“Because of the Ethereum ledger, for the first time, users can truly own their digital items,” says co-founder Amitt Mahajan. “Previously in mobile or social games, virtual items earned through play or by spending money were actually owned by the company operating the game. If they shut down their servers, the items would go away and users would be out of luck. Instead, if a crypto-item developer charges a fee on secondary sales, say 5 percent, they’ll split that with Rare Bits for arranging the transaction.

• Before making financial investment decisions, do consult your financial advisor.
• CryptoKitties are blockchain-based digital kittens that can be bought and sold for as much as $200,000.
• They started to realize that they had an opportunity for a marketplace for blockchain characters and items, as they go from one game to another.
• The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice.
• We strive to help our readers gain valuable, trusted insights through in-depth analysis, high-quality and well-researched News stories and views from the digital currency community experts.

There’s always the danger that CryptoKitties and the like are just the new Beanie Babies — valued today, but worthless when the fad dies. Rare Bits benefits from getting to follow the trend to whatever crypto-collectible is in vogue, and just has to hope the whole concept doesn’t fade.

Introducing Fan Bits — Unique digital collectibles from the world’s best creators

Investors included big names in the space, like Spark Capital, First Round Capital, Twitch CEO Emmett Shear and founder and former CEO Justin Kan. We believe that this new asset class will pave the way for a new era of digital ownership. Rare Bits lists more than 500,000 items from a dozen games, including CryptoPunks, Ether Tulips, CryptoBots, CryptoFighters, Mythereum and CryptoCelebrities. Users get the benefit of having all their crypto-collectibles in a single wallet. They can see historical pricing before they buy anything thanks to the transparency of the Ethereum ledger, whether they want to “Buy Now” or win an auction. The collectors can also see related items rather than transacting in a vacuum.

With the blockchain providing a digital ledger indicating virtual ownership, there's an influx of interest surrounding the buying and selling of digital goods. GamesBeat's creed when covering the game industry is "where passion meets business." What does this mean? We want to tell you how the news matters to you -- not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Rare Bits has had a store up for a while, and within a month it had $100,000 in transactions. It’s kind of like eBay, where users can post items to sell, and others can buy them.

Rare Bits (Beta Launch) — A new marketplace where users can buy, sell and discover crypto assets

They originally got together to make a blockchain game, like a Hearthstone for blockchain. They started to realize that they had an opportunity for a marketplace for blockchain characters and items, as they go from one game to another. The cofounders of Rare Bits also include the CEO Dave Pekar, Danny Lee, and Payom Dousti. Yet unlike cryptocurrency exchanges or wallets, Rare Bits focuses on crypto-based products, but doesn't sell actual cryptocurrencies.

The data on this site comes from various NFT marketplaces and from the NFT project creators themselves. "Given all of our experiences based on building businesses that sell digital goods, we knew that there's a lot on the horizon for building a digital goods platform," Lee said. "In the final version of our product, we may not even mention the fact that we're using Ethereum or using the blockchain," he added. "In an ideal world, you come to the site, you buy something you want, you exchange it, trade it [or] use it, but you don't care or even need to know that the underlying technology is crypto-based." Rare Bits, which bills itself as eBay for the blockchain set, comes on the heels of the surprising success of CryptoKitties, a game where users buy and sell digital kittens with contracts based in Ethereum.

Blockchain and Cryptocurrency Updates

BitDegree Crypto Learning Hub aims to uncover, simplify & share cryptocurrency education with the masses. Based on the Learn and Earn principles, crypto newcomers, students & researchers are enabled to gather core crypto knowledge by collecting incentives while they learn. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place. Mahajan said the company has also launched a closed beta for something new called Fan Bits. With Fan Bits, the company is partnering with influencers on Twitch and other social media to create blockchain-based celebrity memorabilia and collectibles for the influencers’ audiences.

• GamesBeat's creed when covering the game industry is "where passion meets business." What does this mean?
• That seems kind of nutty, then you probably think the same about a startup that lets you buy and sell CryptoKitties.
• Rare Bits is a marketplace dedicated to the buying and selling of crypto assets.
• BitDegree Crypto Learning Hub aims to uncover, simplify & share cryptocurrency education with the masses.
• Amount of incoming value to dApp’s smart contracts from trades taking place.
• Rare Bits Co-founder Amitt Mahajan who is also the co-creator of Farmville, created the company with two Zynga alumni, which grounds them in how to run large virtual economies.

CryptoKitties are blockchain-based digital kittens that can be bought and sold for as much as $200,000. That seems kind of nutty, then you probably think the same about a startup that lets you buy and sell CryptoKitties. Rare Bits acts as a platform and a matchmaker for sellers and buyers, and makes its money by taking a cut of a developer's revenue, if that individual creates a viable market for his or her assets. In its first month, the company said it processed more than $100,000 in transactions. The platform, which launched in February and allows users to buy, sell and search for virtual assets denominated in cryptocurrency, just raised a $6 million dollar series A round.

Expert Collections containing Rare Bits

Users can discover, buy, and sell unique items all available on the blockchain. Rare Bits will have to deal with the inherent scaling troubles of the Ethereum blockchain it operates on. For now, it’s refunding users the “gas” it costs to execute purchases and sales on its marketplace in a timely manner. Those range from a few cents to a few dollars, depending on network congestion. But Rare Bits could be looking at a steep bill or be forced to push those fees onto users if it gets popular enough.

Mahajan has put the VR fund on hold for a bit while joining Rare Bits as a full-time cofounder and chief technology officer. Rare Bits has started a store where you can buy and sell cryptocurrency virtual goods, from CryptoBots to CryptoKitties. It’s a secondary market for blockchain game assets, which are based on public ledger technology where item ownership is easily identified. “While today most of these items are items from games and collectibles, we envision that we will see licenses, tickets, rights, even tokenized physical goods represented as digital assets,” Mahajan tells us. You might one day be able to buy and resell a meet-and-greet pass for your favorite band. Rare Bits is a marketplace dedicated to the buying and selling of crypto assets.

"There's going to be a shift in the way people think of ownership, and we want to be the company at the center of that shift. Now, when you own something online, it actually means something." We strive to help our readers gain valuable, trusted insights through in-depth analysis, high-quality and well-researched News stories and views from the digital currency community experts. Our young and dynamic team is comprised of well-known journalists as well as Cryptocurrency & Blockchain Experts. Amount of unique crypto wallet addresses that are interacting with the dApp. Amount of unique crypto wallet addresses that are interacting with the NFT. The Rarebit Bunnies NFT data chart shows that this ETH protocol-deployed dApp made 975 sales in the last 30D.

It is now ranked #62 in General BDG dApp Tracker category, and also #60 in ETH category. Rarebit Bunnies NFT is steadily gaining popularity among users with a 0% increase of users for the same 7-day period. Get technical analysis & expert insights on Rarebit Bunnies NFT according to recently analyzed Blockchain data.

Rare Bits raises $6 million for site where you can buy and sell CryptoKitties

Companies in this collection build, apply, and analyze blockchain and cryptocurrency technologies for business or consumer use cases. Various industries include financial services, trade finance, supply chain, enterprise tech, consumer and retail, and healthcare. In the future, Rare Bits' platform could expand to other services like real estate, software or music licensing, Mahajan said.

One item sold for more than $10,000, and sales in the 5-10ETH range ($555 each today) aren’t uncommon. It was the blockchain, said Lee, that inspired both him and his co-founders to create an entire marketplace centered on virtual ownership. Three of Rare Bits' four co-founders are former Zynga employees who worked on FarmVille, mi coin the Facebook farming game. On FarmVille, users spent hours cultivating digital crops and tilling virtual soil. At its peak, FarmVille had more than 80 million active monthly users and its own payment system, called Farm Cash, where users could trade in real-world money for virtual farm animals and farmhouse decor.