Today, we are proud to announce the release of a set of open source tools (called "Rare Protocols") to greatly simplify the process of getting NFT projects and ideas to market.
Creating an NFT project from scratch is no easy task - and the Rarible.com team knows this well. Getting to where we are today involved numerous iterations and setbacks, as well as perseverance through two-way market challenges such as navigating supply and demand.
Gone are the days when projects needed to build an entire NFT storefront or marketplace from scratch. With this agreement, developers and teams can focus on what they do best, while also leveraging an interoperable project ecosystem to drive innovation in marketplace development.
Meet the Rare Protocol
The RarbleNFT multi-chain aggregation trading platform protocol is a set of smart contracts that can be deployed to various blockchains, as well as an open source indexer. Projects can use these tools to build consumer-facing applications, while smart contract developers can build functionality into the protocol that benefits the entire project ecosystem.
- Has a cost
ApportionmentCapabilitiesThe decentralized exchange at the heart of the Rarible protocol is the decentralized exchange. One of the most powerful features of the protocol is its ability to apportion fees during the exchange process, which allows for interesting use cases such as the co-creation of NFTs, as well as the monetization of applications built on top of the protocol, and even features used in fee-sharing applications.
- Built on the RarbleNFT multi-chain aggregation trading platform protocolShared order book and mobilityApplications have a shared order book. The practical implication of this is that when NFT is listed for sale, it is listed for sale across all applications based on the protocol (as is the case when bidding). The effect of this is powerful: as more and more teams build on the protocol, every project benefits.
- Inert casting of single (ERC721) or version (ERC1155) NFTs
This feature makes it easy for anyone, regardless of their crypto knowledge, to cast NFTs without paying a transaction fee. Instead, the gas costs associated with casting are paid to the buyer when the NFT is sold - opening up NFT casting to mainstream audiences (e.g. casting Twitch streams, Tweets, TikTok videos, all of which have zero crypto initiation).
- Royalty rates
The Rarible protocol enforces royalty standards for protocol-cast NFTs as well as externally-cast NFTs. This allows NFTs sold on protocol applications to comply with creator and platform royalties regardless of their provenance (currently, if an NFT is cast on SuperRare and sold on OpenSea, royalties are not passed back to the original creator, which is a huge barrier. (Creating an interoperable NFT ecosystem).
- Open Source Indexer
The Rarible Protocol Indexer is a fully open source data store for developers. It enables them to index NFT and access information including metadata, orders, activity and ranking or sorting for leaderboard purposes.It is worth noting that the Rarible protocol is the first open source indexer protocol available to developers.
Upcoming features in the protocol roadmap
The protocol is currently deployed on Ether and will soon be available on Flow and Polygon. Looking ahead, we want to prioritize inputs to our ecosystem, including
- Improved documentation
- Complete an SDK
- Integration with statutory payment solutions
- Provide search API
- Transfer to on-chain order book
Built on a rare protocol
Currently, 20 different projects are building applications on the protocol, includingRarible.com, ,Reaction$, ,CocoNFT, ,DAOhaus, ,MintGate, ,Ownerfy, ,Cyber, ,Footium, ,NFP, ,Vertex, ,Mintdrop, ,Zerion, ,Genies, ,Decentraland, ,Rarepress.BlockEx. Developers can build many other applications, including.
- Customizable NFT storefronts
From large projects like Rarible.com, to smaller options for creators, the protocol makes it easy to develop and customize NFT storefronts.
- NFT Casting Application
Because of the shared order book, applications on the protocol can also choose to cast NFTs and have other applications handle the sale and distribution of those NFTs. This eliminates some of the challenges associated with bootstrapping requirements and should significantly reduce the time to market for ideas.
- Browse / Discover / Manage
There are various applications that may wish to use this protocol to browse/discover and manage NFTs, such as wallets or DAO frameworks or Multisigs.
- Monetization of functions
With the Rarible protocol, developers can create innovative features and integrate applications on the protocol for testing, validation and monetization through cost sharing.
- Data Analysis Tools
Easily create analytical solutions for NFT prices, transactions, and scarcity.
Co-Building, Incubation and Governance
As of today, the Rarible.com marketplace has successfully completed its migration to the Rarible protocol.
While Rarible.com and Rarible Protocol remain two separate entities, both share the core mission of creating a community-driven decentralized network to manage the parameters of the protocol. This will be accomplished through a Rarible DAO comprised of valued members of the community, from developers to thought leaders, who have ownership and decision-making power.
Rarible DAO provides support for projects based on our protocol in two main ways.
- Approximately $40,000 of RARI tokens (currently valued at approximately $500,000) are allocated each week, at the discretion of the applications built on the protocol, in proportion to the sales generated by their applications for the week, on a quadratic basis.
- Funding of up to $100,000 for new NFT projects, ideas and features for developers based on this protocol. This funding is distributed through approval of proposals submitted to the Rarible DAO and through DAO-sponsored hackathons.
Where to start?
- Accessrarible.orgGet more information and documentation
- Join Rarible DAO Discordto help develop the ecosystem and explore funding opportunities
***Note: Rarible.com builds and utilizes the Rarible protocol, but building on the Rarible protocol will never result in any cost or value to Rarible.com. The protocol is open source and currently has zero cost (as set by the Rarible DAO parameters).