Oct 24, 2023 Frank Stewskid
What's New in Rarible's Updated NFT Fee Structure?
Rarible.com, a leading NFT marketplace, is set to introduce substantial modifications to its fee system, envisioning an NFT future as straightforward as emailing. Effective from 27 October, 9:00 AM EST, a unique regressive fee scheme will replace the platform's former uniform commission.
Starting Oct 27th 9a EST a new regressive fee structure will be adopted on https://t.co/xjSw1JgG1t, along with the option to remove the platform fees altogether.
— Rarible (@rarible) October 24, 2023
Read all about the changes, and how to remove platform fees below.
👇https://t.co/XHVGsNCV1k
What Will the New Rarible Fee Structure Look Like?
Depending on the NFT’s USD price point at the time of trade, the fees are as follows:
- NFTs priced over $4,000: 0.5% for both parties.
- Between $2,000 and $4,000: 1% each for buyer and seller.
- Between $400 to $2,000: 2.5% on either side.
- From $100 to $400: 5% fee for both.
- Up to $100: 7.5% for both involved parties.
To illustrate, the Rarible official announcement has provided a practical example: If a digital item, like a y00t, lists at a floor price equal to 0.779 ETH ($1,218), both the buyer and the seller would owe the platform a 2.5% trading fee, roughly equal to 0.019 ETH or $29.
Are There Exceptions to The New Rarible Fee System?
Yes. Rarible has clarified that community marketplaces crafted via their self-service platform will retain their 0% fee. Additionally, individually designed marketplaces for Rarible’s partners remain unaffected. For specific fee structures, users should approach individual partner platforms directly.
How Can Users Avoid Trading Fees on Rarible?
For those seeking a zero-fee experience, Rarible offers a solution. By securing a minimum of 100 $RARI tokens at the RARI Foundation's portal, participants can relish a 0% transaction fee on Rarible.com. It's worth noting, however, that while this waives trading fees, users will still bear gas costs and any applicable NFT royalties.
