Rarible is an Ethereum-based platform that allows for the creation, sale, and purchase of ownership rights to digital artworks via non-fungible tokens (NFTs). The platform is both a marketplace for NFTs, as well as a network that enables their trade without the need for an intermediary.
This article will explore the Rarible NFT marketplace to understand what it is and how it functions. We will also be taking a look at the platform’s native RARI token, learn what purpose it serves on the network, and make future price predictions for the token before determining whether it is a credible cryptocurrency investment.
What is Rarible (RARI)?
Rarible is a community-owned NFT marketplace, issuance platform, and cryptocurrency network that is deployed on the Ethereum blockchain. The platform allows digital artists and creators to issue and sell NFTs that represent ownership of their digital work.
Rarible makes use of two NFT token standards: ERC-721, which allows for the creation of one-off unique digital collectibles, and ERC-1155, which enables the creation of multiple editions of a single item.
To access the marketplace, one must need an Ethereum wallet, such as Metamask, Argent, or Coinbase wallet.
Rather than simply being an NFT marketplace, Rarible is also a distributed network built on Ethereum that enables the trade of digital assets without a middleman.
Let us take a look at how it all works.
How does Rarible work?
Rarible functions as an NFT marketplace that aims to connect sellers, who are typically digital artists, with buyers who are in to collect the items they wish to purchase.
To convert their works of art into an NFT, creators must first “mint” a token on Rarible. To do this, they have to fill out a form on the website with details regarding the item they wish to sell and attach media including images and other data, such as a listing price.
Then the platform creates an NFT token and deploys it on the Ethereum blockchain. Just like other tokens on Ethereum, NFTs minted on Rarible can be transferred to other supported wallets.
Within the NFTs code, Rarible embeds the full history of its owners and transactions. And when a transaction goes through, both the buyer and the seller have to pay transaction fees.
Creators are also able to program royalties into their NFT’s smart contract. This ensures rights to future cash flows from those assets, meaning they can earn a certain percentage from future sales of their digital artwork.
For example, if a creator listed an NFT with a 10% royalty, then they would receive 10% from the consequent sale of that piece.
What is the RARI token?
RARI is the native utility token of the Rarible NFT marketplace, and it plays a key role in the maintenance and operations of the platform.
RARI is also the platform’s governance token, wherein holders gain the ability to submit and vote on development proposals. They can vote on possible fee structure changes, how those fees are managed or spent, and the rules governing creators.
There will be a maximum of 25 million RARI, of which, 60% of tokens in supply are reserved for Rarible users and distributed to buyers and sellers over the first four years of the network’s operation. Anyone who either purchased or sold NFTs on the platform once a week is eligible to receive RARI the following week.
Rarible (RARI) Price Prediction: 2024, 2025, 2030
At the time of writing, RARI is trading at $3.62 – up 27.6% in the last 24 hours.
Based on its current valuation, RARI is forecasted to trade within a minimum price of $2.41 and a maximum price of $5.89 in 2024. The average trading for Rarible this year would be $2.51.
In 2025, Rarible is expected to trade within a price range of $3.47 on the lower end and $26.65 on the higher end. Rarible could be trading at an average price of $5.56 next year.
The price prediction for Rarible in 2030 is for the token to trade between $13.59 on the lower end and $22.03 on the high end. If RARI manages to reach the upper price target during that year, then it could gain 273% over its current value.
Where to buy RARI?
Rarible (RARI) can be traded on the following cryptocurrency exchanges:
Is Rarible a credible cryptocurrency investment?
Rarible is an NFT marketplace deployed on the Ethereum blockchain where creators can sell their digital works of art to interested buyers or collectors without the need for any middleman.
Since its founding in 2020, Rarible has become one of the most popular NFT platforms. Moreover, it has been designated as the world’s first community-owned NFT marketplace where all governance decisions are made with the approval of the community.
The platform’s native RARI token also has several use cases, and since it is tied to a popular Ethereum-based digital asset platform, RARI has subsequent value and utility outside of the marketplace. The token’s future price prospects look bright as NFT technology is here to stay and will be a more prominent way of storing real-world artworks digitally.
All things considered, I can say that Rarible is a credible and unique cryptocurrency and blockchain platform, and can be recommended as a noble investment in the space. However, as is the case with every other cryptocurrency, RARI is also prone to extreme price volatility. Therefore, I suggest that you do your due diligence before investing in Rarible.
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