Usecase idea of $RARI token: trade discount

TL; DR

  • $RARI token needs to be used inside rarible.com for everyone including traders(users), artists and even $RARI token holders.
  • Users could get x% discounts by paying in $RARI token.
  • This token utility model has already used pretty much in centralized exchanges like Binance, FTX, and it’s been working well so far. (proven model in crypto markets)

We know many of centralized Exchanges (for example, Binance, FTX, Huobi, OKEx, etc), have their native tokens with utilities.

The most common utility of exchange token is that, it allows users to receive discounts when paying for their trading fees. This is very reasonable since it gives benefits its governance participants(token holders) and practical exchange users at the same time.

So, if we apply this to rarible.com, Let’s say, $RARI holders could pay the platform service fee using $RARI token with 20-50% discount. This way, we could also encourage artists and traders to have $RARI and use it in rarible.com platform naturally.

This is not what centralized NFT marketplace do without their native token. I hope RARI governance consider this as one of the significant utilities for the future of rarible.com.

Please feel free to share your idea and opinion so that we could find the best solution.

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This is a great idea and yet the most essential utility of a native token of a platform. I hope the RARI dev team start working on this asap.

This dude Harang spitting out another sexy idea, as sexy as my shiny bald head

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Okay, that’s a little bit cringe, :sweat_smile: but thanks for the positive feedback sir! :pray:

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I agree with the idea behind this proposal, but I don’t think users have to pay with $RARI to get discounts. It will be better if users get discounts in proportion to how much $RARI they own, regardless of the currency they use to buy the NFTs on Rarible.

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Thanks for the good opinion, sir. :slight_smile: As long as $RARI holders can get some trade benefit in the rarible.com market, I think that’s great. Maybe users have to have both choices, 1.pay in $RARI to get more discount 2.pay in other currency, but need $RARI token in their wallet.

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I attached a screenshot below of a trading fee discount table that will incentivize users to stake RARI and pay with RARI for trading fees by giving them more discounts than users who only own RARI and pay with non-RARI currency for trading fees.

Here is a link to the table: https://docs.google.com/spreadsheets/d/175S03xZyaHCWNG5Y00a8Cslrw_kCLpf3HXCxKnpS8Gk/edit?usp=sharing

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Oh my… This is brilliant! :+1: :pray: Thanks for the nice table!

With this model, users receiving weekly ($RARI) airdrop might try to hold to use them in the Rarible market rather than just throwing in Uni/Sushiswap.

Also, I suggest that, we can provide VIP NFTs for each level and give them some other benefits such as, exclusive x% (5-15% or so) allocation of buying opportunity when there’s special/featured NFT drop or auction.

There are more services we could provide for VIPs. For example, having a VIP discord channel with an exclusive moderator to get their feedback and provide technical support faster as well.

Or… (Maybe this sounds pretty silly…but wanted to add more ideas to boost the market) rarible.com could draw a winner amongst VIP level 5 to 9 (or maybe only top traders?) and give them a CryptoPunk as a monthly reward for their engagement and use of Rarible market. (I came up with this idea when I remember Binance awarded Lambo in 2017/2018 for their top traders.)

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Great ideas, thanks @Harang

I’d like to add to the pot, not sure if it’s been talked about but I believe a great feature for RARI would be tipping artists/creators within rarible.

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Good point! I agree we should embrace artists/creators within Rarible marketplace by using the utility of $RARI token.

I’m not sure how much we are charging for the minting fee currently, we could give them some minting fee discount in case they are holding $RARI token in their wallet.

If we are more proactive, we could also give them a choice to get additional reselling fee if they are holding $RARI. (OR decrease platform service fee when reselling.)

So, artists and creators will get more benefits than the others if we provide enough discount and additional fees.

Furthermore, we can effectively encourage active artists because they get the most benefit from minting discount and additional fees. Eventually, this will lead us to bigger volume and quality content creation.

However, these suggestions might not be suitably discussed by the governance and the Rarible core team before. If so, we have to ask the team and the governance how they think about this.

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