Allegations Against NFT Marketplace Rarible
Rarible, a popular crypto platform, has recently faced serious allegations surrounding certain NFT auctions. The Non-Fungible Token market has been experiencing a challenging period, leading some operators to seek alternative sources of revenue.
Specific Problem with Unstoppable Domains on Rarible
The issue revolves around specific auctions conducted by Unstoppable Domains on the Rarible platform. Match Systems conducted an analysis on one of these auctions (tokens.x) and discovered irregularities that violated Rarible’s rules. Similar cases were found in past auctions related to Unstoppable Domains for the domains deposit.x and cruise.x. This evidence suggests that something is amiss.
Accusations from AdLunam Co-Founders
Jason Fernandes and Nadja Bester, co-founders of AdLunam, have made even more severe accusations against Rarible. They claim that there is verifiable evidence of misconduct. However, the details of their allegations are not mentioned in the article.
About Rarible
Rarible is a crypto platform that allows users to create, buy, and sell Non-Fungible Tokens (NFTs). It supports various blockchains like Ethereum, Polygon, Solana, Tezos, and Immutable X. Additionally, it enables P2P exchanges and token aggregation from other platforms. The platform has its own token called RARI, which has experienced a decline in price since October 8th.
The NFT Market Collapse
Data from Dappradar reveals a significant decline in Rarible’s performance throughout 2021 and 2022. Daily transactions and trading volumes reached their peak earlier in 2021 but gradually declined. By June 2022, daily transactions dropped below 400,000 and volumes fell below $10,000. Recently, both transactions and volumes have hit their lowest levels. This market crisis is pushing Rarible to take action while waiting for a potential recovery.
Hot Take: Rarible Faces Accusations Amidst NFT Market Turmoil
Rarible, a leading NFT marketplace, is under scrutiny due to allegations surrounding certain auctions conducted on the platform. Concerns about non-compliance with rules have been raised, with evidence suggesting irregularities in Unstoppable Domains’ auctions. Co-founders of AdLunam have also made severe accusations against Rarible, although specific details are not provided. The platform offers features like P2P exchange and token aggregation while supporting various blockchains. However, its native token, RARI, has experienced a decline in price. Additionally, the NFT market as a whole has faced significant challenges, leading to a decline in transactions and volumes on Rarible. The company must navigate this crisis while hoping for a market recovery.
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