With the rise in popularity of the scarce and unique crypto assets, the desire for digital ownership is fast catching up with crypto investors. And with the innovative blockchain technology causing ripples in the digital space, more and more people are looking for ways to improve the crypto experience in the virtual world. One such platform is the Rare Bits.
But first things first.
What Is Rare Bits?
Rare Bits is the eBay for blockchain, the first marketplace dedicated to the buying and selling of crypto assets. The platform seeks to help its community members to discover new crypto assets as they are launched into the digital space and gain insights on market-level trends. It also helps members manage their own crypto assets with a visualized wallet in a single place. Additionally, members can buy and sell crypto assets via auction at 0% commission fees.
How Rare Bits Marketplace Works
Rare bits works on the Ethereum blockchain. It operates by installing a Meta Mask extension for a user where the Ethereum apps interact with the digital wallet. The upside of Rare Bits is that since it is web-based, you don’t have to set up or install anything if your aim is to simply browse the site famed for latest trends and crypto assets. It is design friendly and can be accessed on both desktop and mobile.
For users seeking to buy and sell and manage the crypto assets they own, there is need to create Rare Bits account. In this case, the user is expected to use the desktop version of Chrome or Firefox. If creating the Rare Bits account on mobile you will have to use the Tosh mobile app, which refers to browsers that are integrated with digital wallets.
How To Buy & Sell Using Rare Bits
US Citizens can purchase ETH directly from their digital wallet using the Coinbase Widget. Everyone else outside the US will have to buy ETH from an exchange such as Coinbase using fiat currency. There are many reputable exchanges to choose from but Coinbase is the easiest to set up.
Upon signing up, the user is able to discover and see the estimated values of crypto assets while browsing. They are also able to manage crypto assets in their Meta Mask wallets and can engage in buying and selling crypto assets via auction.
To list an asset for an auction, from the user’s wallet they can select the asset they wish to put up for auction and they can configure the settings for the same.
To purchase an asset in an auction, you simply have to click on the asset you opt to buy. After all, assets live in the auction are clearly called out across the site. Once you click on the crypto asset you have decided to purchase, a Meta Mask notification will ask you to send money via a signed transaction.
On the site, auctions work using the Dutch style. The settings ensure that the price of assets increases or decreases in a linear manner until the auction expires or a buyer purchases the asset, over the set duration period.
The commission for auction fees is 0% for a promotional period of time. Using Rare Bits as the choice marketplace will save a lot of money as compared to others whose fees are hefty.