Rarible is a decentralized platform that allows users to mint, buy, and sell non-fungible tokens (NFTs). It operates as both a marketplace for NFTs and a platform for NFT creation. Rarible has introduced a native token, RARI, which is used for governance and rewards within its ecosystem.
Rarible is determined to provide a seamless experience for its users by supporting multiple blockchains. Currently, Rarible supports Ethereum (ETH), Polygon (MATIC), Tezos (XTZ), and Immutable X blockchains. This multi-blockchain approach ensures that users have flexibility in minting and trading NFTs.
For users to interact with the Rarible platform, they need to connect a cryptocurrency wallet. Rarible supports a range of wallets, including MetaMask, WalletConnect, Fortmatic, Portis, and Coinbase Wallet. These wallets allow users to securely store their NFTs and RARI tokens.
Rarible functions as an NFT aggregator, meaning it consolidates NFT listings from various marketplaces into one platform. The marketplaces Rarible aggregates listings from include:
- Rarible (ETH, MATIC, & XTZ)
- All community marketplaces on Rarible Protocol (ETH & MATIC)
- OpenSea (ETH & MATIC)
- LooksRare (ETH)
- X2Y2 (ETH)
- Sudoswap (ETH)
- OBJKT (XTZ)
- Teia (XTZ)
- Versum (XTZ)
- FxHash (XTZ)
- Hic Et Nunc
Rarible is also in the process of integrating BLUR. Users can identify the origin of an aggregated item by the marketplace icon displayed on the bottom left-hand side of the listing.
Royalties and Service Fees
Rarible has implemented a system of royalties and service fees. When an NFT is sold on the platform, a percentage of the sale is taken as a service fee. Additionally, creators can set up royalties, ensuring they receive a percentage of sales whenever their NFT is resold on secondary markets.
Governance and RARI Token
The RARI token is central to Rarible’s governance model. Token holders can propose and vote on platform upgrades, ensuring the community has a say in Rarible’s direction. Additionally, Rarible distributes RARI tokens as rewards to active users, incentivizing platform engagement.
Concerns and Criticisms
While Rarible has been praised for its decentralized approach to NFT trading, it has faced criticisms. Some users have raised concerns about the platform’s royalty system, while others have pointed out potential issues with counterfeit NFTs. Rarible has been proactive in addressing these concerns, implementing measures to ensure platform integrity.
Development and Technical Aspects
Rarible’s platform is built on the Ethereum blockchain, leveraging its smart contract capabilities. The platform has introduced several technical features, such as lazy minting, which allows users to mint NFTs without incurring gas fees until the item is sold. Rarible also provides an SDK for developers, enabling the integration of Rarible’s functionalities into third-party applications.
Rarible continues to innovate and expand its platform. With plans to support more blockchains and integrate additional features, Rarible aims to remain at the forefront of the NFT marketplace sector.
Alexander Salnikov: Co-Founder and Head of Product at Rarible. He has over seven years of experience as a Product Manager and has co-founded multiple crypto startups.
Alexei Falin: Co-founder of Rarible.
Rarible has attracted investments from notable entities such as Coinfund and Coinsuper.