Rarible is a creator-centric NFT marketplace and issuance platform that utilizes the RARI token to empower users who actively interact with the protocol.
Users on the Rarible platform can easily create non-fungible tokens (NFTs) for unique digital items like artworks, game items and more. The platform offers users a fully-featured marketplace that is filtered and sorted using different categories to create a smooth and easy user experience.
Anyone can create and post NFTs on the Rarible marketplace. The RARI token is a fundamental pillar of the platform as it is used to reward active users and for participating in the governance of the protocol.
The Rarible team is based in Moscow and was co-founded by Alexei Falin and Alexander Salnikov in early 2020.
Alexei Falin is Rarible’s CEO, and also the co-founder of Sticker.Place, a computer software company that specializes in stickers. Falin graduated from the University of Southern California and the Higher School of Economics in Moscow.
Alexander Salnikov was the co-founder of Zenome and the ICO Director of Humaniq, a blockchain-based project that provides tools to the unbanked. Salnikov has founded more than five successful companies in the past and has extensive experience as a product manager. He now works as Rarible’s head of product.
According to the official Rarible LinkedIn page, the entire Rarible team consists of almost a dozen employees — many of whom are artists.
Rarible intends to become more than just a marketplace for digital collectibles and art through blockchain technology. The platform is used to create or “mint” NFTs with an extremely simple process that makes it accessible to those with little to no experience with NFTs.
This allows artists and creatives to create and sell their digital products with zero barriers to entry while still benefiting from the security enabled by blockchain technology.
The Rarible platform and protocol is an autonomous ecosystem that is governed by RARI holders, who are tasked with voting on governance proposals. In time, Rarible intends to transition to a fully decentralized autonomous organization (DAO) structure.
The entire NFT ecosystem is still fairly new, but Rarible is already aiming to use part of the revenue to subsidize the first mint transaction (NFT creation transaction) for users, in addition to other business strategies to fuel the growth of the platform.
The Rarible protocol is a solution to the limitations faced by the intellectual property market — such as challenging licensing and paperwork requirements. NFTs instead represent an easily accessible alternative available to anyone with just a few clicks.
The total supply of RARI is capped at 25,000,000 and its current circulating supply depends on user participation. As of November 2020, just over 850,000 RARI are in circulation.
The majority of RARI tokens (60%) are reserved for buyers and sellers on the Rarible marketplace. Every Sunday, 75,000 tokens are distributed to creators and collectors (50% each). This will be the case for at least 200 weeks after the marketplace launched. Rarible terms this process “marketplace liquidity mining.”
Additionally, an airdrop of 10% of the total supply is distributed among NFT holders (8%) and other Rarible users (2%). The remaining 30% of Rarible tokens will be gradually distributed to investors and the Rarible team.
The full tokenomics of the RARI token can be viewed on the official Rarible introductory post on Medium.
Rarible is a platform built on the Ethereum network. Its native governance token, RARI, is built on the ERC-20 token standard. The tokens created on the platform are minted using the ERC-721 non-fungible standard and are secured by the Rarible protocol.
Both ERC-20 and ERC-721 tokens are transacted on and secured by the Ethereum mainnet. This is a proof-of-work (POW), and soon-to-be proof-of-stake (POS) blockchain that uses a decentralized network of nodes and miners to ensure transactions are secure.
The transparency of the Ethereum blockchain can be used to certify and guarantee the uniqueness of NFTs traded on the Rarible marketplace — ensuring creators and collectors can be confident that their tokens are genuinely rare.