Rarible (RARI)

NFT Marketplace

Rarible is a platform where users can create, buy, and sell NFTs (digital collectibles). It supports Ethereum and Polygon blockchains, allowing artists and creators to mint unique digital items and sell them directly to buyers.

Governance

The Rarible token (RARI) is used for governance, letting holders vote on platform decisions and influence the future development of the Rarible ecosystem.

Developer Tools

Rarible offers open-source protocols and APIs that developers can use to build NFT apps, marketplaces, wallets, and analytics tools. This helps expand NFT use cases and supports a decentralized NFT ecosystem.

Community and Collaboration

Rarible fosters organic community growth by partnering with brands, creators, and projects to bring new NFT experiences and collaborations to users.

Revenue and Trading

The platform provides features like instant liquidity, advanced discovery, and consumer-ready trading experiences, helping users trade NFTs easily and creators earn royalties on sales.

Pros of Rarible

• Easy to mint NFTs without coding skills, making it beginner-friendly.
• Supports multiple blockchains including Ethereum, Flow, Tezos, Polygon, and Binance Smart Chain.
• Allows creators to set royalties up to 50% on future sales.
• Decentralized governance with RARI token holders able to vote on platform changes.
• Accepts multiple crypto wallets and also credit card payments for fixed-price NFTs.
• Low transaction fees (1% for both buyers and sellers).
• Non-custodial platform, meaning users keep control of their NFTs until sold.
• Active community involvement and self-expression encouraged.
• Multi-wallet support allows managing NFTs across different wallets in one profile.

Cons of Rarible

• The homepage can be cluttered and overwhelming for new users.
• Gas fees on Ethereum can be high, though layer-2 solutions help reduce this.
• Requires a crypto wallet connection, which might be a hurdle for some users.
• Transaction fees apply to both buyers and sellers, unlike some competitors.
• Some users report issues with customer support and account recovery.
• The value of NFTs depends heavily on demand, which can be unpredictable.
• The platform is still evolving towards full decentralization, so some features may change.

Overall, Rarible offers a flexible and community-driven NFT marketplace with strong creator benefits but may feel complex for absolute beginners.

Founders of Rarible

• Alexei Falin: Co-founder and CEO of Rarible. He has a background in full stack development and entrepreneurship, with experience in building marketplaces and blockchain projects.
• Alexander Salnikov: Co-founder and Chief Product Officer. He helped develop the Rarible Protocol and leads product innovation at Rarible.

These two started Rarible in 2019 to create a user-friendly NFT marketplace where anyone can mint, buy, and sell digital collectibles.

Investors in Rarible

Rarible has raised about $16 million in funding over 3 rounds from a total of 20 investors. Some of the main investors include:

• CoinFund: A blockchain investment firm that supports promising crypto projects.
• Venrock: A venture capital firm known for backing technology startups.
• 1kx: A Web3-focused investment fund.
• ParaFi Capital: An investor focused on DeFi and blockchain projects.
• Coinbase Ventures: The investment arm of the Coinbase exchange.
• MetaCartel Ventures: A venture fund supporting decentralized applications.
• Bollinger Investment Group: An investment group involved in crypto.

These investors have helped Rarible grow as a community-driven NFT marketplace.

Halal Status of Rarible

• Yes, Rarible can be considered halal depending on its use and compliance with Islamic principles.
• It is a decentralized NFT marketplace where users create, buy, and sell digital collectibles.
• The halal status depends on whether the tokens and NFTs traded are free from prohibited elements like gambling, interest (riba), or haram business activities.
• Islamic scholars generally say crypto tokens are halal if their projects and features do not involve forbidden activities.
• Each user should verify the specific use case and consult knowledgeable sources for personal guidance.