The NFT marketplace focuses on accessibility and sustainability
Rarible, one of the leading NFT marketplaces, has announced a partnership with Tezos to bring accessibility to the NFT space. While the platform only supports Ethereum-based NFTs at the moment, bringing Tezos onboard will both open its doors to a new audience, and lower the cost for minting, selling, and buying NFTs.
Tezos has already made a name for itself as one of the best alternatives to the Ethereum blockchain when it comes to NFTs. Marketplaces like Hic et Nunc and Objkt are driving in hundreds of users each week. However, Rarible integrating Tezos will put the blockchain and its capabilities in front of many NFT enthusiasts.
Aside from seeking a cheaper and more accessible minting protocol for its users, Rarible has also announced a focus on reducing its carbon footprint. The marketplace has teamed up with Nori to start offering carbon-neutral Ethereum minting. Once this integration goes live, creators will get the option to pay a tax to offset the adverse effects of their minting transactions on the environment. Additionally, Rarible has pledged to cover the cost of carbon removal for any NFT minted on Ethereum via the platform between November 30th and December 5th.
What will Tezos bring to Rarible and vice versa?
The partnership between Rarible and Tezos brings benefits to both sides. On the one hand, Rarible will start offering its services on an alternative to the Ethereum blockchain. One of the most significant drawbacks of this protocol is that it still utilizes the proof-of-work consensus mechanism. This, in turn, leads to significantly higher transaction processing fees for any activity on the blockchain. Additionally, Ethereum is not the most eco-friendly blockchain in terms of power consumption.
In this sense, Tezos’ integration on Rarible will tackle several problems for the NFT marketplace. Firstly, on Tezos both creators and collectors will get access to NFT trading at a fraction of the cost when compared to Ethereum. Additionally, Rarible will benefit from the already established NFT audience the Tezos protocol has drawn in.
On the other hand, Tezos stands to gain from the partnership as well. Rarible is one of the top NFT marketplaces on the map right now. While OpenSea decided to go with Polygon to offset transaction fees, Rarible has chosen Tezos. This will shed new light on the Tezos ecosystem, effectively bringing in new users to the whole Tezos dapp universe.
Performance data so far
DappRadar already monitors both Rarible as one of the leading NFT marketplaces, and Tezos as an up-and-coming protocol that is gaining more traction. In the past thirty days, NFT marketplaces on Tezos attracted a cumulative of 27.743 traders, who generated upwards of $6 million in trading volume. These are remarkable figures considering the fact that the average price of an NFT on Tezos is around $65.
Rarible, on the other hand, is not falling behind. In the past thirty days, the marketplace attracted upwards of 6000 traders, generating more than $16 million in trading volume. While this is an impressive number, you can see how the Tezos ecosystem can help to boost these numbers.
These figures are a perfect explanation as to why the partnership between Tezos and Rarible should be a successful one. While Tezos relies on the strength in numbers approach, Rarible has already established itself as one of the top marketplaces for NFTs on the more expensive side of things.
DappRadar will continue monitoring both Rarible as one of the leading marketplaces in the NFT space and Tezos as the protocol continues its development. This is an exciting partnership for both sides, and we cannot wait to start seeing the results. To find out the latest news in the NFT space follow DappRadar on Twitter, and join our Discord community.
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