Discover Rarible's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Rarible?

Rarible (RARI) is the native token of the Rarible NFT marketplace, a multichain platform that allows users to buy, sell, trade, or create non-fungible tokens (NFTs) across various blockchain networks. The token is used for governance, moderation, and curation on the platform, and it also rewards active users. With a maximum supply of 25 million, RARI is a key component of the Rarible ecosystem, which supports multiple blockchains, including Ethereum, Tezos, Polygon, Solana, and Immutable X.

How is Rarible used?

Rarible (RARI) is a governance token that plays a central role in the Rarible NFT marketplace. It is an ERC-20 token that allows users to participate in the governance of the platform. Here are some key ways RARI is used:

  1. Governance: RARI token holders have the right to vote on proposals that shape the development of the platform. This includes decisions on trading fees, new features, and other important aspects of the marketplace.

  2. Moderation and Curation: RARI holders can act as community moderators and curate featured artwork on the platform, ensuring that the marketplace remains user-friendly and showcases high-quality content.

  3. Rewards and Incentives: RARI tokens are used to reward active users on the platform. Users can earn RARI by buying and listing NFTs, participating in airdrops, and engaging in other activities that contribute to the platform's growth.

  1. Decentralized Governance: Rarible aims to gradually decentralize its platform, eventually ceding control to a decentralized autonomous organization (DAO) run by the Rarible community. RARI tokens will play a crucial role in this process, ensuring that users have a say in the platform's direction.

Overall, RARI is essential for the functioning and growth of the Rarible NFT marketplace, providing a mechanism for community engagement, governance, and incentives.

How do I store Rarible?

To store Rarible (RARI) tokens, you can use a Ledger Nano X wallet. Since RARI is an ERC-20 token, you can connect your wallet with MetaMask and add the contract address if it's not already listed. This will allow you to see and manage your RARI tokens securely on your Ledger Nano X device.

How to buy Rarible?

To buy Rarible (RARI) tokens, follow these steps:

  1. Choose a Centralized Exchange:

    • Coinbase: Create an account, add a payment method, and select Rarible from the list of assets. Enter the amount you want to buy and finalize your purchase.
    • Uphold: Create an account, verify your email and identity, make a deposit using a debit card, credit card, or wire transfer, and then buy Rarible.
    • Kraken: Create an account, verify your email and identity, make a deposit, and then buy Rarible.
  2. Use a Decentralized Exchange (DEX):

    • Trust Wallet: Download the wallet, set it up, and buy Ethereum (ETH) as your base currency. Send the ETH to your wallet and then connect it to a DEX like 1inch. Trade your ETH for Rarible.

Remember to research and understand the associated risks before investing in cryptocurrencies.

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History of Rarible

Rarible, a decentralized NFT marketplace, was created in Moscow by Alexei Falin and Alexander Salnikov. The platform was launched two years ago and is built on the Ethereum blockchain. It allows digital artists to issue and sell their digital assets without the need for intermediaries, connecting buyers and sellers directly. The platform uses the RARI token, which not only facilitates the listing of NFTs but also empowers users by giving them governance rights and rewarding active users. Rarible is considered a Decentralized Autonomous Organization (DAO) and supports the creation and sale of ERC-721, ERC-20, and ERC-1155 tokens.

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How Rarible works

Rarible, a decentralized marketplace for non-fungible tokens (NFTs), operates using its native cryptocurrency, RARI. Here's a detailed overview of how it works:

Governance and Token Utility

RARI is the first governance token in the NFT space, launched in July 2020. It has a total supply of 25,000,000 tokens, with 50% reserved for buyers and sellers. The token serves several purposes:

  • Governance: RARI holders can vote on platform upgrades, trading fees, and new features.
  • Curators: Holders participate in community-driven curation, selecting featured artworks.
  • Moderation: RARI holders moderate creators and content on the platform.
Earning RARI

There are four ways to earn RARI tokens:

  • Claiming Airdrops: Periodic airdrops are organized by Rarible, distributing tokens to the community.
  • Listing NFTs: Users can earn RARI by listing eligible NFTs on the platform.
  • Buying NFTs: Purchasing NFTs from selected collections can also earn RARI rewards.
  • Trading NFTs: Users can lock up their RARI tokens to earn additional rewards.
Using Rarible

To use Rarible, users need to connect an Ethereum-compatible wallet, such as MetaMask or WalletLink, to interact with the platform. The process involves:

  • Minting NFTs: Creators mint NFTs using Rarible software, which embeds details like history and ownership on the Ethereum blockchain.
  • Listing NFTs: Creators list their NFTs on the platform, providing information like name, image, and listing price.
  • Buying NFTs: Buyers purchase NFTs using Ether (ETH), the native cryptocurrency of the Ethereum blockchain.
  • Royalty Fees: Creators can set royalty fees for future sales, which are automatically paid out through the Rarible network.
Key Features
  • Decentralized Autonomous Organization (DAO): Rarible is a community-owned marketplace, allowing users to develop and sell various types of NFTs.
  • Multi-Blockchain Support: Rarible supports multiple blockchains, enabling users to access a wide range of NFTs.
  • Credit Card Options: Fixed-price NFTs can be purchased using credit cards.

Overall, Rarible provides a platform for digital artists and creators to issue and sell custom crypto assets, while the RARI token empowers users to participate in governance and moderation, making it a unique and community-driven NFT marketplace.

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Rarible's strengths

The token Rarible (RARI) has several strengths that contribute to its value and potential for growth:

  1. Governance and Voting Rights: RARI token holders have the right to vote on governance proposals, allowing them to participate in shaping the future of the Rarible platform.

  2. Community Engagement: RARI tokens are used to reward active users, encouraging community participation and fostering a sense of ownership among users.

  3. Decentralized Governance: Rarible aims to become a Decentralized Autonomous Organization (DAO), which means that the community will have a significant say in the platform's development and decision-making processes.

  1. Marketplace Liquidity: RARI tokens are distributed through marketplace liquidity mining, ensuring that the token is actively used and traded within the platform.

  2. Cross-Chain Compatibility: Rarible supports multiple blockchains, including Ethereum, Tezos, Solana, Immutable X, Polygon, and Flow, making it a versatile and accessible platform.

  3. Innovative Features: Rarible offers unique features like Lazy Minting, which allows users to create NFTs without upfront transaction fees, making it more accessible to creators.

These strengths position Rarible as a dynamic and community-driven platform, which can attract users and investors interested in NFTs and decentralized governance.

Rarible's risks

Rarible (RARI) is associated with several financial risks. These include:

  1. Volatility Risk: The value of RARI can fluctuate significantly due to market conditions, making it a high-risk investment.

  2. Liquidity Risk: The ability to quickly buy or sell RARI without significantly affecting its price is uncertain, which can lead to losses.

  3. Short History Risk: RARI has a relatively short history, making it difficult to predict its long-term performance.

  1. Demand Risk: The success of RARI depends on the continued adoption and demand for NFTs and the Rarible platform.

  2. Forking Risk: Changes to the underlying blockchain technology could negatively impact RARI's value.

  3. Code Defects: Errors in the RARI code could lead to security breaches or other issues affecting its value.

  1. Regulatory Risk: Changes in regulations could negatively impact the use and value of RARI.

  2. Electronic Trading Risk: Technical issues with trading platforms could lead to losses.

  3. Cybersecurity Risk: Hacking or other security breaches could compromise the integrity of RARI.

  1. Competitive Risk: The NFT marketplace is competitive, and Rarible faces challenges from other platforms.

  2. Dependence on External Factors: RARI's success is tied to the growth of the NFT economy and the security and popularity of the underlying blockchain networks it is integrated with.

These risks highlight the importance of thorough research and risk assessment before investing in RARI.

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Did Rarible raise funds?

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Rarible’s team

  • Alexander Salnikov: Co-founder and Head of Product, responsible for the whole spectrum of product-related activities. He has been in the crypto industry since 2013 and was previously connected to other crypto projects and startups, including Humaniq.
  • Alexei Falin: Co-founder, with little information available other than attending the University of Southern California and co-founding Sticker.place, a marketplace for iOS 10 sticker packs.

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