There’s a heated race for market share when it comes to NFT marketplaces today. Rarible has shown clear initiative this year to have it’s name in the ring with some of the top marketplaces in the space. However, it’s an increasingly competitive atmosphere in a market where no one knows what’s going to happen next.
Beyond crypto-dedicated platforms and exchanges, other major companies – like Facebook and Gamestop – have expressed their desire to get their feet wet in NFTs. Social media platforms like Twitter and Reddit have been getting involved. Nonetheless, Rarible is making continued strides to be a top NFT marketplace in the space. Let’s took at a recent topic bubbling up from this week’s NFT.NYC event.
Rarible Addressing Flexibility First
Competing platforms have had their foot on the gas. OpenSea has been arguably the leader in the space to date, but has faced increasing competition as major exchanges – such as Coinbase and FTX – enter the ring. Additionally, in a recent press release, KuCoin has shown interest also, investing in Huobi-backed NFT marketplace and metaverse ecosystem SocialFi.
Additionally, existing players have been ramping up initiatives as well. In August, NFT platform SuperRare unveiled their $RARE token, which was airdropped to artists and collectors on the platform. Alternatively, Rarible has had a native platform token for over a year now.
Attendees of this week’s NFT.NYC event have said that Rarible CEO and co-founder Alexei Falin has shared that Rarible is working towards supporting Tezos, Flow, and Solana blockchains. Falin was scheduled for a brief speech about NFTs and the ownership economy at the Edison Ballroom on Thursday morning.
— Matai the NFT guy (@matai_theNFTguy) November 4, 2021
In August, Rarible announced the Rarible Protocol, an open-source and zero-fee set of tools aimed to “simplify the go-to market process for NFT projects and ideas.” In that announcement, the mock-up Rarible Protocol stack included blockchains Ethereum, Polkadot, Tezos, Flow, Polygon, and Binance. From Falin’s recent NYC appearance, it sounds like strides are being made in cross-chain support on Rarible.
Rarible's native platform token has posted a modest performance recently, but still has strong potential - especially consider the recent addition of Coinbase token support. | Source: RARI-USD on TradingView.com
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It’s A New York State Of Affairs
Tezos, Flow, and Solana – along with other primarily Ethereum layer 2 scaling solutions – have been in a heated race for non-Ethereum NFT market share. Given Ethereum’s notoriously strained usage, resulting in slower transaction times and immensely high gas prices. Ethereum replacements often address those two traits immediately, as Tezos, Flow, and Solana and others predominantly gear themselves towards more reasonable gas prices and transactions times. This is a substantial factor in getting more mainstream adoption of NFTs that allows for reasonable, lower-value transactions.
Elsewhere in the NFT.NYC event this week, there was no shortage of networking events or excitement. In what was likely the largest NFT-dedicated gathering in history, billboards and street art composed of Bored Apes and Cool Cats, live events with musi were in not short supply.
Amazing energy and optimism in NY this week around NFTs and building the creator economy. Super exciting to see so many talented young people coming in to the crypto space with this new use case.
— Brian Armstrong (@brian_armstrong) November 4, 2021
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Featured image from https://rarible.medium.com/, Charts from TradingView.com