Non Fungible Tokens, or NFTs, have pretty much been the buzzword in the crypto industry for quite some time now. Be it Beeple’s Everydays: The First 5000 Days, or Jack Dorsey’s first tweet going up for sale, it is safe to say that NFTs have stirred a lot of heads. If you’re uninitiated on what NFTs are, these are unique digital tokens, created on a decentralized blockchain, used to prove ownership of digital assets. Some examples include crypto art, gaming assets, virtual assets, and sports collectibles to name a few.
According to PolkaRARE’s artpaper, the NFT market has tripled in size in 2020, to more than $250 million. This increase in market size naturally saw the rise of several NFT marketplaces. However, trading in several of these marketplaces carries along with it a high transaction fee burden, making it less alluring for newcomers.
PolkaRARE: web3 NFT ecosystem
In an effort to reduce transaction fees, and enable mass adoption of NFTs, PolkaRARE has come up with a web3 economy, that would allow its users to create, trade, and discover NFTs. Powered by PolkaDot, Polygon, Ethereum, and Binance Smart Chain, PolkaRARE is interoperable across different blockchains and promises an NFT marketplace with gasless transactions. The team aims to leverage NFTs rarity, transferability along with the different features on offer by PolkaRARE to unlock NFT’s maximum potential. Dubbed to be the largest NFT marketplace, PolkaRARE also allows its users to take loans against NFTS, or offer loans to other users for their NFTs. The PolkaRARE NFTs, dubbed the PRARE NFTs, will be based on ERC 1155 standards and will work with other systems like OpenSea, that support ERC 1155.
Features Offered By PolkaRARE
- Multichain NFT Marketplace: The platform will consist of an interoperable cross-chain NFT marketplace, promising features like a 3D art gallery, gasless transaction along with some social features.
- NFT Wallets: A multichain NFT wallet to store NFTs and other digital assets
- Rare Collections and Drops: The marketplace will include rare NFT drops (licensed art, music, and sports cards)
- NFT Collaterized Loans: Users will be able to raise loans against NFTs, or offer similar loans to other users
- Configurable Secondary Royalties: Creators are fully enabled to configure flexible royalties and secondary sale commissions.
- Unlockable Mode: Private files can be stored in the platform, which will not be previewed openly, but only unlocked to the owner of the file.
- Price Discoverability: PolkaRARE uses a unique NFT price discoverability protocol, that determines the realistic value of the NFTs you own or create.
- Supports 2D and 3D media.
Comparison with Competitiors
Team & Advisors
PolkaRARE is led by Pramod Mahadik, director of pSquare Capital, and advisor at KnitFinance. He is joined by Priyanka Gill (Founder, PoPxo), Sandeep Sudagani (Founder, Playcent), Dylan Dewdney (Project Lead, Kylin), Thi Truong (CEO, PolkaFoundry), and Garlam Won (Marketing Advisor & Investor) as advisors.
PolkaRARE is backed by several reputed venture capitalist firms, including x21 Digital, RAPTOR CAPITAL, Titan Ventures, MORNINGSTAR VENTURES, M6, MOONROCK CAPITAL, Moonwhale, Blocksync Ventures, LOTUS CAPITAL, GENBLOCK CAPITAL, CHRONOS VENTURES, MAGNUS CAPITAL, GBV. Exnetwork Capital, Icetea Labs, DFG, Block Dream Fund, ASTRONAUT CAPITAL, and AU21 capital. The quantum of investments is currently unknown.
PolkaRARE plans to offer all of its features by the end of 2021.
What We Think
PolkaRARE is one of the newest additions to the growing NFT ecosystem. The competition in this space is quite high, with multiple platforms announcing their own NFT market places, not to mention existing ones. Make no mistake, the NFT space is still in a nascent stage, and far from mature, and if they manage to take advantage of the gas-fee less model they are implementing, and offer industry-low transaction fees, a significant chunk of the NFT marketplace can definitely be captured by PolkaRARE. To find out more about the project, visit