Rarible NFT marketplace has added a slew of impressive updates as it looks to expand its reach in the growing NFT sector. Currently the ninth largest NFT marketplace (according to DappRadar data), the platform’s new expanded version is dubbed “Rarible 2”. Notably, the two most significant updates include a Web3 aggregator tool and new token-based rewards for users.
So, what is Rarible 2? What are its new features and what does this mean for the industry? Let’s find out:
What is Rarible 2?
Although not exactly a new platform, Rarible 2 is a “completely rebuilt” version of Rarible to make a user’s “NFT experience easy, smooth and fun”. Most importantly, Rarible has now expanded into an aggregated marketplace (more on that later). A new voting system, an improved $RARI token utility, and a few other features distinguish Rarible 2.
Rarible expands to an aggregated marketplace
Put simply, this update means that you can now purchase NFTs from a range of Ethereum-based NFT marketplaces within Rarible. The list includes OpenSea, LooksRare, X2Y2, Sudoswap, and all community marketplaces powered by Rarible Protocol.
Why exactly is this important? Firstly, users will no longer have to check every marketplace for NFTs. They can now find NFTs of all the popular Ethereum marketplaces within the same platform, making NFT purchases much simpler. Secondly, users will be able to buy NFTs from different marketplaces in a single transaction at no extra cost. This will significantly cut down transaction costs as users will no longer have to pay multiple gas fees across marketplaces.
That said, Rarible clarified that any NFTs not on Rarible are subject to different buyer fees, depending on the respective marketplace. Rarible, however, will not charge any extra fees for listings from other marketplaces.
Rarible 2 introduces a new rewards program
The second notable offering from Rarible 2 is its new rewards program. Originally, Rarible issued its native token, $RARI as a reward for listing and buying NFTs on the platform. Token holders also get governing rights in its decentralized autonomous organization, RARI DAO.
Now, the DAO has introduced a new “locking” process wherein token holders can lock their tokens. Those who lock 100 $RARI or more will get a range of benefits. This includes 0% seller fees on the platform, private Discord access, RARI Prime badge, and veRARI tokens.
Alternatively, those who have less than 100 $RARI tokens can lock them up in exchange for an equivalent amount of veRARI tokens. These tokens give them voting power on the RARI Foundation proposals.
“A lot of crypto is derived by very short-sighted decisions,” Alexander Salnikov, co-founder and chief strategy officer at Rarible, told Forbes. “The way to disincentivize that is only to give the ability to vote to people who cannot exit quickly.”
All in all, Rarible 2 is off to a promising start. As the industry goes through a tumultuous period, we can likely expect more platforms to make significant but necessary changes.