BRISTOL, England, Sept. 16, 2021 /PRNewswire/ -- The Rare Antiquities Token (RAT) aims to be the number one token to bring cryptocurrency into the mainstream through the museum, galleries, and heritage sector. The RAT infrastructure facilitates the payment of admissions, goods, and services to the sector whilst also providing free access to RAT holders through the RAT to Pay chargeback programme. Investors can take advantage of this unique benefit simply by being a holder of RAT.
The Rare Antiquities Token, a museum, gallery, and heritage stablecoin that rewards holders with non-fungible tokens (NFTs) of purchased antiques, consists of three main components; the RAT To Pay redemption program, the RAT Antiquities wallet, and the NFT antiquities rewards for its holders.
The Antiquities Wallet, which charges a 2% fee on purchases and a 3% fee on sales, is a fascinating component of this initiative. This 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 Crypto Company value can never fall below the value of its assets.
RAT To Pay is the infrastructure that allows museums, galleries, and heritage organizations to accept The Rare Antiquities Token for entry, merchandise, transactions, and other relevant physical items or services.
RAT holders can enter museums using RAT, and their admission cost will be automatically restored to their RAT wallet, making the admission free of charge.
The RAT infrastructure follows the Metcalfe Effect, which states that the value of a network is proportional to the square of the number of connected users to the system. This has proved effective for the infrastructure as it helped achieve an Increased number of RAT holders, increased RAT token liquidity, increased secondary market activity, increased social activity across all outlets, and increased foot traffic to the sector.
The Rare Antiquities Tokens return NFTs as digital collectibles to holders as well as providing free access to partner museums. When an antiquity is purchased, a deed proving its legitimacy is kept and from this deed, a one-of-a-kind NFT is minted of the antiquity. Holders will then receive rewards through fractional ownership of another level of minted NFTs. They are free to trade these fractional NFTs as they wish on the RAT marketplace. The longer a holder HODLs RAT, the more NFT rewards they get.
The NFT standard allows for verifiable digital scarcity with a proven authenticity and immutable proof of ownership. NFT's allow for more details attributed to being included, such as rich metadata about the asset and evidence of ownership and legitimacy of the antiquity. Through fractional distribution proportionate to a holder's holding, RAT holders can not only become owners of an NFT, but these metadata authenticated details allow owners to be confident about the authenticity and provenance of the NFT.
The US 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 to be a token of rare antiques adopted by a considerable number of users to get free admission to museums via the RAT To Pay Chargeback Program. This shows the potential in RAT's ecosystem, which will attract more users from the traditional market.
As the project further develops the is the 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 antiquity on display!
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SOURCE The Rare Antiquities Token