The Alpha:
- Rarible, one of the most widely used NFT marketplaces, has just launched a tool to help NFT creators set up bespoke NFT marketplaces for their projects and collections.
- The tool will be free but with use limited to projects and collections hosted on the Polygon network; a platform built on top of the leading NFT blockchain Ethereum, according to a press release shared with nft now.
- No coding knowledge is required to use the tool, which lets you customize your new NFT marketplace(s).
- Royalty enforcement could be fully on-chain, potentially protecting creators’ project revenue from policy changes.
Why it matters
Much of what makes engaging in the Web3 side of the internet so distinct from Web2 institutions like Instagram, eBay, and the like is Web3’s focus on decentralizing power structures endemic to the Internet we’ve grown accustomed to in past decades. And now Rarible, one of the most popular NFT marketplaces for creators and collectors, has launched a tool that will enable its users to craft NFT marketplaces of their own. Such a setup would be unthinkable in Web2 — this is perhaps best represented by Apple and Google’s near-total monopoly of mobile app marketplaces.
Crucially, this royalty enforcement could be fully on-chain, which helps protect a creator’s long-term project revenue from policy changes on royalties set by marketplaces. Of course, the next logical step would be to enable users to make their own NFT marketplaces, giving them complete control over their projects and collections. In this creator-first spirit, Rarible has also designed its NFT marketplace builder for ease of use without sacrificing the level of customization available to creators interested using the service. As such, aside from providing users with the ability to tailor the appearance of their custom NFT marketplaces, Rarible also provides users with complete control over implementing royalty fees on their created marketplaces.
Rarible also provides a white glove service to ensure any features or customizations not available in its base marketplace builder tool can be accounted for. Projects that have availed of this service include CryptoPunks V1, Pixel Vault, and Fox’s Krapopolis and Fox Deportes NFT projects.
Creating an NFT marketplace will require no coding knowledge on the user’s end, and will also be completely free of charge. Aside from forgoing an upfront fee for using its NFT marketplace builder, Rarible has also stated on its website that users availing of its tool will not have to pay any monthly costs or transaction fees down the line once their custom NFT marketplaces are up and running.
What’s next
On top of aggregating NFT collections and projects hosted on five blockchains and counting, Rarible is also one of the few NFT marketplaces that supports the Royalty Registry, a smart contract that allows users to set royalty terms on their works easily. Despite billing its new tool as catered specifically toward creators with collections hosted on the Polygon network, Rarible also offers a marketplace builder for Ethereum ERC-721 and ERC-1155 NFT collections.
“We see community marketplaces as the future of NFT buying and selling and we believe every project should have its own marketplace,” said Alexei Falin, Co-founder and CEO of Rarible in a statement shared with nft now. “The self-serve tool is vital for making this happen.” For artists and creators looking to tailor every aspect of projects they launch in the NFT space, Rarible’s new tool is a significant leap in the right direction.
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