What is Rarible (RARI) ?
Rarible (RARI) provides a marketplace and minting platform for digital artists to create and sell tokenized artwork. Rarible launched in early 2020, offering digital artists a range of services.
Artists can add all kinds of additional content, like hi-res files or hidden messages, to their artwork with Rarible. Also, artists can use smart contracts to collect royalties on their artwork whenever it changes hands in the future. Rarible’s art gallery is hosted on Decentraland (MANA), where users can view artwork created on the platform.
Launch of Rarible
Rarible was conceived in 2017 and launched in early 2020 in Moscow. The idea comes from Alexei Falin and Alexander Salnikov.
Alexei Falin is one of the co-founders of Rarible, as well as the creator of Sticker.place, which enables users to build, discover, and share stickers on messaging platforms. Having over a decade of experience in full-stack development, Falin has founded several other small businesses with an eye on growth in the NFT market.
Alexey Salnikov is a brilliant investor and market strategist. Salnikov has also founded other companies, such as Zenome. He is a proponent of the blockchain movement and has been involved in the crypto sector since 2012.
The rest of the members of the team, about a dozen of them, are mostly artists. The team has a strong community behind it. The project is supported by its members and creators around the world.
The Fundamental Technology of Rarible
The Rarible project facilitates the creation and sale of ERC-20, ERC-721, and ERC-1155 NFTs securely and safely in an Ethereum environment governed by a Decentralized Autonomous Organization (DAO). To ensure transparency and decentralization, DAOs use blockchain technology, like programs and code.
DAOs can be used in a wide variety of ways. It involves the sale of non-fungible tokens – tokenized digital objects that use blockchain technology to link with an original digital asset, ensuring its originality and ownership. It is possible to mint or create NFTs by artists and sell them on online marketplaces or auction sites.
With its platform, Rarible combines two cutting-edge technologies, a DAO marketplace and NFT technology. Users can connect with MetaMask and WalletLink to the platform, create their NFT and sell it on Rarible using Rarible’s minting service, much like OpenSea or Mintable.
NFT Marketplace on Rarible
Rarible’s NFT marketplace was initially a non-custodial, open platform and marketplace for mining NFTs. Rarible’s developers started working on making it into a DAO in response to the continuous growth of the platform and an increase in investors and users. With Rarible’s native RARI token, users can decide on the platform’s future, participate in governing the platform, and vote on proposals.
There are several reasons why Raribles NFT marketplace is so popular. With a free, open, and easy-to-use platform, anyone can create NFTs and sell them on the market without any coding skills.
Rarible also offers an incentive program called Market Liquidity Mining. In contrast with other types of mining, Marketplace Liquidity Mining simply encourages active use and participation on Rarible.
The goal of Rarible is to transition to a true DAO supported by the RARI governance token and governed by the community. Despite the fact that the token is non-binding and advisory only, the transition to a DAO can change this.
Those who hold the RARI token are able to influence the platform’s future by voting on critical decisions and policies. Additionally, after the transition to a true DAO, RARI holders will have access to even more tokens and will have increased voting power.
Rarible is working hard to put in place infrastructure that will support better community governance on the future Rarible DAO, and it’s not going to be easy.
To mint with Rarible, artists and creators must have MetaMask installed in their browsers. In order to create an NFT, they need to open the Rarible website, select “create,” choose the type of file they wish to convert, enter the transactional values for the NFT, and pay a small minting fee. Creators can then list NFT orders once they have been minted.
Rarible (RARI) Token
The RARI token was launched in July 2020. In addition to being the first governance token within the NFT space, it plays an integral role in maintaining the ecosystem of its parent platform. Token holders are able to submit proposals and vote on platform rules, such as managing fees.
RARI’s total supply is limited, just like that of other crypto tokens. Around 25,000,000 RARI tokens are in circulation. This supply is being distributed gradually. The remaining 10% is reserved for Airdrops, 30% for investors and team members, and 60% for marketplace liquidity mining.
Market Liquidity Mining allows users to gain tokens through the creation, buying, and selling of items on Rarible. Approximately 75,000 tokens are distributed to all active users every Sunday, with buyers and sellers receiving 50% each.