Comprehensive analysis of the open source cross-chain NFT protocol Rarible Protocol

On August 13, the NFT market Rarible announced the launch of a set of open source tools (called “Rarible Protocol”) to greatly simplify the online process of NFT projects and ideas.

Creating an NFT project from scratch is not easy-the Rarible.com team knows this. Reaching where we are today requires countless iterations and setbacks, as well as the perseverance to overcome market challenges (such as guiding supply and demand).

Gone are the days when a project needed to build an entire NFT store or market from scratch. Through the Rarible Protocol, developers and teams can focus on their areas of expertise, while also taking advantage of an interoperable project ecosystem to promote innovation as the market develops.

Understanding Rarible Protocol

Rarible Protocol is a set of smart contracts that can be deployed to various blockchains, and it is also an open source indexer. Projects can use these tools to build consumer-oriented applications, and smart contract developers can build functions in the agreement that are beneficial to the entire project ecosystem.

Comprehensive analysis of the open source cross-chain NFT protocol Rarible Protocol

Rarible Protocol stack  

Main features

1. Decentralized trading platform with cost sharing function

The core of Rarible Protocol is a decentralized trading platform. One of the most powerful features of the protocol is its ability to share costs during the exchange process, which allows for interesting use cases such as co-creation of NFTs, and monetization of applications built on top of the protocol, and even cost-sharing applications Functions used in.

2. Shared order book and liquidity

Applications built on the Rarible Protocol have a shared order book. The practical significance of this is that when the NFT is listed for sale, it will be listed for sale in all applications based on the agreement (the same is true when bidding). The effect of this is powerful: as more and more teams build on the agreement, every project will benefit.

3. Single (ERC721) or version (ERC1155) “Fool-style” casting of NFT

This feature allows anyone, regardless of their encryption knowledge, to easily create NFTs without paying transaction fees. On the contrary, when NFT is sold, the gas cost related to minting will be paid to the buyer-opening NFT minting to mainstream audiences (for example: Twitch stream, tweet, TikTok video minting, all with zero cryptocurrency fees to get started).

4. Royalties

Rarible Protocol implements royalty standards for NFTs minted by the agreement and NFTs minted externally. This enables NFTs sold on the protocol application to comply with the creator and platform royalties regardless of their source (currently, if the NFT is minted on SuperRare and sold on OpenSea, the royalties will not be transferred back to the original creator. Is a huge obstacle to creating an interoperable NFT ecosystem).

5. Open source indexer

The Rarible Protocol indexer is a completely open source data store for developers. It enables them to index NFTs and can access information including metadata, orders, activities, and ranking or sorting for leaderboard purposes. It is worth noting that Rarible Protocol is the first open source indexer protocol available to developers.

Upcoming features of the agreement roadmap

Rarible Protocol is currently deployed on Ethereum and will be available on Flow and Polygon soon. Looking to the future, we hope to prioritize input from our ecosystem, including:

Improve documentation

Complete an SDK 

Integration with statutory payment solutions

Provide search API 

Transfer to the on-chain order book  

Created on Rarible Protocol

Currently, 20 different projects are building applications on the protocol, including Rarible.com, Reaction$, CocoNFT, DAOhaus, MintGate, Ownfy, Cyber, Footium, NFP, Vertex, Mintdrop, Zerion, Genies, Decentraland, Rarepress and BlockEx. Developers can build many other applications, including:

1. Customizable NFT storefront

From large-scale projects like Rarible.com to small-scale options for creators, the agreement makes it easy to develop and customize NFT storefronts.

2. NFT casting application

Due to the shared order book, applications on the agreement can also choose to cast NFTs and let other applications handle the sales and distribution of these NFTs. This eliminates some of the challenges associated with leading needs, and should greatly reduce the time to market for ideas.

3. Browse/discover/manage

There are various applications that may wish to use this protocol to browse/discover and manage NFTs, including wallets or DAO frameworks or Multisigs.

4. Function monetization

Using the Rarible protocol, developers can create innovative features and integrate applications on the protocol for testing, verification, and monetization through fee splitting.

5. Data Analysis Tools

Easily create analytical solutions for NFT prices, transactions, and scarcity.

Joint construction, incubation and governance

As of today, the Rarible.com market has successfully completed the migration to the Rarible agreement.

Although Rarible.com and the Rarible protocol are still two independent entities, both have a core mission, which is to establish a community-driven decentralized network to manage protocol parameters. This will be achieved through the Rarible DAO composed of valuable members of the community, from developers to thought leaders with ownership and decision-making power.

Rarible DAO mainly supports projects based on this agreement in two ways:

1. Approximately US$40,000 of RARI tokens (currently valued at approximately US$500,000) are allocated every week, which is determined by the application based on the agreement, and the allocation is proportional to the weekly sales generated by its application, and is expanded twice.

2. Provide up to $100,000 in funding for new NFT projects, ideas, and features for developers based on the agreement. The funds were allocated through approval of proposals submitted to Rarible DAO and through DAO-sponsored hackathons.  

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/comprehensive-analysis-of-the-open-source-cross-chain-nft-protocol-rarible-protocol/
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