Rarible wants to be the one-stop shop for all of your NFT purchases
The Future. NFT platform Rarible is setting itself up for a maturing NFT ecosystem with two new features — one that sources NFTs from marketplaces all over the web and another that ensures that the DAO that controls it votes with the company’s best interests in mind. With the crypto winter still raging, Rarible likely hopes that the features can set up a more sustainable business model while also attracting new customers.
Let off the gas
Rarible wants to be the top platform for searching for the best deals in NFTs.
- Fast Company reports that the NFT marketplace dropped an aggregator feature that allows users to purchase NFTs from anywhere on the web… while staying in Rarible’s ecosystem. It’s like Google Flights for crypto art.
- That allows users to save on “gas” fees — the fees for making transactions on different marketplaces, which can quickly multiply if you’re jumping across other platforms — by putting all the various purchases on one transaction.
Rarible isn’t the first to roll out an aggregation option — OpenSea acquired aggregator platform Gem, and Uniswap Labs snapped up Genie. Rarible’s looks to be the first built from the ground up from a major marketplace.
Crypto locked down
What Rarible is doing that seems novel is incentivizing the holders of its token, $RARI, to keep on holding.
- The crypto is governed by a DAO, dubbed RARI DAO, with token holders having voting power in the entire company’s direction.
- But Rarible doesn’t want endless token trading, which creates a revolving door of members who may be voting for short-term gains instead of long-term success.
- So the DAO approved a process called “$RARI locking.” To have voting power, holders must “lock” their tokens so they can no longer be traded.
- In exchange for locking down the token, holders get “perks like 0% trading fees on items listed on Rarible and an invite to a special Discord channel.”
That hopefully ensures that the holders of the 25 million $RARI (15 million have been minted so far) vote with a long-term mindset.