RARI Rarible

Overview of Rarible

Rarible is a multichain NFT marketplace that allows users to buy, sell, trade, or create NFTs across its compatible blockchain networks, including Ethereum, Tezos, Polygon, Solana, and Immutable X.

Key Features and Use Cases

• NFT Creation and Trading: Users can mint new NFTs on any of the supported blockchains and list their existing collections on Rarible with custom royalties for multiple addresses.
• Community Marketplaces: Creators can create their own NFT community marketplaces with zero code, custom fees, and endless possibilities to connect with their community.
• Digital Art Gallery: Rarible serves as a digital art gallery where NFT owners can display their collections for sale.
• Flexibility in Royalties: Creators can choose up to 10% royalties, making it a flexible platform for new and up-and-coming creators.
• API Integration: Rarible API allows brands and creators to build dedicated marketplaces tailored to their community's needs, enabling new revenue streams and engagement opportunities.
• Multi-Wallet Support: Rarible supports multiple wallets, making it easy for users to manage their NFTs across different blockchain networks.

Examples of Use Cases

• Web2 Brands: Companies like Mattel and McFarlane have used Rarible API to launch successful NFT marketplaces, generating significant revenue and engaging their fans in new ways.
• Web3 Brands: Projects like Mintle have built Rarible API-powered marketplaces to trade NFTs within their ecosystems, increasing brand loyalty and unlocking new revenue streams.
• Creator Use Cases: Creators can use Rarible API to create unified portfolios, coordinate upcoming drops, and engage with their collector base, making it a versatile tool for personal branding in web3.

Pros of Rarible

• Easy NFT Creation and Selling: Rarible makes it simple for anyone to create and sell digital art without needing to be an expert. It’s beginner-friendly and has a wide variety of collections.
• Governance Using Native Token: The native token “RARI” allows holders to participate in governance decisions, contributing to the platform's decentralization.
• Affordable NFT Creation: Rarible doesn’t charge upfront fees for NFT creation; instead, a small gas fee is added to the buyer’s payment, making it fair for artists.
• Credit Card Payments: Rarible allows users to buy NFTs using regular credit cards, unlike many other platforms that require cryptocurrency.
• Lazy Minting Feature: Users can create NFTs without paying upfront gas fees, making it more accessible for creators.
• High Creator Royalties: Rarible offers up to 50% royalties for creators, which is one of the highest in the industry.

Cons of Rarible

• Fees for Art Purchases: Rarible charges fees on art purchases, which might be less favorable than commission-based models on other sites.
• Browser-Only Access: Rarible lacks an effective app, requiring users to connect their wallets through a web browser.
• Limited Blockchain Integrations: Rarible only supports Ethereum-based NFTs, limiting its flexibility compared to competitors like OpenSea.
• Lack of Regulation: Rarible is not a regulated marketplace, which might be a concern for some users.
• Ethereum Exclusivity: The platform’s reliance on the Ethereum network means it can be affected by Ethereum’s performance and limitations.
• Limited Liquidity: Rarible’s smaller user base can make it difficult to find buyers or sellers for certain assets.

Founders of Rarible

• Alexei Falin: CEO and co-founder of Rarible. Prior to Rarible, he was the co-founder of Sticker.Place, a social media platform for artists and designers. He attended the Higher School of Economics.
• Alexander Salnikov: Co-founder and Chief Product Officer of Rarible. His profile is available on Rarible.com.

Investors in Rarible

Rarible is backed by several investors, including:

• Venture Capital Firms: Venrock Capital, CoinFund, and 01 Advisors.
• Other Notable Investors: 1kx, Coinbase Ventures, and ParaFi Capital.
• Additional Funding: Rarible has raised a total of $15,950,000 in funding rounds, including a $14.2 million Series A and a $1.75 million Seed round.

Halal Status of Rarible

No, Rarible may not be considered halal because it primarily deals with NFTs, which can only be halal if their underlying object, project, and features are free from prohibited elements such as gambling, alcohol, or pork-related activities. Since Rarible hosts a wide variety of NFTs, not all of them may adhere to these criteria.

Key Considerations for Halal Crypto

• Project Screening: Ensuring the project itself is Shariah compliant.
• Token Screening: Understanding the Shariah compliance of the token.
• Staking Screening: Understanding the Shariah compliance of the staking mechanism if applicable.
• Financial Screening: Ensuring that it meets Shariah compliance financial criteria if it is an equity-based token.
• Legitimacy Screening: Ensuring that the crypto-asset is a genuine project and not a scam.

Examples of Halal Cryptocurrencies

• OneGram (OGC): Backed by physical gold.
• X8X Token: Supported by a basket of eight fiat currencies and gold.
• HelloGold (HGT): Another gold-backed digital currency.

Conclusion

Determining if a crypto token is halal requires careful examination of its project, token, and staking mechanisms against Shariah guidelines. Rarible, due to its diverse NFT offerings, may not meet these criteria universally.