Rarible has announced the launch of its redesigned NFT trading marketplace and the implementation of a new transaction fee distribution system.
Redesigned Rarible Platform
The NFT marketplace Rarible has launched a new design for its trading platform, which now directs transaction fees toward token buybacks. This model aims to redistribute tokens to active traders and is designed to create a sustainable alternative to previous incentive schemes that relied on fixed token allocations.
Previous NFT Marketplace Attempts
Other NFT marketplaces have also attempted to implement reward programs based on tokens to boost trading activity. In 2023, Blur utilized a points-based system rewarding traders with future tokens. However, such strategies also led to methods of wash trading, where users manipulated sales of NFTs to maximize rewards.
Sustainability of Rarible's New Model
Despite the unsustainable results of previous reward programs from competitors, Rarible remains optimistic about its new token rewards system. According to Anna Riabokon, head of operations and governance at the RARI Foundation, the platform generates revenue from licensing its software to brands like Mattel and McFarlane Toys, which allows it to support the community sustainably. All transaction fees will be transparent and traceable on-chain.
With the launch of its redesigned platform, Rarible aims to create a more sustainable ecosystem for NFT traders, providing numerous opportunities for engagement and activity on the platform.
