By George Ward
Rarible, an NFT marketplace, will soon enable cross-chain trading for its users. The NFT marketplace has added Polygon to its list of supported blockchains.
Since Rarible’s launch in 2020, the platform has expanded its support to more blockchains and released several features. The NFT marketplace added support for Flow and Tezos blockchain in June and December, respectively.
Last month, the marketplace also added a texting function to its platform. However, DappRadar data reveals that the feature has not impacted NFT sales positively.
By comparison, the OpenSea NFT marketplace records weekly sales of over $414 million, while Rarible has $396,000. In a tweet, Rarible announced that it would launch a multi-chain wallet soon.
However, the NFT marketplace did not give a possible date for the launch. Furthermore, Rarible has added royalty requirements and splitting fee features for ERC-1155 and ERC-721 tokens.
Alexei Falin, the CEO of Rarible, stated that “Rarible wants to democratize NFT elements for both users and NFT creators.” He added that Rarible’s collaboration with Polygon is a huge achievement. It will allow projects on its platform to reach more users with added functionalities.
In addition, the partnership will allow Rarible to utilize Polygon Studios, Polygon’s gaming and NFT division. Rarible will use the division for technological and promotional assistance.
Apart from Rarible, Polygon partnered with several entities in the past months. Those partners include the OneOf NFT music platform and the DraftKings betting company.
Rarible has developed a new aggregated market in response to the dynamic nature of the NFT sector. Consumers can explore collections with just one click due to the redesigned website, Rarible 2.
This website consolidates data from a large number of NFT marketplaces.
Rarible To Display Ethereum-Based NFT Collections
Furthermore, the NFT marketplace has announced a new feature for its users. The platform will now display a price order for Ethereum-based NFT collections listed on centralized and decentralized marketplaces like SudoSwap, LooksRare, and OpenSea.
Meanwhile, DappRadar, an on-chain analytics platform, ranks Rarible as the 5th largest NFT marketplace. Unfortunately, Rarible has witnessed a monthly reduction in active users in 2022.
The marketplace’s one-month trading volume is about 10% of OpenSea’s market share, which is $323.78 million. Furthermore, Rarible launched a new feature called NFT aggregation lately.
This feature aims to grow the number of NFT collections, the amount of liquidity, and the number of active users on its marketplace.
The CEO believes the platform has to attract short-term traders using an aggregated experience to grow its user base. Notably, the NFT aggregation feature fits Rarible’s design compared to other NFT marketplaces.
Rarible has a large platform that can support the collective aggregation of other NFT marketplaces. Besides, NFT aggregation will not affect Rarible’s revenue from NFT sales.