Just when you thought the nonfungible token, or NFT, space couldn’t get any more interesting, the Rare Antiquities Token takes it up another notch.
The Rare Antiquities Token (RAT) has revolutionized the decentralized finance (DeFi) space through the purchase of appreciating antiquities. These antiquities can include the likes of a Banksy graffiti art, a classical car, a collectible watch or even an Egyptian mummified king. Once purchased, the value of the asset creates a stable price floor for the token to the benefit of the holders.
Not only that, but from the one-of-a-kind antiquity, a unique NFT is minted. Once minted, all holders of RAT receive fractional ownership through the delivery of a fractional NFT. Holders are then free to buy and sell these fractional NFTs as they wish on the RAT Marketplace. Each fractional NFT forms part of a collection which an avid fan of the purchased antiquity may wish to collect to complete the entire set, paying dividends to those who hold on to their NFTs the longest.
After launching just last week, RAT touched highs of a 600% rise since the initial liquidity offer (ILO) price as investors flocked to own a piece of their favorite artifact.
RAT is already on the verge of sealing their first antiquity purchase which means all holders at the time of purchase will already reap the rewards of being an investor of this unique concept.
In 2022, the Rare Antiquities Token will be targeting the museum, gallery and heritage sectors through the development of the RAT to Pay infrastructure that will facilitate the payment of admissions and goods and services to the sector while also providing free access to partner museums for RAT holders through the RAT to Pay chargeback program.
The Antiquities Wallet, which charges a 2% fee on purchases and a 3% fee on sales, is what funds such an exciting concept. This wallet is used to reimburse holders' admission fees, but the main objective is to purchase appreciating antiquities in the company's name. The value of these assets works against the company's ability to maintain a consistent pricing floor. That is, the company's value can never fall below the value of its assets.
The United States museum industry market size is $12.19 billion. With 94,675 museums worldwide and hundreds of millions of visitors each year, there is the potential for the Rare Antiquities Token to be adopted by a vast number of users worldwide to get free admission to museums via the RAT to Pay chargeback program. This shows the potential in RAT's ecosystem to attract more users from the traditional market.
The marketing plan to reach the general public is just as exciting as the concept. With the RAT team giving away a new supercar as part of a competition, they plan to tour the museums of Europe while documenting their trip through YouTube. The car will park at Europe’s top museums, inviting museum visitors to take a photo with the supercar and tag #RareAntiquitiesToken on social media for a free entry.
Stops along the way include the team delivering talks and exhibiting at the Amsterdam Blockchain Expo in November following the Dubai Crypto Expo in October. The project was already a big hit at the London Blockchain Expo earlier in September.
As the project further develops, there is opportunity for the RAT antiquities to one day be held in an exhibition. RAT holders could then walk around and be pleased to know that as a holder, they own a fraction of every unique piece on display.
With a centralized exchange “CEX” listing already secured for Oct. 1, it won’t be long until the Rare Antiquities Token makes its impact within the NFT and museums] space.