Billionaire Pumps RARI to New Heights

59% token price increase after Mark Cuban lists his first NFTs

American billionaire and entrepreneur Mark Cuban has created his first NFT on the Rarible marketplace, and as a result, the RARI governance token gained 59% of value over the past 24 hours. The RARI token now has a price of $5.33, which is the highest point since October last year.

One week ago RARI had a low of $1.93. Ever since the price slowly increased, until the value pumped up thanks to Mark Cuban. The owner of the Dallas Mavericks NBA basketball team posted his first ‘artworks’ on minting platform Rarible and sold these for 0.02 ETH each. As a result of his sales on the Rarible marketplace, the billionaire will earn his first RARI tokens. At the same time one of his creations already sold on the secondary market for 14 thousand dollars, earning him 10% in commission.

Aside from the token value increase from RARI, the Rarible platform has seen considerably more activity. Over the past seven days, there’s been an increase of 38 percent more wallets, even though the transaction volume is down by 13 percent. 

Rarible and NFT trading on Ethereum

Overall Rarible is one of the Ethereum based platforms that are  ‘suffering’ under the high gas fees. Content creators need to pay hefty fees in order to mint something, while consumers need to pay considerable transaction fees as well. This makes selling or buying artworks below $100 a bit useless, and therefore these gas fees hurt Rarible as a business. 

However, Rarible is still doing a big part of the trading volume on Ethereum, responsible for 739.8 ETH in the past 7 days. OpenSea did 941 ETH over the same period, while SuperRare had 977 ETH in trading volume. Despite the high gas fees, there’s still a considerable interest in NFT trading, especially in the higher value segment.

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