Rarible is a market place where you can sell any goods you created but it has to be NFT (non-fungible token) which are items whose ownership’s are managed by a blockchain. The goal is to earn Ethereum and RARI tokens.
You buy and sell in Ethereum in Rarible, which helps you earn RARI token which itself can be bought or sold but mainly used for governance purpose in the platform. Meaning, you get to vote for a change or on an upgrade etc. RARI itself is not ‘money’ like bitcoin. It may seem a bit complex and yes there are a 100 things (figuratively) to know so first we need to understand the following:
Coin Vs Token
Lets look at what NFT (Non-fungible token) means
NFT are like ERC-721 (a smart contract standard) tokens which are hosted on Ethereum’s own blockchain. NFTs are unique digital items such as music, collectibles or artworks or even game items. As an artist, by tokenizing your work you both ensure that it is unique and brand it as your work. The actual ownership is blockchain-managed.
There is a famous example of an NFT which people love. Meet the CryptoKitties, the highly popular Ethereum blockchain game which lets users buy, sell and breed digital “cats”. And every CryptoKitty is unique and their ownership is verified by blockchain technology. Similarly there is Unisox which is going for thousands of dollars these days. You can actually redeem these and get a pair.
Top 10 NFT by Volume as of July 2020
How to earn Ethereum and RARI Token in Rarible ?
In the world of crypto currencies today, people are looking to invest what they already have and explore new ways of earning more. Rarible offers this exciting service.
After you signup you are going to need to connect a wallet where you have some Ethereum. Yes my friends you will need some funds even to start because just to upload your art you will need some money or as they call it ‘Gas’.
Once you got past this stage you create nice NFTs, upload them and wait for it to sell. You will be asked how many copies of the item you want to sell as well as the commission you want as royalty if your items are resold by others. This is the beauty of NFT. On top of that you will be given RARI tokens once in a while depending on the buy/sells and engagements you do.
If you are already creating music or art this is a fascinating new way to earn some crypto as side income. Actually because of the royalty you get, a popular item mighty set you up for life and big bucks.
How is RARI token distributed ?
RARI has been created to give Rarible community the power to influence decisions and incentivize active participation.
The main chunk (60%) of RARI’s total supply is kept aside for sellers and buyers on Rarible marketplace. 75,000 tokens are distributed every Monday by 12pm, San Francisco time to creators and collectors who sold or bought on Rarible during the past week. Both buyers and sellers get 50% each of the weekly distributed amount.
30% goes to the investors and team while out of the remaining 10%, a 2% will go to Rarible users and 8% to all NFT holders.
A little more about Rarible
The Russian duo of Alex Salnikov and Alexei Falin started Rarible in 2020. They havn’t looked back since because now it has more than 20,000 creators/collectors.
Rarible has recently raised an undisclosed amount in a pre-seed round that was closed by leading New York-based blockchain investment firm CoinFund which is a private cryptoasset investor and blockchain research and advisory firm.
The boost in money will help Rarible develop a community-governed, blockchain-based NFT marketplace that helps establish a direct relationship between digital content makers and buyers.
Rarible wants to slowly but surely transition to a true Decentralized Autonomous Organization (DAO), driven by its RARI governance token. DAO is an organization represented by rules that is transparent, controlled by the organization members and not influenced by a select few, admins or founders.
The interface of Rarible is simple and intuitive. You don’t need any code skills to get started. You need to definitely check them out. There are some nifty features like auction function and unlockable items too.
RARI Token Privileges
These are some of the token holder rights:
- Submit on proposals about:
- Rarible’s trading fees
- new Rarible features to be developed or implemented by Rarible team
- the use of RARI to further decentralize the governance and development of Rarible
- Vote on proposals
- Moderate creators on Rarible
- Curate featured artworks
Current Value of RARI
As of today one RARI will fetch you $2.91 and the highest it has reached is $7.50 back in September of last year. The total supply is 25 million and there are 2.78 mil in circulation. There are plenty of exchanges which offer trading of RARI. Here is a detailed page in coinranking.com if you want all the information.
Some other NFT Marketplaces
Here are some of the popular NFT marketplaces to checkout and compare:
Read the interesting story about Most expensive NFTs and Metakovan
Get you backside off the couch and hit Rarible. It’s the place to be for artists, miners and crypto yay sayers.