Rarible is a nonfungible token (NFT) marketplace where you can create, buy, and sell digital assets.
While the marketplace only launched in 2020, it’s already garnered ~$6 million in total platform sales. 🧵
The war for NFT supremacy is underway – read the full analysis to find out if RARI is a rare opportunity or an overhyped governance token. messari.io/article/a-rari…
Rarible's growth corresponds with the launch of RARI – the platform's governance token – and Rarible's marketplace liquidity mining program.
is designed to reward platform users – buyers and sellers – with the ability to eventually govern the marketplace and trading fees.
Rarible monthly volumes surpassed SupeRare in July 2020 and edged out OpenSea in August.
Rarible's exceptional growth then went parabolic in September, with a monthly sales volume that is now ten times greater than OpenSea. And we're only halfway through September.
Over 2 million compressed NFTs have been minted in just a few weeks.
Enabled by @metaplex's new NFT compression standard (Bubblebum), Compressed NFTs offer greater scale to NFT minting and open up a new array of use cases for Solana NFTs.
But what are compressed NFTs?
Normal Solana NFTs have metadata stored in on-chain accounts
Compressed NFTs group the state of many NFTs into a merkle tree and hash the merkle root on-chain with each leaf of the tree (e.g. NFT) verifiable on-chain while the metadata is offchain
Compressed NFTs allow minting NFTs at scale while securing them cryptographically on-chain.
Importantly, compressed NFTs can be redeemed/decompressed in which case the NFT is removed from the offchain merkle tree and then exits on-chain as a normal Metaplex NFT.
The magic of NFTs as an asset class is that the underlying assets are composable. But, this effortlessly destroys the moat of secondary trading liquidity that marketplaces have relied on to succeed.
NFT marketplaces must find proprietary liquidity that lives on their platforms, that drives users, and is unique.
Fluid secondary liquidity means marketplaces & NFT social networks must compete in the streets of the bazaar where trading occurs and not behind their castle moats.
Artists have earned over $5m in earnings on Sound Protocol.
Let’s take a brief look at the state of @soundxyz_ Protocol & Marketplace 🎧 🧵 sound.xyz
Sound Protocol by the numbers:
•$10m in NFT volume (4.4m Primary and 5.7m Secondary)
• Minted over 80,000 music
• Over 400 talented artists
• Nearly 13,000 collectors
Feb 2023 was Sound’s best month ever in terms of music NFTs minted.
The record month was aided by the launch of Sound’s curator rewards which enabled fans to earn 5% on primary mints generated through their referral links and playlists.
1) Network-driven protocol GTM focuses on building a protocol with broad distribution and permissionless access, and then evangelizes others to build on top of the network.
Every so often, a new playbook for token distribution emerges:
• Liquidity Mining (e.g. Compound)
• Retroactive airdrops (e.g. Uniswap)
• Infra setup (e.g. Helium)
Blur created the next token playbook: Sequenced Airdrops
Disclosure: We're not investors in Blur. But given our thesis on user ownership, we think the Blur case study holds interesting lessons for all crypto projects seeking to turn users into owners.
But first, how did Blur's sequential airdrop work?
• Airdrop 0: Rewarded social referrals to attract traders to its platform
• Airdrop 1: Rewarded ecosystem trading activity
• Airdrop 2: Rewarded listings to build supply
• Airdrop 3: Rewarded bidding to spur the demand side