The NFT marketplace Rarible has redesigned its platform and introduced new upgrades that will benefit community members. Central to this development is a points program that seeks to reward active traders while eliminating NFT wash trading.
According to an announcement from the Rarible team, the new and upgraded platform is faster, cross-chain, and hosts fresh NFT ecosystems. The marketplace has changed its name from RaribleFUN to just Rarible, reflecting its evolution from a beta playground to an alpha platform.
“62+ million mints, constant iteration, built fully in public. That work shaped the foundation for today. The beta now becomes the alpha. Rarible is where new chains get their spotlight. Discover fresh ecosystems, collect across OG and emerging chains, even pre-mainnet,” the Rarible team stated.
Rarible’s new points program is live on all mainnet chains. The platform describes it as the first of its kind, and it is powered by Rarible’s native asset, RARI. The program rewards users’ actions, whether they are buying, selling, or accepting NFT bids. These actions are tallied across chains and ranked as points on the marketplace’s leaderboard, which are then converted into RARI.
With every trade generating fees, the Rari Foundation, the non-profit overseeing Rarible, redistributes the fees to participants in proportion to the points they have earned. The top three participants are tracked in real-time on the Rarible leaderboard and earn the highest rewards. As the Rari Foundation converts the points to RARI, users can claim the coins via the layer-2 network, Base.
Rarible ensures its points program is sustainable and built for growth, rather than driven by quick, short-term hype, thereby putting the community first. This addresses the NFT wash trading culture, which has plagued marketplaces for a long time. The trend can be traced back to points programs by other NFT platforms, which have rewarded users in the past through airdrops and other mechanisms that distribute tokens on designated schedules.
While these approaches briefly triggered surges in volumes, they were unsustainable and failed to drive genuine demand for NFTs. Users focused on buying and selling collectibles back and forth to maximize their airdrop rewards. However, Rarible’s approach directs all revenue back to the community, building a sustainable cycle.
Meanwhile, Rarible says it will begin to distribute rewards a week after this launch. Could there be more incentives in store for active users? Stay tuned to find out.
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