In this bull market cycle, crypto consumer applications are becoming a hot trend. Products like pump.fun and Polymarket have become stars among end-users, showing how cryptocurrency is increasingly permeating consumer products, services, and behaviors. This indicates that crypto use is no longer limited to speculative trading or decentralized financial protocols; instead, it’s shifting towards enhancing end-user experiences. These consumer crypto applications integrate cryptocurrencies into everyday products like gaming, social platforms, e-commerce, and media.

Looking ahead, the crypto consumer application space holds countless opportunities for innovation. Which projects will become the next breakthroughs? The RWA x NFT launchpad project RareShop brings a new wave of excitement. As the world’s first consumer-oriented RWA NFT product launch platform, RareShop is an innovative, native project on Mint Blockchain. The combination of RWA and NFT expands the experimental application scenarios of NFTs while connecting and integrating onchain assets with real-world use cases.

In this article, PANews will dive deep into RareShop, exploring the latest asset issuance instance — the collaboration between RareShop and imKey on RWA NFT issuance. We’ll also look into the innovative aspects of RareShop’s transaction experience, as well as the technical protocol ERC-7765 and its developer, Mint Blockchain, behind it.

On October 8, RareShop and imKey, the hardware wallet brand under imToken, announced the launch of the imKey hardware wallet bundle RWA NFT. Based on the ERC-7765 asset protocol standard and issued on the Mint network, the bundle is priced at $139, marking the latest asset issuance example on RareShop. The bundle includes an imKey Pro hardware wallet, an imKey HeirBOX S1, and an imKey leather wallet.

For crypto users, wallets are the core tool for safeguarding digital assets. The imKey Pro is a high-security hardware wallet that utilizes industry-leading CC EAL6+ secure chips, providing government-grade security protection for users’ digital assets. Its outstanding security has been validated over six years in the market, during which no security incidents have occurred. The imKey Pro supports multi-asset management and offers cross-platform compatibility.

The imKey HeirBOX S1 is a simple, stable, and highly secure mnemonic storage solution. This device supports the BIP 39 standard and is compatible with most mainstream wallets. Made from 304 stainless steel, it is fireproof, waterproof, and corrosion-resistant, ensuring safe storage of mnemonics and protection against various environmental factors.

The imKey Leather Case is a beautifully designed accessory specifically crafted for storing the imKey Pro hardware wallet and important cards. Made from high-quality leather, it is durable and stylish, ensuring that users’ digital assets and important information are well protected.

For users who purchase the imKey RWA NFT, they can choose physical delivery or gift options and will have the opportunity to receive a range of airdrop rewards from the Mint ecosystem in the future.

As the first consumer-oriented RWA NFT platform, RareShop’s Launchpad offers multiple innovative features. Firstly, the platform supports physical delivery, allowing users to exchange RWA for tangible goods. Additionally, RareShop provides a gifting feature, enabling users to send RWA as gifts to friends and family, making the purchase experience convenient and enjoyable.

In terms of trading, RareShop allows users to conduct secondary trading on MintSwap, providing liquidity and trading opportunities for RWA NFTs. Moreover, the platform supports various mainstream cryptocurrencies for payment, such as ETH, USDT, and USDC, significantly enhancing the user experience. To protect user privacy, RareShop utilizes encrypted wallets for purchases, eliminating the need for KYC procedures and offering a higher level of privacy.

Overall, RareShop’s RWA NFT issuance provides a new shopping experience and interaction model for businesses and consumers, covering crypto payments, privacy protection, product pre-sales, gifting, and physical delivery. It creates a new consumption and transaction experience for global brands and enterprises. In the future, RareShop may collaborate with high-quality Web2 brands to enhance its product and brand influence, driving large-scale adoption of Web3 technology.

RareShop is an innovative project native to Mint Blockchain, a Layer 2 blockchain built on the OP Stack, focusing on the NFT ecosystem. Mint Blockchain’s vision is to drive and promote the innovation of NFT standards, guiding developers to explore and innovate NFT assets in more real-world applications. These include, but are not limited to, AIGC, gaming, RWA, reputation systems, membership systems, identity systems, the entertainment industry, the sports industry, multimedia, and other fields.

As of now, Mint Blockchain’s mainnet has launched in May 2024, with over 80 applications in its ecosystem and more than 5 million wallet users. On October 15, Mint Blockchain announced that it became the only Superchain approved by the OP Grant committee in the latest Optimism Grant Cycle 28, securing $750,000 OP (equivalent to $1.35 million) in funding. The 750k OP funds will be used to incentivize developers within the Mint ecosystem and onboard new users, further advancing NFT innovation and adoption across the Mint Blockchain and the Superchain ecosystem, building a more vibrant NFT landscape.

When building a more robust RWA NFT ecosystem, several issues may arise, such as the lack of a unified standard that hinders interoperability between different RWA NFT projects, leading to fragmentation. Additionally, when combining on-chain NFTs with off-chain real-world assets, the legality and validity of both parties can be challenging to ensure. Moreover, there are technical barriers to executing RWA-related rights and ownership between on-chain and off-chain, resulting in a poor user experience.

To address these issues, a standard needs to be established that allows NFT holders’ rights to be seamlessly executed both on-chain and off-chain. RareShop is based on ERC-7765, a standard specifically designed to tackle this challenge. The protocol aims to enhance the functionality of NFTs by linking them with real-world assets (RWA) and enabling holders to exercise specific rights associated with these assets.

ERC-7765 is a new NFT asset protocol standard proposal submitted by the Mint Blockchain developer team to Ethereum’s official governance. It is currently live on the Mint mainnet.

What are the key features of the ERC-7765 protocol?

First and foremost, it inherits the transfer logic of ERC-721. ERC-7765 retains all transfer and authorization logic from the ERC-721 standard, meaning that NFTs created under ERC-7765 can still be transferred and authorized like traditional ERC-721 tokens. This ensures compatibility with existing platforms and wallets that support ERC-721.

The second key feature is the rights exercise functionality. The core innovation of ERC-7765 lies in its ability to allow holders to exercise rights associated with specific NFTs. This is achieved through the exercisePrivilege function, which enables NFT holders (or designated parties) to execute rights, such as redeeming real-world products or accessing services. Additionally, ERC-7765 introduces two important view functions—isExercisable and isExercised—that allow users and developers to check whether specific rights related to the NFT can be exercised or have already been exercised.

Furthermore, ERC-7765 supports binding rights to NFTs. Through the getPrivilegeIds function, users can query the rights associated with any given NFT. Finally, ERC-7765 supports metadata for rights. Similar to how ERC-721 provides metadata for NFTs, ERC-7765 introduces metadata for rights associated with the tokens. This metadata includes details such as the rights' names, descriptions, and related resources, allowing users to understand the specifics of each right.

With the support of such innovative standards and unique trading experiences, RareShop is actively opening up new opportunities for businesses and consumers, embracing the wave of Web3 digitalization. By combining real-world assets with NFTs, RareShop not only enriches the interaction methods of products but also provides innovative digital solutions for brands and enterprises, showcasing new potential through its RWA x NFT Launchpad.

In the future, RareShop will offer comprehensive Web3 digital technology and marketing services to global brands and enterprises, making NFTs a new digital lifestyle for humanity.