Rarible Protocol
Rarible Protocol is a set of smart contracts that can be deployed to various blockchains, as well as an open source indexer. Projects can use these tools to build consumer facing applications, while smart contract developers can build features in the protocol that benefit an entire ecosystem of projects.
At the core of the Rarible Protocol is a decentralized exchange. One of the protocol’s most powerful features is its ability to split fees during the exchange process, which allows for interesting use cases like the co-creation of NFTs, and the monetization of applications built on top of the protocol, or even the splitting of fees to features used within an application.
Applications built on the Rarible Protocol have a shared order book. The practical implications of this are that when an NFT is listed for sale, it is listed for sale across all applications built on the protocol (same goes for when bids are placed). The effect of this is powerful: every project benefits as more teams build on the protocol.
This feature enables anyone, regardless of their crypto knowledge, to easily mint an NFT without paying a transaction fee. Instead, the gas costs associated with minting are paid off to the buyer when the NFT is sold — opening up NFT minting to mainstream audiences (for eixample: the minting of a Twitch stream, a Tweet, a TikTok video, all with zero crypto onboarding).
The Rarible Protocol implements a royalty standard for protocol-minted NFTs, as well as for externally minted NFTs. This enables NFTs sold on protocol applications to adhere to creator and platform royalties regardless of their provenance (currently, if an NFT is minted on SuperRare, and sold on OpenSea, royalties are not passed along back to the original creator which is a huge barrier to creating an interoperable NFT ecosystem).
The Rarible Protocol indexer is a completely open-source store of data for developers. It enables them to index NFTs and have access to information including metadata, orders, activity and ranking or sorting for leaderboard purposes. Notably, the Rarible Protocol is the first open-sourced indexer protocol available to developers.
