Portability (NFTs are now the benchmark, not a fad)
Today's blog commentary will concentrate on portability and why it cements NFTs as the crypto/Web 3.0 benchmark and anything but a fad or a failing enterprise. Let's start with what has become our go-to quote on this topic from Prof Scott Galloway: "One of the keys to NFTs will be portability across mediums. A Twitter blue check can’t exist on Instagram, but the NFT equivalent of a Twitter blue check can — and deliver credible authenticity, thanks to that NFT deed. This is the metaverse vision of interoperability that could help make digital belongings feel similar to physical belongings. Digital belongings exist on the internet, but there aren’t that many types of them. On Fortnite you can acquire guns and outfits. On Reddit you gain badges. Point is: There’s a lot of stuff on the internet, but there isn’t much stuff that’s yours. Now ask yourself: How much physical stuff is yours? Think of every item in your house: books, paintings, photos, CDs, heirlooms, trophies, etc. What’s the market value of all that? As our lives move further online, so will our stuff, and we’ll need some sort of infrastructure that allows us to own it." Clearly, The Zuck was reading this too because he buys in: NFTs are coming to Instagram (https://thehustle.co/%F0%9F%96%BC%EF%B8%8F-instagrams-nft-play-explained/) "Zuck teased it at SXSW in March and now it’s here: NFTs for the ‘gram. According to a video from Instagram head Adam Mosseri, users will be able to display NFTs they’ve made or bought in their feed, Stories, and messages next week. They’ll appear as “digital collectibles” that list both the owner and creator — and they’ll shimmer, apparently. The feature will roll out 1st to a handful of US users including actress Cynthia Erivo, VaynerMedia CEO Gary Vaynerchuk (his NFT project is called VeeFriends), and artist Elise Swopes, per TechCrunch. Mosseri said they’re starting out small because Instagram wants to “learn from the community.”
Zuck also announced… …that NFTs will make their way to Facebook, and Instagram will eventually get augmented reality NFTs that users can post to Stories using Spark AR — Meta’s AR studio, AKA the tool people use to make all those filters. Per Mosseri, this is all part of a broader strategy to help creators earn money… … but will they? Instagram already serves as an ecommerce platform, so it makes sense that people would eventually be able to buy, sell, and trade NFTs there. But earlier this week, a report from The Wall Street Journal declared the NFT market is “collapsing.” A daily average of 19k NFTs were sold the 1st week of May, compared to 225k in September — a 92% drop. Zach Friedman, co-founder of crypto brokerage Secure Digital Markets, told WSJ what stands out now are “utility” NFTs, which come with perks like bottles of wine or lifetime Coachella passes. Would that work for Instagram? Well, we know Meta is all about the metaverse, including its Horizon Worlds — a digital platform where users can build worlds and experiences and interact with each other. Zuck previously talked about how even the clothes your avatar wears could be NFTs, and hinted people could use Instagram to mint NFTs in the future. To that end, it’s possible creators could produce and sell NFTs that correspond to digital items for use across the metaverse, or access to virtual events or venues. Perhaps one day, your avatar will even be able to mint or buy itself some legs." So ignoring the glib stylistic commentary of the article, the key is portability. Zuck's empire is embracing NFTs - that's interoperability - that cements NFTs as not a fad but a benchmark. The narrow view on belongings, clothes and "art" are white noise, because as we keep saying THINK BIG. What else can be done with NFTS, what are the possibilities? Others are spotting the opportunity, or rather the growth angles: "For an NFT project, the rationale behind launching a native token is to expand access and reach. Not everyone can afford to purchase a pricey digital image, so issuing tokens provides projects with a more scalable (and innately less scarce) way to expand and engage their community beyond just selling NFTs." But a lot of this is insular - that arguably is part of crypto's problem, its overwhelmingly about developing apps. Gearing up what exists, and not being consumer-facing (engaging with the real world). Maybe that's oversimplifying things but there clearly is a lack of consumer-facing enterprise, NFTs can be that bridge to the real world, that killer app, the beacon that was an ETF to the Fintech innovators. THINK BIG ..... interoperability of NFTS means you not only can but should. The Investment world from conservative Fidelity to more racy companies sees the opportunity in NFTs: Steve Kokinos, CEO of Algorand "In a few years nobody will be talking about NFTs, they'll be talking about the products that are encompassed in those NFTs, just like we don't talk about surfing the web anymore. I think these will just become part of the fabric of everyday life." If they see it, you should too - but look beyond the benign to what it could be. Our offering is a significant step in the development and evolution of NFTs as it looks beyond the insular and seeks the fertile ground of vast real businesses. It has HUGE ramifications for the auction-led businesses in the real world, it will augment that business but it will also hollow it out unless they adapt to the "Fabulous new". Given their desperation to push more of their business online, and reduce their ever bloating cost base, we are confident they will have that "come to Jesus" moment sooner rather than later. ETF's changed the investment world, a very closed market, for the benefit of all - NFTs will do that for auction-based business, e-commerce, AND the investment industry. Panic may be all around, but for those who have clarity of vision and resolve, the future is theirs to take.
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