Rarible Rolls Out A New Open Protocol To Help You NFT Better

Published by

Olivia Smith activities: ,

Aug 16, 2021

According to DappRadar, Trading volumes of top NFT collections such as Axie Infinity, CryptoPunks, and ArtBlocks have increased by more than 300% over the past month, and the NFT industry had a record-breaking July, exceeding $1.2 billion in total sales.

The point is, NFTs have hit a high water level that brings the buyer a groundswell of new buying options virtually every waking moment.

In this environment, it’s hard to pick one voice to reflect the growing nature of NFTs as part of a new class of digital assets. 

In the past 24 hours they introduced a raft of new features, celebrating the launch of a new Open-Source NFT Protocol, dubbed “Rarible Protocol”, which will have cross-chain benefits in creating NFTs.

Key features of the protocol include:

Decentralized exchange and fee splitting -- This allows use cases like the co-creation of NFTs.

Shared Order Book and Liquidity -- Applications built on the Rarible Protocol have a shared order book.

Lazy Minting of Single (ERC721) or Edition (ERC1155) NFTs -- This one is really kind of a game-changer. It allows you to mint an NFT without paying a transaction fee. Instead, gas costs are paid off when the NFT is sold. This is a really solid and interesting idea -- it’s potentially better for the environment, as only sold inventory is getting minted. And it allows creators to offer up dynamic content like tweets, Twitch streams, and TikTok videos. For example, we could offer every glorious tweet we make as an NFT and just mint the ones we sell at the time of sale.

Royalties Standard - Every NFT sold on Rarible has to adhere to their royalty standards no matter where it was minted.

Open Source Indexer -- Apparently, the first of its kind, this will open up a trove of data for developers who want to index NFT metadata.

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