How NFTs Are Evolving to Add ‘Meaning and History’: The RARI Chain

Untouchable symbols (NFTs) are evolving to create more “value and utility” for their creators and users, according to a recent panel discussion “A Survey of the Evolving NFT Landscape” held at TEN at the RARI x Refraction event in Bangkok.

While the creative economy is the “flagship use case” for NFTs for consumers and retail, “many other applications for NFTs are on the horizon,” says Jana Bertram, head of strategy at the RARI Foundation. Rug Radio creator pukerainbow.

Users can't tell if the NFTs will enhance the application, she said, “No one really cares — it's something that works, but it works with those NFTs.” She suggested the integration of the RARI protocol with multiple ecosystems and chains, adding, “This technology stack can catalyze the growth of NFTs across all these different ecosystems.

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From consideration to influence-oriented NFTs

As the technologies that support NFTs evolve, so do the NFTs themselves, “providing a variety of methods,” says new media artist Shavon Wong. Justin Gilani, CEO of Codex Projects, added that during the crypto bear market, dedicated NFT artists, fashion designers, and musicians worked “building their craft, learning their tools, and really developing their ideas.”

Inventors are experimenting with new tools to add “meaning and history” to NFTs, Bertram said. “Then you can think about community and use NFTs as a means of engagement,” she added.

Sam Friedman, head of marketing at Arbitram, recently pointed out an example to users, “Then if you want, you can burn an NFT to get a piece of physical commodity. Another emerging use case, he said, “is that you can bind an NFT to someone's soul and then use it as a mechanism to send data to that wallet address.”

Educating creators

Still, “there are hurdles and limitations to overcome for mass adoption,” Gilani said, with Friedman adding, “Education and outreach are things we really need to work on, especially in the creative space.”

That education should include a broader view of Web3 beyond creating NFTs or earning royalties on secondary sales, Bertram said. RARI describes decentralized finance as “passenger creators” (DeFi), to “experience a slightly different direction in Web3” and learn new ways to monetize their skills, such as farming, warehousing and production. To this end, RARI has launched workshops around the world, including Lagos, Bangkok, Lisbon and New York, to connect with NFT innovators and educate them on the vast possibilities of Web3.

NFTs are more than art, the panel argued, allowing creators to build deeper connections with audiences. “We artists should not only create art, but also create experiences, create movements, create content,” Gilani said.

“Creator first” creations

Increasingly, traditional artists are being drawn to the technology, with royalties for “first creator” creations embedded directly in NFTs. “On the RARI chain, it's amazing to have creator royalty payments at the code level.

Bertram explained that RARI Chain used Arbitrum One's technology stack to integrate royalty payments at a “sequential” level. “To put it very plainly, the series does not encourage or justify non-royalty-compliant marketing,” she explained.

By ensuring that royalties are “baked in,” he says, it opens up vast opportunities for creators with royalties attached to physical products like sneakers.

“It's hard to create, and I think there's a sense of bravery that you have to come up with and put yourself out there,” Friedman said, adding that NFT royalties allow creators to ensure they have a steady stream of income. “Making sure you take care of yourself is something that I think is really important and really important,” he said. “So doing it at the blockchain level is a way to protect it.”

As the crypto market continues to rise, bringing new entrants into the space, “a trickle-down effect is occurring,” said Kim Madison, Rarible's vice president of customer success. She added: “Of course, none of us have a crystal ball to see what the future holds, but I think the direction we're heading now is going to be interesting.” It only goes from here.”