Storytelling NFT Projects have become a hot topic in Web3.
As a storyteller myself (screenwriter, filmmaker, actor), I thought it only fitting to give my two cents on the topic. Let’s start at the beginning…
What Makes a Story?
The anatomy of a story can be synthesized down into two things…
Meaning, there’s a character who wants something really bad but obstacles stand in their way of getting it. Something or someone typically sparks the protagonist into action and the story is the protagonists’ journey overcoming the obstacles.
In the end, whether or not the protagonist gets what they wanted, they realize what they thought they wanted wasn’t in fact what they needed. And through that realization, the story’s theme emerges.
That’s the essence of every story.
What’s So Special About Stories?
Throughout human history, stories have been a fundamental aspect of communities.
- Stories create an emotional connection
- Stories provide a safe space to experience a cathartic emotional release
- Stories are memorable
- Stories create connections
- Stories build strong communities
So, they’re clearly important.
But What Does Storytelling Have to Do with NFTs?
There’s been a recent surge of interest in Story Driven NFT projects.
The creative nature of NFTs make them prime candidates for storytelling vehicles. If NFT projects are to mature into entertainment juggernauts, they’ll need the power of storytelling on their side.
Many projects, such as…
- Nonconformist Ducks,
- Deadfellaz, and
- The Bulls and Apes Project
Have all implemented quality storytelling into their projects.
But given the decentralized, community-driven ethos of Web3, NFT Projects must involve their communities in the storytelling process. If they don’t, then the projects are no different than centralized publishers.
What Does Community Involvement Look Like?
The Deadfellaz are doing an excellent job leveraging community input in their storytelling. Let’s take a closer look…
The Deadfellaz team created a choose your own adventure style story initiative. They’re publishing illustrated scenes on social media that introduce a fictional world. The scenes present the protagonist with a choice. But instead of making that choice for us, the Deadfellaz team is putting the control into the hands of the community via social media polls.
Here’s an example…
Once it’s all said and done, a full graphic novel should exist that both the team and the community were involved in creating.
This is an excellent way that NFT projects can involve their communities in the storytelling process.
But, there’s more than one way to do this.
Let’s Talk About Tokenomics and Gamification
Projects can also implement tokenomics into their storytelling with burning mechanisms.
If you can limit the supply of a collection in furtherance of a story narrative, it’s a win-win for both the team and the community.
This is because…
- The community is engaged and having fun
- Supply decreases thereby increasing scarcity and potentially demand/price
The poster child for this type of storytelling is the Nonconformist Ducks.
The Ducks are a story driven NFT Project that’s used tokenomics in their storytelling. Their recent Torture Room Key Collection is a prime example. Here’s a brief synopsis…
- The NonCo story is built upon a Good v. Evil archetype with the Hell Duck Collection representing Evil.
- Torture Rooms and Demon Ducks exist within the depths of the Hell Duck’s world
- Torture Room Key NFTs give you the opportunity to gain an ultra-rare Demon Duck, but sacrifices must be made.
- You’ll need to sacrifice (BURN) one hell duck and offer up a second Hell Duck as a conduit.
- The second offered Hell Duck becomes the Demon Duck and the first is gone forever.
- The Demon Ducks are sure to play a part in the overarching narrative.
This is textbook storytelling tokenomics. The ducks have pioneered in this department and I’m sure other NFT projects will follow suit.
Storytelling NFT Projects Will Forever Change the Entertainment Industry
I’ve long believed that leading NFT brands will morph into massive entertainment vehicles. But it won’t be easy. NFT projects will need to do two things at once…
- Involve their community of holders in the storytelling process
- Get the rest of the world to care
But how will this change the Entertainment Industry?
True collaboration between founders, industry specialists, and thousands of NFT owners will prove that excellent stories can be made in a decentralized fashion on the backs of community owned Intellectual Property.
As a lover of stories, myself, seeing Storytelling NFTs increase in popularity brings me a ton of joy.
This is only the beginning for Web3 Entertainment.