Rarible Shakes Up NFT Race with New Protocol

Rarible is lowering the barrier to entry for developers looking to launch NFTs projects.

On August 12, the NFT platform launched Rarible Protocol, an open-source toolkit for developers to create custom NFT storefronts and marketplaces. The tech stack includes contracts, standards, and APIs for minting, exchanging and indexing NFTs.

Rarible is one of the most accessible NFT platforms. Rarible allows every user to mint and sell their own NFTs rather than require artists to be invited, a feature of rivals such as Foundation and SuperRare.

Split Fees

“The Protocol does almost all the work, so developers can now proliferate the type of front-end NFT project they dream of across markets, without all of the back-end heavy lifting,” said Rarible co-founder and head of product, Alexander Salnikov.

One of Rarible Protocol’s most interesting features is the ability to split fees during the exchange process. This means that NFTs can be co-created, with revenue from sales and trades distributed amongst all the artists or creators involved. Rarible Protocol also has a shared order book, meaning that NFTs can be cross-listed on any application built on the protocol.

Rarible Protocol is governed by the Rarible DAO, meaning that $RARI holders will be able to vote on future features for the protocol.