RARA.social, a brand new 'like-to-earn' social crypto platform, has launched an app to enable online communities to hold 'Social NFT Auctions.' Currently, the platform consists of over 40 different communities that host auctions on popular messaging apps Discord and Telegram.
Unlike other NFT marketplaces, RARA creates a space where fans can react to NFTs, influencing their curation and value without necessarily having to purchase them. The app itself intends to amplify the social activity around its 'Social NFT Auctions' by making them major collaborative events that connect creators, fans, and artists.
"The best thing about RARA is the way it lets both collectors and artists hang out together and have a little party while the auction is going on. It feels way more alive," said cryptoPOM1, an NFT creator and RARA user.
Image Credit: RARA.social
What's Driving This Trend
- Community-based NFT Auctions
- More platforms will emerge to leverage online communities and enhance the social experience of NFT auctions.
- 'like-to-earn' Crypto Platforms
- Other platforms will explore novel methods of incentivizing community engagement to promote the use of digital assets.
- Social NFT Curation
- The concept of social curation has the potential to create unique and culturally relevant NFT collections.
Who This Affects Most
- Social Media
- Social media companies can leverage NFTs to enhance community engagement and create new opportunities for monetization.
- Crypto Marketplaces
- Crypto marketplaces will look to differentiate by providing a more social experience and experimenting with new token economics.
- Art and Creative Industries
- Art and creative industries can leverage social curation to discover new talent and create unique collections that resonate with their audience.
