{"id":29788,"date":"2020-09-25T12:40:09","date_gmt":"2020-09-25T10:40:09","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=29788"},"modified":"2020-09-25T12:40:09","modified_gmt":"2020-09-25T10:40:09","slug":"non-fungible-token-on-rarible-nft-real-market-or-pure-hype","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/non-fungible-token-on-rarible-nft-real-market-or-pure-hype\/","title":{"rendered":"Non-Fungible Token on Rarible (NFT) \u2013 Real Market or Pure Hype?"},"content":{"rendered":"
Cryptocurrency investors seem to have become interested in non-fungible tokens (NFT) as yield farming<\/strong><\/a> rewards have been severely reduced. As 2020\u2019s yield farming craze appears to have come to an end, investors are looking for a new target. This time, DeFi\u2019s latest craze is artwork published in the form of NFTs on Rarible<\/a><\/strong>.<\/p>\n Rarible is a new platform and marketplace where users can purchase and sell digital collectibles in the form of NFTs. As a reminder, NFTs are simply put a unique type of token that are limited in their quantity.<\/p>\n Remember how kids in the 90s and 00s used to collect Pok\u00e9mon cards, Yugioh cards, football stickers, and a multitude of other collectibles? Today, the same kids who collected these are grown up and a part of the decentralized finance industry. Their goal? To popularize collectibles, this time in a decentralized fashion.<\/p>\n <\/p>\n However, this is only the narrative that investors are holding on to. In the past few weeks, my Twitter timeline showed me an interest in NFTs that can only be regarded as forced or orchestrated. The truth is that most people are pushing the narrative for their financial interests.<\/p>\n Rarible is still a young platform and at the moment it seems silly to spend multiple Ether tokens for a picture that someone downloaded from the internet and uploaded it as his own work. What is even crazier is that some individuals started uploading selfies on Rarible to sell them as NFTs. Naturally, this led to the community asking itself if NFTs may even live up to investor expectations.<\/p>\n As you may see, NFTs<\/a><\/strong> are neither good nor bad. They propose a value that is very specific. In the past decades, niches have always profited with the rise of the internet. On the other hand, interest and demand for NFTs almost seem unnatural. It is almost as if the people who own the platforms and publish NFTs are the only ones in the community that push NFTs.<\/p>\n For you to have a better perspective on how NFTs might play out and what their future might be, it would be good to list some pros and cons. So, let\u2019s start with the pros first.<\/p>\n As I mentioned before, NFTs are just modern-day collectibles. In the past, we have seen how kids and adults alike became interested in owning a collection of stickers, cards, and other items. Even now, there is a vibrant community within the gaming industry that collects in-game collectibles, statues, stickers, and toys. Of course, not everything from this list can be digitalized and decentralized. Nevertheless, based on the interest we can see that NFTs have a significant market.<\/p>\nThe Pros<\/strong><\/h2>\n