Cryptocurrency

Rarible NFT marketplace adds Web3 aggregation with new version

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

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

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

“It creates an open environment where users can access the best prices for NFTs all 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 this past year.

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

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

Rarible also introduced a mechanism in which users can lock up their $RARI, the native token of the marketplace, 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 on 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.”

Decentralization of NFT marketplaces is a relevant discussion within the Web3 community. Many on Twitter have been calling out market dominators like OpenSea for being too centralized.

While another user tweeted that centralized marketplaces like MagicEden and OpenSea have got to go:

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

A vulnerability in the marketplace was identified by researchers at cyber security software company Check Point, which could’ve cost nearly two million active monthly users their NFTs in a single transaction.