Non-fungible tokens (NFT) are digital assets that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers.
One of the main benefits of owning a digital collectible versus a physical collectible like a Pokemon card or rare minted coin is that each NFT contains distinguishing information that makes it both distinct from any other NFT and easily verifiable. This makes the creation and circulation of fake collectibles pointless because each item can be traced back to the original issuer. Thanks to the Blockchain.
Why They’re Important
NFTs have become hugely popular with crypto users and companies alike because of the way they revolutionized the gaming and collectibles space. Since November 2017, there has been a total of $174 million spent on NFTs.
NFTs are globally recognized brands by Nike, Louis Vuitton, as well as the NBA. Some of the top traded NFT brands, according to digital trading site Crypto Slam, include NBA Top Shot, Crypto Punks, and Street Fighter.
The most popular NFT platform — NBA Top Shot — has sold nearly $270 million worth of unique NBA video highlights. The platform has seen about $10 million in sales in the past 24 hours, according to Crypto Slam.
What’s happening in the NFT ecosystem today is nothing short of a paradigm shift for a maturing sector of cryptocurrencies. As avid collectors frame their digital art using companies like Infinite Objects, there’s no denying the vast majority of buyers are here to speculate. This increased demand signals interest, but is highly reminiscent of the 2017 ICO boom that caused the market to crash many years ago.
However, out of that multi-year bear market came a strong wave of foundational companies and products like Uniswap and Compound that are here to stay. It’s this writer’s bet that the same will happen with NFTs.
How to Create & Sell NFT Collectibles?
Easy! The solution is Rarible, an NFT marketplace for users to create and sell digital collectibles through its platform. Rarible facilitates users to create and mint their digital collectibles without the need for coding skills.
What is Rarible?
Rarible is an NFT marketplace for users to create and sell digital collectibles through its platform. Rarible facilitates users to create and mint their digital collectibles without the need for coding skills.
Launched in early 2020 by Alexei Falin and Alexander Salnikov, Rarible is an open-source marketplace for users to mint, sell, and create collectibles. Any user can access the marketplace to create and display their artwork. Users can also collect the art pieces displayed by purchasing them in Ethereum tokens.
RARI Native Token Details
How Does Rarible NFT Work?
A user can either create a collectible or explore the Rarible marketplace. The user needs to connect an Ethereum wallet like Metamask, Fortmatic, Walletlink, or Walletconnect to the Rarible’s interface.
A user can either create a collectible using Rarible’s services or explore the marketplace to buy a digital collectible. One of the unique features of Rarible is that a user need not have any coding experience to create their art.
It is an open-marketplace and hence can be accessed by any individual. The native token of Rarible is RARI.
How Can I Access RARI?
The RARI token cannot be directly purchased from the Rarible marketplace. Instead, it is accessed by participating in the marketplace through different methods. 10% of the RARI total supply was airdropped to NFT collectors in July 2020. After this, the RARI token is distributed to the buyers and sellers of the Rarible marketplace.
Each week, on every Sunday, RARI tokens are distributed through a process called Marketplace liquidity mining. In this process, 50% of tokens are distributed to the buyers and 50% of tokens are distributed to the sellers of the Rarible market.