NFT Marketplace Rarible and the RARI Token Explained

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)

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