Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Rarible stated that users can use Flow’s open-source infrastructure and resources to create NFT projects.
Rarible.com and Rarible Protocol recently announced the integration of Flow to achieve a more streamlined NFT experience. This means that users on the platform (Rarible.com) will be able to create, list, and trade NFTs powered by Flow. In so doing, the fast, decentralized, and sustainable features of the Flow blockchain provide some advantages. Notable among these are swift user experience and low gas fees.
Originally created by blockchain and NFT-gaming company Dapper Labs, Flow is a blockchain that facilitates optimal gaming and NFT interaction. The platform’s throughput can cater to countless active users at the same time, and its highest-costing transaction is about $0.0001.
Dapper Labs, which also created NBA Top Shot and CryptoKitties, designed Flow with both developers and end-users in mind. This is precisely what Rarible intends to take advantage of by integrating it with the Rarible Protocol. The implication of this is that holders of Flow-based NFTs can immediately start trading them on Rarible.com – according to a blogpost by Rarible. Notable among the aforementioned NFTs are NBA Top Shot, and MotoGP™ Ignition, Evolution.
In addition, Rarible also stated that users can use Flow’s open-source infrastructure and resources to create NFT projects.
Rarible Had Raised $14.2M Back in June in View of Flow Integration
Rarible raised $14.2 million, in June of this year, in Series A funding targeting the Flow blockchain marketplace. The Rarible platform grew tremendously within a year, from a trading volume of $28,000 to $150 million as of June 2021. The Series A funding round was spearheaded by CoinFund, a New York-based blockchain venture firm. Other notable participants included Venrock, a venture capital firm for the Rockefeller family, and 01 Advisors, another venture firm.
Other Recent Rarible Initiatives
Rarible functions as a decentralized NFT marketplace and minting platform that provides a range of services for digital artists. These include the creation and sale of artworks in the form of tokens, among others. In addition, the platform, which launched early last year, also provides supporting features to artists – such as hidden messages or high-resolution files for artwork.
Late last month, Rarible partnered with American multinational computer software company Adobe to protect NFT creators. The latter introduced a feature that requires metadata verification across all major Adobe platforms. These will reportedly assist NFT creators to secure their digital work against any misinformation.
Another Rarible initiative to take place this year was its collaborative effort with the Dallas Symphony Orchestra back in July. The American Orchestra released a musical event in NFT form on Rarible. The musical rendition underscored a rousing performance spearheaded by the director of DSO Fabio Lewis, and orchestra musicians from MET.
NFTs are currently enjoying explosive popularity across the world of digital assets – even permeating pop culture. It is not out of the ordinary to see eight-figure NFT art sales, as was the case with an artwork called Everydays: The First 5000 Days. Earlier this year in March, the NFT sold for $69 million at Christie’s Auction House.