Virtual currencies like Crypto have taken over marketing in a way that has grown exponentially in the last few years. More and more users are now using these virtual currencies and making new global payment systems. With the increase in its popularity and usage, a good amount of investments are pouring into it, and many different ways of investing in Blockchain are also emerging in the market. Similar to cryptocurrency, NFTs have also come into the picture and are now a new way for people to invest and earn. NFTs are basically digital assets or things created by users and then sold on the digital marketplace for cryptocurrency or royalties. However, these NFTs need a platform where they can be sold, and that platform is Rarible, which is basically software based on the Ethereum blockchain platform which allows the creators and buyers to sell and buy the NFTs.
What is Rarible
You must have heard about NFTs and other digital assets that creators have been making on blockchain platforms. However, it is rarely discussed about the platform where these are issued and sold. That platform based on the Ethereum blockchain environment is called Rarible. Rarible is basically a software that allows the digital artist to issue and sell their customer crypto assets or the things created by them digitally. These assets are what represent the ownership of their digital work. As a user, you can define Rarible as both a platform or a marketplace for these NFTs or a network that has been built based on the Ethereum platform.
These digital assets are generated on Rarible in the form of NFTs or non-fungible tokens. By non-fungible, it means that these tokens are unique and cannot be duplicated. Those who know about the NFT framework would understand what it means. One of the best examples of NFTs and Rarible is the game CryptoKitties. It is a digital place where virtual cats can be sold or bought. They can also pair with a different cat and create a new cat with a new set of attributes. Rarible is the platform where these NFTs are sold and traded. However, it is not limited to such games, and digital assets sold on Rarible have expanded to digital artworks, memes, virtual property, and a lot more.
How does Rarible Work?
The total operation of Rarible is very simple. It simply acts as a platform to connect the creators of NFT with the buyers of NFT. The process starts with the creator who lists their NFT on the Rarible network with the associated information like name, image, listing price, etc. Also, to list the NFT on the platform, the creator has to mint a token first using Rarible software and then list their NFT on the platform. Now Rarible is based on the Ethereum blockchain platform, which is used to embed the details on the NFT’s code. The details it embeds are the history of the transaction and the owners of NFT.
Using the same token that is minted before listing the NFT on Rarible, it can be transferred between the wallets of the users using Rarible software. Once the transaction is completed, both the buyer and the seller will have to pay a transaction fee to the Rarible Network. In simple terms, it brings together both the buyer and seller to a single blockchain-powered platform and then charges both of them a nominal fee as a part of the transaction. While doing so, it also embeds the details of the owner, creator, and previous owners in the NFT.
Royalty on Rarible
Rarible is not only limited to buying and selling of NFTs, it can also be used to provide the buyers with the NFT based on royalty fee. The creator can sell the NFT with some conditions, and until the buyer uses it, they will have to pay a royalty fee to the creator. Creators can use Rarible and set a percentage of future sales and collect the royalty by automatically issuing a token. The Rarible network can be used to pay out the royalties immediately, unlike other networks.
How did It start?
It is a crypto marketplace that is a customer-centric marketplace for NFTs and an issuance platform that uses a token called RARI to empower the users. The platform started two years back when it was created in Moscow by Alexei Falin along with Alexander Salnikov. The platform was built to enable the trade of nonfungible tokens without the requirement of a middle man. Therefore, the buyer and seller are connected directly for the transaction. The platform is tagged as a community-owned NFT marketplace and uses RARI tokens to power the community. The platform follows a structure similar to Decentralized Finance or DeFi and is found to be successful now. Not only this, but the value of RARI has increased by ten folds in the last few months, showing how popular the Rarible platform has become for digital content creators. Now creators upload their creation on Rarible by creating a RARI token which is an NFT and is completely unique. The marketplace provided by Rarible is regulated and also provides various categories and another filter for a much smoother experience.
RARI is not only a token used to list the NFTs on the platform, but it is also used to be a part of the governance of the protocol. Apart from this, RARI is also rewarded to the active users on the platform. Rarible is considered a Decentralized Autonomous Organization(DAO) that is said to allow users to develop and sell ERC-721, ERC-20, and ERC-1155. The sellers on the platform are basically model creators, digital artists,s and meme makers. They would first have to fill out a form on the Rarible platform and then attach the digital art files. Once the file is complete, the token RARI is created on the Ethereum blockchain platform.
Importance of Rarible
Rarible is not only a marketplace for buyers and sellers on a blockchain platform, but it has been working on other features as well, which increases its functionality. The platform also provides a very simple way of creating a nonfungible token accessible to users who have no prior experience with NFT. Similarly, it provides the creators a place to create and sell without any kind of foundation. The RARI token controls the ecosystem of the Rarible environment, and the one who has it also has the voting rights on governance proposals. It also provides users subsidies for their first mint transaction for NFT creation from other segments of the business.
It would help in the expansion and growth of the platform. One of the other major uses of Rarible is the documentation of the virtual property. It is used in the property market and licensing, allowing for the least paperwork. The users will simply be given a token for the property, which will list down all the details and ownership details as well. Since Rarible is consistently growing, it currently has a market cap of more than 122,383,744 US dollars and a circulating supply of 5,163,534 RARI coins.
Is it a Good Option for Investment?
We now already have an idea about what Rarible is and how it works. When it comes to investment, it seems to be the right time to invest in RARI, and there are many reasons. One of the reasons is that it is fairly new, and it has still managed to make its place in the market and has grown multiple folds. Also, since the market value of RARI is constantly increasing, it seems that it will grow even further, looking at its future prospects. Rarible will not be limited to digital creators in the future and will expand its domain, which means that the value is going to increase further. Therefore, if you are looking for long-term growth and investments, it could be a great choice. However, we should remember that Crypto is a highly volatile market, and the uncertainty should be cautiously approached here. Also, it has its own risk, and the investment should only be made in situations you are ready to take a risk. Rarible is currently available on all the crypto markets for trading as RARI and can be found on most of the popular crypto exchanges.
Features and What can we Expect in the Future
Rarible has been picking up aggressively in the last few weeks, and there are many reasons for it. One of the primary reasons for Rarible to grow is the funding it secured from NY-based blockchain investment company, CoinFund a while back. It shows that the token is expected to grow in the future. Rarible now also supports yNFT and NFT based insurance from yEarn fiance. Rarible can also be seen as soon as the introduction of the NFT market index, where the users will be able to invest in the most valued collection of NFT. This way, the users will be able to bet and invest in the entire NFT market. Rarible is also working on providing a new suite for the creators where many elements like social media and mobile application support for fractal ownership will also be provided. Further, Rarible will also be rewarding the creators for listing their NFT on the platform.
Rarible has a lot of potential and is trying to list different market segments on the platform. Since the NFT market is consistently growing, there is no doubt in saying that the Rarible market will also grow equally. It is created for community governance, provides an easy way for digital artists to sell their digital arts in different formats, and much more. The platform is also easy to use by users who have never heard about NFT. It comes with a neat and user-friendly interface which helps in describing all the methods and processes to the users. It is surely one project that users should keep an eye out for. The software platform will certainly grow to a new height soon.
- The entire process is user-friendly with an intuitive UI. Easy to navigate and straightforward.
- The platform runs in an autonomous environment with the long term goal to become a DAO (Decentralized Autonomous Organization)
- It removes paperwork constraints while buying a property and other licensing procedures.
- Users can engage on the platform without any kind of limitations and is safe and secure
- Lets users create NFTs without any upfront gas fee.
- The marketplace does not require blockchain expertise to use.
- The reward for sellers and buyers on the platform in form of a RARI token.
- Token holders on rarible also have the voting power on proposals.
- It offers multiple payment options like Gray, credit and debit card.
- It does not support APIs or IPFS storage and does not have an official roadmap
- The seller and buyer both are charged a 2.5% fee
You can list various kinds of NFT on the Rarible platform and here are some of them.
You can upload any kind of digital image or art on the Rarible marketplace with thousands of buyers looking for it.
There are a lot of different NFTs that are listed on the platform for games. NFTs like a new avatar of the character, weapons, and clothes are the most common ones.
Memes have definitely jumped up in the Rarible marketplace and attract many customers and collectors.
Digital Music is also one of the things that you can sell on Rarible. It helps the user to upload the music and make collectible copies of it. It also allows the artist to market their music.
Metaverse is the building block of the blockchain platform, and Rarible helps users to buy virtual space in this Metaverse. Using the token, the digital assets in the form of virtual land are self to the users. Therefore, it is great for asset management.
NFT is in right now and gaining more and more popularity day by day. Selling and buying NFTs could be the best form of investment for anyone right now, and using platforms like Rarible is one of the best ways to do so. You can find all digital assets in one place, which can be easily bought. There are NFTs that have been valued at millions, and there is no doubt that it will happen in the future again.