Rarible is the first community-owned NFT Marketplace. It was launched in 2020 by Alex Salnikov and Alexei Falin. Rarible runs on the Rarible Protocol. As of April 2022, Rarible supports Ethereum, Flow, Tezos, and Polygon in beta. Rarible issues both ERC-721 and ERC-1155 NFTs. Rarible headquarters is located in Los Angeles, California.
Rarible was launched in 2020 by Alex Salnikov and Alexei Falin. An idea behind Rarible is to make NFT accessible to everyone. Rarible is the first NFT marketplace to allow users to "mint", i.e. create, NFTs in a few clicks. Rarible aims at eventually becoming a community-owned decentralized autonomous organization (DAO). In July 2020, six months after the launch of the project, the team presented the platform's RARI governance token.
Rarible enables users to search, browse and trade NFTs in the following categories:
- The Other Art Fair;
- NFT LA.
The Rarible Marketplace runs on the Rarible Protocol.
Interface and Features
There’s a ranking of NFT collections on Rarible’s main page. There is also an overview of trending works, hot bids and top sellers ranking. Also, there is an “Explore” block that can be filtered by category, blockchain, collections, sale type and price range. Information on the item’s price, blockchain, author and current owner and collection is always available. In addition to gifting NFTs from their collections users may follow each other and their favorite artists and collectors. That way they can easily customize their content feed.
Rarible promotes verified accounts on the platform. Accounts are verified manually by the platform staff. A yellow check mark appears next to the account's profile picture once it is verified. Verified accounts appear in the “Explore” block and in search queries. They can also get into the platform’s leaderboard. Accounts’ verification is used to fight fraud on the platform. The verification process implies completing the account settings: users have to set up a cover and a profile picture and own several NFTs created by other users. A completed bio and a link to the user’s Twitter account increase the chances of users getting verified.
On Rarible users can release NFTs in a single or multiple copies. NFTs can be released within a collection. NFTs outside any certain collection get into the Rarible default collection. Rarible also enables NFT creators to add unblockable secret links and content that is only available for NFT holders.
The platform makes it possible to sell NFTs
- at a fixed price;
- in an English type of auction. An NFT seller sets the auction duration time, the starting price and the minimum selling price of NFT. The highest bid gets the item on sale. If the last bid was made less than 10 minutes before the end of the auction, it is extended another 10 minutes;
- in an open bidding. Potential buyers make the seller their offers with a deadline, and the seller has the right to accept or reject the offer.
Rarible supports Visa and Mastercard paying services when purchasing items with a fixed price. Visa and Mastercard are not supported at Rarible auctions.
Fees and Royalties
Rarible takes 2.5% fee . The platform enables lazy minting, and the NFT creator does not pay any fee for minting, i.e. creating NFT. Creating NFTs on the Flow Blockchain is free for all Rarible users.
Rarible allows creators to set up and receive royalties from sales on Rarible, even if the item was minted on another platform. There is a “split” royalties function, when royalties are distributed among multiple users who took part in the creation of an NFT.
The Rarible marketplace operates on the Rarible Protocol.
Rarible Protocol is an open source cross-chain project enabling an easy way to create and maintain dApps. Rarible Protocol is the first open source indexer available. Rarible protocol is governed by the Rarible DAO community.
Central to the Rarible Protocol is a decentralized exchange with a function of split fees and royalties. Several users can share royalties from co-creating an NFT. This has become an opportunity for users to experiment and create collectively. The Rarible Protocol allows the “lazy” minting. The creator of an NFT can list their NFT without paying a fee. The protocol also enables receiving royalties from selling on the Rarible platform even if the item was minted on another platform.
The protocol can support applications for:
- minting, i.e. creating NFTs;
- searching, browsing and managing NFTs;
- integration with existing applications on the platform;
- data analysis;
- custom marketplaces.
Rari Token In july 2020, driven by the goal of becoming a DAO, Rarible issued their native governance token RARI. RARI enables the Rarible user community to make key decisions concerning the platform’s future.
RARI gives its holders the rights to: 1) vote for the updates in the system; 2) moderate the platform;
To celebrate the launch of RARI, the platform hosted a three-stage RARI giveaway, the so-called airdrops. Active users on both Rarible and other NFT marketplaces could participate in airdrops. 10% of all RARI tokens have been reserved for airdrops. 2.5 million RARI tokens have been given away to NFT creators and collectors.
The weekly distribution of RARI is launched on July 15, 2020. It was first aimed at rewarding active NFT traders on Rarible. With the launch of the Rarible Protocol, it is now intended to stimulate the development of DAO and apps built on top of the protocol. Every week, 55%, or 41,000 RARI goes to apps built on the Rarible Protocol including Rarible.com. 45% or 34,000 RARI goes to the DAO treasury. The Rarible Marketplace is built on the Rarible Protocol, so RARI tokens are also distributed weekly among its active traders. The total supply of RARI is 25 million tokens, 60% of which is reserved for traders on the Rarible marketplace, 30% is owned by the Rarible team and investors, and the remaining 10% is reserved for airdrops.
On January 16, 2022, the weekly distribution of RARI for trading on the Rarible marketplace was terminated by a vote of the Rarible DAO community.
As of April 2022, the circulating supply of RARI is 11,255,496 and its market capitalization is $175,780,559, according to CoinGecko.
By June 2020, Rarible's trading volume was $28,000, and by September it increased to $8.5 million. The market capitalization then was $12 million. Around the same time the Rarible community voted in favor of introducing a 2.5% fee per a transaction on the marketplace. In November, Rarible started supporting music and video NFTs.
The total sales volume of the Rarible Marketplace in 2021 was more than $273 million. In February, Rarible raised $1.75 million seed round from 1kx, CoinFund, ParaFi and Coinbase. In June 2021, Venrock Capital, 01 Advisors and CoinFund invested $14.2 million in Rarible. In August, the official Rarible Protocol and the Rarible app on iOS were released. In September, Rarible started supporting Apple Pay, Visa and Mastercard. In November, Rarible started supporting Flow and introduced its own Rarible Messenger. It also launched its integration with Nori to reduce the carbon footprint of NFTs. In December, Rarible integrated Tezos.
On January 16, 2022, the weekly RARI giveaway for trading on the Rarible marketplace was terminated by a vote of the Rarible DAO community.