NFT Marketplace Rarible and the RARI Token Explained
What Are NFTs Non-Fungible Tokens
Non-fungible tokens are similar to collectibles, but digital or digital representation. These special cryptographic tokens have 4 key properties:
- Can't be counterfeited
- Can't be replicated
- Can't print to demand
- Has ownership guarantees
Two main types of NFT's
- ERC-721 tokens
- ERC-1155 tokens: Which combines both fungible and non-fungible tokens
What Is Rarible?
Rarible is on track to becoming the first decentralized and community-owned marketplace for non fungible tokens. Both ERC-721 and ERC-1155 tokens are supported on the Rarible platform.
What is RARI Token?
Rarible aims to become a DAO (decentralize autonomous organization) and an important part of making this come to be is a governance structure. That’s why the RARI token is a governance token. Right now, there are two main things you can do with RARI tokens.
- Community voting - proposals to improve the marketplace.
- Curation - community decides which NFTs should be featured on the Rarible marketplace.
What to expect from Rarible
The Rarible team has a plethora of different products and services in the pipeline. This includes things like:
- NFT market indexes (buy baskets of collectibles)
- price discovery mechanisms for NFTs (get alerts and notifications)
- a mobile app (buy, trade, and swap nft's on the go)
- social features (share, comment, interact with nft's)
- DeFi NFT’s (Defi, yields, mining, rewards in the NFT space)
- fractional ownership and more (Own fractions fo things such as domains, sales, real estate etc)