Rarible Review (NFT Researches Part

In my previous article, I introduced the Opensea platform. For Opensea, we can categorise it and call it like uniswap of NFTs. For more details about how to learn buy and sell NFT on Opensea, you can read the following topic below.

https://bitcointalk.org/index.php?topic=5251544.msg54513567#msg54513567

Nowadays , I decided to examine one of the popular NFT projects which is Rarible. I would like to review the Rarible because it is one of the most popular NFT project on Opensea. In addition to this, the fact that I have heard about it frequently on social media platforms like Twitter, has been a reason for me to complete this review.

What does NFT means ?

NFT means "Non Fungible Token" and written as a NFT in a short way. Briefly it means unique tokens which are different then each other. If Bitcoin were a NFT, each bitcoin would be a separate bitcoin and their prices would be different then each other. Each of them would have a separate 'coin id' and would be sold separately. It would probably have been valued and sold individually by people according to their serial numbers.

Where Can NTFs Be Used?

For example, let's say that you are tokenizing an apartment as a whole. However, as the size of each flat, rental income, expense, etc. are different from each other, the monthly payments that will be distributed to the holders of these tokens will be different. So it wouldn't make much sense to tokenize this apartment with erc20. Instead of this, different NFT tokens representing properties and various rights work better in these kind of situation.
If we give an example of game items, each item in the games has different features from each. So in that sense, it is impossible to tokenize these items on the blockchain with erc20. Blockchain-based games also have to use NFT for tokenized transactions. If we look at the art world, every product is different from each other as well. Because of this reason, it is impossible to be tokenized with a single erc20.

What is Rarible?

Rarible is an NFT marketplace project. In that marketplace, you can buy digital collections and digital artworks with ETHs.

Is there any really useful stuff being sold in that marketplace?

Unfortunately, my opinion for the project is that there is nothing logical and worth inside this project . Most of the artworks that are listed up for sale consist of copy-paste images taken from Google. Also, being a legal owner of these NFTs does not prove that these contents are belong to you. You just load stuffs like a games and list it up for sale with ETH. Generally, the internal trading volume is created by people who buy and sell their NFTs from their side accounts. But, ı believe that projects like this need time. I think there will be a big blockchain based digital product market in the future. For example, I am talking about the times when we can buy shares from copyright by clicking on music and staking their royalties in our wallets. I mean, a global market that will be legally accepted by the courts. But recent projects are very crude-primitive at that point.

How to make NFT mining from Rarible?

You can log in with your Metamask wallet and mine your own NFT with a few clicks. https://app.rarible.com/

After logging in, you need to click on "Create Collectibe" tab.
You will see two options which are single and multiple. If you choose the Single option, your NFT can only be received by one person. In Multiple option, you can divide the NFT into parts. For example, you can divide your NFT into 10 different shares. Someone can come and take one part (1/10) of it and own 10% of the copyright.

On the following page, after signing it with your wallet and paying a fee,
you can create your NFT by entering various information such as the picture and description of the work.

What does RARİ means ?

Basically, RARI is the Erc-20 based platform. It is like the UNI of Uniswap. It is distributed as a reward to users who make transactions on Rarible. This is called marketplace mining. Based on your trade volüme, you can earn more RARİ, that means the more you trade, the more you earn. RARİ owners get voting rights for the operation of the platform. Evendough its not avaible at that point, for the future its possible that various features such as sahibinden.com has, like highlighting the listing can be offered to RARI holders.

Details of Token: Each week, 75,000 RARI tokens are distributed to the platform users through marketplace mining. Which means, there is a weekly supply of 75,000 new tokens.

Based on the datas that CoinGecko published, the total circulation number of RARI is 2,302,271. (2.12.2020)

The maximum supply looks like around 25,000,000. Since the number of circulation in the market is still very low, it creates sales pressure for 75,000 new RARIs produced every week.

According to Coinmarketcap data, the number of tokens in circulation seems to be 855,330.

I really don't know which one is true or wrong, but if I can figure out the true number, I will update the data and give you a exact number.

As a result, we can say that the supply circulating is very low and the weekly release of high rates of new tokens suppresses the RARI price.

Sociological Evaluation
For the RARİ, you can ask that, can it be HYPE or not ? By analyzing the on going environment, I can say that despite the high weekly supply of RARI price, there is an active number of platform users (Approx. +20.000 users). And these people are constantly trying to sell their NFT by posting with a ‘’rarible’’ tag from their Twitter accounts. Some NFT producers organize airdrops and raffle on Twitter. Generally on these posts, they offer RT condition. What I try to say here is that RARİ has a serious viral interaction potential on social media. Many projects do not have the features that make their name heard in this way. In addition, there is a group of people who have expectations such as DeFi for NFT projects. Nowadays, you may come across the word ‘’NFT’’ more frequently on news sites and telegram groups. I think RARI may be one of the tokens to be addressed first in case of a possible NFT hype due to reasons such as Rarible being in the first place in opensea, the name of Rarible with NFT hashtags being frequently mentioned and nested in social media.

Note: Tough discussions are taking place on Rarible's own community forum about the distribution system of 75,000 RARI which are distributed every week. Some users are concerned that the RARIs are being looted by fraudulent transactions and that unfair distribution will damage the Project and destroy it. Managers of the projects are also looking for a solution as to how this distribution will take place. I think that those who are considering investing in RARİ should follow the forum and make their decisions according to the upcoming news.

For more informations related with Rarible;

Web: https://rarible.com/
Forum: https://gov.rarible.com/
FAQ: https://www.notion.so/rarible-com-FAQ-9038d28524164a5e83150de052f6d5a5