A Review Of RareMint – NFTs Backed By Physical Assets + Qualify For A Free NFT Worth $100
RareMint is a relatively new platform for selling NFTs matched with physical assets. It has been the venue for some high-ticket items and is gaining popularity. But should you use it? Read our RareMint review to find out.
We also have an extremely exciting RareMint giveaway. It is entirely exclusive to Cardlines readers. So, keep reading and enter to win!
Co-founder Brett Calapp describes the website as one that “started at a place of passion.” Like most people in the hobby, Brett was always a sports collector, growing up around sports manufacturing and athletes as a kid.
During the summer of 2020, the pandemic was at its worst. No vaccine yet, no toilet paper. You remember those days. Calapp remembers that future co-founder Niko Hosn complained that the Pokemon cards he ordered took forever to arrive from eBay.
Their conversation soon turned to collectibles, blockchain, and their beloved Seattle Seahawks. Now, this was just a little before the NFT and blockchain market exploded. The two began to wonder how they could leverage the coming popularity of digital collectibles into the sports card space.
They brainstormed and reached a climactic conclusion: if they could back NFTs with a genuine physical asset, they could offer a unique service to the hobby. RareMint was born.
The founders managed to secure an impressive array of financial backers for the venture. The list includes Arca, Gatecap Ventures, Sana Sano Capital, and Commerce Ventures.
RareMint purpose and vision
RareMint creates authentic asset-backed NFTs for real-world collectibles. A corresponding physical asset matches each 1 of 1 NFT featured on the platform. The real-life versions are held in their safe and secure vault.
The digital assets are shot in 12K resolution. Next, RareMint uses its custom 3D asset creation processes to capture a photorealistic display of the item. At this point, the company registers authentication and provenance. Then the 1 of 1 asset-backed NFT is minted for sale.
The company promises to expand its services in the future. Among the avenues they see for future growth, RareMint is looking to integrate its NFTs into the Metaverse. They will also incorporate live events involving professional athletes.
What do they sell on RareMint?
The NFTs on the platform come in two varieties:
- 1 of 1 Ultra Rare Edition| Physical Asset-Backed. These are the aforementioned assets, backed by a real-life version in the secured RareMint vault.
- 25 Limited Editions | Art Commemoratives. These are commemoratives and do not represent ownership of any physical goods. Instead, they are purely digital assets.
Here are some examples of items that RareMint sold on their platform:
- 1991 Signed Dan Marino Helmet
- 1989-90 Michael Jordan Worn Jersey
- 1930 Lou Gehrig Home Run Ball Autographed by Babe Ruth & Gehrig
- 2015 Step Curry Dual Signed and Inscribed Game Worn Shoes
Who owns the physical asset in a RareMint Ultra Rare Edition?
The trailblazing element of the RareMint platform is the pairing of a physical asset to the NFT. When you buy a RareMint 1/1 Ultra Rare Edition, you receive the rights to the NFT and the physical asset.
How does this work? Once you buy the NFT, the physical asset goes into the vault and is registered in your name. The company will provide you with a Letter of NFT Authenticity. The letter describes how the asset was created. They will also include photos alongside the letter.
RareMint also conducts a quarterly 3rd party audit of the vault to demonstrate assets are present and accounted for in the vault. You can rest secure, just like your item.
You can receive the item at any time. Just email the company at [email protected] and begin the process.
The RareMint review of the NFT marketplace
The company opened its marketplace for beta use on March 15, 2022. The beta was highly successful. The initial offerings, including two unique Michael Jordan and Lou Gehrig asset-backed NFTs, sold out quickly.
A week later, they opened it for the unwashed masses. New NFTS drop every Tuesday and Thursday on the platform.
I went into the marketplace to see what the fuss was about. All told, RareMint featured 24 items when I perused it. However, only four were still available. In all cases, only limited editions remained. That is because all the Ultra Rare editions had sold out.
While disappointing for anyone casually browsing the site, it is a sign of platform vitality. It means there is a crowd of interested individuals awaiting the bi-weekly drops. These highly engaged users are scooping up the items backed by physical assets. The Limited-Edition releases also sell out. However, they do so at a slower pace.
The Mark Zuckerberg baseball card NFT will not be available on RareMint.
How do you buy NFTs on RareMint?
The first question people ask about a new sales platform is: what payment formats do they accept? RareMint takes Visa, Mastercard, and ETH. RareMint also plans to launch a native token (MINTS), which will be usable as soon as it launches.
Buying items on RareMint is reasonably simple, and the process will be familiar if you have bought NFTs in the past. The process includes the following steps:
Create and connect a crypto wallet
Several crypto wallets are on the market, and you can connect them to RareMint. However, the owners recommend that you use MetaMask Wallet.
Here is how you create your wallet
- Download and install MetaMask.
- Click ‘get started’
- Press ‘download’
- Now ‘create a password’
- Create a password and a recovery phrase. Use all of the proper security precautions when doing so
- Press confirm, and all done
And now, you are ready to connect it to RareMint
- Go to the RareMint website
- Click the connect wallet button on the top right of the screen
- Make sure pop-ups are allowed on your device
- Follow the instructions on the MetaMask pop-up
There are various ways to do this. They are pretty self-explanatory
- Click shop NFTs
- Go to “Marketplace” in the Navigation bar (upper right)
- Click on any item directly from the home page
Make a RareMint NFT purchase
When you click on each NFT, you can glean a good amount of detail from the website. It provides you with a detailed origin story for each original asset. The amount of detail here is lovely and matches the kind of effort say Heritage Auctions or Goldin Auctions provides for their offerings.
Authorize a purchase through your wallet
You can now buy the item seamlessly if you have connected your wallet and have sufficient funds.
- Make Sure You Have Funds Available: If you do not have enough funds in your wallet, you can ‘top up’ by selecting “Buy ETH.”
- Top Up Funds if Necessary: You can top up your funds by adding crypto or purchasing with a credit card.
- Continue Checkout: Once you have the funds to purchase, you can complete the checkout process.
At this point, your item should appear in your inventory. First, go into “My Inventory” and then into “My Collection” to make sure.
The RareMint review of The Vault
RareMint insures and protects your physical assets in a highly secure vault at no cost to the customer. The vaulting process has some significant advantages. It allows for seamless portability, fast resale, and collateralization of the asset-backed NFT. And with the high security guaranteed by their vaulting system, the customer can do so without putting the physical asset at risk.
- If you ask the founders where the vault is located, they like to remain highly mysterious: “It’s inside the earth, protected and secure. The location is private for that reason.” At least we ruled out Mars!
Here are the guarantees RareMint makes regarding their vault service:
- Absolute Security: Assets are protected with advanced security features, rigorous access controls, and full-time vault guards
- 100% Allocated & Segregated: Assets are always physically present in the vault, safeguarded with a unique ID tag, and not owned by anyone else.
- Independently Audited and Insured: Assets are independently insured by a third party against physical loss, damage, theft, and other liabilities. The vault is also audited quarterly by an independent third party, and reports will be made available.
- Take Possession of the Assets: If you want to take possession of your asset at any time physically, RareMint can arrange for delivery to an address of choice. You own the asset; it’s just in the company’s custody.
- Easy to Buy and Sell: When a RareMint 1 of 1 NFT is bought or sold with a physical asset in our vault, it immediately transfers the asset ownership to the new account at the same facility. This is a significant time and cost advantage compared to shipping precious assets between locations or another depository.
- Multiple Locations: In the future, numerous vault locations will be available around the world to keep assets safe and secure.
The RareMint Galaxy Pass
The pass allows members access to highly curated NFT drops, private members-only channels, and live streams. In addition, pass owners will receive reward tokens, first looking at future asset-backed drops, allow lists, and other benefits.
It is pretty hard to get one of these passes. The first drop included 10 passes for the most loyal RareMint users. The people who were there from the very start. The final run will consist of no more than 1,000 passes overall.
The Galaxy Pass project is significant to Brett. He explained:
“Niko and I wanted to create a way to reward the people that have been super influential in creating RareMint. The energy and input has been so important. By creating the pass, we created the ability to thank them in a special way but also give our most loyal community members and early adopters a chance to participate alongside us. Personally, the most important growth in my life has come from giving back.”
Here is the complete list of rewards associated with membership:
- Receive MINTS tokens when new drops occur.
- Exclusive, highly curated airdropped NFTs invite-only free NFT claims (plus gas) to add to your collection.
- Allowlist spots for certain high-demand asset-backed NFT drops.
- Loyalty matters. Holding the Galaxy Pass for a particular timeframe gets you extra rewards.
- First, look at the next RareMint NFTs dropping before everyone else.
- Access to our limited edition merch store. Our store will periodically come online for a limited time with a limited quantity of gear.
- Access to exclusive AMAs and virtual hangouts with experts from the crypto, collectors, and athletes spaces.
- Private Discord channel for pass holders, where we drop nuggets of information and where you can chat with other knowledgeable collectors.
The Galaxy Pass is still available on the RareMint platform. But get one before they run out.
The RareMint Giveaway
Raremint is providing our readers with a truly awesome giveaway. What is at stake? A 2000 Mew Holo Pokemon Black Star CGC 9.5. No biggie.
(Ask Brett Callapp for a link for the giveaway at [email protected]).
How to qualify for The RareMint Giveaway
To qualify for the giveaway, you must sign up for the Cardlines newsletter. I mean, you should be doing that anyway! You can sign up using this link.
Once you do, you will receive the contest link and be eligible for the prize.
RareMint review of Pokemon card NFT offers
As you know, NFTs are non-fungible online token that keeps track of ownership through blockchain. RareMint offers a way to buy precious Pokemon cards without the hassle and risk of shipping. Instead, you immediately get the NFT for your digital use when you buy one.
But you also receive ownership of a physical card in the RareMint vault. Again, the website describes the pain-free process:
“At RareMint, the NFT is a digital representation of the actual graded and slabbed Pokemon card. We provide a 360-degree view of the card so you can display it on your wall, in your metaverse gallery, in AR, or from your phone. The Pokemon Card NFT can easily and instantly be sold via a secondary market like OpenSea. No more box, bubble wrap, and tape. Given the extremely high price of auto fuel, you don’t need to drive to the mailbox to send. A few button clicks, and your transaction is complete.”
How can you get a RareMint Pokemon Card NFT?
RareMint holds periodic drops of Pokemon Card NFTs. If you want info on future or previous drops, check out the company Medium account for info.
The last drop was held on July 21st and 22nd at 7 pm ET. It included the first items from the Slab Series. In addition, it contained 200 Pokemon Card NFT Mystery Packs. The drop occurred through a collab with NTWRK, the premier North American Livestream shopping platform.
Bottomline of the RareMint review
RareMint is in the early stages of its development. And it is always risky for a new platform to sell high-ticket items like a Lou Gehrig & Babe Ruth autographed ball. But so far, RareMint seems to be blossoming.
They are even selling out the commemorative NFTs that come alongside the Ultra Rare items. In addition, the website is easy to use with a highly intuitive interface. The two highly ambitious developers of the platform seem determined to turn it into a giant in the hobby. I would not bet against them.
However, there is a caveat. Like many similar platforms in the hobby, RareMint appeals to the high-end collector only. There is little for the average hobbyist on the platform as it currently stands. That is probably intentional, as the real money in collectibles comes from a small elite. Nonetheless, it is a sign of a harmful stratification in our hobby and more widely in our society.