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What are we building at RARI Foundation?

UpdatesJune 12, 2023

To date, all the major NFT use cases – including digital art, land and pfps – have been financial. With the current infrastructure costs, it doesn’t come as a surprise: who else can benefit from the technology, when you lose $100 every time you send an item?

Needless to say, PFPs and marketplaces for traders are just scratching the surface of the true potential of NFTs. To bring the future of NFTs closer and accelerate mass adoption, we first need a scalable infrastructure that will allow new use cases to take off and flourish.

Here is what RARI Foundation is doing to bring this future closer.

Powering the future NFT use cases with decentralized infrastructure

In 2019, Rarible built a marketplace with a robust indexer and orderbook protocol. It made such an impact in the nascent NFT industry that it was decided that Protocol should be made open source for everyone to benefit from.

3,000 marketplaces have been built on the Protocol to date, including Rarible, Mattel, Animoca (Mocaverse), Smurfs, and more.

It became clear that only new methods of governance can take the infrastructure to the new dimension that is needed for NFT use cases of the future. Fast forward to 2022, RARI Foundation was established to transfer ownership of the Rarible Protocol to the community and bring this future one step closer.

The proposed RARI Foundation grants members of the RARI DAO the right to submit proposals, to vote on such proposals and to execute approved proposals independently from any single centralized party. This proposal marks the next step towards full decentralization of the governance of the Rarible Protocol ecosystem in alignment with its core values. (RRC-0)

How does the Protocol work

Rarible Protocol consists of an indexer and an order book, which is a common denominator for all NFT marketplaces. Protocol builds an abstraction layer for several blockchains – ETH, POL, TEZ, SOL, IMX – and simplifies the way developers can build NFT experiences.

Last month alone, over half a billion API calls were made, with over 206 billion items minted on the Protocol to date!

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What the DAO have been up to lately

The RARI DAO has grown in recent months. The community passed multiple proposals designed to expand key partnerships and incentivize active users. Delegates and contributors put their heads together to design the strategic roadmap and align on the focus areas.

We are witnessing exciting new progress and can’t wait to see what’s brewing next 👇

Keep an eye out

  • This month we are going to announce the new partner for the second round of RARI Rewards program that was approved by the community earlier this year. See the proposal for more details and stay tuned for the big announcement!

  • New capabilities will be added to the Protocol starting with L2 and side-chain integrations

  • We will be announcing a brand new program to enable a new cohort of delegates to jumpstart their participation

Curious to learn more? Join our Twitter and Discord server to never miss an update from RARI Foundation.

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