Constant invention has been the human race’s bedrock. Every day, new technological concepts are introduced to the globe, and they are a driving force in the world we live in today. Blockchain technology and crypto currencies have made waves in the world of technology over the previous decade, with bitcoin , a digital currency being the highest performing asset class in the last ten years. NFT is a new player who has recently appeared on the scene. An NFT, or non-fungible token, is a one-of-a-kind digital token that can not be used interchangeably or altered. NFT is now regarded as the digital answer to collectibles, just like bitcoin is regarded as the digital answer to fiat currency.
There has been a massive rate of adoption of NFTs by collectors , digital artists , brands and so on. Recently, an auction organized by Christy’s auction house sold a digital artwork for $69m and all the winning bidder got was a unique , digital token that served as proof of ownership.
While the broad acceptance of NFTs is largely positive, there are some underlying issues/concerns highlighted by skeptics who perceive NFTs as a bubble that will burst soon. In this post, we will look at the shortcomings in the current NFT ecosystem architecture and how RARA, a decentralized platform, is attempting to overcome them and allow NFTs to execute at scale. Let’s get started.
What’s in this article?
Current flaws in the NFT Ecosystem Design
RARA’s Solution
Conclusion
CURRENT FLAWS IN THE NFT ECOSYSTEM DESIGN
NFTs are structured similarly to crypto currencies, with all transactions recorded on a type of distributed ledger known as the blockchain. NFTs achieved significant popularity in the realm of digital assets, which was unprecedented and swept factors that impacted NFTs in terms of scalability under the rug.
In today’s NFT market, critical features like quality assurance, curation, and truthfulness have been drastically disregarded, resulting in non-credible, unmonitored, and crowdsourced platforms leading the way in practically all exchange volumes. It is nearly impossible to assess scarcity and popularity in the NFT market without well-structured technical curation and QA.
Poor liquidity in today’s NFT market attests to these facts even further, as genuine NFT initiatives are being pushed under the rug due to an inability to build an active trader community.
To assure the scalability and sustainability of NFTs, these concerns must be addressed and resolved, or we may as well accept the naysayers’ assertion that “NFTs are a bubble that will burst soon enough.”
RARA’s Solution
What is RARA?
RARA is the world’s first decentralized Popmart, where a mystery box and a massive NFT marketplace bring together the best digital artists, brands, and NFT collectors.
RARA’s Operation Mechanism
RARA made use of the mystery box industry, which is becoming increasingly popular and rapidly expanding, thanks to public firms such as the. The mystery box concept is an easy approach to bringing pop culture IPs to potentially millions of individuals. They are also simple to integrate with other key NFT ecosystem members, such as DEXs and IP agencies.
RARA recognizes that the value of NFTs stems from their immutability and scarcity. However, due to a lack of effective QA and seller reputation, these critical features are not being addressed in large NFT listings around the world.
The RARA team has opted to address this issue by developing their own token as a means of gaining access to reliable, approved NFT listings that are backed up by thorough QA.
RARA platform gamification
In order for the NFT market place to be very enticing to trade on and for users to have a good experience, the platform must be designed with fun and excitement in mind, which RARA has accomplished by merging DeFi with gamified Mystery box NFTs.
Competitive Analysis
RARA stands out and is highly distinctive in its approach as compared to other big NFT market places, and some of these reasons are given below:
- Based on BSC
- NFT DEX
- Mystery box IPs
- Gamification for NFT unlocking
RARA’s Self-Sustaining Ecosystem Governance Model
RARA employs a DAO governance architecture, which distributes governance tasks amongst several entities rather than a single central body. This is consistent with the adoption of real decentralization.
The protocol’s operations, updates, and any essential upgrades are decided by user-active communities. Voting power is divided equitably based on the number of tokens you have invested in the platform.
Conclusion
While the NFT sector is currently thriving, challenges affecting scalability and long-term potential remain very much in play. RARA has developed a solution that addresses these difficulties, and it is undoubtedly an NFT project to watch in the future.
