Reviving Rari Chain: A Call for Community Action

I am reaching out to address a critical issue that we cannot afford to ignore—the current state and future of Rari Chain. Since its launch about six months ago, the initial excitement has fizzled out, and activity on Rari Chain has come to a standstill. The numbers speak for themselves: in the past 30 days, the total trading volume of NFTs on Rari Chain is a mere $100, even considering potential wash trading. Despite significant investment in marketing and infrastructure, the chain remains largely unused. There are no active users, no new applications, and overall, the project feels stagnant.

This situation is disheartening for several reasons. Rarible is a well-known name in the NFT world, and the initial response to Rari Chain was overwhelmingly positive. We saw a surge in wallet creations and ETH bridging, indicating strong user interest. To see such potential squandered is almost unimaginable. Moreover, substantial funds were poured into Rari Chain’s development and promotional campaigns. We must critically examine what went wrong and why these efforts did not translate into sustained user engagement.

My intention here is not to assign blame but to spark a meaningful dialogue on how we can collectively address these challenges. We need to identify the root causes of Rari Chain’s current state and collaboratively develop strategies to revive it. This should be a priority for all of us, yet as a community, we seem to be overlooking this crucial issue. Besides Forexus and me, I never heard anyone addressing this topic on community calls.

I urge everyone to share their thoughts and suggestions. Let’s come together to discuss and implement actionable solutions. While the team behind Rari Chain is undoubtedly working on new ideas, we cannot solely rely on their efforts. Previous initiatives like the Galxe reward program and RRC7, though well-intentioned, have not delivered the desired results and have significantly drained our budget.

The Spirit program aims to incentivize the creation of interesting applications, but we need to critically assess its impact. Allocating nearly half a million dollars for five applications will not necessarily drive user engagement. Even if these applications were live today, it’s unlikely they would attract a significant user base.

We, as a community, need to play an active role in this process. The potential of Rari Chain is immense, and it would be a shame to let it go to waste.

Please join the conversation, bring your ideas to the table, and let’s work together to revive Rari Chain. Our collective effort can make a difference.

3 Likes

An unwritten rule when launching new projects is to increase the initial user base through incentives that provide tangible benefits. This is a harsh reality of the web3 world, where most people engage with new projects with the hope of investing and potentially making money. If we analyze new chains, it’s clear that they all have initiatives where users earn points for participating in the network, which later translate into rewards through airdrops or similar methods.

This was also the idea behind Rari Chain. To implement this idea, we used the Galxe platform. Initially, people were earning points through social tasks like “follow Rari Chain on Twitter,” etc. The first problem arose when bots managed to abuse the referral system, earning massive amounts of points, which discouraged legitimate users from participating. For instance, a person who invested $700 to mint NFTs on Rari Chain would have 100 times fewer points than bots that earned points with zero investment and no real contribution to Rari Chain.

This was the first significant issue that drove many people away. The second issue was the selection of collections that Rari promoted and encouraged. These were collections from relatively unknown artists whose works were not valued. As a result, it was impossible to establish any meaningful floor price for their NFTs. When people saw that the NFTs they minted were not selling and were valued at best at $5, they lost interest in minting other collections. An analysis shows a significant drop in minting activity from the first few days to the last few days.

Additionally, the platform itself was so buggy that the process of earning points neither worked properly nor provided any satisfaction. Legitimate users who completed all the steps still found themselves thousands of places below the bots.

The outcome was that the Galxe program was prematurely terminated, and most people “lost money,” which is usually not the case with other projects if you invest early. The task required nearly $700, and the rewards were barely 25% of that. Unfortunately, that money did not end up in Rari’s pocket but in the pockets of artists who took advantage of the situation and never committed to their own projects with that capital. Another issue was the lack of communication channels with the artists. People who minted NFTs did not feel a sense of belonging, which is generally the idea behind NFTs as social symbols and gateways. Basically, a lot was invested moneywise, and no real users were created.

The next major mistake was the RRC7 reward program, which was launched suddenly in hopes of salvaging the Galxe fiasco. Again, the chosen eligible collections were from unknown artists whose works were evidently not valued by the market. We had a situation where Rari allocated nearly half a million dollars as rewards to bid on collections worth $2. This was quite absurd, and consequently, the result was very poor, with hardly anyone participating. In the last days, only two people were active, and the program was terminated prematurely.

Based on these observations, I believe the solution lies in relaunching similar programs with significant modifications. First, we need to negotiate with established collections that have a known floor price and reputation to potentially bridge to Rari Chain. Second, we must implement a refundable minting mechanism to help maintain the floor price of projects and make collections attractive to users. For example, users could refund the minting funds within 30 days of minting, meaning the artist would not receive the money immediately.

These are some of my ideas, and I would love for us to work on them and discuss them further. I am very eager to hear what others have to say and suggest.

1 Like

create an announcement of a workshop focused on individual artists.

some of them are on the solana chain.

for example, someone who is able to create 10-15 works of natural landscape art.

create a competition but refer them mint to the Rari chain

from here it will most likely attract them.

Due to several factors, artists print on certain chain out of habit

has this been done ?

or grab their attention by throwing in some gas fee to mint at Rari chain.

Don’t talk about giving gifts because maybe some people don’t like the lure.

The winner will be happy, but it doesn’t necessarily mean that the next work will be on the Rari chain

An artist doesn’t just create work every day. But they will continue to create and store them on certain chain.

There are those who really have an artistic soul, they don’t care about collectors, the most important thing for them is that their work is stored safely on a certain blockchain.

Some ideas that just popped up in my mind :slight_smile:

  • A weekly art contest where participants must mint their NFTs on the Rari Chain, top 3 will receive a bid.

  • Our own Referral system with several levels, where participants get a % of the platform fees on the Rari Chain of their referrals, going down 2 levels and get incentivized for additional rewards through $RARI rewards following our system yet to be designed. I have a lot of experience with referral systems from my time in MLM, and they can work greatly if you protect it enough against cheaters, have a great user dashboard and incentivize the right tasks. We’re not incentivizing the amount of referrals, we will incentivize the activity of referrals. Inactive referrals are just a number :slight_smile:

  • Find partnerships with top NFT projects/communities to possibly launch a derivative on the Rari Chain, or bridge their project + community to the Rari Chain. DeGods example*

  • In the end artists want sales! We would need some kind of fund to randomly sweep NFTs on the Rari Chain from artists and projects. This brings excitement and motivation to mint more and the word will spread.

@dzonson.eth do you have examples of open edition drops from artists who did succeed in creating volume and maintaining a high floor price? Would love to investigate to get a better view to understand what kind of artists you are referring to. Artists launched on the Rari Chain where artists chosen by the Hug art contest.

1 Like

Thanks for the proposal and your thoughts / suggestions. @forexus ideas sound quite good, especially the partnership part. Is there somebody responsible at the protocol, that takes care of this on a professional level? We probably could do more on this end.

I would also be interested in the learnings from previous incentivization campaigns, since @dzonson.eth pointed out that there may are better strategies. I do think that incentivization is a way to go, but it’s quite difficult to get sustainable results.

Personally, I liked the option to mint on Farcaster, maybe that’s something that could be offered more.

The RARI token will stay exclusively on Ethereum, or is there a token planned on RARI chain at some point? Giving out the rewards on RARI chain is obviously a possible way to bring activity.