Awarding NFT Apps 41K $RARI (~$1M) Weekly via Protocol App Mining Program
Today, the Rarible Protocol is introducing App Mining: a new program designed to distribute ownership of the protocol to NFT application builders and users via the distribution of the DAO’s native governance token, $RARI.
The Rarible Protocol, which launched last week, provides developers and teams with a robust set of interoperable tools to monetize and grow quickly in the NFT space.
The Rarible Protocol DAO is dedicated to supporting projects that are building on top of the protocol and contributing to the ecosystem. The DAO has already started offering funding opportunities of up to $100,000 in grants to projects. Today’s announcement highlighting $RARI token distribution to applications reinforces our efforts to make the protocol community owned and governed.
Welcome App Mining
Over the past year, $RARI tokens have been distributed on a weekly basis to active buyers and sellers across Rarible.com. Moving forward, applications built on the Rarible Protocol have the opportunity to decide where $RARI tokens get distributed, based on their weekly sales volume. Tokens allocated in this way be scaled quadratically.
Applications may choose to distribute tokens in a variety of ways, including
- distributing tokens to their users,
- distributing their tokens to their DAO
- keeping the $RARI tokens, among other possibilities.
Rarible.com, which has completed its migration to the Rarible Protocol, will remain one of the applications benefiting from the App Mining program and will continue to distribute its share of $RARI tokens to Rarible.com buyers and sellers in a 50/50 split.
The goal of the Rarible Protocol App Mining program is to boost NFT project economics by rewarding application builders and their users. Approximately 41,000 $RARI tokens, currently valued at ~$1MUSD, are distributed every week to applications on the protocol. An additional~34K $RARI tokens are sent to Rarible DAO on a weekly basis to fund operational and growth efforts.
Visit rarible.org to learn more about how you can build an NFT project on the Rarible Protocol and participate in the new App Mining program. If you are interested in being a participant, start building, ask questions in our Discord, and reach out!