Rare Sense Aiming to be The Opensea of Fandom
Superfandom, an NFT platform developed by Rare Sense, is the “OpenSea for fan engagement,” linking creators, celebrities, and influencers to their audiences using NFTs. In tandem with the $100 billion+ creator economy, the market for creator-fan engagement is expanding. Fan interaction has become a critical growth engine for building influence in a competitive, saturated market of influencers.
As a result of this, an NFT revolution is on the horizon. On the other hand, creators who don’t have digital material to donate are on the outside looking in. To take advantage of the opportunity, such creators are frequently compelled to commission artists and quit digital art NFTs due to FOMO. NFT reductions, on the other hand, are at best a hit-or-miss proposition. They’re generally viewed as phoney and money-hungry. There is a severe risk of tarnishing reputations and brands. Simply put, producers require a simple approach to enter the NFT game by providing whatever their superfans desire the most. This would secure the NFT strategy’s long-term survival.
A blockchain company called Rare Sense is working on solutions to this challenge. Artists can create NFTs that can be programmed with unique experiences or accessed via the platform’s “Superfandom.” These may be both online and offline experiences, ranging from social media collaborations to one-of-a-kind in-person relationships, that their superfans would enjoy. Token redemptions, community building, secondary marketplaces, disputes, and even refunds are all handled through their technology.
“We’re making an end-to-end solution” says CEO Hassan Baig. “ We’re making what all digital native young people of today, and tomorrow, will want to use to interact with their favorite creators”.
Previously, fan engagement and cryptocurrencies had a mutually beneficial relationship. It has long been projected that social tokens will become more popular in 2020 and beyond. In terms of how social tokens vary from NFTs as vehicles for fan interaction, Hassan argues, “market forces are much, much larger for NFT adoption.” Selling NFTs is simple for anyone who has ever sold or bought a ticket, whereas social tokens and their accompanying economics are harder to grasp for the average individual. That is why all of the world’s creators are drawn to NFTs. It’s a significantly more efficient on-ramp.”
But, since a creator can just issue tickets, why use NFTs for experiences or exclusive access? “Sure, you can do it without NFTs,” Hassan adds, “but that means the creator misses out on royalties, and the fans miss out on owning a tradeable asset.” He cites the influencer Gary Vee’s creation of Veefriends, which now has a sizable secondary market, benefitting both Gary and his superfans. “It’s a win-win situation. You won’t want to go back to old-school tickets after trying it out with NFTs,” Hassan says.
Rare Sense Inc., the company behind Superfandom, receives funding via the Stacks blockchain. Stacks is the firm that brought smart contracts to Bitcoin, for those who are unaware. “Our NFTs are secured by Bitcoin,” Hassan continues, “which appeals not only to Bitcoin enthusiasts, but also to those in the public who think of Bitcoin as synonymous with cryptocurrencies.” It’s too early to say whether Bitcoin-backed NFTs will catch on, but if other blockchains like Solana, Tron, and Flow are any clue, they have a good chance. After all, it’s Bitcoin.
The platform already has a global reach, according to CSO Sophia Pervez, with notable celebrities from Hollywood, Bollywood, and Kpop, as well as a plethora of giant social media influencers. The mainnet is set to go live soon. “We’ll further democratise the NFT market for producers and their fans. “I’m excited to see what the space pioneers do with it!” Hassan adds.