A few quick things to update you on before we jump into this week’s project. If you weren’t already aware, the Parsiq project we covered a few issues back suffered from an exchange hack at CoinMetro and the Parsiq contract address has been changed as a result. The team was quick to act after the hacker began dumping all the stolen tokens on the exchange causing a flash crash of almost 90%. Due to the nature of Parsiq, the system was flagged and the exchange was able to isolate the accounts and freeze them relatively soon. Meanwhile, the team immediately began migrating to a new smart contract taking a snapshot of the block before the hack and using it to airdrop all token holders the new PRQ as well as update all centralized exchanges. If you’d like to learn more you can check out all the details in Parsiq’s blog post.
On a brighter side, MantraDAO has released its staking platform this week allowing holders to stake their tokens in the app for an initial 88.88% APR. I don’t imagine this high staking yield will last long so take advantage of it while you can, a minimum staking rule of 8 days applies before you can withdraw.
With the updates out of the way, we’ll be diving into the non-fungible token (NFT) space this week with a new marketplace project called Rarible.
Introduction
Rarible is developing the first completely decentralized and community owned marketplace for NFT assets. As an artist, by tokenizing your work you both ensure that it is unique and branded as your work. Rarible facilitates everyone to create and mint their digital collectibles without the need for any coding skills. This system enables the actual ownership to be completely blockchain-managed and allows content creators to add unlockable content to collectibles, that only becomes visible after a transfer of ownership (i.e. selling or gifting your NFT). Artists can use this feature to include high res files, making ofs. videos, secret messages, and much more. The Rarible marketplace is built around a non-custodial model that requires users to own their keys to take part in. Rarible comes with state-of-the-art features and experience for NFT creation using ERC-721 and ERC-1155 standards, multi-edition mining, custom on-chain collections, and creator moderation.
Rarible has already integrated with OpenSea and allows users to view their collectibles created on rarible.com on OpenSea and manage them there as well. Allowing you to list your collectibles on OpenSea not only in $ETH but also in $RARI. Whenever you create a collectible you can set a certain percentage as royalty for secondary sales. Example: You create a digital painting and sell it for 0.2 ETH, the royalty is 10 percent. Your buyer then sells your painting at a higher price point for 0.5 ETH. Here, the royalty system kicks in. As the original content creator you receive 10% of that sale, being 0.05 ETH. Royalties set on OpenSea don’t carry over to rarible.com at the moment. But, the team is working on a cross-platform royalties implementation. Within this marketplace are artists that have been deemed as “verified”. Rarible is always accepting requests to be a verified artist on the platform and only requires you to have at least 4 works of art sold or available for sale and a filled-in profile page for your account.
The ultimate goal of Rarible is to evolve into a…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
