Rare Bits advances with blockchain to conjure up a market for digital collectibles 9008
Blockchain
Team BCFocus
May 11, 2018 at 6:51 PM

Rare Bits is a marketplace for trading digital goods but it’s unlike any E-commerce business. The idea of Rare Bits, although it sounds as a bizarre idea to trade digital goods, yet it has found its perks as a marketplace in trading digital goods and digital collectibles since the advent of various cryptocurrencies, along with the transparency and authenticity brought about by blockchain technology, which provides virtual ownership, something that makes any citizen keen.

Who would have thought that owning an intangible digital asset might become a prevalent notion?

Well, maybe the future is all about digital goods, at least as a form of entertainment, maybe the artists of these digital assets will create something really sustainable, maybe a digital Eminem, or a digital Chris Gayle, let alone the Clash of Clans!

Well, the blockchain technology has created the right platform, inspiring Rare Bits to conjure up this outlandish idea of buying and selling the digital assets and digital collectibles with the ease of the cryptocurrencies.

Also, even before the advent of blockchain the digital goods had already existed and had been consistently evolving, so with the evolution of its markets, and marketplace for its trading, Rare Bits have found the exact co-technological match( blockchain and the cryptocurrencies) for its marketing and trading.

According to Lee, the co-founder of Rare Bits, “All digital goods that have been sold in the history of digital goods were locked within the server of one specific individual," And, that, "It was a one-way street: You could buy something, but the developer could take it away, and you couldn't resell or trade it."

The Rare Bits team have already been a pioneer in the field of selling digital goods, "Given all of our experiences based on building businesses that sell digital goods, we knew that there's a lot on the horizon for building a digital goods platform," Lee, the co-founder of Rare Bits said. Even so, blockchain was the main inspiration that had prompted Lee and his co-founders to create an entire marketplace hinged totally on virtual ownership.

The blockchain technology has had already revolutionized the financial industry with its ingenuity of decentralized power, and this had invariably attracted all marketers, since cryptocurrencies are becoming synonymous to fossil fuels and its growing consumer base has become ever so prevalent.

While, on the other hand various marketers are looking to exploit the quotient of business intelligence of blockchain also, hence, it’s not a wonder that Rare Bits have introduced an interface to trade digital collectibles, called Fan Bits, this interface allows creators to create digital assets and digital arts and allows them to directly sell them without much ado, while entirely banking on the virtual ownership brought about by the blockchain encryption technology.

Although the conceptualization of trading digital assets with cryptocurrency seems as a dogmatism, yet Rare Bits have found that this changing trend with the technological evolution could transform the perceptions that people hold on when it comes to virtual ownership.

As Rare Bits’ co-founder Lee had stated, “The area of entertainment drives adoption, but there's going to be a progression," said Lee. "There's going to be a shift in the way people think of ownership, and we want to be the company at the center of that shift. Now, when you own something online, it actually means something."

And, all this and much more is possible by encompassing blockchain, with its smart contracts and its digital ledger providing the virtual ownership, and this certainly contributes for an evolution in the market for digital assets, digital arts, along with the rising futuristic cryptocurrencies such as Ether from Ethereum.

Likewise, similar to any E-commerce website, the Rare Bits is a market based on cryptocurrencies for the trading of digital goods, and this might only be its beginning trend.

Image source: Rare Bits