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📺 Next Big Crypto Sector – NFTs? 👉 https://www.youtube.com/watch?v=r5pNBx9WPug&t
– TIMESTAMPS –
2:15 What are NFTs?
5:59 Why could NFTs be huge?
10:39 NFT marketplace competition
11:41 What is Rarible?
15:05 RARI token use-cases
18:18 RARI tokenomics
20:47 The future of Rarible
22:20 Final thoughts
⛓️ 🔗 Useful Links 🔗 ⛓️
► Rarible marketplace: https://app.rarible.com
► NFT token sales hit $100M: https://decrypt.co/34364/nft-token-sales-hit-100-million-as-virtual-economy-booms
► L’Atelier virtual economy report: https://atelier.net/virtual-economy/
► Coincheck & Enjin partnership: https://decrypt.co/41295/minecraft-nfts-coming-this-year-as-coincheck-partners-with-enjin
► Rari token info: https://medium.com/@rarible/introducing-rari-the-first-governance-token-in-the-nft-space-5dbcc55b6c43
► Yearn.Finance smart contract insurance: https://twitter.com/rariblecom/status/1303802405562314756
► Messari research report: https://messari.io/article/a-rarible-opportunity-in-the-war-for-nft-supremacy
❓ What Are NFTs❓
Non-fungible tokens are essentially digital collectibles. These special cryptographic tokens have four key properties:
► Cannot be counterfeited
► Cannot be replicated
► Cannot print to demand
► Have ownership guarantees
There are two main types of NFTs:
► ERC-721 tokens: An example would be a crypto kitty.
► ERC-1155 tokens: This combines the benefits of both fungible and non-fungible tokens together.
📈 Why Could The NFT Market Explode? 📈
NFTs burst onto the scene in 2017 and since then total NFT sales has hit over $100 million.
I think the main driver for the sector in the future will be computer games. Right now, the virtual economy has reached 2.5 billion people and people are spending over $100 billion a year on virtual goods like Vbucks.
Minecraft is an immensely popular game with over 126 million players. Recently, Coincheck and Enjin have partnered up to create an NFT for the game. Even more exciting, these Minecraft NFTs will come to the game this year.
On top of that, you have blockchain art, blockchain domains and other games taking off. All of these use NFTs.
🛒 NFT Marketplace Competition 🛒
Right now, OpenSea has the lead when it comes to total NFT marketplace volume. However, the new kid on the block, Rarible, has been on a tear this September and has over 10x the NFT sales as OpenSea.
🎨 What Is Rarible? 🎨
Rarible aims to be the first decentralized and community owned marketplace for NFT assets. Indeed, the ultimate goal of the project is to become a decentralized autonomous organisation, where platform users call the shots.
The marketplace has some pretty cool features that I go into in the vid.
In terms of innovation, Rarible has recently announced support for NFT tokens representing Yearn.Finance smart contract insurance, underwritten by Nexus Mutual. That means you can insure you DeFi dabbling against smart contact failures – pretty useful.
Also, you should know that Rarible is entirely non-custodial and supports the Fortmatic, WalletConnect and WalletLink wallets.
Both ERC-721 and ERC-1155 tokens are supported on the platform.
💰 RARI Token 💰
Rarible aims to become a DAO and a key part of making that happen is a governance structure. That’s why they issued RARI as a governance token. Right now, there are two main things you can do with it:
► Community voting: The submission or voting on proposals to improve the marketplace.
► Curation: This is when the community decides which NFTs should be featured on the marketplace.
Voting rights are highly valued in traditional businesses. I go into that in more detail in the content.
🤑 Tokenomics 🤑
Watch my video to hear my insights on the tokenomics of RARI.
🔮 Future of Rarible 🔮
The Rarible team has a plethora of different products and services in the pipeline. This includes things like NFT market indexes, price discovery mechanisms for NFTs, a mobile app, social features, DeFi NFT’s, fractional ownership and more.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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