Amid growing demand for non-fungible tokens (or NFTs), including trading volume of nearly $10.7 billion in the third quarter, the markets that sell such digital and tokenized collectibles are changing and evolving to try attract more market share.
This Tuesday (23), Rarible revealed that it is taking a social move, launching the messaging functionality in its market.
Rarible Messenger is a new feature of the NFT marketplace, allowing potential buyers and sellers to communicate about transactions, common interests, and more.
Rather than forcing users to look for other ways to communicate (whether via social media, Discord or email), Rarible is introducing this functionality right on its website.
It’s the first time an NFT marketplace has advertised such a feature, though it’s unlikely that Rarible is the only one doing so. Coinbase, for example, has plans for its future NFT market to have a social layer.
However, Coinbase’s approach sounds more like an activity feed, like Facebook’s, while Rarible is aimed at direct communication.
The tool is now available on the market from Rarible, according to a company announcement, with plans to launch Rarible Messenger in the future as a communication tool for the Web 3.0.
It is based on users’ Ethereum wallet addresses and includes privacy features so users can block others if necessary.
An NFT acts as a receipt for a rare and verifiable digital item by a blockchain platform, and an NFT can represent anything from a profile photo to a digital illustration, video file or even an interactive video game item.
Currently, Ethereum is the main platform for developing NFTs.
Rarible is an open, peer-to-peer NFT market, but it handles much less transactional volume than its main adversary OpenSea.
While monthly trading volume on Rarible has hit the $20 million mark over the past three months (according to Dune Analytics), OpenSea has processed about $3 billion a month during the same period.
However, unlike OpenSea, Rarible takes a community-focused approach, thanks to the RARI governance token, released in 2020. The token, which is awarded to buyers and sellers on the platform, has allowed holders to vote on decisions about the future of the site. .
Big names in the crypto market are creating their own NFT markets, as FTX.US has launched one and Coinbase is set to introduce its own platform by the end of this year.
Rarible isn’t alone in making big changes: Nifty Gateway, owned by Gemini, has moved from an artwork-focused approach to curating to become an open aggregator of NFT markets.
*Translated and edited by Daniela Pereira do Nascimento with permission from Decrypt.co.