- Rarible has declared that the platform will now upgrade to Rarible 2 on Oct. 20.
- Rarible project follows a DappRadar report that hinted at impending NFT marketplace wars.
Rarible, the Ethereum-based Non-Fungible Token marketplace announced that the platform upgraded to Rarible 2 on October 20. According to the NFT marketplace, new attribute tools are being initiated to highlight NFTs from all over the Web3 space. Users can now browse and buy digital assets based on Ethereum from Rarible, OpenSea, LooksRare, X2Y2, and Sudoswap.
Upgrading Rarible’s Features
The platform creates an open environment where users can access the best prices for NFTs through a unified platform. According to Rarible co-founder and chief strategy officer Alex Salnikov.
This Rarible development follows a DappRadar report that hinted at impending NFT marketplace wars. Other major Web3 platforms mentioned in DappRadar’s report include Uniswap and OpenSea, both of which acquired NFT aggregator platforms this year. Unlike OpenSea and Uniswap, Rarible simply converted its services to an indexing model. Based on the report, such acquisitions may result in direct competition between platforms.
Rarible also introduced a mechanism through which users can lock up their RARI, the marketplace’s native token, to earn rewards and incentives for ecosystem participation. According to Salnikov, this is a step toward further decentralization of the platform.
Users get to decide where the ecosystem goes next. They have a say in Rarible’s future, which you can’t get from funds or an NFT.
The decentralization of NFT marketplaces is a significant subject of debate within the Web3 community. The excessive centralization of market leaders like OpenSea has drawn criticism from many users on Twitter. Additionally, some have tweeted that centralized marketplaces like MagicEden and OpenSea must fade away
And the Rarible marketplace has been shielded from a potential market breaching by researchers since the year began. Researchers at cybersecurity software maker Check Point found a market vulnerability that could have cost nearly 2 million active monthly users their NFTs in a single transaction.
