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Rarible: Is it a one-of-a-kind NFT marketplace?

In Moscow early 2020 Alex Salnikov and Alexei Falin founded a project they called Rarible, Rarible represented an NFT platform with focus on digital art and collectibles, and is also built on the Ethereum network that enables their trade without a middleman.

Much like other platforms it needs to have an ecosystem that helps the platform go around and work without difficulties, so they created the RARI token that would let the holders of such RARI token to take control of the Rarible marketplace. By owning RARI tokens the users can vote on proposals that affect the platform such as moderate creators and featured artwork.

On the Rarible’s marketplace you can find digital artworks, memes and parcels of virtual land.

Royalties
With the help of NFTs and the ability to program them, artist are receiving payments even after they have sold the artwork themselves, this means that creators on Rarible can ser a percentage of future sales and collect them by issuing a token, unlike traditional platforms NFTs can be designed to pay the creators immediately.

If a piece of digital art listed a 10& royalty, the creator would receive 10% of any sale of that art in the future.

Pros for using Rarible

If you compare the Rarible vs Nifty Gateway, SuperRare or Foundations the following advantages:

  • Community governance scheme to become a DAO
  • Open source and non-custodial marketplace
  • Strong investor backing
  • RARI governance token
  • User-friendly experience
  • No coding skills required
  • Digital art specialism
  • Peer-to-peer trading NFTs with low costs

Cons of Rarible
When comparing Rarible vs Mintable and OpenSea, the platform has some significant downsides

  • Limited customer support, contact details & FAQs
  • No official roadmap or whitepaper
  • Adverse environmental impacts
  • No API or IPFS storage
  • No mobile app
  • High gas fees
  • Only support tokens of Ethereum blockchain network

Risks with Rarible

Rarible is one of the most visited marketplaces in the NFT marketplaces, but it has some problems it needs to fix before it could reach the mainstream. This is a situation called wash trading, where users can have multiple accounts and purchase art from themselves in order to acquire RARI tokens.
This type of manipulation could become widespread and could devalue the entire project.

 

 

 

 

 

Image: Krzysztof Jaracz 

*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available normal currency or cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.

Sources

messari.io/asset/rarible/profile

www.kraken.com/en-us/learn/what-is-rarible-rari

academy.ivanontech.com/blog/what-is-rarible-the-ultimate-guide-to-rarible-and-rari

www.daytrading.com/rariblehttps://www.coinbureau.com/review/rarible-rari/