If you enjoy NFTs you have probably heard about Rarible. Rarible presents itself as “the first community-owned NFT marketplace” and it also operates its own token: RARI. In addition, RARI is the first governance token that can be found in the NFT field.
What’s a governance token you might be wondering? Let me introduce you.
Governance tokens give a community the power to influence decisions and incentivize active participation. This allows Rarible’s most active creators and collectors to vote for any platform upgrades and participate in curation and moderation. At the moment, there are two possible ways a Rarible user can obtain $RARI: Earn it through using the Rarible Marketplace and participating in the $RARI airdrop (being that 10% of the $RARI supplies are reserved to anyone who has purchased NFTs). Therefore, being a $RARI owner gives you certain token holder rights as mentioned above: voting, moderating and curating. These procedures can be seen in different sections of the Rarible web itself such as: Rarible Weekly Pics.
Ok, but what is Rarible exactly?
NFTs are in some way unique (very roughly explained), this allows them to be the perfect tool to create and distribute assets, art, etc with specific ownership, specific number of copies made, etc. Exactly how physical collectibles work IRL. Therefore, Rarible works with NFTs as a way to secure digital collectibles that are secured with blockchain technology. In this case in particular, Rarible’s NFTs are hosted on Ethereum’s own blockchain.
Raribles attention revolves around digital art and collectibles. Allowing users to trade various digital collectives and digital art pieces or NFTs. Furthermore, Rarible gives its users the possibility to create their own NFTs without any programming skills, giving them the chance to turn any collectible or artwork into a marketable piece.
The Rarible Project
Besides the whole creating NFTs from scratch and giving the community the power to interactuate with the platform, Rarible has a long-term project.
As Rarible itself states in it’s own website, the platform has “a goal to evolve towards a Decentralized Autonomous Organization (DAO), where all decision rights will belong to the platform users”. This will give $RARI the capacity to be not only an interactive tool used by the community but the ultimate governance instrument. Making the governance of the platform directly responsive to Raribles most active users. This will create a stronger community and will work as a way of making sure that the platform is operated by the members that enjoy it and use it the most.
Becoming a Rarible user
To be able to use Rarible you will need a wallet like Metamask to connect to the site and create an account, this wallet will hold your assets and will also be your payment method on the site.
After learning a little bit about Rarible’s nature and how it works, the only thing left is for you to try what the platform has to offer by yourself: Rarible’s marketplace, where you can find top sellers, the hottest artworks and collectibles and even explore in order to discover new creators. The website also comes with a top bar menu where you can find FAQs, acces the community related topics and discussions and start creating your very own NFT through the “Create” Tab.
We will soon be talking about specific NFT Creators on Rarible, stay tuned for the upcoming posts!
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Until the next NFT news and thanks for reading!
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