It is quite difficult or almost impossible to create a niche for yourself in a field that is so nascent by itself. The concept of nonfungible tokens, or NFTs as they are known, has, at least for the average person, existed only for the past few years, and they have caught up in popularity only in late 2020 and early 2021. However, within this short span of time, a brand was able to establish its supremacy as one of the most preferred NFT marketplaces. We are talking about the renowned NFT marketplace called Rarible.
What are these NFTs?
So far, we have been talking a lot about NFTs and NFT marketplaces. We are called to understand what exactly these NFTs are and why they have become so popular. And NFT, as the name implies, is a Non-Fungible crypto token.
When we say that any asset is non-fungible, it means that the asset is unique and cannot be easily interchanged. It also means that the asset possesses the property of integrity. It cannot be broken down into smaller constitutions. Even if it is done, it will not uphold the value of the asset.
Outside the crypto ecosystem, a good example of a non-fungible asset would be any famous painting, especially the ones belonging to the Renaissance era. They are probably on display in museums around Europe. You will also find images of them floating on the Internet. If you were to take a printout of the painting equal to the size of the original and give it to the museum telling them that you will take the original and have this replaced because the visual experience is going to be the same, they will surely not accept it!
This is precisely how it works with non-fungible tokens in the crypto space. You might have similar tokens but there will be nothing congruent. If a non-fungible token exists now, there is zero possibility that another token like this exists now or has existed or will ever exist!
NFTs have a very compelling and convincing answer to one of the biggest problems that the digitally enabled world is facing. The digital world was not able to establish authenticity and uniqueness. It was very easy to copy and paste an image and it would be difficult to find out which of these is the original.
With NFTs, however, the question of establishing authenticity has been adequately and fittingly answered. In all of this, NFTs also preserve the convenience and versatility of the digital world, providing global connectivity, easy transactions, easy transfer, and while at the same time, deserving the integrity of the original.
A Bit about Rarible
Rarible was founded in the year 2020, and within a couple of years, it has rapidly grown in terms of popularity and revenue. In February 2021, Rarible raised its seed round of funding of about $1.8 million. Within six months of its seed funding, Rarible has grown so rapidly that now, it has raised a Series A funding of about $14.2 million, and the portfolio includes formidable names like Venrock Capital.
Rarible had a trading volume of about $380,000 in the last 30 days, and it has sold a staggering 307,000 NFTs in the 30-day space. The total trading volume in the months of March and April 2021 alone was in the order of about $56 million! Such was the monopoly that Rarible had over NFTs for a short stretch of time.
Ethereum, one of the most versatile and dynamic blockchains ever created, is the one that powers the Rarible NFT marketplace.
NFT Marketplace like Rarible
NFTs by themselves have only started their game, and it is yet to reach even the halfway mark of its saturation. A lot of artists Who have only been limited to local exposure will now explore NFTs because they can’t get global exposure, and can also understand that some form of art that is not welcome in the local area might have an incredible magnitude of appeal in another place.
The globalization of art, the open minds of both artists and consumers, and the availability of technology to facilitate digital art creation learning will contribute to a massive increase in NFTs over the next few years.
This is a perfect temporal juncture for any aspiring crypto entrepreneur to create their own NFT marketplace like Rarible.
Why should you go for a Rarible Clone Script?
Rarible, as you may have inferred from the website and the numbers, is a grand culmination of intuitive design, impeccable development, robust testing, and a powerful backend. To build such a massive entity from scratch would be a cumbersome undertaking. It is also possible that you might encounter bugs and glitches that might interfere with the expected basic functionality.
Alternatively, you can go for a Rarible clone script. A Rarible clone is a white label solution that can be purchased like a product. It can be customized to fit your requirements, and you can also garnish it with the user interface elements of your choice. This helps you launch your NFT marketplace like Rarible in the shortest possible time.
Steps to Develop an NFT marketplace like Rarible
Any Austin marketplace like Rarible it’s made of three important components: the front end, the blockchain, and the wallet.
The front end
- The front end, or the user interface, should be intuitive and interactive.
- A search bar should be enabled for commercial users to search for NFTs of their choice.
- Sorting and filtering should also be included as a part of the search functionality, so users can filter what they want and sort according to prices or the review ratings.
- It would be good if your NFT marketplace has a community space where buyers can interact with other buyers, and sellers can interact with other sellers. A chat engine can also be enabled to facilitate communication between the consumer and the creator within the platform.
- The administrator should be provided with a Dashboard that will give them a quick snapshot of all the vital statistics regarding the marketplace.
The Blockchain Technology
As you may have known, Rarible runs on Ethereum. It uses the ERC-721 and the ERC-1155 token standards which are quite different from the usual ERC20 standards used for creating tokens. Tokens created using these standards are bound to be unique and non-fungible.
Although Ethereum has been the pioneer when it comes to almost every blockchain manifestation including NFTs, the blockchain has certain issues regarding performance, stability, and reliability. There are a lot of new blockchains like Binance Smart Chain, Tezos, and Cardano that can be considered worthy competitors for Ethereum. Meticulous research is required before you choose the right blockchain for your NFT marketplace.
All the data regarding your NFT marketplace should be stored in a highly secure place. You can use an IPFS which stores media in a decentralized fashion. You can alternatively use Filecoin to store the details as well. In short, your storage solution should be secure, and just like any other entity involving the blockchain, one of the factors that promise security is decentralization.
The crypto wallet
The crypto wallet acts as the main medium to facilitate transactions between the consumer and the creator. Your NFT marketplace should flawlessly integrate with existing crypto wallets of users, and the wallets should be able to support multiple blockchains, gold cross chain wallets. The wallet should also have a facility to stake cryptos as a method of investing the Earnings of creators.
The wallet should also have all the security measures enabled. Two-factor authentication and multi-signature login could ensure that crypto funds stay secure in the wallet.
Art is one of the many possibilities in which an NFT marketplace like Rarible can fit. Considering the opportunity that lives in spaces like virtual real estate, NFT for sports, collectibles, digital replicas of classic art, trophy/vanity real estate, and blockchain gaming, the possibilities of making a profit with an NFT marketplace as a business is almost infinite.
With proper research, you can evolve the right business model for your NFT marketplace. You can explore different niches based on the interest of people in your target market, their buying capacities, their knowledge of crypto and computers in general, and their inclination towards technology. The NFT has become more of an art and something that people can empathize with rather than being just an inaccessible piece of technology, thanks to NFT marketplaces like Rarible.
Now would be a ripe and right time for any crypto entrepreneur to invest in an NFT marketplace. It is a promising avenue of business in the crypto world, and it is bound to grow bigger because it is all about creators and creations. We have seen how pieces of technology started to grow ever since art was brought into it… Like television, and the crypto dick is not an exception.
All that is left for you to do is to get in touch with the company that specializes in the development and customization of Rarible clones. They will take care to understand your requirements and present you with perfect NFT marketplace solutions!