The Rare protocol on Ethereum mainnet was officially launched on August 29, introducing a series of groundbreaking smart contracts that could shape the future of curation in the evolving Web3 ecosystem. While this new project originated with SuperRare Labs, it is an open protocol that anyone can use, not exclusive to SuperRare users.
In a recent Mirror post, Rare Protocol Rare Protocol details the rationale behind the protocol’s launch, its potential impact on the community, and more. Below you will find the main highlights.
The problem and the solution
With the promise of ‘art for everyone’, Web3 has walked treacherous waters. The recent declines in NFT sales and the shifting loyalties of financial players have not only been reactions to bear market dynamics; there is an existential crisis underneath. Since the inception of NFTs, the greatest challenge has been facilitating true discovery and authenticity in a sea of myriad options.
Rare Protocol aims to solve this by serving as an open management protocol for NFTs, empowering the economy of Web3 creators with an on-chain data layer dedicated to management, reputation, and discovery.
An integral part of this is Curation Staking, a system where participants can vouch for the authenticity of another by staking their own RARE tokens. This not only forms a reliable social graph, but also facilitates the discovery of creators and the deepening of ecosystem relationships.
Community pools and curated listings
The process includes two central components: shared pools and curated lists. Using the native $RARE token, individuals can bet on any artist and gain access to the artist’s Community Pool – a circle of collaboration that advocates for the artist’s success. As artists record sales on platforms like SuperRare, both their community pool and the strikers receive rewards. This mechanism promotes talent discovery and seeks to level the creative playing field.
Curated Lists also serve as a snapshot in the chain of all striker-approved artists. These lists are interconnected with others, forming an intelligible web and revolutionizing the way art and preferences are discovered. The overarching goal of this is to construct a shared curation layer that strengthens the NFT ecosystem.
As the network of Community Pools and Curated Lists expands, so does the blockchain-based social graph, which provides developers with a wealth of data to create superior applications.
“Improving curation and discovery in the NFT space will be a big unlock for all of Web3. I am super excited to see the energy around Rare Protocol – the community is really coming together to collectively address this issue.”
Jonathan Perkins, co-founder of SuperRare Labs
Rare Protocol is not just a tool, but a transformative force for artists, collectors and curators. By offering a peer-to-peer token incentive system, it reinforces the dynamism of the NFT market through increased discoverability, security and improved seller reputation. Rare Protocol draws parallels with the universal utility of the Ethereum Name Service (ENS), providing a similar platform-agnostic qualitative data layer.
In addition, Curation Staking allows creators to foster a close-knit community of artists across the chain, awarding rewards to their most ardent supporters. Collectors also benefit by receiving rewards for the early identification and support of creative talent.
Future impact
Rare Protocol’s potential lies in its ability to streamline the flow of capital in the Web3 creation economy and direct it to a smaller group of artists, collectors and curators.
This decentralized arts map will leverage insights from art lovers around the world, creating a blockchain-based social graph: an open-source map that simplifies art discovery and community building. This reduces barriers and creates new capital routes, heralding a new era for the Web3 ecosystem.