Non-fungible tokens, or NFTs, have been a buzzy new concept in past years. Rally allows creators to mint NFTs on our third-party blockchain under their creator coin with no associated fees, opening up a suite of new opportunities for NFT usage.
At Rally, we believe in utility over scarcity, and do not view NFTs as an investment opportunity. Instead, Rally NFTs allow you to become a meaningful part of a creator’s community and participate in the exclusive access and benefits afforded to you by “holding” or owning that NFT.
NFTs provide a simple yet important way to diversify your token economy. Under a Rally social token, creators can mint as many NFTs as they’d like (limit 500 per bulk mint). NFTs add a powerful utility layer to the economy as well, allowing creators to attach perks, benefits, and access to the NFT itself.
The technology behind NFTs makes it so that there are plenty of integrations and applications available depending on how involved you want to be. Note that purchasing an NFT means you’ve purchased the high-resolution digital file as well as the smart contract and metadata on the blockchain - it does not give you copyright ownership or license.
Bonfire allows you to “drop” NFTs to folks by creating a mint-only NFT on Rally, sending the NFT to Bonfire’s escrow account (Rally username: @bonfire) and then setting up a claim block within your Bonfire storefront.
Through Rally’s NFT marketplace, you can also sell NFTs as Open Editions (bound by time), Buy Now (bound by supply) and via Auction. More info on the different ways you can sell NFTs here.