NFTs stand for non-fungible tokens which are certificates implying that the asset it is linked to is one of a kind and unique. Since there is an absolute rarity to the digital asset, it has value. NFTs can be of anything digital like memes, tweets, images, videos, videos, source codes, game equipment. Due to its advantages like,
- Being Immutable
- Smart Contracts Compatible
- Copyright Protected
- Fast And Seamless Trading
The population of NFT trades is increasing day by day. On 17th August, the total NFT sales have generated over $148,791,005, and as of writing this article, that is on 22nd August, the NFT sales have increased to $196,484,169.39. This is an increase of nearly 25% in overall sales in just 4 days. Even the number of wallets has increased by more than 7%. Learn more about it here.
These transactions are all possible due to marketplaces like
Marketplaces form a bridge between the collectors and creators to make the transaction between the two parties happen. It is responsible for connecting both the parties and hence profits a lot. Especially when the marketplaces are responsible for transactions of millions of dollars. OpenSea, which is the number 1 NFT marketplace by sales recorded $150 million in June. Foundation NFT marketplace, it has been able to generate a revenue of 26,657 Ethers which is about $85,895,453.52. Learn more about it here.
One of the most popular marketplaces is Rarible and is unique in its own aspect. That’s why Rarible has been able to generate a fanbase of collectors and creators alike.
Why Develop An NFT Marketplace Like Rarible?
Rarible has many advantages over the existing NFT marketplaces. Some of these are,
Community Governance Scheme: Rarible is a Decentralized Autonomous Organization which takes all the decisions about the platform considering the opinions of the users of the website.
$RARI Token: To promote the usage of Rarible and NFTs, Rarible offers an E-governance token called $RARI token. NFTs are accepted as collateral in exchange for the $RARI token.
High Transparency: It gives complete transparency over user transaction details in the Rarible NFT marketplaces to its users.
Open Source Platform: It gives access to the marketplace to all irrespective of the social followings. There is no barrier on the platform and hence is comparatively easier to trade.
User-Friendly Interface: The platform is user-friendly in nature with everything sorted. The experience is clean and the user rarely gets confused and doesn’t find what the user is looking for.
Multiple Wallet Integration: Rarible is one of the very few marketplaces which offers integration with multiple wallets like,
- Wallet connect
These are all the advantages which have increased the following of Rarible marketplace. The $RARI token has been boosted from $1.23 to $23.45 in just a year.
The undeniable growth of Rarible NFT marketplace is also evident when there has been increasing in strong V.C funding the marketplaces. Recently, Rarible was able to close a series A funding with an amount of $14.2 million.
It has a huge following and that is the reason why it’s 5th on the list of NFT marketplaces when sorted according to rising in users in the last 30 days. It has also generated millions of dollars for its fan base.
These types of platforms can be easily developed by a team of developers at Vardhaman Infotech. We have been working on blockchain technology and its application for years and have global partners for the same. We take on-demand projects and also offer quick to deploy solutions. Our NFT solutions enable entrepreneurs, enthusiasts, investors, start-ups, build their own NFT marketplace. Our team is available 24 X 7 for you to contact and make the product happen. If you are interested in creating your very own NFT marketplace get in touch with us. We would be honored to work with you.