The Unofficial Rare Bits Wiki
Crypto collectibles have become wildly popular items thanks to their reliance on blockchain technology, which ensures proof of ownership of these unique assets. With so many new collectibles entering the marketplace, it's tough to keep track of all of them. Rare Bits is a great tool for managing purchases and making trades in this growing market, and we've got a full explanation of how it works. This video was made with Ezvid Wikimaker.
Can I Earn A Profit On Rare Bits?
Rare Bits is basically a hub for all types of crypto collectibles. You can view your assets on the site, as well as buy and sell them. Nothing you own is restricted to Rare Bits, so you'll be making purchases with Ethereum and using MetaMask just like you would on a collectible site like CryptoKitties or Factbar. If you sell something for more than you paid for it, you'll earn a profit, but that is entirely up to you. If you'd like to learn more about how the process of owning a crypto collectible actually works, you can check out this guide to owning Factbars.
Meet The Founder Of Ethereum
How Does Rare Bits Make Money?
Like a lot of startups, Rare Bits has concentrated on offering a user-friendly product first, and putting off profit until later. When the site launched, it offered zero auction fees, which meant users could take advantage of the service for free and make unlimited purchases. However, some items offered on Rare Bits are sold via third-party auction sites that charge a fee, so not every transaction is completely free. It's unclear what the fee structure will look like in the future, as it will likely depend on how many users the site has and how many different types of assets are listed.
What Are CryptoKitties?
Rare Bits is an online marketplace dedicated to the buying and selling of crypto collectibles. The website allows users to purchase different types of these rare items and manage their assets all in one place. Rare Bits currently doesn't charge a fee for transactions on the site, so auctions are free.
Cryptocurrencies like Bitcoin and Ethereum rely on blockchain technology, a decentralized ledger that ensures verification of transactions. Crypto collectibles are the next step. Rather than a currency, they are unique digital assets. You can purchase crypto collectibles using Ethereum, but unlike Ethereum itself, they are non-fungible. This means each one is unique, and the blockchain allows you to prove that you are the only one who owns it.
While crypto collectibles are relatively new, their popularity has led to an explosion of new assets being put on the market every day. These range from games like CryptoKitties, where players buy virtual cats to breed and sell to one another, to assets like Factbar, tokens connected to researched and verified facts that act as a seal of approval for display online and that can be purchased, or claimed, by users for a variety of purposes.
While crypto collectibles are relatively new, their popularity has led to an explosion of new assets being put on the market every day.
Because each token is unique, their values can vary, and extremely rare and desirable assets can fetch outlandish price tags. CryptoKitties has already grown to hundreds of thousands of users, with millions of dollars changing hands among players of this simple game. Rare breeds have sold for more than $100,000.
All of these collectibles are purchased using Ethereum and a browser extension like MetaMask, which acts as a digital wallet. Users can go on the website of any collectible and make purchases with their MetaMask account, but the assets themselves often exist only on those individual websites. That's where Rare Bits comes in.
Recognizing the congestion that has come with the popularity of these assets, the creators of Rare Bits set out to design a marketplace where all types of crypto collectibles can be traded in one location. Users can view their entire roster of collectibles of different types on one page, and manage their transactions without going to different websites.
Recognizing the congestion that has come with the popularity of these assets, the creators of Rare Bits set out to design a marketplace where all types of crypto collectibles can be traded in one location.
On Rare Bits, you'll see a variety of auctions in progress. You can view current auctions, browse other users' collections, and even search for specific collectibles. One drawback to the site is that currently only a few types of assets are listed, with CryptoKitties taking up the vast majority of transactions. However, as time goes on, more may be added.
Purchases can be made on Rare Bits just like on any other site. Transactions in MetaMask can be slow because of the growing number of users, which may require increased gas prices. Users looking for more useful assets like Factbars may be frustrated at the glut of games. However, as the number of available collectibles continues to grow, Rare Bits may become an essential part of asset management for those interested in the possibilities presented by these unique digital tokens.