Rarible (RARI)

NFT Marketplace and Creation

Rarible is a platform where users can create, buy, and sell digital art and collectibles as NFTs (Non-Fungible Tokens). Creators can mint unique digital items like images, videos, or music and list them for sale. Buyers can browse collections, participate in auctions, or buy at fixed prices.

Multichain NFT Infrastructure

Rarible provides a fast, multichain API and protocol that supports NFTs across multiple blockchains such as Ethereum, Polygon, and others. This allows users and developers to access, trade, and manage NFTs seamlessly across different networks.

Developer Tools and Protocol

Rarible offers an open-source protocol and SDK that developers can use to build NFT marketplaces, wallets, and analytics tools. This protocol is blockchain-agnostic and supports creating custom NFT contracts while respecting royalties.

Governance and Community

The RARI token is used for governance on the Rarible platform. Token holders can vote on proposals, influence platform development, and participate in community decisions, making the platform more decentralized and creator-focused.

Real-World Asset Tokenization

Rarible enables tokenization of real-world assets by turning physical items into NFTs that can be bought and sold on the platform. This connects creators who tokenize assets with buyers and investors, streamlining ownership transfer through blockchain smart contracts.

Marketplace Features and Ecosystem

Rarible supports liquidity mining to reward active users, offers analytics tools for market insights, and provides a white-label marketplace solution (RaribleX) for partners to launch custom NFT storefronts without complex engineering. It also includes features like cross-chain wallet messaging and supports various NFT categories such as art, games, and memes.

Advantages of Rarible

• Easy to mint NFTs without coding skills, allowing creators to set royalties up to 50% on future sales.
• Supports multiple major blockchains including Ethereum, Solana, Polygon, Binance Smart Chain, Flow, and Tezos.
• Non-custodial platform, meaning NFTs stay in your wallet until sold.
• Allows buying NFTs with credit cards for fixed prices, converting payments to crypto for sellers.
• Charges a relatively low 1% transaction fee for both buyers and sellers.
• Community-governed as a decentralized autonomous organization (DAO), giving users voting power on platform upgrades.
• Offers a wide variety of NFT collections and is beginner-friendly.
• Supports multiple crypto wallets compatible with Ethereum.
• Encourages self-expression and community proposals for platform improvements.
• Has a slick app that links to wallets and displays user profiles and collections.

Disadvantages of Rarible

• The homepage can be cluttered and overwhelming for new users.
• Requires a crypto wallet connection, which may be a barrier for some users.
• Gas fees can be high depending on the blockchain used, though layer-2 solutions help reduce this.
• Some users find it not easy to use credit cards for payments.
• The platform was initially centralized and is still transitioning to full decentralization.
• Some complaints about technical issues and customer service responsiveness have been reported.
• The NFT market value depends heavily on demand, so not all NFTs will be valuable.
• Some internal company challenges have been noted, such as limited testing and manual processes, but these do not directly affect users.

Overall, Rarible offers a user-friendly, multi-chain NFT marketplace with strong community governance and flexible royalty options, balanced by some complexity for beginners and occasional technical or fee-related challenges.

Founders

Rarible was founded by Alexander Salnikov and Alexei Falin in early 2020 in Moscow.

Roles

Alexei Falin serves as the CEO and co-founder, while Alexander Salnikov is the co-founder and Chief Strategy Officer.

Background

The two teamed up to create a user-friendly platform for minting, buying, and selling NFTs, aiming to empower creators and communities in the digital collectibles space.

Major Investors

Rarible has raised about $16 million from around 20 investors. Some of the key investors include Venrock, CoinFund, 1kx, ParaFi Capital, Coinbase Ventures, 01 Advisors, Republic Capital, MetaCartel Ventures, and Bollinger Investment Group.

Funding Rounds

• Pre-seed round led by 1kx, with participation from CoinFund, ParaFi Capital, Coinbase Ventures, and others.
• Series A round on June 23, 2021, raised $14.2 million, led by Venrock and CoinFund, with 01 Advisors also involved.

Investment Focus

These investors are known for backing blockchain, DeFi, and Web 3.0 projects, supporting Rarible’s vision of a community-governed NFT marketplace and digital ownership.

Halal Status of Rarible

• Yes, Rarible can be considered halal because it is a platform for NFTs that does not inherently involve haram elements such as gambling, interest (riba), or prohibited goods like alcohol or pork.
• The halal status depends on the nature of the NFTs and the projects on Rarible; if the digital assets and their use comply with Islamic principles, then trading or investing in Rarible tokens aligns with halal guidelines.
• Rarible operates as a decentralized NFT marketplace and protocol, supporting transparent and fair transactions, which fits within the criteria for halal crypto investments.