Deciphering RareShop: The Premier RWA NFT Platform for Consumer Sales

Author: Weilin, PANews

In this bull market, crypto consumer applications are becoming a hot trend, with products like pump.fun and Polymarket becoming stars among end users. Cryptocurrencies are increasingly penetrating the products, services, and behaviors of everyday consumers. This means that the use of cryptocurrencies is no longer limited to speculative trading or decentralized finance protocols. The focus of consumer-grade crypto applications is shifting towards end-user experience, integrating cryptocurrencies into everyday products such as gaming, social platforms, e-commerce, and media.

Next, the crypto consumer application track still holds countless innovative opportunities. Which projects will become the breakthrough points for innovation? The RWA x NFT Launchpad project RareShop brings new surprises. This is the world’s first consumer-oriented RWA NFT product sales platform, a native innovative project on the Mint Blockchain. The combination of RWA and NFT means an experimental expansion of the application scenarios of NFTs, while also connecting and integrating on-chain assets with real-world applications.

In this article, PANews will delve into RareShop, exploring the latest instance of asset issuance on RareShop, the RWA NFT issuance in collaboration with imKey, the innovations in the RareShop trading experience, and the technical protocol ERC-7765 behind RareShop and its developer Mint Blockchain.

RareShop x imKey RWA NFT Launch, Enjoy Physical Delivery and Potential Airdrops

On October 8, RareShop announced the launch of the RWA NFT for the imKey hardware wallet family package, based on the ERC7765 asset protocol standard, issued on the Mint network, priced at $139. This also becomes the latest instance of asset issuance on RareShop. This family package includes one imKey Pro hardware wallet, one imKey HeirBOX S1, and one imKey leather wallet.

For crypto users, wallets are the core tools for securing digital assets. The imKey Pro is a high-security hardware wallet that uses industry-leading CC EAL6+ security chips to provide government-level security protection for users’ digital assets. Its outstanding security has been validated over six years in the market, during which no security incidents have occurred. The imKey Pro supports multi-asset management and has cross-platform compatibility.

The imKey HeirBOX S1 is a minimalist, stable, and highly secure mnemonic storage solution. This device supports the BIP 39 standard and is compatible with most mainstream wallets. It is made of 304 stainless steel, featuring fireproof, waterproof, and corrosion-resistant properties, ensuring the secure storage of mnemonics against various environmental impacts.

The imKey Leather Case is a beautifully designed accessory specifically created for storing the imKey Pro hardware wallet and important cards. Made from high-quality leather, it is durable and stylish, ensuring that users’ digital assets and important information are well protected.

Users who purchase the imKey RWA NFT can freely conduct physical delivery and gift giving, and in the future, they can receive rich airdrop rewards from the Mint ecosystem.

Innovative Digital Asset Trading Experience, Creating Convenient and Fun Transactions

As the first consumer-oriented RWA NFT product sales platform, RareShop’s Launchpad has several innovative features. First, the platform supports physical delivery, allowing users to exchange RWA for physical goods. Additionally, RareShop offers a gift-giving feature, enabling users to send RWA as gifts to friends and family, making the purchase more enjoyable and convenient.

In terms of trading, RareShop allows users to conduct secondary trading on MintSwap, providing liquidity and trading opportunities for RWA NFTs. Furthermore, the platform supports various mainstream crypto asset payments, such as ETH, USDT, and USDC, greatly enhancing the user trading experience. To protect user privacy, RareShop uses encrypted wallets for purchases, eliminating the need for KYC procedures, thus providing higher privacy protection during the buying process.

Overall, RareShop’s RWA NFT asset issuance offers merchants and consumers a new shopping scene and interaction method, covering features like crypto payments, privacy protection, product pre-sales, gift giving, and physical delivery, creating a new consumption and trading experience for global brands and enterprises. RareShop may also collaborate with high-quality Web2 brands in the future to strengthen its product and brand influence, promoting the large-scale adoption of Web3.

RareShop is a native innovative project on the Mint Blockchain. Mint Blockchain is a Layer 2 blockchain built on the OP Stack, focusing on the NFT ecosystem. The vision of Mint Blockchain is to drive and promote innovation in NFT standards, guiding developers to innovate and explore NFT assets in more real-world applications, including but not limited to AIGC, gaming, RWA, reputation systems, membership systems, identity systems, entertainment industry, sports industry, multimedia, and other fields.

Currently, the mainnet of Mint Blockchain has been launched in May 2024, with over 80 applications in the Mint ecosystem and more than 5 million wallet users. On October 15, Mint Blockchain announced that it became the only Superchain approved by the OPGrant committee in the latest Cycle 28 of the Optimism Grant, successfully obtaining funding support of 750,000 OP (1.35 million USD). The 750k OP funding will be used for developer incentives in the Mint ecosystem and attracting new users, further promoting NFT innovation and application popularization in the Mint Blockchain and Superchain ecosystem, building a richer NFT ecosystem.

Technical Innovation: ERC-7765 Provides a Standardized Solution for Exercising RWA NFT Rights

In building a richer RWA NFT ecosystem, several issues arise, such as the lack of a unified standard leading to fragmentation in RWA NFT interoperability between different projects; ensuring the legality and validity of both on-chain NFTs and off-chain real assets when combining them; and technical barriers when executing RWA-related rights and ownership between on-chain and off-chain, resulting in a poor user experience.

To address these issues, a standard needs to be created that allows the rights of NFT holders to be seamlessly executed both on-chain and off-chain. RareShop is based on ERC-7765, a standard designed to tackle this challenge. This protocol aims to enhance the functionality of NFTs by combining them with real-world assets (RWA), allowing holders to exercise specific rights associated with these assets.

ERC-7765 is a new NFT asset protocol standard proposal submitted by the Mint Blockchain developer team to the Ethereum official. Currently, ERC-7765 has been launched on the Mint Blockchain mainnet.

What are the characteristics of the ERC-7765 protocol? From the key features, first, it inherits the transfer logic of ERC-721. ERC-7765 retains all transfer and authorization logic from the ERC-721 standard, meaning that NFTs created under ERC-7765 can still be transferred and authorized like traditional ERC-721 tokens. This ensures compatibility with existing platforms and wallets that support ERC-721.

The second feature is the rights exercise function. The core innovation of ERC-7765 lies in allowing holders to exercise rights associated with specific NFTs. This is achieved through the exercisePrivilege function, which enables NFT holders (or designated parties) to execute rights, such as redeeming real-world products or accessing services. Additionally, rights status tracking is introduced in ERC-7765 with two important view functions—isExercisable and isExercised—that allow users and developers to check whether specific rights associated with the NFT can be exercised or have already been exercised.

Moreover, ERC-7765 supports binding rights to NFTs. Through the getPrivilegeIds function, users can query the rights associated with any given NFT. Finally, ERC-7765 supports metadata for rights. Similar to how ERC-721 provides metadata for NFTs, ERC-7765 introduces metadata for rights associated with tokens. This metadata includes details such as the name, description, and related resources of the rights, allowing users to understand the specifics of each right.

With such an innovative standard and unique trading experience, RareShop is actively opening up new experiences for businesses and consumers, embracing the digital wave of Web3. By combining real-world assets with NFTs, RareShop not only enriches the interaction methods of products but also provides innovative digital solutions for brands and enterprises, showcasing new potential through its RWA x NFT Launchpad.

In the future, RareShop will provide comprehensive Web3 digital technology services and marketing services for global brands and enterprises, making NFTs a new digital lifestyle for humanity.

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