Scarce City auctions the NFTs and acts as guarantor of the transactions.
In Scarce City, a Rare Pepe by Dorian Nakamoto sells for 21 bitcoins.
While collectible or NFT tokens become more popular every day, this new market seeks to return to the roots of this world, offering Rare Pepes that run on the Bitcoin network.
Scarce City, a platform created this year, It already has several collections of pieces based on the Pepe the Frog meme. Anyone can participate in the auctions and pay using the Lightning network, which allows instant micro-payments with very low fees in bitcoin (BTC).
The project presentation highlights that non-fungible tokens, which we know as NFTs, are a “controversial” topic for the bitcoiner world. Mainly, this appreciation arises from the boom of projects with little security that simply seek to ride the wave.
But, according to the creators of this market, “the concept of NFT is here to stay and will probably flourish to become an important component of the next phase of the Internet.”
Realistically, the space is a speculative jpeg trading circus that relies primarily on a zero-day, possibly centralized protocol. Many current projects will tend to futility over time.
That said, the creators of Scarce City believe that in that future the ownership of digital assets will be the protagonist. And Bitcoin was the spearhead of this. Not only because it was the network proposal that started it all, but because the first NFTs also appeared in it: the Rare Pepes. Digital assets that were born on the Counterparty platform, which works connected to the Bitcoin network and allows the creation of NFT.
Market, buy and sell Rare Pepes
The auction mechanism contemplates the deposit of a percentage of the offer by each participant. The funds go to a trust, which it is released in favor of the seller once the NFT is sent to the buyer. Otherwise, the BTCs go back to the buyer. Unsuccessful auction participants receive their funds back once the NFT purchase is actually closed.
In Scarce City there are already dozens of pieces sold. The sale prices vary greatly from each other. But one of the available NFTs stands out above the rest: one dedicated to Dorian Nakamoto, introduced as the creator of Bitcoin.
The legendary Rare Pepe, of which there are only 300 copies in the world, shows as a price 21 bitcoins. The figure equates to about $ 953,000 at the time of writing, according to the CryptoNews price calculator.
Precisely, an edition of that NFT on the Ethereum blockchain was recently bought by a collector on OpenSea. The buyer took a total of 3 NFTs in one day, spending more than $ 700,000 on the way, as this newspaper reported.