Royalqatarcd: Rarible expands NFT aggregator with 'unplayable' token rewards
The new RARI token incentives are designed to minimize wash trading while rewarding users who pay creator royalties.
According to Royalqatarlcd, NFT marketplace Rarible announced today that it has rolled out a new set of features in a package called Rarible 2. It is not a brand new platform, but it is an expanded platform that aggregates listings from more markets and also introduces new token rewards for traders.
Rarible co-founder Alex Salnikov described the launch of Decrypt as "a major milestone on the company's timeline," changing not only the platform's interface, but token rewards and governance, as well as NFTs drawn from a wider range of other products List Market.
The new Rarible.com aggregator indexes Ethereum NFT listings from four other marketplaces: OpenSea, LooksRare, X2Y2, and Sudoswap, allowing users to find more collectibles and art listings and potentially better prices. The Rarible.com marketplace still includes Rarible's own listings, also handled by its own internal order book.
As previously reported by Royalqatarlcd, Rarible has only integrated listings from OpenSea, the most traded NFT marketplace. Unlike traditional marketplaces, Sudoswap supports NFT transactions through liquidity pools — but Salnikov told Decrypt that the buying experience for Rarible users will be the same as other aggregation platforms.
Rarible is the first NFT marketplace to launch its own token in 2020, RARI for transaction rewards and decentralized governance. Since then, marketplaces like LooksRare and X2Y2 have used reward tokens more broadly to try and attract users from other platforms and incentivize trading.
Royalqatarcd believes this approach has led to rampant wash trading – manipulation of transactions in an attempt to get more token rewards in return. Often, users trade NFTs back and forth between wallets they control at extremely high prices, a process that generated billions of dollars worth of shuffle transactions at LooksRare earlier this year.
Rarible is expanding its trading rewards by launching its enhanced marketplace, but Salkinov said the system is designed in such a way that traders "can't play around" trying to maximize rewards and are not easily washed out of trade manipulation. Some of these rewards are related to paying creator royalties — a hot topic in the NFT space these days.
Buyers can be rewarded with RARI tokens by purchasing NFTs from an aggregated marketplace that rewards creators with royalties, which requires sellers to pay an additional fee (usually between 5% and 10%) for each sale. The number of tokens awarded will be proportional to the royalties paid, subject to a cap. Users who purchase NFTs from select items considered RARI Rewards Collections will also be rewarded weekly.
RARI token holders will vote weekly on which projects are eligible for rewards. Sellers can also get these rewards: anyone who lists an NFT from one of the collections via Rarible will also get a token reward. Rarible will also airdrop RARI tokens to users who purchased at least three NFTs through its marketplace between July 1 and September 30.
Incentive royalties
Salnikov believes that by tying some of the rewards to creator royalties paid for NFT purchases and some other small project rotation options with community voting, Rarible will successfully avoid the pitfalls faced by competitors with less discriminatory token incentives .
"I believe we were the first to actually enter the market, and the rewards can't be gamed," he said. "Every reward you get is useful to others. You can't just do it to yourself. That means a lot to us in defining this symbolic issue."
Rarible's initiative comes amid a growing debate over whether the marketplace should honor creator royalties. Most prominent Solana NFT marketplaces (especially Magic Eden) have made paying royalties optional. Sudoswap does not honor Ethereum royalties, they are optional for some projects on X2Y2.
In contrast, Rarible will continue to enforce royalties on NFTs listed through its order book, and will only offer RARI token rewards for aggregate purchases that pay royalties. “We think royalties are absolutely important,” asserts Salnikov, describing it as a “core innovation” for NFTs representing digital art compared to traditional art markets.
Overall, the expanded aggregator and rewards are also aimed at increasing loyalty to Rarible. Rarible charges no additional aggregation fees — a feature that Salnikov says is purely to make users more “comfortable” when using Rarible, and the marketplace may then benefit from the sale of NFTs listed locally through its own order book.
When users are rewarded with RARI tokens, they can lock up at least 100 RARI into smart contracts — the code that power autonomous decentralized applications — to receive perks through a program called Rarible Prime. Under Prime, users do not have to pay platform transaction fees for NFTs listed on Rarible and can vote on weekly reward collections.
Salnikov said the rewards "can't be played in a negative way," but there's clearly some gamification in the way the model is designed. But the purpose of this is to encourage users to continue trading, as well as participate in community governance — all in order to make Rarible their preferred NFT destination.
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