Rarib Releases Subgraph on The Graph: A Gamechanger in the Decentralized NFT Market

04/25/2023 04:48 • Crypto & Markets • 62 views

On April 25th, it was announced that the NFT market, Rarib, has released a subgraph on The Graph. Once selected by Indexers, the Rarib subgraph will be completely decentralized, allowing anyone to query Rarib’s on chain data.

The NFT market has already released sub images on The Graph

The non-fungible token (NFT) market has exploded over the past year, with millions of dollars being traded daily for unique digital assets. However, with the rapid growth of the NFT market, it became increasingly difficult to keep track of all the transactions and data. This is where Rarib and The Graph come in – by releasing a subgraph on The Graph, Rarib is taking a major step towards decentralizing the NFT market, making it more accessible for everyone.

What is Rarib?

Rarib is a decentralized NFT marketplace that aims to empower creators and collectors by providing them with a secure and transparent platform to create, buy, and sell NFTs. Unlike centralized marketplaces that often charge high fees, Rarib uses a community-driven model that eliminates intermediaries, ensuring that creators receive the full value of their creations.

The Importance of Decentralization in the NFT Market

The decentralized nature of the blockchain is what makes it so appealing to many users. With no central authority controlling the network, transactions can be made without relying on intermediaries like banks or other financial institutions. This is particularly important in the NFT market, where the authenticity and ownership of digital assets are crucial.
Decentralization also helps to prevent fraud and hacking attempts, as there is no central point of failure that can be targeted. Additionally, decentralized platforms often have lower fees, making them more accessible to users of all backgrounds.

Introducing the Rarib Subgraph on The Graph

On April 25th, Rarib announced that it had released a subgraph on The Graph, a decentralized indexing protocol that allows developers to build APIs for blockchain data. Once selected by Indexers, the Rarib subgraph will be completely decentralized, allowing anyone to query Rarib’s on-chain data.
This is a major breakthrough for decentralized NFT marketplaces, as it makes it easier for developers and users to access and analyze data from these platforms. Previously, data retrieval from blockchain-based platforms was often slow and clunky, requiring a complex process of parsing through raw data.
With the Rarib subgraph on The Graph, users will be able to access data about NFTs without the need for middlemen or complex data queries. This will make it easier for users to find, buy, and sell NFTs, ultimately contributing to the growth of the NFT market.

The Benefits of Decentralization for the NFT Market

Decentralization has numerous benefits for the NFT market. Here are some of the most important ones:

Increased Transparency

Decentralization means that all data is stored on a public blockchain, making it transparent and easily accessible for anyone to view. This ensures that creators and collectors can trust that their NFTs are authentic and that transactions are legitimate.

Lower Fees

Decentralized platforms often have lower fees than centralized ones, as there are no intermediaries involved. This makes it easier for creators and collectors to earn and retain the full value of their NFTs.

More Accessible

Decentralization also makes the NFT market more accessible to users from all backgrounds. With lower fees and easier data retrieval, decentralized platforms like Rarib and The Graph are breaking down barriers and allowing more people to participate in the NFT market.

In Conclusion

The release of the Rarib subgraph on The Graph is a major step towards decentralizing the NFT market. With easier data retrieval and increased transparency, decentralized NFT marketplaces like Rarib are making it easier for creators and collectors to participate in the NFT market. Additionally, decentralization offers lower fees and increased accessibility, making it possible for more people to get involved in this exciting new market.

FAQ:

Q: What is The Graph?
A: The Graph is a decentralized indexing protocol that allows developers to build APIs for blockchain data.
Q: How does decentralization benefit the NFT market?
A: Decentralization offers increased transparency, lower fees, and increased accessibility, making it easier for creators and collectors to participate in the NFT market.
Q: What is Rarib?
A: Rarib is a decentralized NFT marketplace that aims to empower creators and collectors by providing them with a secure and transparent platform to create, buy, and sell NFTs.

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