Non-fungible tokens (NFTs) grew exponentially in prominence in 2021. Several top NFT projects and marketplaces witnessed increased traction and a surge in users.
According to Nonfungible.com, NFT sales reached $17.7bn in 2021, up from $82.5m in 2020, a more than 21,354% rise. Additionally, overall NFT revenues from reselling or purchasing increased from $12m in 2020 to $5.4bn in 2021.
In 2021, the prices of popular NFT coins such as Decentraland (MANA), The Sandbox (SAND) skyrocketed. According to CoinMarketCap, MANA increased in value from $0.083 on 1 January to $3.27 on 31 December, a gain of 3,839%. Similarly, the price of the SAND token increased from $0.037 on 1 January to $5.84 on 31 December, a gain of 15,683%.
Rarible (RARI), an NFT marketplace, experienced a similar surge in popularity. RARI token price spiked from $2.01 on 1 January to $12.48 on 31 December, an increase of 521%. At the time of writing (16 March), RARI was trading at $6.45, down nearly 90% from its all-time high of $63.53, hit on 16 November 2021.
According to DappRadar, Rarible is the 11th largest NFT marketplace, with a total trading volume of $293.3m, compared to $23.5bn for OpenSea, the largest NFT marketplace.
Will RARI token value rise in 2022? Let’s consider the project’s fundamentals and latest news to get a clearer outlook on what might be a plausible rarible price prediction.
What is Rarible?
Rarible is a blockchain-agnostic and decentralised marketplace for researching, issuing and trading NFTs. An NFT is a unique digital asset on the blockchain that cannot be replicated. NFTs represent real-life items, such as music, film, and artwork. Currently, Rarible is accessible on multiple blockchains, including Ethereum, Flow, Tezos and Polygon.
Rarible Protocol is an open-source platform that is community-governed. It serves as a foundation for developing customised NFT experiences, ranging from large-scale initiatives to small-scale possibilities for artists. It was developed by Rarible.com and inherited by the Rarible decentralised autonomous organisation (DAO).
Developers can use the Rarible Protocol to construct NFTs, innovative apps and features, and integrate apps to test, verify and monetise their assets.
Rarible introduced a feature called “Lazy Minting”. It allows anybody, regardless of their prior understanding of cryptocurrency, to mint an NFT without incurring a transaction charge. The buyer pays the gas fees connected with minting.
Additionally, users can split transaction fees on Rarible during the exchange procedure. This split enables the co-creation of NFTs and the monetisation of apps built on top of the Protocol.
Rarible Protocol-based applications share an order book, which means that when an NFT is listed for sale, it’s advertised across all protocol-based applications.
RARI is the Rarible Protocol’s native token. RARI token holders can vote on platform updates and participate in the curation and moderation processes.
Rarible coin news and price drivers
Rarible cryptocurrency has undergone a number of important milestones and developments lately, which may drive the RARI token value:
Integration of Tezos blockchain
Rarible.com integrated Tezos (XTZ), an open-source blockchain, in December 2021. This integration enabled Rarible.com users to buy, trade, and build energy- and cost-efficient NFTs over the Tezos network.
Tezos integration took place in two stages. Phase one permitted users to mint, purchase and sell Rarible NFTs, as well as trade Ubisoft Digits NFTs. Phase two focused on enhancements, such as minting one’s own collection through customised contracts and adding royalties to imported collections on Tezos
Launch of multi-chain messenger
Rarible introduced a multi-chain messenger in December 2021, allowing users on various blockchains such as Ethereum (ETH) and Tezos (XTZ) to connect with one another.
Rarible’s messenger enables users to engage with buyers, sellers and creators on social media and to communicate, negotiate and connect straight from their profile page.
Additionally, Rarible stated that, although the messenger was first introduced as a built-in marketplace tool, the company’s ultimate objective is to offer it as a standalone application.
According to the team: “With the messenger, you can DM your followers, send alpha to your collectors, reach out to your favourite artists about collabs, and much more! By the way, Rarible messenger is also the most easy-to-use wallet-to-wallet messaging app to date.”
Partnership with Adobe
Rarible and Adobe (ADBE), a global software company, partnered to fight visual misinformation and safeguard artists via digital attribution.
To do this, Adobe introduced a public beta of Content Credentials. This tool simplifies the process of protecting and verifying metadata for digital content developed across major Adobe Creative Cloud products such as Photoshop, Stock and Behance.
When users mint their work as an NFT, they can include a crypto address in the publicly viewable Content Credentials information, simplifying crediting.
Through the Photoshop desktop application, users can associate their work with their social media identities and cryptocurrency wallet addresses. In this manner, they can reassure customers that they are, in fact, the content creators.
Big news! We’ve partnered up with @Adobe and @ContentAuth to enhance attribution of NFTs on Rarible. ???? Now collectors can see if the wallet used to design an NFT was the same one used to mint it as part of the Content Authenticity Initiative (#CAI) – https://t.co/EnWOAilv5g
— Rarible (@rarible) October 26, 2021
Fundraising round worth $14.2m
Rarible secured $14.2m in investment in June 2021 from investors, including Venrock Capital, 01 Advisors and CoinFund, which will be used to support a variety of protocol enhancements. Rarible mentioned that it will utilise the investment amount to further improve its infrastructure, tools and marketplace for its present and prospective users.
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Rarible aims to pioneer the next step for NFTs: “To become the full-scale intellectual property rights framework for media content. This new trend is fueled by mainstream players entering the stage: brands, celebrities, sports teams and more enabling creators to find direct, authentic, and meaningful new forms of connection with their audiences. The wider outreach and the influx of a global user base are vital for the NFT market and for the community to thrive.”
RARI/USD price analysis
The NFT token RARI has gained popularity in 2021, returning an ROI of 831%, according to CoinMarketCap (as of 16 March).
Based on the earliest available RARI coin price chart from 2020, the RARI token declined to an all-time low of $0.309 on 20 July. However, market sentiment turned bullish afterwards, and it gained 2,625% to reach $8.42 on 10 September. The overall climate for NFT coins was bullish during this period. For example, MANA token gained 107% during the same period, spiking from $0.517 on 20 July to $1.07 on 5 September.
The rally didn’t sustain. RARI coin value declined to a low of $1.44 on 5 November. It closed the year at $1.62.
Between January and March 2021, RARI token price grew exponentially. It spiked from $2.01 on 1 January to $45.68 on 29 March. The overall NFT market was bullish during this period, and an NFT called Beeple: The First 500 days was sold for $69m.
However, the retracement brought the RARI token to USD price to $5.34 on 22 June, a decline of more than 88%. Later, the market outlook turned bullish again. The RARI token reached $35.81 on 25 August before declining to $12.31 on 29 September.
Bullish crypto market sentiment peaked in November 2021. For example, Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, reached its all-time high of $4,891 on 16 November.
Riding on the bullish wave, the RARI token breached the $50 mark for the first time and made an all-time high of $63.53 on 16 November. However, the glory was short-lived, and it closed the day at $19.08. It closed the year at $12.48.
On 1 January 2022, RARI was trading at $19.19. However, it declined to a 90-day low of $5.58 on 24 February. During this period, the overall market sentiment became fearful amid the outbreak of the Russia-Ukraine military conflict.
At the time of writing (16 March), RARI was trading at $6.45 and had a market capitalisation of $42m.
Rarible (RARI) price prediction: Targets for 2022-2031
NFTs have been dubbed “the future of digital assets in sports” by PwC, one of the Big Four accountancy firms. According to PwC, sponsorships, ticket sales and media rights presently account for most sports’ income sources. However, it does predict that sponsorship of metaverse events, tokenised tickets and NFT media rights will all help the sports industry’s development.
While NFTs remain the growing crypto trend in 2022, will the RARI coin value surge in the coming months?
The short-term rarible prediction from CoinCodex, based on technical analysis, remained bearish today (as of 16 March), with only two indicators giving bullish signals and twenty-four bearish.
All the daily and weekly simple moving averages (SMA) and exponential moving averages (EMA), as well as the Hull moving average (HMA) and volume-weighted moving averages (VWMA), were giving bearish signals. The Williams percent range and stochastic fast gave ‘buy’ signals.
The relative strength index (RSI), average directional index (ADX), and the moving averages convergence divergence (MACD) stayed neutral.
According to a short-term RARI prediction by CoinCodex, it could rise by 8.48% to reach $ 7.02 by 21 March.
Meanwhile, several algorithm-based forecasting services gave bullish long-term rarible crypto price prediction as of 15 March:
Wallet Investor’s RARI crypto price prediction estimated the average price of RARI to reach $12.317 by the end of 2022, $19.824 by the end of 2023, $27.623 by the end of 2024, $35.091 by the end of 2025 and $42.684 by the end of 2026. Its five-year RARI forecast suggested the token could reach $6.38 by the end of 2027.
According to Digital Coin’s RARI price prediction, the rarible cryptocurrency could hit an average of $8.56 in 2022, $9.48 in 2023, $9.39 in 2024, $12.77 in 2025, $11.56 in 2026, $14.27 in 2027, $20.60 in 2028, $26.81 in 2029. Its rarible crypto price prediction expected the coin to hit $30 in 2030 and move up to $33.04 in 2031.
Price Prediction’s rarible price prediction was also bullish. It estimated that the average price of RARI could hit $9.36 in 2022, $13.34 in 2023, $20.55 in 2024, $30.44 in 2025, $44.22 in 2026, $64.88 in 2027, $98.96 in 2028. It expected the coin to exceed $100 and reach $142.40 in 2029, $200.98 in 2030 and $289.19 in 2031.
When looking for RARI forecasts, bear in mind that analysts and algorithm-based projections can be wrong. Their RARI price predictions are based on fundamental and technical studies of a cryptocurrency’s past performance. Past performance is no guarantee of future results.
Note that it is important to do your own research and always remember your decision to invest in RARI or any other coin depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio and how comfortable you feel about losing money. You should never invest money that you cannot afford to lose.
Is rarible a good investment?
Rarible (RARI) is an NFT marketplace that was launched in 2020. Since its inception, it has returned an ROI of 818%. However, at the time of writing (16 March), the RARI token was trading 90% below its all-time high. Moreover, its price action in 2022 has been bearish so far.
Whether the rarible cryptocurrency is a good fit for your investment portfolio depends on your circumstances and risk tolerance. You should consider the level of risk you are ready to take before investing and never invest any money you can not afford to lose.
Will rarible (RARI) hit $100?
In their RARI coin price prediction, algorithmic forecasting tools, including Wallet Investor, Digital Coin and Price Prediction (as of 16 March), suggested the coin had potential for gains. Price Prediction estimated that the RARI token could exceed $100 by 2029.
How high can the RARI coin go?
According to the RARI forecast from Price Prediction (as of 16 March 2022), the RARI token could reach $289.19 by 2031.