Rarible is a community-owned, multi-chain NFT marketplace where users can mint, buy and sell NFTs. The platform has over 2 million active users per month, and supports Ethereum, Polygon, Flow, Tezos and Solana NFTs.
WHAT IS RARIBLE?
Launched in 2020, Rarible is an NFT marketplace on the Ethereum network that allows people to mint, buy and sell NFTs. The marketplace is based on the Rarible Protocol, an open-source multichain community-governed protocol that is powered by the platform’s native RARI token.
The platform has over 2 million active users per month, and supports Ethereum, Polygon, Flow, Tezos and Solana NFTs.
HOW DOES IT WORK?
The Rarible Protocol allows users to issue ERC-721 and ERC-1155 standard NFTs on the marketplace. To issue their digital collectible, users must create an account, own ETH tokens and connect their decentralized wallets to the platform.
Issuing NFTs on the marketplace does not require any coding skills. Rarible allows for public trading of NFTs without the need for an intermediary.
Rarible allows anybody to mint NFTs on the platform simply by paying transaction fees. The platform has created a verification process which allows the platform to verify the digital item before deploying it on its marketplace.
NFT creators can also charge royalties on their NFTs, which are rights to profit from future sales of the items. When minting the NFT, issuers can set a percentage of sale that they will receive as royalties in the future.
The market index feature on Rarible shows the performance and development of an NFT token. This helps investors make sound decisions about which NFT they choose to invest in. The index is derived from the value of the token’s circulating supply.
Rarible has partnered with DeFi insurance protocol Yearn Finance. The purpose of this merger is to issue an insurance policy to NFT tokens which helps in the case of loss or damage to the collectible.
To mint, buy and sell NFTs on Rarible, users need to have the platform’s native RARI tokens. The Ethereum-based tokens have a maximum supply of 25 million, with 24.8 million RARI tokens currently in circulation.
Users receive RARI tokens for buying and selling NFTs on the platform. Every Monday, Rari distributes 75,000 RARI tokens to wallets that have been active on the platform for the previous seven days. The token distribution is split 50:50 between buyers and sellers.
RARI token are distributed as follows:
– 30% distributed to the Rarible team and investors
– 10% airdropped to Rarible users and NFT owners
– 60% given away over a period of 200 weeks to buyers and sellers on the platform
RARI is the governance token of the marketplace and its main goal is to ensure that users are in charge of making all decisions on Rarible.
RARI holders can participate in community votes regarding proposals made for the platform. Holders can also submit proposals and participate in curation and moderation of the platform.
Rarible charges a nominal 2.5% fee from the sale of each NFT.
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