About

Rarible is an aggregated NFT marketplace that provides a platform for buying, selling, and trading non-fungible tokens (NFTs). The marketplace offers a range of digital assets, including art, collectibles, and virtual goods, allowing users to engage in transactions and interact with creators. In addition, Rarible offers a rewards system to incentivize participation and activity within the platform.

History

Rarible is a project based in Moscow founded by Alex Salnikov and Alexei Falin in early 2020. At its core, Rarible represents an NFT platform with a current focus on art and digital collectibles. In July of 2020, Rarible issued its own governance token –RARI – with the eventual goal that RARI token holders would control the Rarible marketplace.

Marketplace Liquidity Mining Coinciding with the launch of the RARI token, Rarible released a marketplace liquidity mining scheme to rewards active buyers and sellers. Since the liquidity mining incentives have been introduced, Rarible has been facing wash trading on the marketplace, as an example, a bad actor can create an NFT and ask his friends to buy it, after the transaction is done RARI token is sent to both buyers and seller address. As of September 2020, Alex Salnikov said there are more than 40% of the $750,000 worth of NFT trades on Rarible in August 2020 involved some type of wash trading. To help combat this issue, the governance is to submit a proposal detailing transaction fees from both parties in which later the transaction fees are distributed to all RARI holders.