Alex Salnikov: Why NFTs Are Not Dead - The Future Of NFTs Powered By Brands And Developers

By Alex Salnikov, Chief Strategy Officer and Co-Founder at Rarible will be speaking at the upcoming Benzinga Future Of Digital Assets. Mark Nov. 14 on your calendar for the must-attend gathering in the industry!

In a recent episode of "The Simpsons" NFTs were featured prominently in its plot, showing Marge battling with PFPs in order to extract Bart from "the blockchain," and the famous Nyan Cat meme dramatically proclaiming the "NFT craze" as finished. As the co-founder of Rarible, I watched with amusement and a sense of irony because, contrary to this pop culture punchline, the world of NFTs is bustling with silent innovation and persistent growth.

The Simpsons episode serves as a cultural checkpoint, a moment for us in the web3 community to consider the image of NFTs in the mainstream. It also highlights an opportunity to educate and develop new digital products that fit the needs of creators, brand managers, innovators and builders who are looking to launch and grow engaged digital communities. 

Get ready for a non-fungible night in tomorrow's #TreehouseOfHorror XXXIV on @FOXTV, next day on @hulu. pic.twitter.com/Y4cSiyp4kD

— The Simpsons (@TheSimpsons) November 4, 2023

The Silent Innovation Behind The Scenes

Contrary to the fading hype narrative, NFTs are seeing a silent renaissance. Behind the scenes, there’s a burst of activity as emerging blockchains eagerly build out their NFT capabilities, signaling a shift towards NFTs as a prime consumer use case for these platforms. Simultaneously, innovative use cases are cropping up — from loyalty programs and SocialFi to gaming and fintech — all harnessing NFTs to deliver unique value. This innovation wave is fueling a resurgence, transforming NFTs from a mere digital curiosity into a cornerstone of digital interaction. This has piqued the interest of numerous consumer brands, like Starbucks, Gucci, and Mastercard eager to explore and stake their claim in the Web3 landscape.

Enter RaribleX: a response to this evolving ecosystem, crafted to cater to the new breed of blockchains, cater to the burgeoning array of NFT applications, and facilitate traditional brands in making their Web3 debut. It stands at the intersection of innovation and adoption, becoming the "Shopify of NFTs" by providing the tools for brands and developers to create and monetize their digital ventures with ease and security.

You're talking about mass adoption.

We're busy onboarding the masses...

...with a product over 2 years in the making.

Introducing RaribleX.https://t.co/H0m2ZjCl7A

❎🧵👇 pic.twitter.com/sbrsSrT5QL

— Rarible (@rarible) November 1, 2023

Case Studies: Mattel And McFarlane Toys Win With RaribleX

The adoption of RaribleX by giants like Mattel showcases the platform's ability to revitalize established brands for the digital age. With RaribleX's streamlined launchpad, Mattel transitioned iconic lines like Barbie and Hot Wheels into the NFT sphere, reaping over $3.7 million in GMV. This is a testament not to a fading trend but to an effective digital strategy that marries tradition with innovation.

Similarly, McFarlane Toys, renowned for its action figures, leveraged RaribleX to step into the NFT world, generating significant revenue and expanding its brand into the Web3-conscious demographic. Their rapid sell-outs and a GMV that topped $1 million highlight RaribleX's role as a powerful conduit for brand evolution in the digital era.

Looking Ahead: RaribleX At The Benzinga Conference

In the week ahead, as I take the stage at the Benzinga: Future of Digital Assets conference, I look forward to shedding light on these transformative journeys. The stories of Mattel and McFarlane are just the beginning — they are examples of what's possible when brands leverage the right platforms to innovate. RaribleX is not just facilitating a shift to digital collectibles; it's enabling a fusion of heritage and innovation, proving that NFTs remain a vibrant and evolving facet of our digital future.

Alex Salnikov is the Chief Strategy Officer and co-founder of Rarible, a leading blue-chip NFT company powering established and emerging brands and creators. A blockchain trailblazer since 2012, Alex is an active developer and investor in the crypto space.