Introduction:
Blockchain technology is a distributed ledger that records transactions in a secure and transparent manner. It was originally designed as the underlying technology for Bitcoin, but its potential applications go far beyond cryptocurrency. Blockchain has been adopted by various industries, including finance, healthcare, supply chain management, and more recently, digital art and collectibles. Rarible is an open-source platform that allows artists to mint their work on the Ethereum blockchain, making it possible for creators to sell their digital assets as non-fungible tokens (NFTs). In this article, we will explore what blockchain technology Rarible uses and why it’s the go-to platform for artists.
Blockchain Technology Used by Rarible:
Rarible uses Ethereum blockchain technology to mint NFTs that can represent various forms of digital art, including images, videos, music, and even virtual real estate. The Ethereum network is a decentralized network that allows for secure and transparent transactions without the need for intermediaries. It is the largest and most widely used blockchain platform, with over 200,000 developers building on it as of this writing.
Ethereum’s smart contract functionality makes it possible for artists to program rules into their NFTs, such as royalties or ownership rights. This enables artists to retain control over their work and receive a portion of the revenue generated from its sale. Ethereum also allows for interoperability between different NFT marketplaces, making it easier for artists to sell their work across multiple platforms.
Benefits of Using Rarible:
Rarible offers several benefits to artists looking to mint and sell their digital assets as NFTs. Firstly, it is an open-source platform that allows artists to retain full control over their work and its distribution. Artists can program rules into their NFTs, such as royalties or ownership rights, ensuring they receive a portion of the revenue generated from the sale of their work.
Secondly, Rarible uses Ethereum blockchain technology, which is the largest and most widely used blockchain platform, with over 200,000 developers building on it as of this writing. This means that artists have access to a vast community of developers, designers, and investors who are interested in NFTs and digital art.
Thirdly, Rarible allows for interoperability between different NFT marketplaces, making it easier for artists to sell their work across multiple platforms. This means that artists can reach a wider audience and generate more revenue from the sale of their work.
Case Study:
One example of an artist who has used Rarible is Beeple, also known as Mike Winkelmann. He created a digital artwork called "Everydays: All the World’s Leaders" that depicts all the leaders of the world in a single image. Winkelmann minted his work as an NFT on Rarible and sold it for $69 million, making it one of the most expensive pieces of art ever sold. The use of NFTs made it possible for Winkelmann to retain control over the distribution and ownership of his artwork, ensuring he received a portion of the revenue generated from its sale.
Summary:
In conclusion, Rarible is an open-source platform that allows artists to mint their work on the Ethereum blockchain as non-fungible tokens (NFTs). The use of Ethereum’s smart contract functionality makes it possible for artists to program rules into their NFTs and retain control over their work and its distribution. Rarible offers several benefits to artists, including access to a vast community of developers
