The world of cryptocurrencies can add billions of dollars in a matter of hours and can also lose just as quickly. In the aftermath of the crisis in Ukraine, cryptos lost value, but lately these assets have gained remarkably. In this regard, NFTs, which while not the same as crypto tokens, require close monitoring.
Non-fungible tokens are, at least what the backers say, unique and some can be of very high value. This is the sentiment that may have influenced the high-priced sales of Beeple and CryptoPunk NFTs.
Lately, exchanges dealing exclusively with NFTs have also gained ground. OpenSea is immensely popular, but today let’s meet an emerging NFT market, Rarible, and its token RARI.
What does Rarible do?
Rarible bills itself as an ecosystem for pretty much everything NFT related. The project is primarily a marketplace where NFTs tied to multiple projects, such as the Digital Artist Pak, can be traded.
Rarible claims that it is compatible with multiple blockchain networks, including Ethereum, which records the transfer of ownership of NFTs. The Rarible platform can facilitate the sale of digital assets linked to the metaverse, such as parcels of land.
The project also has a Rarible protocol, which it says can help create new NFTs, as well as making Rarible a decentralized autonomous organization (DAO), where users make key decisions about governance. This is something that differentiates exchange houses like Rarible from Christie’s and Sotheby’s.
Rari RARI Token
The RARI crypto, as the project claims, is primarily the governance token, which allows Rarible users to participate in voting, which is at the heart of any DAO project.
According to CoinMarketCap, more than 6.6 million RARI tokens were in circulation at the time of writing. RARI is not listed as a top cryptocurrency at the moment, and with its market cap of nearly $54 million, it is not even listed in the top 500 cryptocurrencies.
Rare Crypto Price Prediction
NFTs continue to be a huge trend in the world of cryptocurrencies. Although these digital assets can be purchased at auctions held at famous auction houses like Christie’s, NFT exchanges like OpenSea and Rarible are gaining ground.
If Rarible attracts more NFT enthusiasts and the platform adds more popular NFTs to its market, there is a chance that the RARI token will recover the price of US$45 by the end of this year. RARI is trading at nearly $8 as of now, but was priced at $45 at one point in March last year.
Data provided by CoinMarketCap.com
Rarible is a decentralized NFT trading platform, but it hasn’t become as popular as OpenSea yet. The RARI token is native to Rarible, and its price growth could depend on how the Rarible market performs in the long run. If Rarible can emerge as a major market for digital asset trading, it can boost RARI.
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