Rare Sense, a crypto/blockchain technology business, has acquired $400,000 in seed funding from US-based investors (based on a $7 million valuation).
Currently, Rare Sense is concentrating on the rare NFTs market (Non-Fungible Tokens). Furthermore, DeFi (Decentralized Finance) projects are on its radar.
Hassan Baig, Fahad Rao, Sophia Pervez, and Shahbaz Ali Khan, an experienced team of entrepreneurs, just created Rare Sense. They’ve created products in the areas of digital literacy, social networking, and gaming.
Hassan Baig, the company’s CEO, made headlines after meeting Mark Zuckerberg in a closed-door meeting, and was featured on CNN for his thoughts on “The Next Billion” users and digital literacy in South Asia. Sophia Pervez, meantime, had been invited to speak at Facebook’s F8 conference about UI/UX optimization for digital onboarding.
“The 4th industrial revolution is on its way,” Baig added when discussing Rare Sense. This is fueled by blockchain technology, which eliminates intermediaries and creates new economies. Take, for example, the recent surge in non-financial tokens (NFTs). It’s given rare goods a fresh lease of life. In March, an NFT by the artist Beeple was sold for $69 million. This particular sam
“Skeptics believe it’s a fluke,” he continued. However, if you zoom out, you’ll notice that all world-changing inventions started off as fads. Instead of letting this new technology pass us by, we should capitalise on its advantages. I encourage local influencers, artists, and brands to get in touch with us immediately away if they want to launch their NFTs. We’re putting together a platform for them.”
NFTs (Non-Fungible Tokens) are one-of-a-kind assets whose ownerships are eternally etched in stone via blockchain technology, for those unfamiliar with these crypto concepts. They represent commodities such as art (both digital and physical), music, in-game stuff, exclusive membership, tickets and VIP access, and memorabilia, among other things.
This year, more than $2 billion has been spent on NFTs. Although the market (and the broader crypto ecosystem) has recently cooled, NFTs were only valued $31 million in 2017. As a result, overall growth has been impressive.
Decentralized Finance (DeFi) is a similar ecosystem of financial goods based on blockchain technology. Borrowing and lending platforms, for example, have been developed where users can lend or borrow without the use of intermediaries.
Decentralized exchanges have also been created, allowing users to transfer (or exchange) crypto assets without the need for a middleman. The key deal here is the prospect of doing bank-like transactions with impenetrable security without involving a bank (or any other middleman). This is where DeFi’s power lies.
Rare Sense is beefing up its technical capabilities by hiring thought leaders and highly skilled technical personnel to assist it achieve its goals. “Our current focus is NFTs, but we have a watchful eye on the DeFi arena as well,” the company’s CEO added. If these domains pique your interest, their tokenomics pique your interest, and you have significant technical skills, we’d love to speak with you.
He went on to say, “We’re also willing to work with local leaders to help carve out policies that benefit everyone.” In this arena, instead of following the herd, there is the opportunity for leadership. You can find transformational innovations if you look past the speculative bubble. At the tip of my fingers, I have a list of use-cases that will blow your mind.”