What is Rarible? 20 Facts
What is Rarible? 20 Facts
If you have been following the cryptocurrency market in recent times, chances are that you have of Rarible. As is revealed in discussions on the same over at runrex.com, Rarible, which brands itself as the world’s first “community-owned NFT marketplace” has been on the lips of many in the crypto and altcoin market, and through the following 20 facts, this article will look to help you understand what it is.
What is Rarible?
As covered over at guttulus.com, Rarible is an NFT platform for securing digital collectibles secured with blockchain technology. It is a platform allowing digital artists and creators to issue and sell custom crypto assets that represent ownership in their digital work. It is both a marketplace for NFTs as well as being a distributed network built on Ethereum enabling their trade without a middleman.
As is outlined over at runrex.com, Rarible is a Moscow-based platform founded by Alex Salnikov and Alexei Falin back in early 2020. At its core, Rarible represents a digital NFT platform with a particular focus on art assets.
What is “minting”
Rarible isn’t just a platform for selling NFTs as users can also use it to create NFTs, which is commonly known as “minting” as discussed over at guttulus.com. This is huge for various content creators as, for example, an artist could sell their creations like books, music, albums, or movies, as NFTs on Rarible.
Rarible as a DAO
Rarible is also placing significant emphasis on creating an entirely autonomous platform that is run through a community governance model. In addition to that, Rarible is now shifting heavily towards becoming an actual Decentralized Autonomous Organization (DAO).
What is the aim of a DAO?
At this point, you may be wondering what the ultimate goal of a DAO is. Well, the goal of a true DAO is that the platform users will be the ones in charge of all the decisions for the platform, which means that Rarible’s RARI governance token is crucial.
What is RARI?
Central to the platform is RARI, which, as discussed in detail over at runrex.com, is Rarible’s cryptocurrency. By owning RARI tokens, users can vote on proposals that affect the platform, moderate creators, and curate featured artwork.
RARI as a governance token
As the subject matter experts over at guttulus.com point out, RARI is the world’s first governance token in the NFT field. By giving users a token with governance powers as mentioned in the previous point, Rarible is borrowing a page straight from the DeFi playbook.
What are NFTs?
To understand what Rarible is, you need to understand what NFTs are. As covered over at runrex.com, NFT stands for “non-fungible tokens”, which relates to tokens that are verifiably unique from each other. This means that one NFT can’t be swapped for another and, instead, NFTs can effectively signal ownership given that they are not mutually interchangeable.
An example of an NFT
One of the most famous examples of NFTS in action is that of CryptoKitties, the hugely popular Ethereum blockchain game that lets users buy, sell, and breed digital “cats”. One of the core fundamentals of CryptoKitties is that the cats are all unique and that their ownership is verified by blockchain technology.
The growth of the NFT industry and the importance of Rarible
The NFT market is one of the hottest markets right now in the crypto world and it’s a topic that is on virtually everyone’s lips. The NFT industry is also projected to grow massively over the coming years, and, therefore, an effective NFT marketplace like Rarible is almost a requirement for further growth.
What is the total RARI supply?
As is pointed out by the gurus over at guttulus.com, the total RARI supply is set at 25,000,000 RARI tokens. This is divided in such a manner that 10% is earmarked for airdrops (with 2% going to Rarible users and 8% going to all NFT holders), 30% of the supply will go to investors and the Rarible team, while 60% will be accessible through marketplace mining.
What is marketplace mining?
Having probably already heard of Bitcoin mining, you might be wondering what marketplace mining is. According to runrex.com, marketplace mining, or “Marketplace Liquidity Mining” as Rarible calls it, is completely different from Bitcoin mining. Marketplace Liquidity Mining is all about encouraging active participation on the Rarible platform, and as such, users can earn RARI tokens through either buying or selling on the Rarible marketplace platform.
Distribution schedule for RARI tokens
As is revealed in discussions on the same over at guttulus.com, every week, Rarible distributes 75,000 RARI tokes to its users, which are scheduled to be distributed during the first 4 years of the exchange. These 75,000 RARI are distributed to users every Sunday.
How is the distributed amount split?
It is also important to note that sellers and buyers split the distributed amount evenly between them, as weekly sellers receive 50% of the 75,000 RARI, while weekly buyers receive the remaining 50% of the 75,000 RARI. This means that Marketplace Liquidity Mining can be understood as users “mining” RARI by simply selling or buying on the platform.
What are some of the rights that holders get from RARI tokens?
As already mentioned earlier, RARI tokens give their holders various rights, which is a fundamental part of Rarible’s plan to create a fully decentralized autonomous organization (DAO). RARI holders can vote on system upgrades on the platform, submit proposals relating to the development of the platform, and create featured artworks or moderate platform curators.
What is community governance?
As explained over at runrex.com, traditional community governance relates to the notion of a group, organization, or community jointly deciding on the policies, decisions, and strategies. This means that the community will lead itself, take its own decisions, and manage its own governance without relying on outside intervention or any other entity.
Community governance and Rarible
Taking the definition given in the previous point into account, this means that, for Rarible, it is Rarible users, or more accurately, RARY holders, who will be the ones shaping the future of the project, as well as that of the platform as covered over at guttulus.com.
Rarible and CoinFund
One of the reasons why Rarible is suddenly getting more attention in recent times is because it managed to secure funding from the New York-based blockchain investment company CoinFund, with this investment, as articulated over at runrex.com, reportedly being meant to aid Rarible in developing its blockchain-based, NFT marketplace platform.
Rarible and yNFTs
In addition to the development outlined in the previous point, Rarible also features support for yNFTs, which is NFT-based insurance from the yEarn Finance “yInsure Finance”, or insurance underwritten by Nexus Mutual. This is another reason why Rarible has been so hot in recent times.
Rarible and an NFT market index
In addition to the developments outlined in the previous two points, Rarible hasn’t been standing still and has been full of new ideas. For example, the team behind Rarible has been teasing the introduction of an NFT market index, which could allow users to follow and potentially invest in the most valuable collectibles. According to the Rarible founder Alexander Salnikov, this would be a way for users or investors to bet on the entire NFT market and is one to keep an eye on going forward.
The above discussion is only the tip of a very large iceberg as far as this topic is concerned, and you can uncover more insights and information by checking out the excellent runrex.com and guttulus.com.