaces. Rarible says that anyone can easily make their own marketplace by pressing the “Create marketplace” button. Up until now, Rarible has chosen projects like Tiny Dinos, Mfers, and V1Punks to partner with for community marketplaces. But now, any NFT collection owner on the platform can use the service.
Here’s everything you need to know about Rarible’s new feature for making NFT marketplaces for the community:
What are marketplaces for the community?
First of all, what are community marketplaces exactly? In essence, these are customized markets that serve the NFT collections of a single project. In a blog post, Rarible pointed out that community marketplaces are better than third-party marketplaces in a few ways:
- Members of the community can be sure that the collections they buy are real and not fakes.
- You can set fees however you want. You can also send the money from the sales to wallets for the community or the DAO.
- Buying and selling NFTs on the project’s own marketplace creates a trading experience that fits the project’s brand and speaks to the community.
How do I set up my own market on Rarible?
Here’s what you need to do to make a custom market on Rarible:
- Connect your wallet to Rarible’s website to sign up or log in. But make sure that the collection you want to make a market for is in the same wallet.
- After logging in, go to the collection’s page and click “Create marketplace” under the three dots. To be sure, only people who own a collection will see this button.
- Next, fill in your details. Start by just giving your email address. You can fill in the rest of the information later.
What each field means:
- Title: This is the name of the browser tab, the Google search results, and more. You can keep it the same as the name of your collection or change it.
- Community fee: This is the transaction fee that your marketplace will charge on top of the fee that Rarible API charges.
- Fee address: This is where you put the address of your wallet where you want the trading fees to go.
- Hero Title: The title of your product on the market
- Fullscreen hero: If you turn this on, the top part of your marketplace will take up the whole screen instead of showing more information.
- Description: This is a short summary of your marketplace or collection, and it goes under the headline.
- Show stats: If you turn this on, your community will be able to see the floor price, the number of trades, and other statistics.
- Featured item ID: Here, you can finally add an NFT to the top of the page. Use the following format to describe it: BLOCKCHAIN:itemId
Once you have added all of the information, your Rarible custom marketplace is ready to go.