Rarible 

Rarible 

Rarible is a community-owned marketplace for creating, selling, and collecting Non-Fungible Tokens (NFTs).

Overview  

Rarible is an Ethereum-based platform that enables users to create, sell, and purchase ownership rights of digital artworks via NFTs. Rarible was first listed in 2020 and has been one of the most popular marketplaces. It uses the ERC20 token and runs as a community-owned marketplace. 

The two NFT token standards that the Rarible platform uses are ERC-721 and ECR-1155. The former is used to create one-off unique items whereas the latter allows users to create multiple editions of an item. To fully utilize Rarible, users must own Ethereum tokens and connect their wallets to Rarible’s minting service to enable them to create their own NFTs. 

Rarible enables smart contracts that allow users to set a percentage of future sales which can be redeemed automatically by issuing a token. Rari tokens give their holders various rights like community voting where holders of Rari can submit and vote on proposals.

The verification process enables the legitimacy and authenticity of users. For a user to complete their registration process to participate, they must submit a legitimate backstage photo proof for verification and link their Twitter account to the platform for additional security before they can list or buy collectibles on Rarible. The collectibles are secured with Blockchain. 

Product Details

Rarible is an open-source, cross-chain community-governed NFT protocol. It was designed to be a set of building blocks for the creation of fully customized NFT experiences of any level or complexity. It simplifies the go-to-market process for NFT projects and ideas. 

Rarible is a creator-centric NFT platform that enables users to collect, buy and sell digital art and also allows the creation and minting of NFTs through the security enabled by blockchain technology.  

Rarible is an autonomous system governed by RARI holders who also have various rights. Some of these rights include voting on system upgrades to the platform, submitting proposals relating to the development of the platform, and creating featured artworks or moderate platform curators. Voting on protocols at the moment is non-binding and advisory at the moment. The platform reviews all suggestions before making decisions and final implementations. 

Rarible is a proof-of-work (POW) blockchain that makes use of a decentralized network of nodes and miners to ensure transactions are secure. Rarible is a platform built on the Ethereum network and its native governance token, RARI, is built on the ERC-20 token standard. The tokens created on the platform are minted using the ERC-721 and ERC-1155 non-fungible standards. 

Rarible was built and designed to solve the limitations faced by the Intellectual Property market such as licensing and paperwork requirements by providing an easily accessible alternative to anyone. There is no requirement for a creative to sell their NFT if minted on Rarible. The platform allows storage on the platform. 

Rarible can be bought and earned. It is available on several mid-tier exchanges like Poloniex, MXC, Hotbit, and decentralized exchange platforms such as Mooniswap and Balancer. It is earned when Rari holders vote on proposals and participate in the governance of the platform. More than half of Rari’s total supply is reserved for sellers and buyers and they’re rewarded through weekly distribution according to weekly purchases and sales volumes. RARI tokens are earned by buying and selling their NFT on the platform and the distribution mechanism incentivizes the users to list their NFTs on the platform as well.   

Rarible’s multichain marketplace feature that supports Ethereum and Flow, Rarible has enabled the Tezos blockchain on its platform giving its users the opportunity to buy, sell and create energy-efficient NFTs costing a few cents. Creatives pay gas fees to mint on all platforms. The fees paid when a user first mints his/her NFT are network fees and don't go to Rarible. The fee enables interaction with the user’s wallet and Rarible and the other fee grants the user access to the InterPlanetary File System and Ethereum blockchain to allow users to upload their files. 60% of the total Rari supply is accessible through marketplace mining which is encouraging active participation on the Rarible platform.

Rarible has implemented Lazy Minting. This feature allows users to mint a token from Rarible. However, the gas fee is paid by whoever buys or transfers the NFT first.  On Rarible, users pay transaction fees for future minting which is dependent on network congestion. 

Rarible has made access to other collectors, artists, and creators with its multi-chain messenger, which is the first of its kind. Negotiating, connecting, and chatting with people has been made possible with the Rarible Messenger wallet to wallet feature. The Rarible messaging feature allows creators and users to communicate using crypto wallet addresses rather than social media usernames. The objective of this feature is to facilitate communication inside the NFT space. However, users will only be able to message their followers on Rarible to indicate a willingness to connect. 

Rarible displays top sellers and afford users the option of narrowing their search with keywords such as Memes, Games, Photography, Music, and more. Rarible enables its users with the preview option which allows a sneak peek of the content which is only released when the relevant NFT is purchased. Users have described the platform’s UI as being relatively simple and intuitive. The process of connecting a wallet on the Rarible platform is easy. 

Rarible was launched in 2020 by two Russian developers whose interest lies in tokenizing collectibles. In September 2021, Rarible secured funding from the New York-based blockchain investment company - Coinfund. This fund is to aid in the development of the blockchain-based NFT marketplace. 

Rarible ensures that Investors are well informed about artworks and their value. With its NFT market index, it is able to track and show the development of the token within the NFT Industry. 

Rarible is on its way to becoming a Decentralized Autonomous Organization to divest power to its users thereby allowing the users to make decisions for the platform. 

Rarible has launched a new order management tool to help users identify and cancel questionable sale orders. This action was followed by several complaints from users on possible exploitation of artworks that are listed on Rarible but aren’t for sale on OpenSea or being sold for far less than their original price on OpenSea. Rarible started aggregating sale orders from OpenSea in 2021 to boost the liquidity on its multi-chain platform. 

Recap

Rarible is a community-owned marketplace that allows users to create, sell, or collect NFTs. RARI can be earned by using the platform and can be used to curate content and vote on platform upgrades.