A Rarible Opportunity in The War for NFT Supremacy
Rarible is a nonfungible token (NFT) marketplace where you can create (“mint”), buy, and sell digital collectibles. While the marketplace was founded in 2020, it’s already garnered over $6 million in total platform sales. Rarible's exceptional growth went parabolic in September, with a monthly sales volume that is now ten times greater than OpenSea, the reigning king of NFT marketplaces. While NFTs have mostly remained separate from the DeFi ecosystem, bull market euphoria and liquidity mining are quickly pushing these two crypto ecosystems together.
Rarible: A New Type of NFT Marketplace
Rarible platform volume was nearly nonexistent before RARI –Rarible's governance token – launched on July 15, 2020 and subsequently introduced incentives to buy and sell art on the Rarible platform. Since the RARI launch, Rarible NFT volume has surpassed $4 million, of which $1.5 million came on a single day (Sept 14). The majority of Rarible NFT volume comes from ERC-721 (60%) while ERC-1155 (40%) tokens represent the remaining amount.
The difference between the ERC 1155 volume and ERC 721 is interesting from an adoption perspective. Developed by Enjin, the ERC 1155 is designed for both fungible and non-fungible tokens so that a game could use ERC 1155 rather than requiring both ERC-20 for fungible tokens and ERC 721 for non-fungible tokens. The ERC-721 standard has experienced wider adoption comparatively since it’s been around longer, but ERC 1155 is slowly starting to gain more appeal for NFT issuers.
Mason was a Senior Research Analyst at Messari focused on Web3 protocols and cryptoassets. Before Messari, Mason worked at ConsenSys as a Content Marketer focused on marketing strategy. Mason obtained his Master’s in Business Management at Hong Kong Baptist University.