ZoneBitcoin EditorialYou have certainly heard of NFTs, Non Fungible Token, these brand new virtual tokens from the Rarible platform, founded in 2020 and based in Moscow.
Since the start of 2021, the NFT market has been all the rage, and brings in thousands of euros for different players (especially sellers, eh). Indirectly, these are also and above all NFT platforms like opensea and Rarible who were the first beneficiaries of this new market.
Rarible's native token, RARI is trading in September 2021 at over $16 with an ATH of $40 reached in March.
For investors, RARI is therefore a good investment for those interested in NFTs in particular.
So let’s take a closer look at how the Rarible ecosystem works.
Presentation of Rarible, what is it?
Rarible is first and foremost a decentralized platform for creating, buying, selling and trading NFT tokens. In general, Rarible is particularly focused on digital art NFTs.
Its objective is to allow content creators to monetize their digital works, and to be able to interact with their communities.
Anyone can use this platform. On the one hand, artists have the possibility of transforming their works of art into Tokens and users to buy, exchange or collect these creations.
Artworks can easily be created without any coding knowledge and users can also purchase the digital artworks they like. A few clicks are enough to obtain or resell an NFT.
All of these transactions are protected and secure: it is on the Ethereum Blockchain, which records all transaction histories, that we find the most NFTs.
Each buyer and seller can check the history of the NFT, its provenance and its authenticity at any time. Creators can also obtain intellectual property (IP) rights through proof of provenance granted by Rarible.
Why use Rarible?
The Rarible market allows each user to create their own unique NFTs, but also to buy and collect the creations of others.
Each user is free to use their NFTs, or not to use them. NFTs can also be sold, held, offered or listed on the platform OpenSea, the 2nd NFT market (which also operates on the Ethereum blockchain).
And even if OpenSea has many advantages (it is not for nothing that it is the essential marketplace today), Rarible has the advantage of owning a rising governance token.
How to buy or sell NFTs?
In order to sell NFTs, digital content must be transformed into NFTs, via the Rarible platform.
NFT transactions are carried out on a MétaMask wallet, which is the equivalent of a digital wallet, and which brings together your tokens created on Ethereum – whether they are fungible or not.
Once on the MetaMask extension, the user can purchase NFTs, using a credit card or another payment method. When you want to sell or exchange NFTs, simply connect to your Metamask wallet and carry out the desired transaction. And if someone buys your NFTs, the ETH tokens are automatically transferred to your wallet.
How to create your account on Rarible?
1/ To open a Rarible account, you will first need to obtain a compatible cryptocurrency wallet, ideally metamask.
2/ You can go to the site Rare and click on “sign in”. This will automatically generate an account on Rarible which will be linked to your wallet.
3/ You can personalize your account profile and add your information such as your name and photos. To have your profile certified, you must link it to your Twitter account. This will give you some sort of accreditation on the site. It is recommended to have it.
4/ You must have ETH in your wallet (which you will send from a platform like Binance) or buy it directly by credit card on the Rarible website. This is perhaps the quickest and easiest option if you are new to the platform.
5/ There, with your ETH, you can convert them against Weth to reduce costs.
Now you can perfectly use the platform as per your choice. Either by purchasing NFTs or by selling your creations.
What is the use of RARI token?
The Rarible platform has its own native token, the RARI token. It allows creators and collectors to actively participate on the platform: sale, purchase, moderation, etc. With each purchase or sale of NFT, users earn Rari tokens, which has a double advantage.
First, Rari can be traded via USDT or ETH via other platforms like Coinbase. They can in fact be resold on most exchange platforms.
Then, on the Rarible market, the RARI token makes it possible to strengthen the governance of system users, and reward them, according to the principles of a decentralized autonomous organization (DAO).
RARI creators and collectors have the opportunity to vote on updates and other developments in the Rarible ecosystem, which include for example trading fees, platform development objectives or features to add/modify on the platform.
Can you buy RARI?
It is not possible to purchase RARI tokens directly from the market. RARI are only accessible to NFT users on the platform.
To purchase RARI directly, you will need to complete several steps:
- Buy RARI on centralized platforms : First, you must buy Ether (ETH) or BTC, then exchange them for RARI on another exchange platform offering BTC/RARI or ETH/RARI pairs such as on Kraken or Gate.io
- Buy RARI on decentralized platforms: you can then exchange your ETH for WETH and buy RARI on Uniswap for example.
RARIBLE tokenomics
There are 850 RARIs in circulation today, and represent 000 million dollars. At the end of 25, the price of RARIT was a few dollars. At the start of 000, it rose to more than $2020. He passed his ATH in March 2021.
Thus, the tokens are distributed in this way:
- 60% of the total token supply is reserved for buyers and sellers of the platform. They constitute liquidity. Every Monday, 75 Tokens are then distributed to buyers and sellers - in an equitable manner (000% each) - who carried out operations the previous week. This distribution is done in proportion to the volume of purchases and sales made on the platform: this is “Marketplace liquidity mining”
- 10% of the total token supply is reserved for airdrops: 2% has been allocated to Rarible members and 8% to all NFT holders
- 30% of the total token supply is reserved for investors and the Rarible team (holders)
What are the pros and cons of Rarible?
Let's start with the benefits:
- No coding knowledge is needed to create NFTs: anyone can create their own digital art and sell it to anyone.
- Non-custodial open source marketplace: anyone can access the platform to create an NFT, sell their creations, or buy NFTs created by others
- Sales commission system.
- Community governance
- Pleasant experience and pleasant interface
- its RARI governance token which offers holders decision-making powers.
Its disadvantages
- Bad users can unfairly obtain RARI tokens: the platform being open, it facilitates access to scammers who would like to sell poor quality NFTs (or stolen and non-unique coins).
- No roadmap on project direction
- No customer support, which is a shame for a platform that is so accessible even to crypto novices.
- You can only buy with ETH.
- No mobile app
Using Rarible requires ETH tokens, and users must obtain an Ethereum-compatible wallet to interact (metamask, Fortmatic, Coinbase Wallet, MyEtherwallet or WalletConnect)
What future for Rarible?
The Rarible project remains a good platform even if new competitors have appeared. Its many advantages, including the ability to securely create your own NFTs and sell them, make it popular. It offers creators/artists the opportunity to design unique digital creations and sell them, which contributes to the revaluation and democratization of art.
The platform recently formed a partnership with Yinsure from Yearn.Finance, a Defi project (decentralized financial applications) which encourages the issuance of insurance in the form of tokens, a decentralized insurance project.
With Yinsure, users have the option to tokenize their insurance coverage. Additionally, insurance policies created with Yinsure are NFTs, which can be easily exchanged via Rarible. In addition to creating a marketplace to sell their NFTs, users benefit from liquidity mining, which offers RARI rewards to sellers on the platform.
This partnership brings Rarible into the DeFi sphere, which can bring it an additional dimension and other types of income for its users.
- Discover the Rarible platform
Read other articles on the subject of NFTs:
- Lesson 8 NFT marketplaces
- Opensea Tutorial
- How to sell your NFTs? (10 useful tips)
- Why are NFTs so expensive?
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Disclaimer: This content is for informational purposes and does not constitute financial advice. We strongly advise our readers to conduct their own independent research before committing to any investment.
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