Introduction

The idea of digital art on blockchain
When blockchain appeared - a system that you can absolutely trust - the first thing they started to use was to create money. Cryptocurrencies appeared, and people with the help of this technology began to record who owes whom how much. Bitcoin first appeared, followed by hundreds of other cryptocurrencies. And then people thought, “Why only money? Why not keep a record of who sold digital art to whom? "

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NFT (Non Fungible Token) are non-fungible tokens that represent unique digital assets such as paintings and music that can be sold as physical products. There are already many promising startups in this new and growing field.

Rarible is a digital collectibles marketplace.

Rarible is an NFT marketplace created in January 2020 by Alexander Salnikov and Alexei Falin. Users will mint, purchase, and sell their rare digital collectibles on the Moscow-based platform. Digital art, domain names, DeFi insurance plans, memes, and metaverses are among the digital collectibles and goods supported by Rarible.

The process of creating digital collectibles in Rarible is relatively easy. Users may begin by uploading collectibles in any of the compatible digital formats like graphic, audio, and etc, then adding descriptions and pricing information. Users must then bind to their Ethereum wallet in order to authorize minting transactions.

Content creators and artists have flocked to the NFT minting feature, which allows them to release teasers for their work and then send complete versions to users after they buy the related NFT.

Rarible's governance token, RARI, has gained a lot of traction in the crypto world. Although the DeFi community has been buzzing about governance tokens recently, Rarible was the first NFT protocol to launch its own governance token.

RARI's launch is the first step toward Rarible's ultimate goal: the creation of a decentralized autonomous organization called Rarible. Users may apply and vote on system-upgrade proposals, such as changes to Rarible's trading fees and the inclusion of new features, as RARI holders.

Rarible is also looking at how NFT and DeFi will work together, and it has partnered with Yearn Finance and Nexus Mutual, a blockchain-based insurance platform, to launch insurance coverage NFTs in September 2020. Rarible recently completed its seed round, and RARI hit a new high of $24 per token after then. RARI current price is $17.4
While its market cap is $63,952,677.

Conclusion

In 2020, NFTs established a stable base, but in 2021 they had mainstreamed important collaborations from the sport and digital arts sectors. In NFTs, soccer and basketball fans can expect NFTs to prosper further, because UFC and MotoGP are planning to bring a big fanbase to the NFT.

@levycore