Rarible makes digital art accessible
Rarible is the largest platform for trading NFTs. If you don’t know what NFTs are, you should have a look at our previous newsletter. On Rarible, transactions are realized in Ethereum which is one of the most commonly used cryptocurrencies. On April, 30th, 2021, 1ETH is worth 2,783 dollars.
The company was founded in 2020, is based in LA (even though the founders are Russians) and works with RARI, a token used to improve its governance system, with a particular focus on the arts.
⚔️ How is it revolutionary?
First, Rarible enables the artists to tokenize their creations. Users are also given the possibility to trade or collect these creations. Actually, the possibility to exchange intellectual property rights on a decentralized platform is a revolution in the world of arts, and that explains the current media coverage on the platform.
Rarible also allows artists to introduce themselves to the users, providing links to their social networks or personal websites. Rarible creates a strong link between the artist and the members of the community and the sense of belonging becomes a real value for the platform.
Also, the provenance of the masterpieces is unfalsifiable, since the creation of NFTs takes place on the Ethereum network, accessible and verifiable by all at any time!
Last, Rarible allows everyone to have access to art, which is a real democratization of the sector. For the artists, it is also the opportunity to have an exhibition, while the places in the galleries and a traditional media presence are always complex to obtain.
🎨 Who are the creators on the platform?
The ecosystem is very large and content creators can offer everything on the platform: from books, to paintings or even music albums… On Rarible, creators work in an environment without third parties (agents, galleries, etc.).
Among all of these NFTs creators, one of the most famous is Danit Peleg who we talked about in our latest newsletter. She’s currently listed in the Forbes ranking as one of the top50 women in Tech.
Therefore, as Rarible works as a marketplace, artists can easily connect to buyers. Each buyer has free access to an unlimited number of creations, with their general information and their past owners. Sellers and buyers can then exhibit their portfolio work, as it is an opportunity to make the artists known and thus to increase the price of your NFTs.
🤷 How can I create a NFT?
The procedure is quite straightforward. First, the creator connects his portfolio of creations to Rarible. Then, he clicks on the “Create collectible” button to start creating his NFT. Once the NFT created, the next step is to upload the property, present it and set a price in ETH for it. A service fee of 2.5% of the price set will be applicable.
Note that as long as the token is still in the creator’s hands, he can still remove it definitively. This is what we call a “burn”.
⚙️ What else do you need to know on Rarible?
First, Rarible provides a royalty system. This allows the artist who created the NFT to earn a percentage of future resales. Thus, when a creation is put up for sale, the creator has the possibility to define a percentage, which he will automatically receive on future transactions related to the work.
Then, Rarible set up a verification system to ensure the authenticity of user accounts. The presence on social networks, the number of products sold or purchased as well as the interactions with the members of the community are all clues which, once cross-checked, allow Rarible to ensure maximum security for the users. The verification process may be quite long (sometimes up to two weeks) and validation is left to the discretion of the Rarible’s moderation team.
⛓What is the RARI token?
RARI is Rarible’s token. It’s an ERC-20 token, i.e. based on the Ethereum network. It’s designed to reward active users, with an opportunity to participate in the platform’s governance. RARI holders can submit proposals for platform fees, vote for or against proposals, or be a content moderator.
Currently, there are just over 850,000 RARIs in circulation, while the total supply is 25 million. Some recent analysis shows the success of this token. In March 2021, RARI passed its ATH (“All-Time High”), i.e its highest record price.
👋 Our opinion
Rarible is a young but promising company, even though it will have to cope with the competition of the sector’s heavyweight: OpenSea. Moreover, given the growing interest in this market, other projects are starting to emerge with the same positioning: SuperFarm or Ultra.
Nevertheless, Rarible was launched at the right time, has already a large community, and has the advantage of working with the RARI token.
