Rarible has already generated $5.5 million in transaction volume in September
Non-fungible tokens are now being used by yield farmers looking for new ways to leverage digital assets through available DeFi and exchange protocols.
Yield farming is nothing more than putting cryptocurrency assets into use by earning a return on the capital invested. There are numerous money markets. Such as Compound, Curve, and Aave, and these provide the most straight forward road to earning a yield.
The term is widely used within the DeFi ecosystem but now the first mentions are occurring within the non-fungible token sector as collectibles meet DeFi.
- Marketplace trading volumes surged by 1127% surpassing $7 million in September.
- Rarible.com is responsible for 81% or $5.5 million of the transaction volumes generated in September.
- Rarible.com has launched the first governance token in the non-fungible token ecosystem.
- 75,000 RARI tokens are distributed each week to users.
- The total weekly token drop is worth $450,750 at the time of writing and might trigger another yield farming wave.
Rarible.com is a marketplace application where you can mint, buy, and sell non-fungible tokens. Recently the platform distributed a governance token RARI to reward interaction with the platform and try to increase trading volumes and active wallets.
Rarible.com generated $5.5 million in September
While Ethereum still faces congestion issues, the marketplace category welcomes the best results in 2020 so far. Remarkable growth could be seen in both trading volumes and active wallets.
The volumes are already close to $7 million in September with an increase of 1127% comparing to August 2020. While the number of active wallets hasn’t grown so drastically.
Activity increased by 776%. Meaning, the volumes generated per active wallet were approximately $10,000 in September. In August it was just slightly over $1,200.
81% of the $7 million volume or $5.5 million was generated by one single dapp – Rarible.com. This growth was mostly triggered by a new incentives program paid in RARI tokens.
RARI: The first governance token in the NFT space
RARI is the first governance token in the non-fungible token space designed to reward active creators and collectors with a voice in Rarible’s future.
The price of the RARI token has increased by 814% since the beginning of its distribution and is at the time of writing worth $6.64.
75,000 RARI tokens every Monday
As mentioned above, each week active creators and collectors are incentivized with RARI tokens. 75,000 tokens are issued every Monday with 50% reserved for buyers, and 50% for sellers. In the light of the current token price, at the time of writing the package is worth $498,000 weekly.
Of course, the RARI tokens are distributed proportionally to spenders and sellers. Meaning, the more money you invest, the more returns you receive.
Bounty hunters paradise: 18% weekly returns
The platform’s true purpose is to serve talented art creators to create and sell their work as non-fungible tokens. Numerous virtual creations are being sold worldwide that could be worth a fortune in the future. While others only join to get a piece of the cake.
In order to test the potential return, we spent a total of $900 dollars on non-fungible art tokens on Rarible. RARI tokens were distributed in returns that are worth $162 dollars now. Meaning, around 18% of returns could be expected weekly from the usage of the platform.
Keeping in mind that wallets receive a proportional share, the returns might be even higher.
In September we witnessed a surge in both trading volumes and active wallets within the collectibles category.
The vast majority of activity has been generated by Rarible.com.
The reasons behind it were mainly linked to the recent release of the RARI token incentive program.
This incentive program within Rarible.com might trigger another wave of yield farming with returns of at least 18% weekly.