Rarible: A Leading NFT Infrastructure Protocol in the Metaverse Index
RARI is an ERC-20 token released in 2021 as the governance token for Rarible, an NFT infrastructure protocol. It is one of several tokens currently held within the Index Coop’s Metaverse Index (MVI).
February 9, 2022
MVI Token Guide
- What is Rarible?
- Who Created Rarible?
- Governance & Tokenomics
- Why is RARI included in MVI?
- How can I gain exposure to Rarible?
- What is MVI?
What is the RARI token?
Rarible's RARI token is an ERC-20 token launched in 2021 and secured in the Ethereum blockchain. The token serves as a governance token for RARI Foundation. Holders of the governance token have the ability to affect Rarible's evolution. RARI token holders, for example, can propose and vote on changes to the protocol as well as vote on how funds can be allocated. The RARI token can also be earned through a rewards program that is voted and approved by the RARI Foundation.
Who created the RARI Token?
The RARI token was created as a DAO outside of the Rarible company, which was founded by Alex Salnikov and Alexei Falin and is based in the US. Salnikov has been working in the cryptocurrency space since 2013, while Falin previously co-founded a marketplace for digital stickers that can be used on social media sites. Rarible received its first round of funding in 2020 from CoinFund, a New York-based venture capital firm that has consistently invested in ideas that attempt to harness the potential of NFTs. The Rarible team launched the platform on the Ethereum Mainnet in 2019.
Why is the RARI Token included in the Metaverse Index (MVI)?
The inclusion of the RARI Token in the MVI is the result of the team’s careful analysis of the token’s utility and the crucial role that the token plays in the Metaverse. With the RARI token’s market capitalization of $28.7 million (at the time of writing) and its inclusion in the Top Non-Fungible Tokens (NFT) Coins by Market Capitalization, RARI has maintained its liquidity and strong price history. The ability to split fees during the exchange process is one of the protocol's most powerful features, allowing for intriguing use cases such as the co-creation of NFTs, monetization of applications built on top of the protocol, and even fee splitting to features used within an application. The Rarible protocol has also been audited by Chain Security, and the audit report is available.
Governance and Tokenomics
RARI holders can submit and vote on suggestions related to Rarible Protocol.
RARI has a total supply of 25 million tokens. 45% of the total supply of RARI is reserved for the Foundation treasury, 30% is reserved for the Rarible investors and team, and 25% was airdropped to Rarible.com users.
Why is RARI included in MVI?
The Metaverse Index is carefully designed to capture market-defining trends in entertainment, sports, and business that occur in virtual environments, commonly known as the metaverse. Rarible is an early entrant into the booming NFT space. The Rarible NFT marketplace has over 2.1 million monthly active users. Rarible has a trading volume of $337 million and over 500,000 NFTs minted.
How can I gain exposure to Rarible?
You can gain exposure to Rarible and other leading metaverse projects by buying MVI, which includes RARI tokens. You can buy MVI directly from the Index Coop by connecting your wallet to the Index Coop app.
If you’re looking to exchange a fiat currency, like the U.S. dollar, directly for MVI, then you’ll want an Ethereum wallet like Argent, Metamask, or Rainbow. With each of these wallets, you can connect to your bank account or debit card, which allows you to exchange fiat currencies directly for Index Coop products like MVI.
What is MVI?
The Metaverse Index (MVI) is a digital asset that currently tracks the performance of Non-Fungible Tokens, Entertainment, Virtual Reality, Augmented Reality, and Music assets across Ethereum. It combines the features of an ERC-20 token and a traditional structured product to capture the trend of entertainment, social activity and business moving to take place in virtual economies, powered by NFTs and blockchain technology. MVI is designed using uses a combination of root market cap and liquidity weighting based on the value of each token’s circulating supply and aims to track projects that have significant usage and show a commitment to ongoing maintenance and development.
Note: Article updated March 8, 2023
About Index Coop
Index Coop is a decentralized autonomous organization (DAO) that powers structured decentralized finance (DeFi) products and strategy tokens using smart contracts on the blockchain. We offer a suite of sector-structured products, leverage and inverse products, and yield-generating products. We aim to create products that are simple to use, accessible to everyone, and secure. Our products are built on Set Protocol, a twice-audited, self-custodial DeFi tool that allows for the creation and management of Ethereum-based (or ERC-20) tokens. Among users, partner protocols, and our composable products, Index Coop maintains one of the largest partnership networks in the DeFi ecosystem.
How to buy Index Coop products with fiat currencies:
- First, you’ll need to create an Ethereum wallet like Argent, Metamask, Gemini, or Rainbow.
- Next, you’ll set up your new wallet and connect your bank account.
- Once you’ve deposited fiat currency in your wallet you can exchange it for Index Coop products like DeFi Pulse Index (DPI) or the Metaverse Index.
You can also earn or buy MVI tokens directly via your favorite decentralized exchange.
Disclaimer: This content is for informational purposes only and is not legal, tax, investment, financial, or other advice. You should not take, or refrain from taking, any action based on any information contained herein, or any other information that we make available at any time, including blog posts, data, articles, links to third-party content, discord content, news feeds, tutorials, tweets, and videos. Before you make any financial, legal, technical, or other decisions, you should seek independent professional advice from a licensed and qualified individual in the area for which such advice would be appropriate. This information is not intended to be comprehensive or address all aspects of Index or its products. There is additional documentation on Index’s website about the functioning of Index Coop, and its ecosystem and community.
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