Rarible is an issuance platform and creator-centric non-fungible tokens (NFTs) marketplace. The RARI token, the world’s first governance token in the NFT field, is a pillar of the platform as it is used to reward users who actively interact with the protocol. This token participates in the governance of the Rarible protocol too.
On the Rarible platform, users can easily create NFTs for unique digital items like game items, artworks, and more. This fully-featured marketplace is user-friendly and filters and sorts items using different categories. Anyone, who is interested in NFTs, can create and post them in Rarible marketplace.
In 2020, Rarible Protocol was developed by Rarible.com, and its main purpose was to make it a public good and other projects could use to get to market and open-source their back-end infrastructure quickly. To govern this Protocol, the RARI token was launched, and since that time to grow adoption of this Protocol, the Rarible Decentralized Autonomous Organization (DAO) has formed.
The elements that Rarible Protocol includes is as follows:
The role of our DAO is to foster an NFT ecosystem using the Protocol, as quickly as humanly possible. In other words, this is an ecosystem of networkers, of builders, of creatives, and so much more. Creativity and ideas are the main elements to foster this network. The ultimate goal of it is bringing into existence web3.0, aka the Metaverse.
Rarible Protocol Top Use Case:
Rible is not merely a platform for digital collectibles and securing art using blockchain. This is one one the reasons why investors are flooding Rarible’s ERC-20 governance token, RARI. Moreover, users can also use Rarible to create “minting” NFTs.
Most notably, Rarible is also placing significant emphasis on creating an entirely autonomous platform, run through a community governance model. Moreover, Rarible is now shifting heavily towards becoming an actual DAO.
The most crucial factor for investors is Return On Investment (ROI). Over the last year, RARI' s ROI was only 987%! It indicates that buzz around this token has been picking up. However, it is way lower than its similar project in the "NFT" category, which saw an average ROI of 1,888%. Also, its yield was lower than the market's top 1500 cryptocurrency projects' average ROI.
Over the last five months, RARI's market cap has started its increasing trend since the last week of Jun. Over the last five months, the high market cap rank of Rarible was 288, and the lowest was about 490. Currently, the RARI is the #432 in the crypto market.
The jump seen for RARI's price followed the same trend since July. Its price almost has tripled since July 2021, rising from $7.52 to $23.55, at the time of writing this post on 11/9/2021. Moreover, RARI's liquidity score is 32% below the market's average score, which makes it a challenging sale in bear markets.
Another critical factor in determining the success of a cryptocurrency project is gaining public attention. Talking about popularity, RARI's Telegram channel users skyrocketed over the last three months, seeing a growth of 54%. However, we can see a significant decrease in the number of Twitter followers in the last week of September. Also, RARI's Telegram Growth Rate was about 17%. However, Reddit's growth rate was zero.
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