By
Kseniia Klichova
April 23rd, 2024
Rarible and Cyber are pooling their respective resources together to create an immersive NFT VR experience within the metaverse.
Ethereum-based Rarible Protocol is partnering with virtual reality platform Cyber to create a virtual NFT marketplace. Under this initiative, Cyber will integrate Rarible’s tech to grant Cyber users access to collectibles beyond the Cyber marketplace. These collectibles include all the projects that currently use the Rarible Protocol, including Rarible.com, a top 10 NFT marketplace. In fact, according to DappRadar, Rarible.com has registered about $291.88 million in trading volume since its inception over two years ago.
What Makes the Rarible-Cyber Collaboration So Appealing?
The Rarible-Cyber blend is unique and works with the growing footing in the NFT space. Also, most notably, the initiative between Rarible and Cyber will allow for the purchase of NFTs without leaving the metaverse. Cyber, which launched in February last year, stated that the new functionality enables consumers to browse for NFT collectibles through an immersive VR experience. As the VR platform’s founder Rayan Boutaleb explained in a media session:
“You had all these top-to-bottom companies that were selling [virtual] land that is quite expensive, and then you had a lot of 2D platforms, but not the option in the middle. We launched and placed the first brick of a bottom-up metaverse company that we would build with the help of the [blockchain] community.”
Furthermore, Boutaleb added that the Cyber VR app can run on old and new-model mobile phones. In addition, the virtual reality platform’s creator also stated that it can function in Oculus, increasing the audience for potential NFT buyers.
Cyber currently enables artists and creators to showcase their digital assets for free.
Rarible Protocol
Rarible, launched in 2019, functions as a marketplace and also a protocol that facilitates NFT issuance and decentralized apps. The protocol helps to significantly simplify the market process for NFT projects. Rarible Protocol achieves this via its open-source cross-chain functionality. It is this same attribute that will noticeably enhance the Web3 functionality, as well as the overall user experience.
Rarible-enabled projects and ideas easily deploy to various blockchains to build consumer-oriented applications. In addition, the platform also allows for smart contract developers to create and embed features in the protocol.
To interact with the Rarible platform, developers use its native RARI token which has a current market capitalization of $54.5 million, according to CoinMarketCap.com.
Back in December last year, Rarible integrated with Tezos, an open-source proof-of-stake blockchain.
The Age of NFTs
Coming off an explosive year in 2021 the NFT space experienced a surge in startups and increased mainstream acceptance, and now plays a vital role in the digital world. In addition to Rarible, OpenSea is another NFT marketplace (currently the largest) enjoying massive success. Furthermore, several NFT collection brands, most notably the Bored Ape Yacht Club and Cryptopunks are selling for millions of dollars. Even celebrities are taking advantage of the NFT craze and launching their own inspired projects.