Recently, SuperRare Labs, the group behind the SuperRare NFT art marketplace, known for its expert management and rich collector base, launched what they call the Rare Protocol.
By its simplest description, the Rare Protocol, which runs on the Ethereum mainnet, is an open management protocol for NFTs that allows users to stake the platform’s native RARE token on artists, collectors, or curators that the user feels deserve recognition, with an opportunity to be rewarded if the selected individual achieves success.
As we explore the protocol, we speak with the SVP of SuperRare Labs, Zack Yangerand see details about how the protocol works, why it was created, and what the wider Web3 space has to gain from its existence, as well as what plans SuperRare Labs has with it going forward.
What’s Rare protocol?
At its core, Rare Protocol is designed to act as an open management protocol for NFTs with the concept of forming a Web3 native creator economy and an on-chain social graph that reflects reputation and promotes discovery.
This is achieved through what the protocol calls ‘Curation Staking’, which is powered by two main components: Community Pools and Curated Lists.
Designed to work as a peer-to-peer system, each participating user can bet their RARE on another user, be it an artist, curator or collector, demonstrating that they value that person. In terms of financial incentives, this contribution gives the striker access to the Community Pool of artists, curators or collectors, where they will be represented among other strikers and potentially earn rewards if the individual they bet on finds success in the chain.
In addition to financial incentives, the pool owner will also be able to engage with strikers as they see fit, as well as use data such as wallet addresses and staking ratings to determine and target access to specific community benefits. set.
As a by-product of users staking, they will begin to form a “Curated List,” which Rare Protocol describes as an on-chain reflection of the artists a user has bet on, which “links pools to other lists to discover and compare connecting flavors.”
Why is it?
Aside from the potential to acquire RARE, the protocol is designed to transform the way discovery happens in the Web3 space, navigating away from social platforms that rely largely on likes, comments, and shares — towards a more natural and digital native experience.
“Through Community Pools and Curated Lists, discovery becomes a logical and engaging game where you follow cues along well-lit routes from your existing connections to nearby communities of art, artists and taste preferences,” the protocol reads.
Other inspirations behind the protocol included helping to create a space that offers improved findability, security, and seller reputation. This is achieved through the wider ecosystem or a kind of social graph that is a by-product of staking, but at the same time one of the best features of the protocol.
Additionally, in a commentary on nft now, Yanger shared, “We’ve seen hundreds of marketplaces, thousands of makers and collectors, and millions of NFTs over the past five years. It’s a new paradigm for creators. We now have on-chain royalties, auctions and self-sovereign smart contracts that lower the barrier to entry and create new economic opportunities, he said, adding: “However, this market is still in its infancy and faces significant challenges. Scams and carpets are common and discovery is challenging. Rare Protocol is a new on-chain curation system that aims to solve the reputation and discovery problems that have become so prevalent in web3.”
web3 social chart >> web2 social chart. One is built with coordinated incentives that empower makers. The other was built with advertising dollars. https://t.co/KmZ5ty3P1U
— SuperRare John
(@SuperRareJohn) September 5, 2023
Is it fair?
While this all sounds well and good, what’s stopping the rich from getting richer, the creation of yet another walled garden or exclusive group formed in a space meant to embody democratization – as we’ve seen time and time again .
The good news is that the Rare Protocol takes that into account. In fact, the rewards are on a curve that rewards both early contributions and early discoveries, meaning that a staker can get a higher RARE return by betting their tokens on artists or individuals. which have not yet been discovered or have a less densely populated communal pool.
This is explained in an answer to a question from X user Daniel PanYanger said: “I don’t think anything can really stop people from betting on already successful artists, but the system is purposefully designed in a way that encourages people to bet on emerging/unknown artists who are not yet popular. “
He further explained: “If you are the only striker (or one of the few) in a pool of emerging artists when they make their first big sale, the rewards will be better than, say, being part of a pool of popular artists with 1000 artists. other people who will all share the rewards.
That said, Yanger wanted to make it clear that for him the system is less about rewards and “largely about being able to prove to the chain that you’ve supported an artist before others,” as he explained: “In five years I want to go back can refer to my list of bets and prove that i discovered artists xy and z before they got big. In the long run, the real opportunity here lies in deploying emerging/lesser-known artists.”
Curation Strike is Rare Protocol’s main meal. Participants can:
Support artists, collectors and curators through Community Pools
— Rare Protocol (@rare_protocol) August 29, 2023
Look forward to something
As it charts the path to decentralized curation, the Rare Protocol has announced its mission is to “revolutionize the economy of human creativity.”
It admits it will need the help and adoption of others passionate about art and curation, and together they will be able to build an interconnected ecosystem of creativity and value.
“Rare Protocol is rooted in the belief that much of blockchain’s potential lies in its ability to remove bottlenecks in capital flow that have long existed solely for the benefit of society’s wealthy. By doing so, blockchain allows wealth to grow and spread to where it is most deserved,” the protocol said.
Yanger shares what he’s most looking forward to as protocol gains ground: “I’m personally most excited about the democratization of curatorial access.”
He added: “A young curator in a remote part of the world who otherwise would not be able to gain respect in the art world can now log on to the internet, use this system and start using artists they believe in. If one of the artists they have deployed becomes a great success, the curator will have the credit of discovering and supporting that artist at an early stage and theoretically building his name and reputation as a great curator with a keen eye. ‘
While the protocol is still largely experimental, it offers engaged users the opportunity to express their unique tastes, connect with like-minded individuals, show their eyes and thereby potentially earn rewards, recognition, or both – essentially creating a win . win scenario for creators, collectors, curators and the Web3 space as a whole.
For a full technical overview of the protocol and a step-by-step guide on how to start using it today, check out the Rare Protocol developer documentation.
