Amidst news of huge NFT sales, NFT marketplace Rarible’s native token RARI has managed a 40% rally in just 24 hours. Read on for the best place to buy RARI.
RARI, the native token of the NFT marketplace Rarible, has rallied by 40% on the day, amid news of the multi-million dollar sale of an NFT of the internet’s original source code. Can Rarible maintain this upward movement and enter a long-term bullish trend?
How & where to buy Rarible in the UK and elsewhere
In terms of the best place to buy RARI, investors have a range of choices including some of the most reputable brokers and exchanges out there. Once you have signed up, you can add funds to your account and begin your crypto investing journey.
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What is Rarible?
Rarible is a marketplace for nonfungible tokens (NFTs), which are unique, tokenised forms of art, virtual items, or collectables. Rarible has grown in popularity steadily since it was founded in 2020 and is one of the leading NFT platforms in the “metaverse”, which is the name commonly given to the NFT space.
The original source code for the internet, written by Tim Berners-Lee, was recently tokenised in NFT form and sold as a collectable item, leading to hype around Rarible. It fetched $5.4 million at auction, becoming the latest NFT to sell for six figures. Earlier this year, digital artist Beeple sold an NFT artwork for $69 million.
Should I buy Rarible today?
The NFT universe continues to grow month after month and is showing no signs of slowing down despite a bear market for cryptocurrencies more generally. Rarible is in the ascendancy and is cementing itself as one of the most popular platforms for NFT producers and collectors alike.
Having declined from highs that were recorded at the peak of “NFT mania” back in April, Rarible is now mounting a recovery on the back of resurgent interest in NFTs due to a few high profile sales. With a recovery arguably in progress, investors may believe that further downside is unlikely and could swoop in now to buy heavily discounted RARI tokens.
RARI price prediction
RARI is currently trading at $12.53 but could revisit weekly highs around $15 with persistent bullishness. Beyond that, May’s high of around $23.93 is the next natural target. The price floor right now appears to be $5.