Introducing $RARI — the first governance token in the NFT space
During 6 months of existence, Rarible is proud to have built a strong community of creators, art lovers, and NFT believers. Rarible is the premiere NFT marketplace where you can mint, buy and sell digital collectibles without any coding skills. As we are growing in numbers and expanding our presence on the market, Rarible is taking a shift towards a becoming a fully Decentralized Autonomous Organization.
Driven by the will to give our community the power to influence decisions and incentivize active participation, we are launching our own governance token. This new project-management model has proven to be efficient within DeFi industry, and we’re excited to launch the first governance token in the NFT space.
Welcome RARI: the governance token of Rarible. RARI enables the most active creators and collectors on Rarible to vote for any platform upgrades and participate in curation and moderation.
How you can get RARI
I. Earn it by using Rarible marketplace
You can’t purchase RARI on our platform — it can only be earned by actively participating on the platform. We call this Marketplace Liquidity Mining.
Over half of RARI’s total supply is reserved for sellers and buyers on Rarible marketplace, who will receive RARI through weekly distribution according to weekly purchases and sales volumes.
- Marketplace liquidity mining starts on 07/15/2020 — today!
- Every Sunday 75,000 tokens are distributed to counterparties who made a sale or a purchase on Rarible during the week
- Issuance takes place every Sunday starting from 07/19/2020 for 200 weeks consequently
- Both buyers and sellers equally receive 50% of the distributed amount.
We reserve a right to alter Marketplace liquidity mining process to insure that any potential attempts to fool the system and disrupt the fairness of the process can be eliminated.
II. Participate in the airdrop
To kick-start the token launch, we are conducting a RARI airdrop to all NFT holders. 10% of the total RARI supply is reserved for everyone who has purchased NFTs, regardless of the platform they used.
Who is eligible to participate in the airdrop?
- 15/07/2020 — existing Rarible users
Active users will receive 2% of the total RARI supply according to the Liquidity Mining principle: based on the previous volume on Rarible marketplace. Both buyers and sellers will receive 50%.
- by Monday 20/07/2020 — documented NFT holders/buyers
In this stage, 4% will be distributed amoung Ethereum addresses of all NFTs with documented sales on Dune Analytics.
- To be announced — remaining NFT owners
As we believe that Dune Analytics might not hold all the data, we introduced the third stage for corrections. If you haven’t found yourself on the list, but you know you have significant NFT holdings — please reach out to us! The second airdrop wave will be announced later.
Our ultimate goal is to evolve towards a Decentralized Autonomous Organization (DAO), where all decision rights will belong to the platform users.
RARI token, awarded to the active users of the platform, will act as the governance instrument: it will enable collectors and creators to vote on multiple upgrades and decide how the platform should develop further. This makes the governance of the platform directly responsive to our most active users and brings Rarible closer to being a public good operated by the community members who value it most.
RARI token holder rights
I. Voting on system upgrades
The key part of token holder rights is to have influence over the platform development. If community wants it — everything is possible.
- Holders of RARI can submit and vote on proposals about:
• Rarible’s trading fees
• new Rarible features to be developed or implemented by our team
• the use of RARI to further decentralize the governance and development of Rarible
- In the initial exploratory period for RARI, most votes will initially be “advisory votes”. These are votes which will provide us signals of users’ desires for Rarible that, in most cases, we anticipate abiding by, but are technically non-binding. Such non-binding votes are a common tool in traditional corporate governance — for example, public companies may hold “say on pay” votes which gather community sentiment on executive officer salaries. However, over time we will work with the community of RARI holders to create a more formal governance structure where more votes can be binding and trustlessly implemented. RARI does not confer any legal rights to manage the Rarible business or to receive profits from Rarible — in its initial version, RARI confers the right of active customers of Rarible to participate in each advisory voting process announced on Rarible.com.
II. Moderating creators on the platform
Establishing community-based moderation is a challenging task. We are considering implementing a system analogous to Aragon Court or entering a partnership to solve it.
III. Curating featured artworks
Hot or not? Community decides who deserves an extra boost.
Rarible team is working on a set of exciting new features, and we want our community to participate in prioritizing their roll-out.
- NFT market index
For the collectors who would like to invest in NFT market, but are unsure what artwork to choose, Rarible will provide the opportunity to invest in NFT index — a portfolio of the most promising NFTs.
- Price Discovery Mechanism
- Mobile App
- Social Features
- More Types of Content (AR+VR+Metaverse+3D)
- DeFi NFTs
- Fractional Ownership
Join the ride at https://rarible.com/!
You can also
- Visit RARI token page: https://app.rarible.com/rari
- Follow us on Twitter, Discord, Telegram and Instagram to stay tuned with the latest news and platform updates.
UPDATE: This post was updated on 9.10.2020 to show that the ‘Reserve Fund’ has been allocated to Rarible Inc.