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About Rarible (RARI)
Rarible is a creator-centric NFT marketplace and issuance platform. The project has a native governance token, RARI, which enables holders to vote on proposed changes to the protocol.
Billed as a multi-chain solution, Rarible allows its users to mint NFTs on a range of leading blockchain networks like Ethereum, Polygon and Solana.
This functionality gives flexibility to NFT creators who, using Rarible, can choose which network best meets their needs in terms of target audience, cost, and carbon footprint.
Minting NFTs on the platform is a straightforward process that requires users to submit a digital image to Rarible’s website as well as other pertinent data regarding price and which network the asset will be minted on. After this step is complete, creators “mint” the asset by paying a gas fee to the network (or networks) on which the NFT will reside. Rarible’s functionality also enables creators to mint their NFT for free by delegating the asset’s gas fee (to whoever decides to buy it). It’s important to note that, once an NFT is minted on one chain, it can’t be moved to another. However, creators do possess the ability to mint an exact copy of the NFT on a different network, provided they pay the gas fees required.
All NFTs native to the Rarible platform are stored on both their own native ledger(s) as well as the interplanetary file system (IPFS). Once stored, creators possess the option to list the NFT on the Rarible marketplace where it can be sold for a tokenized fee. Per documentation, NFTs sold via the Rarible marketplace can be configured with royalty agreements, such that the asset’s creator receives a percentage of all future sales.
In May of 2021, Rarible announced an exclusive partnership with Floyd Mayweather which saw the boxing great launch his own line of NFTs via the Rarible marketplace.
The platform has since engaged in similar agreements with Twitter and Yum! Brands.
When was Rarible created and how much was it worth?
Rarible was created by two seasoned blockchain engineers, Alexei Falin and Alexander Salnikov, in early 2020. Falin, a software expert, helped build Sticker.Place, a global marketplace for digital stickers, while Salnikov made his reputation as the cofounder of Zenome, a blockchain-based storage service for genomic data.
Originally designed as a centralized marketplace, their Rarible platform has gradually decentralized over the last two years and is now in the control of a community-led Decentralized Autonomous Organization.
Shortly after the protocol’s initial launch, Rarible is said to have received a sizable investment from CoinFund, a New York-based venture capital firm.
Rarible’s native governance token, RARI was first disseminated to the public via an airdrop to eligible community members on July 15th, 2020.
CoinGecko data shows RARI value being in the neighborhood of $0.50 at the time it began changing hands. By early September of 2020, RARI reached $9.75 but subsequently encountered downside volatility. RARI once again found momentum in early 2021, culminating in the token hitting a record high of $46.70 in late March of 2021.
Apart from a late summer 2021 rally, RARI has since seen its price diminish amidst downside volatility exacerbated by macro headwinds.
How is the price of RARI determined?
RARI is a deflationary asset with a hard cap of 25 million tokens. According to Messari, roughly 10% of RARI’s total supply was initially airdropped to eligible community members, while another 30% was allocated to Rarible’s core development team. The remaining 60% of RARI’s supply was initially set aside to reward users for interacting with the RARI marketplace, however, as dictated by the Rarible DAOthese funds are now used to support projects building on the protocol.
As of July 2022, there were 9.43 million RARI tokens in circulation.
Why does RARI have value?
Rarible offers a unique platform for both collectors and creators to create digital art because it supports four different blockchains. “This marketplace offers new users the opportunity to get into the sector without spending a lot on cryptocurrency or transferring tokens from one wallet to another,” CoinDesk said.
Given RARIs role in facilitating governance across the protocol, demand for the token could grow if platform use increases.
Is RARI secure?
An ERC-20 token, RARI is secured via the Ethereum blockchain and its various security mechanisms.
What are the main benefits of RARI?
Rarible enables users to mint and trade their own NFTs.
Rarible’s multi-chain framework allows users to mint NFTs on a series of leading blockchain networks including Ethereum, Solana and Polygon.
NFTs sold via the Rarible marketplace can be equipped with royalty terms, such that the asset’s original owner receives a cut of all future sales.
What do critics say about RARI?
That it’s facing stiff competition from established competitors like OpenSea, with sales volumes that are 1,000 times greater than Rarible’s, CoinDesk explained.
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