NFPeople receives Rarible Protocol Dao Grant
In this article, we discuss the Rarible Grant received by us and what it means to build on top of the Rarible Protocol.
The NFPs (Non Fungible People) will be NFTs on the ethereum blockchain that consists of a 3D animation artwork, primarily generated based on an individual Twitter profile picture and handle, and some variable elements based on other metrics on their profile. Using NFPs people can create digital representations of themselves which give them an exclusive way to connect with their audience.
Find out more in our previous article: https://medium.com/@NFPeople/nfpeople-turning-people-into-digital-assets-cdfcfc630706
Back in June NFP was awarded a Rarible community grant, therefore, securing important funding to kickstart our adventure into the metaverse. These grants support projects, contributors, and artists that want to foster the development of the NFT space, and in particular that expand the Rarible ecosystem by building on top of the recently announced Rarible Protocol.
The very fast pace of development within the NFT space has created some fractionalization. Here we see projects building different parts of the core NFT infrastructure that do not come together easily, e.g. secondary sales royalties distribution. This makes it very challenging for builders to execute on their vision to the fullest, especially ones with less blockchain technical capabilities. For us, the Rarible Protocol is an important step forward in tackling this issue. Additionally, the protocol has a thriving ecosystem. This makes it an obvious choice and being part of “Rari Gang” has been an amazing journey. We were humbled by the great community we found, which showed great interest and support for our project. We are especially very grateful to the team working actively for the Rarible Dao.
Why build on the Rarible Protocol?
The “Rarible Protocol” is a set of smart contracts that can be deployed to various blockchains, as well as an open-source indexer. With these components, projects can leverage the knowledge and experience the Rarible team developed over the years allowing them to skip the technical challenges and focus on what makes their project unique.
Some of the key features of the protocol are:
- It can be used as a decentralized exchange for your customizable storefront;
- All applications building on the protocol intrinsically share the existing order book and liquidity;
- Lazy minting: this feature provides the ability to process the blockchain minting fees only after the sale. With this users can trivially mint an NFT without paying transaction fees;
- Royalty standard for both protocol minted NFTs but also external minted NFTs, allowing for cross marketplace royalty collection;
- Open source indexer.
With these features and the upcoming SDK, the Rarible Protocol becomes a one-stop-shop for any NFT artist of project building on Ethereum, and later on other chains such as Polygon.
For more information, we refer to the following medium article: https://medium.com/rarible-dao/introducing-the-rarible-protocol-an-open-source-cross-chain-tool-for-nft-innovation-b463c46c09bd
What does it mean for NFPeople?
In our project, one of the key ideas is that an individual creating his own NFPs has the ability to collect part of the secondary market sales, the so-called royalties. However, because our concept required us to implement a custom-made ERC-721 contract this was nontrivial, requiring a redistribution from our side to the users which complicates the process. With the Rarible protocol, this will be an intrinsic feature in any secondary sale using their royalty standard system, with the creator directly receiving his share without having to rely on us.
In our vision we also always wanted everybody to be able to create their own NFP and become a part of the metaverse, hence why the first tier is free. However, by building on Ethereum it is common for users to face prohibitive gas fees to mint their items. This limits us in our ambition to offer free NFTs to everybody. Well, The Rarible Protocol solves this by allowing us to lazy mint items, meaning that for the first tier there will truly be no costs, for anyone. But how does lazy minting work? How can I avoid transaction fees? When an item is lazy minted its information is stored and the minting is kept on hold. Then, the NFT information is made available on the decentralized exchange within the protocol. This allows the users to see their item on a marketplace such as Rarible.com and put up their NFTs for sale even though they are not on-chain yet. Once these items are sold, the on-chain minting occurs.
A project minting people on the ETH blockchain for free and without paying gas? Are you betting on who is gmi? Soon you will… keep tuned for a major update next week!
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