Token minting platform Rarible has announced the first steps into community governance. During their first RARI Reform (RR1) they invite the community to make development proposals about funding and community grants. In addition there are plans to reduce wash trading, which also requires community involvement.
Rarible already introduced 0% fees within its marketplace. However, the platform is considering to use these fees to discourage wash trading. They want to make this the next step in creating a decentralized autonomous organization (DAO). Ultimately community governance is one of the biggest moves for Rarible.
Wash trading on Rarible happens, because both buyers and sellers earn RARI from their transactions. User who sell their art to themselves, have an easy way to make free RARI. However, there’s a community police pointing out wash trading. Those who wash trade, won’t receive any RARI at the end of the week. By introducing a trading fee for both the seller and buyer, wash traders would be losing money.
Wash trading keeps Rarible busy
“We are blocking wash traders from the marketplace every day. It’s though to be an open platform”, Rarible replied to Nonfungible. Wash traders basically buy their own creations for extremely high prices. This not only artificially pumps the value, but also earns them RARI, which is a new token from Rarible.
According to the data analytics website most sales over $1000 are actually wash trades. Upon the launch of the RARI token, the results were immediately visible. Rarible suddenly pumped to the top of the charts on Opensea.
Not only art
Users don’t only use Rarible to sell crypto art or creative images. Photography also has a place on the platform, while some people are selling voxel creations. In recent days users have been more creative in the way they use the platform. One Axie Infinity trader is selling wallets filled with Axie Infinity teams, while developer and NFT enthusiast Gabby Dizon is selling insurances for digital assets on Rarible.
The top five creators on the platform have accumulated 260 ETH in revenue for their creations in the past 30 days. According to OpenSea the platform offers more than 2 million creations. There are currently 2868 wallets with tokens from Rarible, responsible for a total lifetime trading volume of more than 3000 ETH.