The crypto market is no longer limited to the trading of cryptocurrencies alone. Instead, the market comprises NFTs (Non-fungible tokens), which digitally represent creative ideas in the form of artworks, games, etc.
Rarible is an open-source marketplace that helps users create, sell, and mint digital collectibles. Designed by Alexei Falin and Alexander Salnikov in 2020, this marketplace is a one-stop option for creative artists to create and sell their artworks and purchase others through Ethereum coins.
Functioning of Rarible
Rarible offers open access to all creators to sell and purchase their artworks through digital collectibles. The project also provides Intellectual Property rights to the creators of artworks. Additionally, it is also non-custodian in nature, which helps users to possess their digital collectibles. Since its launch in 2020, Rarible has found a lot of support amongst the creators for various reasons. First, creators could exchange digital collectibles at affordable rates, and second, users without prior coding knowledge or expertise could access Rarible. Thus, the project was user-friendly, thereby attracting several users.
Users can operate on Rarible in two ways. They can either create their collectible or study and navigate through the site for more knowledge. However, they have to connect an Ethereum wallet like Metamask, Walletlink, or similar wallets to Rarible before carrying out any transaction. RARI is the native token of the platform.
Advantages and Disadvantages
The following are the advantages of Rarible:
Liberty of the User
Rarible is an open-source marketplace for NFTs, which indicates that every user can access its features. Additionally, while the platform helps buy and sell digital collectibles, it also allows users to design their own collectibles. Thus, the platform offers enormous liberty to the user and is perfect for creative minds.
IP Rights of the Users
Rarible not only eases the process of exchanging digital collectibles through Ethereum coins but also helps in preserving the authenticity of the collectibles. It provides users with Intellectual Property rights that maintain the work of the artists. It also protects artists’ rights through several mechanisms and has several features where the artists can report their work being copied.
Rarible focuses on maximizing the liberty of users and thus rewards them with RARI tokens. The NFT users also receive voting rights depending on the nature of transactions. These voting rights help them vote for or against a decision taken by the Rarible community, which might affect their activities.
While Rarible has several advantages, users might face the following disadvantages too.
Only Supports Ethereum Tokens
One of the most significant disadvantages of Rarible is its limited support of digital tokens. Users on Raible can only use Ethereum for their transactions, which can limit their activities. Evidently, such limited support is a significant drawback of the project.
Relatively New Project
Rarible was launched in 2020, and hence, it is a relatively new project. Thus, users find it challenging to get a roadmap or a guide that can help them trade NFTs. The security features and other functions are also yet to be examined. Thus, it is challenging to prove or comment on the efficiency of the project.
Complex Process of Creating a Rarible Wallet
Users might find it challenging to create a Rarible wallet owing to its several steps. Though they can connect to an existing wallet, the project only supports a handful like CoinBase, Portis, Wallet Connect, etc.
Rarible helps users trade digital collectibles and create their own. However, it is vital to assess the pros and cons of the project before one starts investing, and the points mentioned above can help in the same. Overall, one can trade digital collectibles at nominal rates using Ethereum and develop a knack for creating them with the project’s features.