$19.78 million!!! If you are jaw-dropping about this number, this article is apt for you. The monthly trading volume of an Ethereum-based marketplace is gripping the whole world now. It is none other than Rarible which has been a popular choice for artists to mint and list their crypto collectibles. Entrepreneurs can own a Rarible like NFT marketplace that is filled with the right features and functionalities of the infamous buying and selling platform.
The plethora of technologies: Build NFT Platform like Rarible
The Ethereum-based indexer is one of the hallmarks of a Rarible NFT marketplace. This helps in the logical ordering of the virtual assets based on the demand from investors, primary and secondary sales and trading volume. Moreover, the generation of buying and selling requests, minting of digital collectibles, and obtaining a reselling license happens in a hassle-free manner.
Besides that, Solidity implements the terms and conditions of Ethereum smart contracts. It offers several advantages like conflict-free dealing between two parties and execution of numerous tasks through integration with an Application Binary Interface (ABI).
Data interchange formats
Artists benefit immensely as they can upload their audios and videos securely via Web APIs. The lightweight mechanism supported by server-side parsing ensures a fast response without any interruptions.
Frameworks for web designing
“Mobile minting” is the new trend in the soaring world of crypto collectibles. Bootstrap is an open-source framework for establishing the front-end of an NFT marketplace. It assists in creating a friendly user interface. Eventually, digipreneurs can entice all kinds of artists and investors across different age groups and locations.
Front-end development tools
Drizzle enables the creation of front-end libraries for the NFT trading platform like Rarible. It organizes important data related to the processing of peer-to-peer (P2P) transactions and all the virtual collectibles locked in Ethereum smart contracts.
Smart contract testing frameworks
Truffle is the backbone of both Decentralized Applications (DApps) and smart contracts. There is no possibility of downtime on a Rarible like marketplace. This is because of integration with the Ethereum Virtual Machine (EVM) which acts as a blockchain-based software.
Other Application Programming Interfaces (APIs)
With the buying and selling of digital collectibles happening in a flash, APIs provide a better trading experience for all stakeholders. It helps in the instant creation of orders, the discovery of new bids and collections, and implementing the terms and conditions in smart contracts effectively.
With Rarible introducing new features like lazy minting and split royalties, it will move up the ranks in the NFT trading sector. The future of the Moscow-headquartered marketplace will depend on the circulation of the Rarible Governance Token (RGT) and cross-chain compatibility.
Interestingly, the demand for digital collectibles on Rarible will soar because it will integrate with other blockchain networks like Binance Smart Chain (BSC), Flow, Polkadot, Tezos along with the Polygon sidechain. Both investors and users will benefit from lower gas fees and quick transfer of assets from one platform to another.
Are you a techpreneur to own a Decentralized Autonomous Organization (DAO) now? Make the correct choice now, come out with an NFT platform like Rarible and stay ahead of your challengers.