If you consistently follow the cryptocurrency market, then you must be aware of Rarible. Rarible is the first “community-owned NFT marketplace”. Rarible has a RARI token which is the world’s first governance token in the NFT field.
NFT stands for Non-Fungible Token. These tokens are verifiably unique from each other. You cannot swap one NFT with another. Instead, NFTs represent digital ownership. One of the famous examples of NFTs is that of CryptoKitties.
CryptoKitties is a popular Ethereum blockchain game that lets users buy, sell and breed digital “cats”. The cats in CryptoKitties are all unique and their ownership is verified by blockchain technology.
Now, let’s understand more about Rarible.
What is Rarible?
Rarible is an NFT marketplace that allows you to mint, buy, and sell digital collectibles without the need for any coding skills. Rarible was founded by Alex Salnikov and Alexei Falin back in early 2020. Rarible marketplace is an effective platform for content creators to sell their creations.
With the growth in numbers and increased expansion of its presence in the market, Rarible is shifting towards becoming a fully Decentralized Autonomous Organization (DAO). The RARI token of Rarible acts as a governance instrument to enable collectors and creators to vote on multiple upgrades and decide how the platform will flourish further.
In this way, the governance of the platform will be directly responsive to most of the active users. Also, it brings Rarible closer to become a public good operated by the community members. RARI is accepted as a payment method on the leading P2P marketplace for digital items, OpenSea. More integrations are expected soon.
How Can You Get RARI Token?
You can earn it by using the Rarible marketplace
The total supply of RARI tokens is 25,000,000 tokens. These tokens are distributed in such a way that 10% is earmarked for airdrops, 30% of the supply will go to investors and the Rarible team, and 60% will be accessible through the marketplace mining.
Marketplace mining or marketplace liquidity mining is about encouraging people to actively participate in the Rarible platform. This platform allows the users to earn RARI tokens by buying or selling on the Rarible marketplace platform.
Rarible distributes 75,000 RARI tokens every week to its users. These tokens are distributed every Sunday for those who made a sale or a purchase on Rarible during the week. Both buyers and sellers will receive an equal 50% of the distributed amount.
What are the rights of a RARI holder?
- Voting on system upgrades
The major part of the token holder rights is they have an influence over the development of the platform. If community governance wants it, then everything is possible.
- RARI holders can submit and vote on proposals related to:
- Rarible’s trading fees.
- New Rarible features to be developed or implemented by the team.
- The use of RARI to decentralize the governance and development of Rarible.
- In the initial period, most of the votes will be “advisory votes”. These votes provide signals of users’ desires, but they are technically non-binding at present. The platform is working efficiently with the community of RARI holders to create a formal governance structure where more votes can be binding and trustlessly implemented.
- Moderating Creators on the platform
Organizing a community-based moderation is a challenging task. So, the platform is creating a system that is analogous to Analogous Court or creating a partnership to solve it.
- Curated Featured Artworks
The community chooses those who deserve an extra boost.
Why is Rarible getting more attention?
There are various reasons why rarible is getting more attention.
- Rarible got funding from the NY-based blockchain investment company CoinFund on September 10th. The purpose of the investment is to aid Rarible in developing its blockchain-based, non-fungible token (NFT) marketplace platform.
- Rarible also supports yNFTs. yNFTs are NFT-based insurance from yEarn Finance “yInsure Finance”, or insurance underwritten by Nexus Mutual.
- Rarible is also working to add new functionalities like social media features, support for a mobile application, various types of content, as well as even possible support for fractal ownership.
- RARI is also distributing rewards to people for listing their NFTs on the Rarible platform.
At the time of writing, the RARI price is $6.57, having a market cap value of $10,292,618. The currency reached an all-time high of $10.91 on Sept 10, 2020, and an all-time low of $0.264878 on July 22, 2020. Various cryptocurrency exchanges like Uniswap, Balancer, HotBit, AEX, etc. have listed the token for trading.
Rarible has great potential as it brings unique features into the market. Also, it is an exciting platform in the NFT market. The RARI token is the first governance token in the NFT field. Rarible has a relatively simple and intuitive UI. Additionally, Rarible’s connection to Yearn Finance’s yInsure initiative is a promising aspect. After the surge of the DeFi field, the NFT sector is expected to gain a lot of traction in the crypto industry.