Rarible price prediction: What is rarible (RARI)?
It is the token that helps to power one of the many NFT marketplaces out there, but what is rarible (RARI)? Let’s take a look and see what we can find out about RARI, as well as examining some of the rarible price predictions being made as of 8 November 2022, too.
One of the biggest cryptocurrency related buzz phrases in the second half of 2021 was non-fungible token or, more likely, its abbreviation NFT. A non-fungible token is, to put it very basically, a link to an individual piece of digital artwork that exists on the blockchain.
If you want to know what the definition of fungible is, it is that it can be replaced with something different but identical. For instance, a £10 note is fungible, because if you lent one to someone and got a different one back, it wouldn’t be a problem. In fact, you could probably get two £5 notes and that would be OK. On the other hand, if you lent someone a very rare trading card and got a different one back, you would almost certainly be a bit put out.
Although NFTs and NFT-related coins and tokens have taken the brunt of the losses that the cryptocurrency market has suffered throughout 2022, they are still a pretty big deal, and the thing that helps them to both gain and maintain traction is the NFT marketplace. After all, if there is nowhere to buy or sell NFTs, then it is pretty hard to give them a value.
There are, as you have probably already realised, many NFT marketplaces, and Rarible is one of them. This platform, which is compatible with a variety of different blockchains, touts itself as different to other NFT marketplaces. One reason is because it includes a feature called Lazy Minting, which allows anyone to create their own NFT without having to pay a transaction fee which, instead, is picked up by the token’s buyer.
Rarible is, ultimately, based on the Ethereum (ETH) blockchain, but also features integration with Tezos (XTZ), Solana (SOL), Immutable X (IMX), Polygon (MATIC) and Flow (FLOW). Founded by Russian crypto entrepreneurs Alexei Falin and Alexander Salnikov in 2019, in June 2021, it revealed that it had generated $14.2m in investment from such venture capital firms as Venrock Capital, 01 Advisors and CoinFund.
In December 2021, it announced a partnership with software giant Adobe (ADBE) in an attempt to support content attribution for NFTs. Meanwhile, in October 2022, it said that it had given the platform and its website an overhaul, which it heralded as Rarible 2.
At the time of writing, Rarible is run by its own decentralised autonomous organisation (DAO).
Every blockchain-based platform needs to have its own native cryptocurrency, and Rarible has the rarible token, also known by its ticker handle RARI. This crypto is used to allow people to vote on decisions about the future of the platform, meaning that it is a governance token.
Something that we need to point out at this stage is that, because RARI is based on Ethereum, it is a token, rather than a coin. You might see references to such things as a rarible coin price prediction, but these are wrong.
Rarible price history
Rarible price history from launch to present - Credit: CoinMarketCapLet’s now take a look at some of the RARI price history. While past performance should never be taken as an indicator of future results, knowing how the token has behaved in the past can help give us some very useful context when it comes to either making a rarible price prediction or else making one of our own.
When RARI first came onto the open market in the summer of 2020, it was worth $0.3095, which still serves as its all-time low. There was some growth after this, but it was not until early 2021 that things really started to kick off. It was at this time that the crypto market went through a sustained bullish phase, and RARI responded in kind, reaching a high of more than $45 at the end of March. The token then slid down, and spent the summer in the doldrums. However, August was a good time, as a growing interest in NFTs boosted the market and RARI traded at over $30. It was mostly downhill from there, though a freakish spike saw it reach an all-time high of $63.53 on 16 November. Things fell down after that and it closed the year at $12.48.
While it initially looked like 2022 could have been RARI’s year – it shot up by more than 50% to a high of $19.19 on New Year’s Day – it was not quite the case, as a long-term crypto downturn hit NFT and metaverse tokens hard.
On 24 February, market uncertainty following Russia’s invasion of Ukraine saw it drop to $5.58. There was an upturn after that and it reached a high of $12.49 on 29 March. That return to form was, ultimately, short-lived and things got really bad when a series of market crashes saw it fall to a low of $1.83 on 18 June. While there was a small recovery to $3.99 on 23 July, there followed another, slower decline to $1.99 on 25 October.
After this, the price surged to $5.37 on 1 November, slid down to $3.07 on 4 November, then bounced back to trade at a high of $4.85 on 7 November. That little bubble burst, though, and the following day (8 November 2022), RARI was worth about $3.60. At that time, there were 13,877,416.61 RARI in circulation out of a total supply of 25 million. This gave it a market cap of around $50m, making it the 369th largest crypto by that metric.
Rarible price predictions
With that over and done with, let’s now take a look at some of the rarible price predictions that were being made as of 8 November 2022. It is important to remember that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, very often turn out to be wrong. Also, many long-term crypto price predictions are made using an algorithm, which means that they can change at any time.
First, CoinArbitrageBot made a rarible price prediction for 2023 that suggested there were some very good times ahead for the token, with it potentially reaching just under $12.01 next year. By 2024, the site said, RARI could have been worth a little under $21.37, before reaching just below $34.58 in 2025. By 2026, the forecast was for rarible to potentially have traded at $55.94. How much weight you give this particular prediction will depend on whether you think, having done your own research, that RARI could theoretically grow by more than 200% over the course of a year or rise by approximately 1,450% in just over four years.
Next, CoinsKid had a rarible token price prediction that said the crypto could have closed 2022 at $4.93 before climbing to $6.23 in November next year and $12.61 a year from then. The site then made a rarible price prediction for 2025 that said the token could have started the year at $16.93, reaching $30.24 in November and closing the year at $30.85. By November 2026, the forecast said RARI could have dipped slightly to $27.61 before making something of a recovery to $30.57 the following month.
Meanwhile, DigitalCoinPrice made a RARI price prediction which claimed rarible could have become worth $3.90 this year, $6.01 next year and $7.80 the year after that. By 2025, the site said, RARI could have traded at $9.56, breaking through the $10 barrier to stand at a potential $10.21 in 2026, $11.49 in 2027 and $13.43 in 2028. They thought it could possibly have closed the decade at $16.24. The site made a rarible price prediction for 2030 of $20.02 before arguing that it could have reached an average of $24.86 in 2031.
Finally, WalletInvestor had a rarible crypto price prediction that looked very bad for the token’s investors. The site argued that RARI could have a tough 12 months ahead, with it predicted to potentially drop to just $0.239 by November 2023.
When considering a RARI token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is rarible a good investment?
It is difficult to tell. The token has experienced some relative growth recently, but that has been followed by something of a downturn. The NFT-related sector of crypto has performed poorly in 2022, and it is hard to see what can be done to turn things around. Furthermore, how the market performs in the future will have an impact on the rarible price.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies have proved vulnerable to bear markets. So investors should be prepared to make losses and never purchase more than they can afford to lose.
Will rarible go up or down?
It is hard to say. While sites like CoinArbitrageBot are very optimistic, the likes of WalletInvestor are far more bearish when it comes to how rarible might perform in the future. Remember that price predictions very often turn out to be wrong, and that prices can go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether RARI is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in rarible?
Before you decide whether or not to invest in rarible, you will need to do your own research, not only on RARI but on other NFT-related coins and tokens.
Ultimately, though, this is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.
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