What is Rarible (RARI)?

Rarible is a platform based on the Ethereum blockchain that facilitates the creation, sale and purchase of ownership rights to digital works of art in the form of non-fungible tokens (NFTs). Rarible supports two types of NFT token standards: ERC-271, which allows for the creation of one-off unique items and ERC-1155, which allows for the creation of multiple editions of an item. 

Rarible initially began as a centralized operation but is moving towards becoming a DAO (decentralized autonomous organisation (DAO) through the utilization of the RARI governance token. RARI holders will have the right to participate in governance decisions of the platform. In 2021, Rarible announced that it would launch a marketplace on Dapper Labs' Flow blockchain, which is designed to host applications and facilitate quick transactions.

Rari token holders can submit and vote on proposals to change trading fees or add new features, act as community admins and curate artwork on Rarible. Rari has a maximum supply of 25 million tokens, 60% of which has been reserved for rewarding users of the Rarible platform. 10% was airdropped to NFT holders in the crypto community (not just Rarible users). Early investors and Rarible staff received the remaining 30% of the RARI token supply. 

Fun Fact

Rarible founder Alexander Salnikov has teased at the idea of introducing NFT market indexes. This could allow users to invest in the most valuable collectibles and bet on the NFT market as a whole. 

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