On November 10, 2021, the non-fungible token (NFT) marketplace Rarible.com and the Rarible protocol announced an integration with the Flow blockchain. Users can now create, list, and trade Flow-based NFT collectibles on the platform. The integration leverages Dapper Labs' Flow network to offer extremely low gas fees and a swift user experience.
Integration Details: Low Fees and Open Infrastructure
According to Rarible's announcement, Flow's network fees are around $0.0001 per transfer, compared to Ethereum's average gas fee of 0.012 ETH (about $57.98) on November 11, 2021. The Rarible team stated: "Since Flow has been created with both end-users and developers in mind, we integrated it with the Rarible Protocol, which means you can now make use of fully open-source infrastructure to build NFT projects with Flow's refined developer ergonomics."
Flow Blockchain Background and Ecosystem
Flow, developed by Dapper Labs, is well known for popular NFT projects such as NBA Top Shot and CryptoKitties. Recently, Flow partnered with Filecoin and joined forces with tech giant Google to bolster Web3 development, blockchain gaming, and NFT technology. Flow-based NFT projects benefit from high speed and low costs, making them attractive amid high Ethereum gas prices.
Rarible's Market Position and Growth
Rarible first announced its plan to integrate Flow at the end of June 2021, and also raised $14 million in a Series A funding round that same month. According to DappRadar data, Rarible's all-time sales are around $264.69 million, ranking sixth among all NFT projects. Flow's NBA Top Shot has seen $728.23 million in all-time sales, placing it fourth overall. This integration connects Rarible with Flow's high-quality projects, potentially expanding its user base and trading volume.
Industry observers note that Rarible's embrace of multi-chain ecosystems not only lowers the barriers for users to participate in NFTs but also brings more liquidity to Flow. As the NFT market becomes increasingly competitive, cross-chain compatibility and low transaction costs are emerging as key differentiators for platforms.