For quite a long time, Non-Fungible Tokens (NFTs) are often overlooked tokens when you compare it with other types in the market (BTC, ERC-20s, etc.). Recently the industry has seen an urgent rise of several platforms specialized in providing users with opportunities to mint and sell their digital collectibles. Rarible App is one of these projects, which uses blockchain and smart contracts as a way to spread the possibilities for this unique sector, as well as deliver a user-friendly marketplace where anyone can mint and sell their artistic collectibles.
A Quick Background
NFTs, an acronym for Non-Fungible Tokens, are essentially digital collectibles. These cryptographic tokens are designed to represent something utterly unique.
There is a huge number of use cases, including minting all sorts of art collectibles, including paintings, sports cards, and others. It also permits anyone to save valuable confidential information such as contracts, patents, legal deeds, and security data, owning full ownership over the content.
No NFT can be replicated or printed on-demand, given their inherited characteristics regarding scarcity. These collectibles can be personalized as the owner wishes, and they are also interchangeable.
For those unaware, ERC-721 tokens are the standard NFT token on the Ethereum blockchain. It serves to describe the technical standard for collectibles or thing-like tokens on Ethereum, in the same way, the ERC-20 standard serves to describe money-like tokens on the same ecosystem.
How Does Rarible App Work?
Rarible App is a non-custodial platform where users can onboard to create and sell digital collectibles like digital artwork, Gifs, and other NFTs.
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It doesn’t require any sensitive information, as users log in using their private web3 wallets. The ownership and management of these rare tokens are in full control of content owners, as Rarible doesn’t own any private keys and can’t access users’ funds without previous confirmation.
Dig Into It
Users can connect to the marketplace via Fortmatic, Wallet Connect, and WalletLink. After a quick authentication process, the user is directed to the homepage screen.
On the upper side, there is the “Market Place”, “My Collectibles” and “Create Collectible” options.
Selecting marketplace, uses are automatically redirected to a unique marketplace for digital collectibles, where they can find several NFT’s available, exposed with their name, description, price, and availability. There are options to show NFTs filtered by the highest price, cheapest price, and recently added.
In the far left on the screen, Rarible App displays the top sellers in the marketplace, disposing them accordingly to the total value of sales.
When selecting “Create Collectible”, users can design and mint their own NFTs. It is possible to upload an image, name, and describe the art, putting an exclusive price and other optional setups as well. After it is concluded, there is no need for IT-savvy tricks, as the user just needs to bash the “Create” button and that’s it.
Rarible App has a low fee policy, so users just have to pay a small fee while minting their digital collectibles.
Get started with Rarible App for FREE over here!
The RARI Token
Rarible App recently launched the first governance token in the NFT niche, called RARI.
RARI is the utility token within the platform, helping bond the community and increasingly replace the current model into a DAO (Decentralized Autonomous Organization) model. Hence, it was designed to reward the most active users inside the platform as well.
More than half of the total supply is reserved for the top sellers and buyers on the Rarible marketplace. The rewards will be distributed according to weekly purchases and sales volumes, to incentivize cashflow and high-performance in their native environment.
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To give their idea a kickstart, the platform hosted two strategic airdrops to reward the most supportive users in the platform. The two events were put in place recently, in July 2020.
In the first airdrop, users already actively received 2% of the RARI’s total supply, according to their respective activities regarding selling and buying NFTs.
The second airdrop rewarded documented NFT holders and buyers with a 4% share over RARI’s supply for documented sales on Dune Analytics. Rarible’s team plans to host more airdrops, to spread its’ usage for all NFT owners using the platform.
The RARI token is not intended to be an investment, so holders can earn it only via active participation on the platform. RARI holders will have voting power over platform decisions regarding upgrades, also taking part in moderation and other governance aspects.
Rarible App is an open-source blockchain-based marketplace where users can create, sell, and manage exclusive digital collectibles.
The Non-Fungible Token (NTF) niche had a boom recently, so more and more projects now are building tools to ease the processes regarding minting and selling digital art, such as unique designs, paintings, Gifs and all types of digital art.
As scarcity is the main aspect behind the concept of these tokens (which means ever-growing value), smart investors must keep an eye on potentially profitable opportunities in this market.