By
Benjamin Njiri
April 23rd, 2024
The Rarible NFT marketplace chose Polygon (MATIC), an Ethereum scaling solution, due to its high NFT adoption rate.
Rarible, a creator-centric NFT marketplace and issuance platform that utilizes the RARI token, has announced a zero-code Polygon community marketplace builder. Originally launched on the Ethereum network in August last year, the Rarible community marketplace builder lets any NFT trader independently create their marketplace. As such, NFT traders can set their custom fees and in return minimize fake collections.
Rarible and Its Polygon-based Project
The Rarible customizable NFT marketplace ensures content creators are paid royalties from the fee collected. Consequently, the decentralization of NFT marketplaces helps scale the adoption of digital collectables in different chains. Moreover, the NFT multi-chain capabilities help creators reach out to more traders on a secure and scalable infrastructure.
“All community marketplaces have built-in liquidity via orders aggregated across the biggest NFT marketplaces in the space (i.e. OpenSea, X2Y2, Rarible, LooksRare). So if your collection is listed on OpenSea, for instance, those same orders will be automatically displayed on your community marketplace,” Rarible explained.
The Rarible NFT marketplace chose Polygon (MATIC), an Ethereum scaling solution, due to its high NFT adoption rate. Notably, Polygon has partnered with key institutional NFT investors including Nike, Reddit and web3 platform y00ts.
The company has, however, indicated that the Polygon-based NFT community marketplace will not have listings aggregated from other NFT marketplaces, to begin with. Nevertheless, Rarible has noted that it is working on adding OpenSea Polygon orders with others in the pipeline.
“We are bullish on Polygon,” said Rarible co-founder Alexander Salnikov. “We’re bullish on creators that want to take ownership of their assets and ownership of the contract.”
Rarible and the NFT Market Outlook
Rarible intends to help every NFT creator have their marketplace to interact directly with the traders. Having launched in 2020, the Rarible NFT marketplace has grown to a reputable platform on different chains. Notably, the Rarible marketplace utilizes the RARI token with a total circulating supply of 25,000,000 tokens. According to our latest crypto price oracles, RARI is trading around $2.07, down approximately 1.33 percent in the past 24 hours. Nonetheless, the RARI token has gained approximately 27 percent in the past 14 days.
Notably, the RARI ecosystem has a market capitalization of approximately $29,864,294 and a 24-hour trading volume of about $426,776.
The NFT market has significantly shrunk during the 2022 bear market as trading volume sharply nosedived. Nevertheless, institutional investors seeking to develop metaverse Web3 platforms that tap into the NFT market have grown exponentially.
Moreover, several governments around the world have recognized the potential of metaverse and NFT markets in widening their economies. Notably, NFTs are no longer treated as jpegs running on blockchain but as valuable assets that can revolutionize many industries across the board.