Researchers at cyber security software company Check Point identified a vulnerability in the marketplace that could have cost nearly two million active monthly users their NFTs in a single transaction.
Rarible, a nonfungible token exchange built on Ethereum, boosted its Rarible 2 platform on Oct. 20.
The NFT marketplace is introducing new aggregation tools to showcase NFTs from across the Web3 space. This means users can browse and purchase Ethereum-based digital assets from Rarable, OpenSea, LooksRare, X2Y2 and Sudoswap.
According to Rarible chief strategy officer and co-founder Alex Salnikov, NFT platforms are “siloed” and aggregation is the way to change that.
Following a report from DappRadar, which suggested that a market war is brewing in the Web3 space, this Rarable development comes. Uniswap and OpenSea, both of which acquired NFT aggregator platforms in 2017, are among other major platforms in the Web3 arena.
According to the report, platforms could face direct competition if outside aggregators such as OpenSea and Uniswap acquire Rarible.
In order to incentivise users to participate in the ecosystem, Rarible also implemented a mechanism where users can lock up their $RARI tokens to earn rewards and incentives. Salnikov says this is a step towards decentralization.
Many Web3 community members have acknowledged the centralization of certain NFT marketplaces, such as OpenSea. They have been critical of them being too dominant.
The above user feels that centralized marketplaces like MagicEden and OpenSea have to go.
It’s not your fault, @MagicEden or @opensea, but you’ve got to go. We appreciate your service. ERC721 is moving to Defi. The NFTs became centralised and incurred the same problems as Bitcoin was created to mitigate.
Researchers prevented a major security breach earlier this year when they saved the Rarible marketplace.
Researchers at cyber security software company Check Point found a vulnerability in the marketplace that could have cost nearly two million active monthly users their NFTs in a single transaction.