Rarible's Future Vision: Broadening NFT Use Cases and Overcoming Branding Obstacles
Summary:
The nonfungible token (NFT) market, which saw a tremendous surge in 2021, experienced setbacks in 2022. However, this has not deterred developers from refining their products and platforms. A good example is the continued development of the Rarible ecosystem, despite decreasing market pressures. Jana Bertram, head of strategy at RARI Foundation, discusses the future of NFTs, their branding issue, numerous unique use cases and the role of NFTs in redefining societal operations in an episode of The Agenda podcast.
Starting from 2021, the nonfungible token (NFT) market witnessed an exceptional boom, only to face some setbacks in 2022. Numerous projects, particularly digital art-based ones, witnessed a drop in their base prices, leading many to claim that NFTs had run their course. Despite a resurgence in sales volumes in 2023, figures haven't yet reached the peaks of previous years. However, the technology behind NFTs has remained constant, with developers seizing the low ebbs of the crypto winter to further refine their products, platforms, and applications without the scrutiny and relentless spotlight of a bull market.
One NFT network that has been actively developing throughout the bear market is Rarible, encompassing the Rarible Protocol, Rarible marketplace, RARI token, Rarible DAO, and RARI Foundation. They're also in the process of introducing a new “layer 3” mainnet, the RARI Chain.
In the 26th episode of The Agenda podcast, hosts Jonathan DeYoung and Ray Salmond had a conversation with Jana Bertram, who heads strategy at RARI Foundation. They covered topics such as the unique qualities of Rarible, ways to make the NFT market more sustainable, the future of nonfungible tokens, prospective use cases, and more.
Bertram acknowledged the branding issue which NFTs face, owing to the negative perceptions in mainstream and some crypto circles, where many view NFTs as mere speculative assets, environmental hazards, or just a waste of money. Much of this is driven by the association of NFTs with digital art.
According to her, the concept underlying NFTs often invites criticism due to past experiences. On the need for a rebranding strategy, she commented that it's a common business practice and expressed acceptance towards the word "NFT." However, she imagines a world where the core technology of NFTs is irrelevant to the end-user, as its function is what ultimately matters.
One popular use case of NFTs is digital art. There is a common argument that one can download the JPG of the art, so paying for the NFT seems redundant. Many prefer the tangibility of a physical artwork. Bertram believes a compromise can be struck between the two, recounting how she and her husband receive a physical painting for every NFT they buy from British artist Matthew Stone.
Bertram also highlighted numerous other possible use cases for NFTs, outside of the art world. She envisions a world where ownership of various things, from a homeowner's association membership to a rental contract, can be transformed into an NFT. NFTs can also be used to secure intellectual property rights.
She revealed several other interesting applications of NFTs, including physical collectibles, tying tokens to innovation, and intellectual property. She believes NFTs are a part of a larger shift in how society functions, especially with the rise of decentralized autonomous organizations (DAOs) and how they facilitate global, cross-cultural contributions without intermediaries.
To catch the full conversation between Bertram and The Agenda hosts, which includes insights into how Rarible merges off-chain and on-chain governance, the future of NFT mass adoption, and what it's like to work at RARI Foundation, tune in to the full episode on Cointelegraph's Podcasts page, Apple Podcasts or Spotify. Don't forget to check out Cointelegraph's lineup of other shows as well!
Precautionary disclaimer: This article is not a substitute for legal nor investment advice. The views and opinions expressed are solely the author's and do not represent or reflect the views and attitudes of Cointelegraph.
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Published At
12/27/2023 4:20:00 PM
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