According to RARI Foundation’s head of strategy, the future of NFT is bright.

In the year After a meteoric rise since 2021, the Nifty Token (NFT) market has fallen slightly in 2022. Many projects have floored prices specifically around digital art and many have declared NFTs dead. Although sales volumes will begin to grow again in 2023, they have not yet returned to the levels seen during the previous boom.

Yet nonfungible tokens as a technology have not really gone anywhere, and many builders now-melted crypto winter as an opportunity to continue developing relevant products, platforms and use cases without the pressure of the bull market and constant media attention.

One NFT ecosystem that continues to build during the bear market is Rarible, which includes the Rarible Protocol, Rarible marketplace, RARI token, Rarible DAO and RARI Foundation, with a new “layer 3” mainnet RARI Chain on the way.

In Episode 26 of the Agenda podcast, hosts Jonathan DeYoung and Ray Salmond talk with Jana Bertram, Chief Strategy Officer of the RARI Foundation, about what makes Rarible unique, how the NFT market will be sustainable, the future of imperishable tokens, interesting use cases, and more.

Solving the branding problem of NFTs

Ever since NFTs exploded in popularity, the technology has maintained a bit of a bad reputation in the mainstream and even in some crypto circles. Many people see them as speculative properties, bad for the environment and/or a complete waste of money. In this regard, most people in the mainstream strongly associate NFTs with digital art.

Bertram acknowledged this issue, saying to Deung and Salmond that NFTs, like anything else, are subject to criticism because of people's past experiences. As for whether NFTs need a complete overhaul, she said, “Rebranding something, that's a very common business practice.” “And I think you can go through a lot of iterations and probably not have a final, standard look at how you call NFTs, right?”

“I'm personally OK with NFTs, especially when you're talking to a Web3 audience,” Bertram said.

But imagine a world where being an NFT doesn't matter. You know, maybe it's just your membership ID, and who cares if it's an NFT on the back end, and that's how it actually works? To the end user, that means nothing.

The most popular use case for NFT remains digital art, and one criticism that has influenced branding is “I can just download a JPG, so why should I pay for NFT?” is the argument. At the same time, many people simply prefer the experience of physical arts.

According to Bertram, there are ways to bridge the gap between physical and digital, giving collectors the benefits of both. “My husband and I, we're big fans of this British artist named Matthew Stone,” she said. “We own the NFTs of it, and every time we buy NFTs, the picture comes out, right? And we hang it on the wall. So yes, there are different ways to make NFT tangible.

Expanding NFT use cases.

Beyond the world of art, DeYoung and Salmond suggest that Bertram has many use cases for NFTs beyond art. “There needs to be a world where your homeowner's association membership is an NFT, your lease is an NFT,” she shared. “There are many types of ownership that you can digitize with NFT as a technology. And then, of course, there's also the general aspect of the IP. [intellectual property]and using NFTs solely as a technology to ensure IP is respected.

DeYoung asked whether there were “dormant use cases” of particular interest to NTFs, with Bertram bringing up things like physical collections, token-related innovation and intellectual property.

As for whether NFTs will fundamentally change modern society, Bertram says, “I don't know if we're completely shaking things up, but I think the whole bakery is going to shake things up, right? Not necessarily just NFTs. So when it all comes together, it's about redefining how we operate as a society. “

“All these Daos are contributions from all over the world, from different cultures, from different economies, right? Ability to pay people across borders without intermediaries. All of that has changed the way we do things, and NFTs are a piece of the puzzle there.

To hear more from Bertram's conversation with Agenda — including how Rariable manages off-chain and on-chain, the future of NFT mass adoption, and what it's like to work at the RARI Foundation — listen to the full episode on Cointelegraph's Podcasts page. Apple Podcasts or Spotify. And don't forget to check out Cointelegraph's full lineup of other shows!

This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.

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