Rarible is a blockchain-based, multi-chain NFT marketplace and platform that allows users to create, buy, and sell non-fungible tokens (NFTs). It was founded in 2019 and has become a prominent platform for digital artists, collectors, and crypto enthusiasts. Below is an overview of its key features and functionalities:
Core Features
- NFT Creation and Trading: Rarible enables users to mint their own NFTs and trade digital assets such as art, photography, virtual land, and more. It supports multiple blockchains, including Ethereum, Polygon, Tezos, Solana, and Immutable X.
- Decentralization: Rarible aims to transition into a decentralized autonomous organization (DAO) governed by its community through the RARI governance token.
- Royalties: Creators can earn royalties on both initial sales and subsequent resales of their NFTs.
- Ease of Use: The platform is beginner-friendly, requiring only a crypto wallet like Metamask or Coinbase Wallet to get started. It also supports credit card payments for fixed-price NFT purchases.
RARI Token
- RARI is the native ERC-20 governance token of Rarible. It allows users to participate in decision-making processes on the platform and rewards active users. The token has a maximum supply of 25 million.
Rarible Protocol
- The Rarible Protocol is an open-source toolset that powers both Rarible.com and other community marketplaces. It includes features like an indexer for blockchain-wide NFT data, a shared order book for liquidity aggregation across marketplaces, and an SDK for building NFT applications without extensive blockchain expertise.
Fees
- Rarible charges a 1% transaction fee for both buyers and sellers. Additionally, network (gas) fees are required for blockchain transactions but do not go to Rarible directly.
Advantages
- Multi-chain support expands accessibility.
- No upfront gas fees for minting; costs can be passed to buyers.
- Simplified processes make it ideal for beginners.
- Integration with platforms like OpenSea enhances visibility.
Challenges
- Faces strong competition from platforms like OpenSea.
- Limited supported cryptocurrencies compared to some competitors.
Rarible continues to evolve as a key player in the NFT ecosystem by prioritizing decentralization, creator royalties, and ease of use.
Donate with Cryptocurrency!