Overview
Rarible launched in 2020 as one of the earliest NFT marketplaces, predating the NFT boom that peaked in 2021-2022. The platform allows creators to mint NFTs and traders to buy and sell them across multiple blockchains including Ethereum, Polygon, Tezos, and others. The RARI token was introduced as a governance and incentive mechanism, distributed to active marketplace participants.
Over time, Rarible has pivoted from purely a consumer marketplace to also offering Rarible Protocol — an open-source, multi-chain NFT infrastructure layer that other applications can build on. This B2B pivot reflects the reality that Rarible's consumer marketplace has been outcompeted by OpenSea's brand recognition and Blur's trader-focused features.
The multi-chain strategy provides broader coverage than Ethereum-focused competitors, but the NFT market is heavily concentrated on Ethereum (for high-value collections) and Solana (for emerging collections), making multi-chain coverage less valuable than depth on the dominant chains.
Smart Contracts
Rarible's smart contracts include marketplace trading contracts (listing, bidding, settlement), NFT minting contracts (ERC-721 and ERC-1155 factory contracts), and the Rarible Protocol's exchange infrastructure. The multi-chain deployment means separate contract sets on each supported chain.
The Rarible Protocol provides open-source indexing and exchange contracts that third-party marketplaces can use, creating a shared liquidity layer across applications built on the protocol. The technical architecture is sound but not differentiated — the contracts implement standard NFT marketplace functionality without novel mechanisms.
Security
Security is standard for an established NFT marketplace. The smart contracts have been audited and have operated for several years without major exploits. The multi-chain deployment increases the surface area but each chain's contracts are independent.
The platform has faced typical NFT marketplace security challenges: phishing attacks targeting users (not a protocol vulnerability), counterfeit NFT listings, and stolen NFT trading. Rarible has implemented verification and flagging systems to address these issues, though they remain an ongoing challenge for all NFT marketplaces.
Liquidity
NFT liquidity on Rarible is modest. The marketplace handles a small fraction of total NFT trading volume, with most volume occurring on Blur and OpenSea for Ethereum NFTs and Magic Eden/Tensor for Solana NFTs. Rarible's multi-chain presence provides some unique liquidity for chains less served by major marketplaces, but the total volume is limited.
The Rarible Protocol's shared liquidity vision — where multiple frontends contribute to a common order book — has not materialized at scale. Most third-party applications built on the protocol have minimal volume.
Adoption
Rarible was an early mover in NFT marketplaces and retains some brand recognition, particularly among creators who used the platform during the 2021 NFT boom. However, market share has steadily eroded. Active user counts and trading volume have declined significantly from peaks.
The pivot to infrastructure (Rarible Protocol) provides a longer-term strategic option but hasn't gained significant traction. The NFT marketplace market has consolidated around Blur (power traders) and OpenSea (retail/collectors), leaving limited space for third-tier platforms.
Tokenomics
The RARI token provides governance over marketplace parameters and was initially distributed through marketplace mining rewards — users earned RARI by buying and selling NFTs. This distribution mechanism attracted some wash trading but also bootstrapped early marketplace activity.
The token's utility is limited to governance. RARI doesn't capture meaningful marketplace revenue, and the declining volume reduces whatever fee-based value accrual exists. The token has lost significant value from all-time highs as Rarible's market position weakened.
Risk Factors
- Market share erosion — steadily losing volume to Blur and OpenSea
- NFT market decline — the broader NFT market has contracted significantly
- Limited differentiation — no clear competitive advantage over larger marketplaces
- Multi-chain dilution — spreading across many chains without dominating any
- Infrastructure pivot uncertainty — B2B strategy hasn't gained meaningful traction
- Token value decline — RARI has lost most of its value with no clear catalysts
Conclusion
Rarible deserves credit as an NFT marketplace pioneer that helped establish the market. However, being early doesn't guarantee sustained success, and Rarible has been steadily outcompeted by OpenSea's brand and Blur's trader features. The 3.8 score reflects the multi-chain coverage and infrastructure pivot potential, discounted by declining market share, limited liquidity, and unclear path to regaining relevance. The pivot to Rarible Protocol infrastructure is strategically sound but has not yet translated into adoption or revenue.