In early 2019, A Persian street artist painted a mural and tokenized it to multiples NFTs. This is the first art that has been tokenized as non-fungible and gave the introduction to the concept of NFTs.
Today, NFTs are rife in the crypto market that everyone hears in the blockchain ecosystem as well as the investor’s community. This sudden popularity is because of its unique concept and characteristics. NFTs are the tokens created for your unique collectibles such as arts, music, videos, games, and other virtual assets. Some platforms enabled tokenizing tweets too. NFT marketplace like Rarible enables digitizing your collectibles into NFTs to create value for your unique collectibles
What is an NFT Marketplace?
The marketplace is an environment that allows the users to digitize their collectibles that increases the value of the collectibles in the marketplace based on the demand and interest of other users. Such fantasy in virtual assets and its unique characteristics attracts a wide range of audiences to invest in millions for the extravaganza, which is also emerging as a business by the surge of NFTs.
Let’s say, An artist paints an exclusive art like Monalisa and secures it for several years. The in-demand painting will multiple its value by its uniqueness and scarcity. The Artist receives the royalty of the painting for his unique creation. In digitization with NFTs, the royalty can be programmed into the digital piece via a smart contract, so you earn a slice of the revenue every time your painting is sold. Marketplace plays a significant role in NFT by offering essential features to list their NFT’s in the marketplace and increase their token value.
Why an NFT marketplace like Rarible?
Rarible is an NFT marketplace that facilitates the digitization of your collectibles into NFT tokens that increase the value of your creation. Art and games are the influential sectors that levitate the NFT in the crypto world. Its creativity and audience interest is the key factor to attract a huge crowd towards the new ecosystem. Digital arts are the demanding tokens in the marketplace due to their uniqueness and special features, which are also easy to digitize into a virtual asset. The next attraction point is games which perceive huge community attraction regardless of age. The virtual assets and special characters in NFT offer a futuristic gaming experience for gamers.
Crypto lands are also a type of game that enables the user to create virtual space by unlocking creativity and tokenizing it. This virtual land and infrastructure development in NFT attracts Real estate developers and investors to participate in virtual lands for its demanding features and increasing asset value. Crypto Kitties by Ethereum is also one of the major attractions that allow taking care of adorable kitties in the virtual world as NFTs.
A community-driven marketplace like Rarible offers flexibility to users to create multiple tokens and bundle them. This bundle feature allows users to sell and buy multiple NFTs at a single purchase which reduces the gas fee of transactions. The users also have the freedom to reduce their token price based on the demand and selling proportion of NFTs in the marketplace.
RARI is a governance token that provides authority over the transactions and NFT creations for the community. With the growing community of the marketplace, the organization decided to automate the community-driven platform by enabling the authority for the community for active decision making and incentivize active participation.
According to the NFT Report 2020, published by L’Atelier BNP Paribas and Nonfungible.com, the NFT market tripled in size overall last year, and its total value rose to more than $250 million. The wallets are increased by 97%. Early adopters of NFT marketplace like Rarible have begun to yield their investments into a profitable revenue stream by establishing a million-dollar NFT marketplace.
Revenue generating factors of Rarible:
Instant tradability of non-fungible tokens will lead to higher liquidity. NFT tokens can be kept as collateral for liquid cash or other forms of cryptocurrencies for instant cash. The huge pool in the market offers immediate liquidity with a huge audience in the marketplace. NFTs have the ability to expand the market for unique digital assets.
Rarible enables third-party marketplaces to offer a huge variety of NFTs to offer an immersive experience for the users in the pool of NFTs.
Non-Fungible token standards allow non-fungible tokens to interact with multiple ecosystems. When a new project is launched in NFT, it will be immediately visible for the wallet providers that enable the trade of NFTs in the marketplace. These projects can be displayed under a variety of marketplaces that are available. The open standards provide a clear, consistent, reliable, and permissioned API for reading and writing data to attain this possibility.
In the blockchain and crypto space, the concept of community governance is relatively straightforward. The community has authority over the activities to make intensive decisions. The Token $RARI provides the authority to the holders in the community to automate the community-driven marketplace.
- Automated listing:
Your NFT is listed in the marketplace once the project is created. This enables the users to get knowledge about the newly generated NFTs. Also, the marketplace lists the position and value of your existing token in the marketplace which helps the users to know the demand and position of the NFTs.
Marketplace like Rarible allows users to create different types of Bidding based on the demand of NFTs, This facilitates the users to bid for a variety of NFTs in open marketplaces which also spurge the value of your NFTs.
Set Your throne in NFT,
Develop your NFT marketplace like Rarible, which is a million-dollar investment opportunity for your business growth to spike among the early adopters of the NFT marketplace. Blockchain App Factory, The crypto enthusiasts offers a wide range of blockchain solutions in the market for the success of Business developers and investors. Pioneering blockchain technology with profound experience and a significant team, Blockchain App factory finds it as a perfect time to offer solutions for the early adoption of NFTs to yield your investments. by offering a versatile Marketplace development platform like Rarible in multiple blockchain technologies like FLOW, Matic, Rubix, and Ethereum.