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Rarible: Everything you need to know

RARI

Source: CryptoMode

Over the recent years, virtual currencies have managed to completely take over the global payment system and are moving at a rate that was never anticipated. This rapidly increasing growth and popularity of cryptocurrencies have been very handy in luring in newer potential investors from all across the world. Seeing the advancements in the field along with the support and response it has been witnessing over the past couple of years, I don’t think it is going to slow down in the near future. 

Apart from those who are well versed with the overall concept of cryptocurrencies, for some of you who are still not aware of the basics of the industry, let us first talk about that first in order for you to have a much better understanding of what we have with us today. Crypto as the name suggests is nothing but a form of digital or online currencies that can be used for several purposes including the buying and selling of goods and services along with being used for the purpose of trade and exchange. 

Speaking of being used for the purpose of trade and exchange, it is possible with the help of crypto exchanges over the internet and can easily be stored in virtual wallets for future use, while also gaining returns if you decide to hold them for a long period of time. Cryptocurrencies have been with us for a long time now and it is surprising to see how much it has evolved over the years, as when the industry was first introduced, there were not many investors lining up to be a part of it and also not many currencies were available back then. 

RARI

Source: CryptoSlate

If you look around today, there are millions of new people join in each day from all across the globe and several new currencies coming up with each passing hour. Not just that, it is worth mentioning that, some of the reasons for this success include the industry’s convenience, portability, ease of use, its intuitive nature, and the high-profit margins it offers of course. 

Also, it is important for you to know that, just like any other industry, crypto does have its downsides as well. While it provides you with an opportunity to earn huge profits, if not done right, you can also end up having significant losses as well, considering that the crypto marketplace is highly uncertain and volatile, making it very difficult to predict, even for the experts on the field. 

Speaking of a lot of currencies available today, some of the most popular currencies you can choose from right now include Bitcoin, Ethereum, Cardano, Binance Coin, and more. Now that you have the basics clarified, let’s move on to what we have with us today, Rarible. To know more, I suggest you read further!

Everything to know about Rarible (RARI)

RARI

Source: Ivan On Tech Academy

I believe that if you are someone who follows altcoin as well as the crypto marketplace, odds are you have already heard of Rarible. If not, let me explain. Rarible or as often referred to as RARI is nothing but a creator-centric marketplace for Non-fungible tokens (NFT) as well as an issuance platform that is known to utilize the RARI token in order to empower users that are seen actively interacting with the protocol. 

The platform was founded in Moscow by Alexei Falin along with Alexander Salnikov last year, in early 2020s. In other words, Rarible is a software of sorts that allows virtual creators and artists to sell and issue custom cryptocurrency-based assets that represent ownership in their digital work. Also, it is worth mentioning that, Rarible is both a marketplace for virtual assets along with being a distributed network that has been built on Ethereum, enabling their trade without the help of a middleman.

Not just that, Rarible is known to brand itself as the very first “community-owned NFT marketplace” across the world. That’s not it, Rarible leverages its RARI token to power this community-run platform, being the world’s first governance token in the field of Non-fungible tokens of course. 

In addition to this, it is worth noting that, by giving its users a token with governance powers, Rarible has actually borrowed a page from the DeFi (Decentralized Finance) playbook and all that is left to be seen is whether or not this strategy will be successful in the NFT space as well! Also, those of you who have been focusing on the price charts, you would have noticed that, in just the past two months alone, the value of Rarible (RARI) has gone up by nearly tenfolds. 

RARI

Source: iPleaders

Speaking of NFTs, some of you must be wondering what they are? Let me help you with that. The tokens generated by creators on Rarible are commonly known as Non-fungible tokens or NFTs. Each of these NFTs is unique as well as not interchangeable, unlike what is seen on Bitcoin. However, this characteristic is called fungibility, thus making tokens on Rarible, Non-fungible. 

As mentioned, the platform allows users to develop non-fungible tokens for virtual products like artwork as well as game characters, and anyone on the platform can develop and deploy NFTs on Rarible. Furthermore, the platform is said to provide its users with a fully-featured marketplace that is sorted and filtered using various categories in order to create a much easier and smoother overall user experience. 

Besides that, the native utility token of the platform, RARI is said to act as a fundamental pillar of the platform and can be used in order to reward active users on the platform as well as to be a part of the governance of the protocol. Also, as per a report by Coinspeaker, Rarible is a Decentralized Autonomous Organization(DAO) that is said to allow users to develop and sell ERC-721, ERC-20 as well as ERC-1155 NFTs safely while also securing the overall environment of the Ethereum blockchain. 

RARI

Source: The Coinbase Blog

Having said that, let’s talk about the overall working of the platform. Rarible is a marketplace that focuses to link sellers with buyers, who indeed can select specific pieces they intend to buy. These sellers that we just talked about typically include model creators, digital artists as well as meme makers. Next on, in order to turn their work into a Non-fungible token (NFT), the creators are supposed to “mint” their token first using Rarible’s software. 

For this to happen, they are supposed to fill out a form on the website and attached the required files such as listing price, image, and more. After filling out the form, the platform is said to create a new token on the well-known Ethereum blockchain. Also, just like any other tokens on Ethereum, non-fungible tokens can also be transferred within the wallet using the platform’s software. 

Moreover, Rarible leverages the Ethereum Blockchain to code the full history of the owner of each NFT as well as all the transactions made. As a result, when a transaction occurs on the platform, both the seller and the buyer are required to pay the transaction fee that goes to the Rarible network eventually. 

What makes Rarible special?

RARI

Source: Medium

With the help of blockchain technology, Rarible intends to become more than merely being a marketplace for virtual artwork and collectibles. For this to happen, as mentioned, Rarible is used to mint or create non-fungible tokens with an easy and fairly simple process that makes it accessible to the ones having little or no prior experience with NFTs.

As a result, this allows creators and artists to built and sell their virtual products with absolutely no barriers to entry, while still having to take advantage of the security that is enabled by blockchain technology. The Rarible protocol and platform are known to create an ecosystem that is governed by RARI token holders, who are given the responsibility for voting on governance proposals. In the near future, Rarible intends to develop itself into a structure similar to that of a fully autonomous organization(DAO). 

Though the entire ecosystem of non-fungible tokens is still new, Rarible is already focusing on using a part of the revenue in order to subsidize the very first mint transaction or as known NFT creation transaction for users along with other business strategies, to increase the overall growth of the platform. 

In addition to this, the Rarible protocol is often seen as a solution to the downsides of the intellectual property market including licensing and other paperwork requirements, while NFTs provide users with an easily accessible alternative that is just a few clicks away. 

Investing in Rarible

RARI

Source: BeInCrypto

As of today, the price of Rarible is about 23.70 US dollars with a twenty-four-hour trading volume of 11,024,225 dollars. Not just that, in just the past twenty-four hours, the value of the Rarible has gone down by 4.15 percent, and with a market cap of 122,383,744 US dollars, the platform is currently placed at #371 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Rarible is nearly 5,163,534 RARI coins but unfortunately, the maximum lifetime supply of the currency is not yet available. In just the past week alone, the price of Rarible has gone uphill by 36.12 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Rarible is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Rarible can prove to be a worthy investment in the near future and can provide you with good returns but again, nothing can be said for sure!

If still not convinced, see it this way that, if say you buy Rarible worth a hundred dollars today, you will receive nearly 4.224 RARI. According to the analysis done by experts on the field, after five years of your investment, the return is expected to be about +362.1 percent and thus, your current hundred dollar investment will be nearly 462.1 US dollars in 2026.

RARI

Source: Nomics

But again, as mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is extremely important for you to understand the fact that just like any other currency in the crypto marketplace, Rarible does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Rarible? Let me help you with that. Currently, Rarible is available on all major crypto exchanges but some of the popular exchanges that have RARI listed on them include Coinbase Exchange, ZT, BitMart, Gate.io as well as HitBTC to name a few. 

In conclusion, What are your thoughts on Rarible? Do let us know in the comments below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Badger DAO: Everything you need to know 

 

 

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