NFT Marketplace like Rarible to Start Business Today
Starting your business includes understanding and tackling many issues regarding legal, financial, marketing, etc. However, the entrepreneurship craze has never dipped due to these reasons. It attained an all-time high even during the global pandemic.
There have been numerous success stories over the past two or three years. Talking about the recent past, nothing has shown more potential than non-fungible tokens. And there have been spectacular success stories of NFT startups such as OpenSea, Rarible, and many others.
This article revolves around an NFT marketplace like Rarible and how it bestows business opportunities among entrepreneurs.
What’s Happening with Rarible?
Rarible is an Ethereum-built NFT marketplace facilitating categorical token trading. While its competitor OpenSea might dominate the overall NFT sales, Rarible takes a unique approach with its native token — $RARI. The platform indexes governance features with its tokens, letting the owners have a stake in its success.
- Expanding the Multi-chain Integration
Apart from being an Ethereum-native, Rarible wanted to expand its blockchain compatibility. Rarible launched its support for Flow and Tezos networks last November/December.
NFT marketplace Rarible recently announced its multi-chain support for Polygon-minted NFTs. Ethereum, Tezos, and Flow are other Rarible-supported networks apart from Polygon.
- Rolling out the “Multi-wallet” feature
Rarible also launched a multi-wallet feature recently to let the users connect 20 different wallets across various blockchains. When purchasing and selling NFTs on Rarible, users with different wallets across various supported ecosystems won’t have to login in and out as often.
Rarible’s Business Model is a Win-win!!
A win-win situation is when a moment benefits each party involved. Likewise, Rarible’s business model is beneficial for both entrepreneurs and customers. While pursuing Rarible like NFT marketplace development, you’ll know what I’m talking about!
- Community-first Model
With the marketplace war raging and platforms like OpenSea being chastised for making centralized judgments, community-first platforms like Rarible provide a tempting alternative.
Despite Rarible’s ambitions for complete decentralization in the future, the RARI governance token remains non-binding, and the core team retains final authority over all decisions. In the meanwhile, a variety of systems have been put in place to balance authority and reward users.
- Tokenomic Model
Rarible has a limited token supply, which is the case for most NFT projects. Due to its decentralized nature, tokenomics take a flexible route. The platform’s core use case, as with all NFT marketplaces, is the transfer and collection of non-fungible tokens. The Rarible Protocol, on the other hand, seeks to grow into all types of NFT applications in the area and has built a bridge between the Flow and Tezos blockchains to enable more interoperability.
How To Build Your Rarible-like Marketplace?
Rarible clone, an open-source pre-built solution, allows entrepreneurs to embark on their entrepreneurial journey. The process is multifold, including the following steps:
#1 Develop Smart Contracts
Smart contracts are used to list and trade items on the NFT marketplace. Because NFT marketplaces are decentralized, smart contracts are created to carry out transactions without requiring human intervention.
#2 Choosing Storage Systems
IPFS [InterPlanetary File System] is a trusted storage system for gathering files with automatic versions and backups, and the database provides easy access and retrieval of information.
#3 Deciding NFT sale type
The next step is to choose how your NFT marketplace like Rarible will sell its enlisted NFTs. There are two major ways to sell an NFT: one is deploying a fixed price, while the other is conducting a bid-based Auction process.
#4 Developing
Move to the actual development stage, where you’ll partner with a development company to build your platform. Focus on your marketplace’s user interface (UI) to simplify the customer’s NFT shopping experience.
#5 Testing
It is critical to test the marketplace to ensure that it works properly and does not crash or contain flaws. It’s time to launch your NFT marketplace if you’re satisfied with the test findings.
The Bottom Line
Rarible is a unique trading platform that hosts and rewards its community with the RARI token. Regardless of whether you wish to develop a native token or not, you need to hire a technology partner.
There is a myriad of service providers offering Rarible-like platform development, not one or two. Exercise care and do your own research before making any final decision.
