The Rarible platform is one based on the Ethereum blockchain. The purpose of the site is to allow for the creation, selling, and buying of NFTs. It claims to be the world’s first community-owned NFT marketplace.
If you are new to the scene, an NFT, or non-fungible token, is an item that cannot be replaced. It is a crypto asset that represents a unique digital art file. NFTs act as proof of ownership of sorts, with unique and permanent data.
Is an NFT Just Digital Art?
NFTs, when used for art, can be nearly anything the imagination allows to be digital. From a .gif to a .jpg, .mp3s to .mp4s and .mov files, the only rule of thumb is technically the art be digital. The entire space allows for a massive amount of creativity.
What is art? Some say “art is in the eye of the beholder.” And that is about as nailed down a “rule” as you will find with art, whether it is in a traditional media or a newer digital format, art is a very large umbrella.
While the non-fungible token provides ownership through its technology, the piece itself is art. NFTs are digital assets. But art is not the only way it can be used.
NFTs Beyond Art
When you hear NFT, and have any familiarity with the marketplace, it is likely images of Nyan virtual cats and crazy-looking monkeys spring into your mind. However, NFTs are not just art.
The Tech of a Token
A non-fungible token is, at its core, a token. The token is secured by blockchain technology. In the case of Rarible, blockchain technology exists on the Ethereum platform.
As a result of the blockchain, the data stored on the chain cannot be changed, deleted, or added to at any time. Once it is “locked” into a block, there is no changing it.
An NFT can only have one owner at a time. The ownership is proven through the token itself. Making things into tokens make them exchangeable, sellable, and buyable. It provides a fair and level playing field to compare the value of completely different things.
Because of the many features, the concept has been taken well beyond the world of art. Things like real estate, a rare collectible, a car … the list goes on and on. In a technical sense, a token can represent anything, in the real world or the digital one.
By “changing” an item into a token, they are more easily understood, exchanged, and stored with the blockchain and its many platforms.
Ethereum is just one of those decentralized ledgers offering a space for sellers to sell and buyers to buy. The space allows these people to connect, in a direct, peer-to-peer network. It is a marketplace.
The Goal of a Marketplace
Think of it as any other marketplace. You might go to a farmers’ market and find a large collection of farmers, with unique produce and products, all brought together in one space. It makes your purchasing more convenient. It gives farmers a place to sell. It gives you a place to buy.
Ethereum is one such marketplace for NFTs. Additionally, a decentralized autonomous organization, like Ethereum, also creates a platform to bring the tech to the users. Blockchains, in short, have gone far beyond decentralized finance.
The Rarible Platform
Now that you understand some of the ins and outs of an NFT, the use of the Rarible platform should become more clear. First and foremost, the space is used to bring buyers, sellers, and traders of NFTs into a common space.
The Rarible Marketplace
Rarible uses tokens with the ticker RARI. But Rarible is not just a marketplace. The software, which is housed on the Ethereum network, is also a decentralized ledger of its own. It is, in the simplest terms, a blockchain on a blockchain.
At present, the Rarible Marketplace has branched out far beyond digitized cats. Many unique NFTs are found on the platform. From digital art to memes, to even parcels of virtual land, there is a very wide variety of pieces in the system.
The technology of blockchain allows for these pieces to be minted, issued, and sold, all without the use of any middleman. Users are connected directly, peer-to-peer, meaning more dollars go directly into the creator’s pocket.
A Step-By-Step Guide
In a practical sense, there are a few basic steps needed to be able to explore fully on the Rarible platform. When you hit the home page, https://rarible.com/, you will see a bright, colorful display of some of the hottest NFTs currently selling on the platform.
There are a lot of flashing bells and whistles here. Many of the pieces of digital art are moving files, making the page a whole lot to take in at first glance. Focus your initial efforts on creating your own account.
1. Start a Rarible account.
In order to become a user on Rarible, users need to first have a digital wallet. Once that is obtained (or presuming you already have one), you can proceed with making your Rarible account.
From the homepage, new users can click on the far, right, top corner button that reads “Sign In.” (Yes, we know you don’t have a log-in yet, but this is an easy-to-find button, which puts you right where you need to be.)
2. Connect a Wallet
The next page you see will ask you to “Sign in with your Wallet.” Many of the digital wallet brands out there work with the Rarible platform. Some of the most popular choices include:
- MetaMask wallet
If you have not yet created a wallet (the place where you store your private keys), you can also do so from this screen by selecting one of the popular wallet app buttons there. For example, from this page, you can click on the Metamask wallet icon here and be directed to create a new wallet.
To be clear, in order to remain secure, at no time will Rarible be able to access your private keys or funds without your permission and confirmation.
3. Fill In Your Account Information
From this step, Rarible will walk you through, one screen at a time, to add your information. You will do things typical to a new online account, such as fill in a user name, password, connection to your wallet, select an image or avatar, and so on.
4. Enjoy the Access
Once complete, you will have a unique sign-on for the site. Your information will be stored and, upon logging in, you will be able to access features of the Rarible platform such as minting an NFT, selling an NFT, buying an NFT, and exploring the long list of collections.
Rarible, at the time of publication, boasts over 1.6 million users. The platform has over 405,000 minted NFTs to its name. Those assets and their users have done $274 million in trading volume since its start in 2020.
Once a user, which can be done by connecting your digital wallet and creating a unique log-in all of which can be done without charge, you will have access to many features. Features on the Rarible platform include multiple-edition NFTs, timed auctions, royalties, messenger, and a personalized activity feed.
Ethereum and More
Rarible is just one of the platforms running off of the Ethereum network. In addition, Flow and Tezos are also integrated into the mix.
At the top bar of the homepage, you will find an “Explore” button at the top menu. From there, a dropdown will appear and allow you to toggle between Ethereum, Flow, and Tezos right from the homepage of Rarible.
By selecting these collections, you will remain on the Rarible platform, but be able to view the unique NFTs of each network. Active users on the Rarible site can purchase Flow NFTs or Tezos NFTs. The three work in conjunction with one another, seamlessly thanks to the tech. While each maintains digital collectibles on its own distributed network, they are brought together in the Rarible community.
RARI: The Rarible Cryptocurrency
Central to the Rarible platform is RARI, Rarible’s own brand of cryptocurrency. By owning RARI tokens, you can gain access not everyone has.
With a RARI token, users gain privileges, not just valued crypto. RARI token holders are permitted to vote on proposals that affect the platform, for example. RARI tokens can also allow you to moderate creators within the network. You can also curate featured artwork by using RARI.
In short, having RARI is your ticket to interacting on the platform. The software-based system and its world go-’round with the use of RARI.
Another First for Rarible
If Rarible is the world’s first community-owned NFT marketplace, then the RARI may be the first governance token used in an NFT space. A governance token simply means that, by owning the crypto native to the site, you gain access to things like voting on the platform’s actions and taking on management powers as users.
In a way, the RARI token was like a symbol of democracy, allowing the voices of the users of the blockchain to be heard. Typically, tokens are used on platforms to buy and sell and trade. Seldom, until the creation of the RARI token, did the token gain you privilege.
A Distribution Model
The RARI also was released in a unique way. Every week, Rarible distributes 75,000 RARI tokens to its users. These predetermined releases are scheduled to be distributed during the first four years of the exchange (through 2024). These 75,000 RARI are distributed weekly to users every Sunday.
With this weekly RARI distribution mechanism, you may wonder how users go about mining on the Rarible site. Instead of working on a proof of stake or proof of work model, the only qualification required on Rarible is to be a buyer or a seller.
Mining RARI on Rarible
The weekly distribution simply looks at the buyers and sellers on the NFT marketplace. Half of the tokens go directly to sellers, and half go directly to buyers. The RARI tokens are split 50 percent to each half.
Marketplace liquidity mining on Rarible just means that you buy or sell on the site. Anyone can own the tokens. It does not take a massive amount of mining power, a detrimental amount of the globe’s natural resources, or hours of computations and all the details they entail.
RARI and DAO
The release of the RARI token is just one of the steps the Rarible team has taken in order to create a fully decentralized autonomous organization or DAO. RARI token holders don’t just own crypto. Those with RARI can vote on system upgrades to the platform, submit proposals relating to the development of the platform, and create featured artworks or moderate platform curators, all of which are the main pillars of a DAO.
Equal Rights For All
With these new features, Rarible leverages the perks of the Ethereum blockchain and mixes in its own unique model of the DAO. Digital artists are brought together with other digital artists to offer their wares, and as sellers, can be RARI token owners, with voting and managerial rights.
But the marketplace also brings buyers of digital artworks to the space, as well. And these buyers have just as much of a chance to own RARI, and thusly have voting and managerial rights, as a seller.
This system attempts to bring a balance to the market with a RARI governance token.
A Platform For The People
With plenty of bells and whistles, the Rarible platform is nothing to scoff at when it comes to NFT marketplaces. While it may be a newcomer to the scene, there is a lot to take note of here, especially with its unique perspective on ownership.
Creating the first marketplace that is community-owned is a major step for the industry, and something many will be keeping an eye on for years to come. Will self-governance tokens become a way of the future? Or will the platform flail without centralized leadership?
The future remains to be seen, but will surely be watched by the masses.