Rarible broadens its multi-chain strategy with the creation of a one-of-a-kind marketplace for Degenerate Ape Academy, a profile-picture NFT initiative.
The Solana NFT ecosystem achieves new heights this month. Rival Rarible has asserted that its intended integration of Solana NFTs is already operational after its introduction last week on OpenSea, the largest marketplace for NFTs in general.
According to a press release, the open-source and increasingly multi-chain Rarible Protocol now supports Solana NFTs, which will begin to appear in the Rarible.com marketplace “in the coming weeks.”
Due to the fact that Rarible is a protocol and not a marketplace, it may be used by other projects and producers to create their own unique platforms. Solana currently supports a growing number of blockchain technologies, including Ethereum, Flow, Tezos, and, most recently, Polygon. Rarible’s multi-chain ecosystem is governed by the RARI token.
Along with the release of Solana support today, Rarible Protocol announced the establishment of a bespoke marketplace for the popular Solana NFT project Degenerate Ape Academy (DAA).
The site, which is powered by Rarible Protocol’s white-label marketplace technology, will benefit DAA and its allied NFT initiatives, including Degenerate Trash Pandas and Degenerate Ape Kindergarten. A portion of each transaction on the bespoke marketplace will be donated to the Degen DAOO or decentralized autonomous organization.
Rarible’s addition of Solana support is unsurprising; in late November, CEO and co-founder Alexei Falin told Decrypt that the blockchain was on the protocol’s roadmap and that the business was working internally on the integration. Tezos support was on the verge of being alive, and Polygon support (which launched in March) was also imminent.
NFTs act as digital receipts for digital products such as artwork, profile images, collectibles, and other digital items. The total trading volume in the NFT market was $25 billion last year, with Ethereum and its sidechain and layer-2 scaling solutions comfortably leading the pack.
Solana’s inclusion in OpenSea was generally anticipated as a big boost to the NFT ecosystem, which is currently far smaller than Ethereum’s.
However, the impact seems to be limited in the short term: As of late Wednesday, CryptoSlam reported that Solana NFT trading was down 13% week over week. Meanwhile, according to Magic Eden’s statistics, OpenSea has handled just 13,082 SOL (about $1.37 million) in Solana NFT transactions in the last week.