Rarible NFT Marketplace Adds Web3 Aggregation With New Version

by · October 25, 2022

Rarible, an Ethereum-based nonfungible token (NFT) marketplace, announced its platform upgrade to Rarible 2 on October 20.

NFT Market says it is introducing new aggregation tools to showcase NFTs from across the Web3 space. This means users can browse and buy Ethereum-based digital assets from Rarible, OpenSea, LooksRare, X2Y2 and Sudoswap.

Alex Salnikov, chief strategy officer and co-founder of Rarible, told Cointelegraph that the NFT platforms we have now are “silos” and aggregation is the way to change that:

“It creates an open environment where users can access the best prices for NFTs through one interface.”

This development from Rarible comes after a report from DappRadar, which hinted at impending NFT “marketplace wars”. DappRadar’s report highlighted other major platforms in the Web3 space such as Uniswap and OpenSea, both of which acquired NFT aggregator platforms in the past year.

While OpenSea and Uniswap acquired external aggregators, Rarible simply transformed its services to an aggregation-based model. The report says that such acquisitions could spark direct competition between platforms.

Related: OpenSea to allow users to submit bulk NFT listings and purchases

Rarible also introduced a mechanism where users can unlock their RARI, the marketplace’s native token, to earn rewards and incentives for ecosystem participation. Salnikov says this is a step towards further decentralization of the platform.

“Users get to make decisions about where the ecosystem goes next. They have a say in Rarible’s future, and that’s something you can’t get with just funds or an NFT.”

The decentralization of NFT marketplaces is a relevant discussion in the Web3 community. Many on Twitter have called out market dominators like OpenSea for being too centralized.

Another user tweeted that centralized marketplaces like MagicEden and OpenSea must go:

Earlier this year, the Rarible marketplace was saved by researchers from a potentially major security breach.

A vulnerability in the market was identified by researchers at cybersecurity software company Check Point that could have cost nearly 2 million active monthly users their NFTs in a single transaction.