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NFT marketplace Rarible has expanded its marketplace builder to include Polygon-based NFT collections. The move comes amidst growing interest in Polygon for NFTs and other gaming projects.
Other NFT marketplaces, such as Magic Eden, have also extended their support to Polygon in recent months.
Rarible Comes To Polygon
NFT marketplace Rarible has announced that it is expanding its marketplace builder to include Polygon-based NFT collections. The marketplace builder allows creators and projects to customize a marketplace for their Polygon-based NFT collections, enabling the creation of a collection-specific storefront using the Rarible infrastructure. Artists and projects can also use the platform’s native aggregation tools and include tokens listed across secondary marketplaces.
Co-founder of Rarible, Alexander Salnikov, spoke about the move to expand its services to the Polygon network, stating that it made sense to do so, with the platform highlighting itself as a funnel for Web 2.0 brands looking to push into Web 3.0. Salnikov stated,
“We are bullish on Polygon. We’re bullish on creators that want to take ownership of their assets and ownership of the contract.”
The marketplace builder will enable creators to showcase their “unique brand identity,” something which the team believes is impossible in current NFT marketplaces.
Why Polygon?
The Rarible team explained why the platform had chosen to expand on Polygon, stating that the blockchain platform had gained significant traction in the NFT space following the launch and staggering success of Reddit’s Collectible Avatars on the Ethereum sidechain. The launch of Reddit Avatars on Polygon was a huge success, with over 6 million wallets holding one or more of the Reddit Avatars. Co-founder and CEO of Rarible, Alexei Falin, stated,
“We’ve seen the Polygon NFT market gain tremendous traction. When discussing which chain would be next for our marketplace builder tool, Polygon was the clear choice.”
Furthermore, the Rarible team believes that the purchase and sale of NFTs in the future will happen on community marketplaces.
“We see community marketplaces as the future of NFT buying and selling, and we believe every project should have its own marketplace. The self-serve tool is vital for making this happen.”
Rarible launched its first marketplace builder tool for Ethereum-based collections in August 2022. It then introduced significant new upgrades to its marketplace. The upgrades included a new aggregation tool to pull NFT listings from competing marketplaces. It also announced plans to airdrop RARI tokens to users. The RARI token is the governance token behind Rarible’s Decentralized Autonomous Organization (DAO).
Other Platforms Expanding On Polygon
Several other brands and platforms have also expanded into Polygon, given its growing popularity, while some have migrated entirely. Y00ts, one of the most popular NFT projects on Solana, announced that it would be bridging to Polygon. Meanwhile, DeGods, its sister project, will be migrating entirely to Ethereum. Magic Eden also has extended support for Polygon-based NFTs, a move announced in November aimed at boosting the platform’s ability to work better with gaming projects on the network and attract Web 3.0 developers and players. Social media platform Instagram has also selected Polygon to power its Digital collectibles feature.
NFT Market Evolving Despite Bear Market
Despite the ongoing bear market, the NFT ecosystem and NFT projects have continued to grow, creating new tools to advance the ecosystem further. NFT platform Upshot announced the launch of Upshot GMI, which grades the performance of NFT collector wallets, analyzing them by factoring in their realized and unrealized gains, among a host of other factors.
However, while some projects are adding new services and tools, others are trying to navigate the bear market as best as possible. Recently, SuperRare announced that it had laid off 30% of its employees, with the CEO stating that the company over-hired during better market conditions, a practice which the CEO admitted was unsustainable.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.