Carl I’ve been totally obsessed with the NFT/blockchain domain lately. For sure it will be an underlying technology for the future on so many levels. NFTs have amazing capabilities which can create such value-creating another dimension of how we will interact in the future. Business opportunities in the space are infinite as the NFTs really have broadened the traditional usage of blockchain unlocking so much potential, from what I believe simply by defining a standard that is more tangible for the “average person” than most other stuff within its space. The entry (tip of the iceberg) for most people is of course art, but when learning about what the underlying programmable smart contracts may unlock the list of applications suddenly grows exponentially. Just to name a few to possibly help others broaden the view of what is possible with the technology:
Influencers/companies create their fanbases on blockchain dropping NFTs to represent membership tiers
music royalties being crowdfunded as NFTs instead of $$$ to music labels upfront
event tickets that can become valuable (just like psychical tickets from the 20th century)
Pure digital collectibles (similar to physical TCGs like Pokémon cards)
1-1 with the creator of the NFT
etc, etc.
A very nice example is VeeFriends (Gary Vee’s NFTs) which gives access to his annual VeeConference limited to the people owning these limited NFTs. This creates a real hype for owning the NFT, which in turn drives the price and creates a community around the collection which is a lot more value than just the piece of “art”.
An interesting aspect is the social currency. Instead of flexing with # of followers and “verified”-badges on social media or Rolex-watches and Lamborghinis I truly believe that you’d want to have an NFT wallet containing your digital assets, as a complement to your physical objects, filled with valuable assets representing YOU; e.g. which team you are dedicated to, which concert you had a VIP-ticket to, which musician you’re backing, which games you play and own assets within (for example you have limited edition skins your avatar/guns in Counter-Strike, Fortnite, Roblox or perks/abilities/valuables such as land in Decentraland and other games by owning the digital assets as an NFT).
Another, even possibly more, interesting aspect is the underlying smart contracts are the small second-hand transaction fees which could be built into the NFT creating possible revenue streams many years down the road.
Since I really started to dig deep in this space I’ve been thinking about how to apply the technology on physical assets, and more specifically Nothings products (as phygitals) minting each unique product on a blockchain to verify ownership of a product which could have a lot of interesting applications as physical assets on the blockchain have a different meaning than purely digital assets. It becomes especially interesting if you consider dropping limited edition products, as NFTs get really interesting when the amounts are limited……!
If more people are enthusiastic about the space and how the technology can be applied to Nothings venture I’d definitely be up to have a touchdown with the Nothing team/community on the topic. I’d be happy and honored to help/brainstorm on the endless possibilities of using these types of technologies.
