The post How NFTs are Evolving to Add ‘Meaning and Story’: RARI Chain appeared on BitcoinEthereumNews.com.

Non-fungible tokens (NFTs) are evolving to create more “value and utility” for their creators and users, according to a recent panel discussion on “Navigating the Evolving NFT Landscape” at the TEN by RARI x Refraction event in Bangkok. While the creator economy is the “flagship use case” of NFTs for consumers and retail, “There’s going to be a lot of other applications of NFTs which are just in the backend,” ​Jana Bertram, Head of Strategy at RARI Foundation, told Rug Radio creator Pukerainbow. Users won’t know that NFTs power the application, she said, adding that, “nobody really will care—it’s just something that functions, but it will be powered by those NFTs.” She pointed to RARI Protocol’s integration with multiple ecosystems and chains, adding that “this tech stack can be powering NFT growth in all these different ecosystems.” From speculation to impact-driven NFTs As the technology underpinning NFTs evolves, so too are NFTs themselves, offering “different kinds of mechanisms you can play with,” said new media artist Shavonne Wong. Justin Gilanyi, Curator at Codex Projects added that during the crypto bear market, dedicated NFT artists, fashion designers and musicians have worked on “building their craft, learning their tools, and really developing their concepts.” Creators are experimenting with the new tools available to them to add “meaning and story” to their NFTs, Bertram said. “You can then think about community and using NFTs as an engagement mechanism,” she added. ​Sam Friedman, Head of Marketing at Arbitrum, pointed to a recent example where users, “could burn an NFT to then get a piece of physical merch, if that’s what you want.” Another emerging use case is to “soulbound an NFT to someone, and then you can use that as a mechanism to then send subsequent information to that wallet address,” he said. Educating…

---

Filed under: News - @ November 27, 2024 1:26 am