Rarible (RARI)

NFT Marketplace

Rarible is mainly used as a platform where users can create, buy, and sell digital collectibles called non-fungible tokens (NFTs). It allows artists and collectors to trade unique digital art and other digital assets secured by blockchain technology.

Governance

The RARI token is used for governance, letting the community vote on decisions about the platform’s development and policies. This helps make Rarible a decentralized and community-driven marketplace.

Developer Tools and API

Rarible offers an open-source protocol and a fast multichain API that developers can use to build their own NFT marketplaces or integrate NFT trading into their apps. This supports a wide range of NFT-related projects and services.

Multichain and Cross-Platform Use

Rarible supports multiple blockchains, enabling users to access NFTs across different networks. This makes NFT trading more accessible and flexible.

Ecosystem Growth

The RARI DAO focuses on growing the Rarible ecosystem by funding new web3 projects and expanding NFT use cases, aiming to create a creator-centric and fully decentralized environment.

Pros

• Rarible is beginner-friendly, making it easy for new users to mint, buy, and sell NFTs without needing coding skills.
• No upfront gas fees and credit card payments are available, simplifying the buying process.
• Supports multiple blockchains including Ethereum, Solana, Flow, and Polygon, offering more options than some competitors.
• Users can earn royalties on future sales of their NFTs, providing ongoing income for creators.
• The platform is community-governed through the RARI token, giving users a say in its development.
• Non-custodial marketplace: users keep full control over their tokens at all times.
• Smart Minting allows creators to release collections on multiple chains simultaneously.
• Supports major Ethereum-compatible wallets like Metamask, Torus, Portis, and Coinbase Wallet.
• Offers a decentralized hub for NFT trading, aligning with crypto’s core principles.

Cons

• A service fee applies (around 1% to 2.5%) plus gas fees when minting or selling NFTs.
• Limited to certain cryptocurrencies and blockchains, which may not satisfy all experienced users.
• The number of NFTs on the platform is not publicly disclosed, which may affect transparency.
• Some users may find the platform less suitable if they want a wider variety of cryptocurrencies beyond those supported.
• Regulatory policies around crypto and NFTs are evolving, which could impact the platform in the future.

Founders

Rarible was founded by Alexei Falin, Alexander Salnikov, and Ilya Komolkin.

Roles

• Alexei Falin is the CEO and co-founder.
• Alexander Salnikov is a co-founder and Chief Strategy Officer.
• Ilya Komolkin is a co-founder and Head of Design.

Investors in Rarible

Rarible has raised about $16 million in funding from around 20 investors over 3 to 4 rounds. Some of the known investors include CoinFund, Venrock, 01 Advisors, 6th Man Ventures, AlfaCatalyst Ventures, Collab+Currency, Platinum Capital VC, Republic Capital, ParaFi Capital, and Coinbase Ventures. These investors have supported Rarible as it developed its NFT marketplace platform.

Halal Status of Rarible

• Halal or Not: Yes, Rarible can be considered halal.
• Reason: Rarible is a platform for creating and trading NFTs, which are digital collectibles. NFTs linked to real-world ownership or halal art, and that avoid prohibited elements like excessive uncertainty (gharar), gambling (maysir), and interest (riba), can be halal. Since Rarible facilitates the sale of digital art and collectibles without involving haram activities, it aligns with Islamic finance principles.