The Rarible platform was launched in early 2020 as an open-source marketplace for minting, buying and selling non-fungible token collectibles. The marketplace is not restricted and can be used by anyone who wants to use it. Artwork can be easily created without any programming knowledge and users can also buy the digital artwork they like.
Rarible is a non-property marketplace where you retain full control over your tokens. At no point does the platform hold your tokens. Creators can also obtain intellectual property (IP) rights for their artwork through a proof of provenance granted by Rarible. Transactions for the collectible NFTs can be completed quickly and easily with little cost other than the price of the NFT itself.
Users at Rarible can use the platform to create their own unique NFTs, or they can simply browse the marketplace to collect others’ creations. Created NFTs can be offered for sale, but that is not a requirement. Users are free to keep the NFTs they create or give them away to others. They can even list the NFTs on the OpenSea platform.
Using Rarible requires ETH tokens and users must connect an Ethereum-compatible wallet to interact on Rarible. Suitable wallets include Metamask, Fortmatic, Coinbase Wallet, MyEtherWallet, or WalletConnect.
One of the excellent features of Rarible is that anyone can create their own unique digital art. No programming knowledge or experience is required. As an open marketplace, anyone can access the platform to create an NFT, sell their creations, or buy NFTs created by others. While transactions are conducted using ETH, Rarible’s native token is RARI.
Another interesting feature of Rarible is that it is the first NFT project to roll out its own native token. The RARI token is the very first governance token to be released in the NFT ecosystem. RARI tokens cannot be purchased on the Rarible marketplace, although they can be purchased on a number of exchanges, including Poloniex, SushiSwap, and the 1inch Exchange.
Perhaps the best way to acquire RARI, however, is through marketplace liquidity mining. This is the process used to distribute the 60% of the total supply that has not been allocated to the team and investors or thrown into the air. Marketplace Liquidity Mining distributes 75,000 RARI tokens every week on Sunday. Half of the tokens go to Marketplace buyers, and the other half go to Marketplace sellers. This Marketplace Liquidity Mining serves to encourage activity on the Rarible marketplace because the more you buy or sell, the larger your weekly distribution of RARI tokens.
Of course, this is just another form of asset or yield farming, but it seems to work well to encourage usage and participation in Rarible, making it a mainstay in the top three marketplaces on DappRadar. Certainly the RARI token is doing well in 2021 for investors. It started the year right around the $2 mark, and as of late March 2021 is trading around $23.50 after hitting an all-time high of $42.05 on March 14, 2021.
Rarible has certainly managed to create a buzz around its marketplace that has led to rapid growth. It is one of the most watched projects in the NFT space, and with its bridge to DeFi, it is well known in that space as well. The combination could make it one of the top projects in 2021 or 2022 if the team is able to address some of the concerns around the project.
Those concerns include wash trading, which continues to plague the platform, and the lack of a white paper and roadmap. The former definitely undermines confidence in the project, and the latter, concerns about a lack of transparency and planning could keep some users or investors away from the project. Even with the current problems, Rarible is a project to keep an eye on, and if you are a creator, it might be worth giving it a try and see if you can become an important part of the Rarible ecosystem.