Rarible (RARI) operates as an NFT (non-fungible token) marketplace and ecosystem. The protocol enables digital artists, content creators, businesses, and more to issue and sell unique crypto assets in multiple formats including ERC-721 tokens. This approach enables the protocol to leverage the security of multiple DeFi networks and provide deeper liquidity to the market.
What Problems Does Rarible (RARI) Attempt to Fix?
There are a variety of issues that Rarible (RARI) helps to solve. For one, the protocol was built to enable new users to easily navigate all the features available. The easy-to-use dashboard streamlines everything from NFT creation to trading and storing your collectibles.
Collectors gain a higher level of engagement as well. The platform supports locked content. Locked content is data that is only available to particular NFT holders. Content creators can create more immersive and exclusive content and collectibles using this feature. For example, an artist could set up their NFT to unlock high res files, behind-the-scenes videos, secret messages, and even concerts.
Benefits of Rarible (RARI)
Rarible (RARI) brings a number of benefits to the market. For one, the protocol is open source and has been vetted by the Ethereum community. The network relies on a creator-centric approach to help drive adoption. The concept is simple, make it as easy as possible for users to create and trade NFTs in a secure manner. Rarible accomplishes this task and much more.
Find Rare NFT ART
Rarible (RARI) gets its name from its focus on rare NFT collectibles. Collectors can easily sort through any public collection to find the perfect NFT for their portfolio. You can sort using size, date, popularity, and value. You can also see vital stats like the day’s top performers and who were the largest price gainers. All of this information makes it easier to make an informed decision when seeking the right NFT for your purpose.
Rewards
Users earn rewards when they conduct trades on Rarible (RARI). This form of reward is called liquidity mining. It’s a new concept that helps to drive user interaction. In turn, this helps to deepen the liquidity of the market as it incentivizes traders to be more active. Rarible is also known for its frequent Airdrops. To gain access to these rewards you simply need to hold certain NFTs.
Cross-chain
Rarible (RARI) was built to operate across a wide variety of networks. The protocol is powered by a cross-chain swap architecture that improves the user experience by providing more options. This protocol enables developers to leverage Rarible’s smart contracts on their own creations. The goal is to inspire developers to improve the user experience through innovation.
Developer Friendly
Rarible wants to inspire and support developers to expand on its concept. The protocol provides a variety of tools and resources to empower these users. Developers can create innovative features and integrate applications on the network to test, validate, and monetize via fee-splitting.
How Does Rarible (RARI) Work
Rarible provides a combination of features to the sector. The network’s primary function is as an NFT marketplace and issuance platform built on the Ethereum blockchain. Today, the network offers NFTs from an excellent selection of networks including the Binance Smart Chain.
Marketplace
The NFT marketplace is where users meet up and showcase their collections. You can find vital data on these collections such as their scarcity, issue date, and if they belong to larger collections. You can also see vital information like the last sales price and previous sales.
There are a couple of different ways a content creator can offer their digital assets on the marketplace. The auction feature operates like eBay in that you set a start price and end date. When the date arrives, the highest bidder wins. You can also elect to set a hard price on your works. Lastly, you can use lockable content to make your tokens only available to your top fans.
Verified users
Rarible (RARI) offers top content creators and collectors verified status. Verified users are granted only to those who meet certain criteria such as having an active social media presence, those who engage in thought-provoking dialogue with community members, and those who have minted or sold a certain value of NFTs on the market.
Customized NFT Storefronts
Rarible offers content creators the ability to make their own storefront. This feature is a great way to improve the user experience as each creator can showcase their works in their preferred manner. The platform encourages the community to create their own markets as part of this strategy.
NFT Minter
The NFT Minter was built to streamline the creation and issuance of NFTs. The system eliminates the need to code and instead, users fill out characteristics via a form. Additionally, this system reduces time to market via a shared order book.
RARI
RARI is the utility and governance token of the network. This token is used for the execution of smart contracts. It’s also how you pay network fees and receive rewards. Notably, RARI can also operate as a cryptocurrency, and you must hold some of these tokens to gain voting rights.
DAO Governance
Rarible (RARI) is a community-led project that relies on a Decentralized Autonomous Organization (DAO) to dictate the network’s development. RARI token holders can propose and vote on platform upgrades using this system. These proposals can include everything from trading fees or new features to add.
Bottom Line
Rarible (RARI) has come a long way since its launch. Today, the market is one of the most notable projects available in the NFT space. The network has helped thousands of creators enter the NFT market without any coding. It has facilitated millions in trades which has helped to fuel more interest in the NFT market. As such, you can expect Rarible continues to be a premier option in the NFT sector moving forward.
