Open Analytics Bounty: ETH(Rarible NFT marketplace)
Rarible enables you to create, buy, and sell digital NFT art like photographs, games, and memes. To use Rarible, all you need is an Ethereum wallet and some ETH. Rarible launched RARI, its native ERC-20 governance token, in 2021 and plans to use the token to gradually cede control of the platform to its community of users.
The Rarible NFT Art Marketplace
Rarible is an Ethereum-based platform that facilitates the creation, sale, and purchase of ownership rights to digital works of art via non-fungible tokens (NFTs). NFTs are one-of-a-kind crypto assets that are used to represent unique items such as collectibles and works of art. Rarible makes use of two NFT token standards: ERC-721, which allows for the creation of one-off unique items, and ERC-1155, which allows for the creation of multiple editions of an item.
Though Rarible’s NFT platform launched as a centralized operation, its creators plan to gradually decentralize it over time, eventually ceding control to a decentralized autonomous organization (DAO) that will be run by the Rarible community. Rarible plans to achieve this via its RARI governance token, which gives users the right to participate in the governance of the platform. In 2021, Rarible announced that it would launch a marketplace on Dapper Labs’ Flow blockchain, which is designed to host applications and facilitate speedy transactions.
Rarible Features: NFT Royalties, Minting, and More
To utilize Rarible’s Ethereum-based NFT marketplace, you must first have an Ethereum wallet such as Metamask, Argent, or Coinbase wallet and some ether (ETH). You can purchase ETH via an exchange, or on the Rarible crypto platform with a credit card. Once you’ve linked your wallet, you can browse Rarible’s NFT marketplace for items to purchase. The platform displays top sellers and NFT art collections, and allows you to search for NFTs via categories such as photography, games, and memes. NFT sellers can choose whether to set a fixed sale price for their asset, or to conduct an auction.
Additionally, if you are an artist or creator, you can use Rarible to mint your own NFTs. If you mint NFTs, you are not required to sell them and can merely house them on the platform. You must pay two fees the first time you mint an NFT — one to give your wallet permission to interact with Rarible and one to “call the mint function,” which puts your file on the InterPlanetary File System (IPFS) and the Ethereum blockchain.
Both fees are network fees — the price of interacting with the blockchain — and do not go to Rarible. For future minting, you will only be required to pay for transaction fees, though these vary depending upon network congestion. When you do decide to sell NFTs that you created, the Rarible art marketplace makes it possible for you to collect NFT royalties on sales, meaning that you can collect a percentage of the sale price not only when you first sell your NFT, but potentially also on subsequent third-party sales of your NFT (for example, when the person you sell to decides to sell the NFT to someone else). Finally, Rarible is integrated with OpenSea, another NFT marketplace, which means that you can view and manage your NFTs on OpenSea, in addition to selling them on OpenSea for ETH or RARI.
RARI Token: NFT Marketplace Governance
Created in 2021, RARI is an ERC-20 governance token that gives its holders the right to influence Rarible’s development. For example, RARI token holders can submit and vote on proposals to change trading fees or add new features; act as community moderators; and curate artwork on the platform.
RARI has a maximum supply of 25 million tokens, 60% of which has been reserved for rewarding platform users, and 10% of which was airdropped to NFT holders in the crypto community (not just those on Rarible). Investors and the Rarible team received the remaining 30% of the RARI token supply
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as i mentioned in this chapter we will look into how worthy is this market.
first lets take look at the sellers stats. the total number of sellers on Rarible is 5030 sellers on the other side the buyers are more even with 900 more which is 5930 buyers . somehow we can say there is good balance here between sellers and buyers . how many sales has happened???
well to answer that i should say there has been 13.65k sales estimated that 2.5 sales per each buyer. not bad.
and the total volume of this Market is 3.37Eth that is really good.
there you see the total number of Rarible table which in this section we will explain most fields…
the first card number is the total number of of creator_fees which is 10.82kEth a noticeable number somehow. but you see on the card next to it the total volume of network fee which is 356Eth thats not so much due to the market. but the platform fee is thinkable with 154.2kEth up to this point we know that network fees are low but platform fees are a little high. as you see the total fee volume is 165kEth so we know the marketplace of Rarible NFT has medium Fees.
next we head for the collections stats as you witness the total number of the collections in this marketplace is reasonably above medium with 637 collections. there are varieties of NFT collections which you can ivest on them through this network.
in the next chapter we will know more if this market is worthy of investing or not.
we take a glimps look into the collections` growth over time and their number. on feb4 2022 we see there were 6 collections and also 6 cumulative collections and the same growth.but then on feb19 the game started between these two and collections went ahead with 571 collections and cumulative collections were 1845..then the collections number came down and then started to grow more reasonable as the cumulative grow with it too. but the highest point was on feb19 as you saw. and on nov4 this number for the collections was 228 while for the cumulative collections was 68.90k you see clearly how it grew over time .
an important part in this analysis is about tokens in this marketplace which are in a special place due to analyzing..
we see on feb4 2022 there were only 7 tokens on this network but then it started to increase step by step like in the 19th day of feb the tokens increasingly got to 2857 tokens. but its not over on jun8 there was another high entrance for the tokens with 6873 tokens and the the market some how stayed at top due to this producing of tokens and then the highest injection was on oct 4 2022 with 7470 new comers but lately there has been less . and also the cumulative tokens are 915.138k in the chain.
now its time to take a look at into the number of transactions as we saw the tokens . on feb4 2022 the market started to trade on tokens and NFTs on Rarible with 7TXs and it ignited more on Apr1 and went on to jun8 where the TXs where 8462 it was this first highest point of the year for it and the second of it was on aug 10 2022 with 9093TXs and finally the third wave of transactions was on oct4th and 5th with 9564 and 9413 TXs the market were amazing for this Rarible collections now im sure you are thinking about it to get into it which you are right . the last update is for nov4 with only 1188TXs and the cumulative of transactions are 864.105k.
next you see the daily transactions volume in Eth which the lowest point is 002715Eth on feb4. it started low but you can see how it grows from Apr 1 2022 .
on May1 the volume of the TXs gets to nearly 13kEth and it goes that direction and above even to the highest point 20.77206kEth and then the daily volume starts to decrease as days goes by and until nov4 the it was 1,458.008 and the cumulative Ethereum is 2.328102M.
you see the average volume of different fees above and see clearly now they are merged into each other and you can see better and compare them better how the fees are the orange color you see is the AVG network fees. which covers most of the chart you can see how they are increased most of the time but the creator fees blue or purple i guess i have problems with colors. but you can see how few they are. they rae like just some bushes in the jungle of the platforms and network fees .
in line chart you can see more clear in compare to the previous chart. as the Avg volume of the different fees at start were high and then it got lower and lower. maybe it was because the market trades were getting fewer these months.
also the bar chart shows the same as the line chart above>>>
on the left you see the top10 NFT collections based on volume also alongside you can see the address of the collections. the highest volume is 66.1% with 141,878.6457Eth the second,third fourth and fifth are respectedly 14.3% 30,593.71485Eth.. 14.1% 30,185.95272 and 5.25% 11,285.51568
the next donut chart is talking about number of sellers the highest volume is 61.9% 3047 sellers .
and also 32.4% 1594 sellers which is acceptable.
the transactions are another factor to see how worthy is this network which you can see a collection with 7457(67.9%) transactions after that there is just another collection with good transactions which is 23.8%(2611), and you can find those collections
the last part is about the buyers which the highest number of buyers is 64.8% 3650. and also 27.8% 1567 buyers here again you can search their collections buy the addresses on the right side
conclusion:
you saw how successful this market is due to the sellers, buyers, volume and transactions .
you wouldnt hesitate to get a bit money into this network it worth a try to get your feet wet into it . you all saw the stats