VeVe is in trouble.
Social media platforms are becoming more and more NFT-friendly.
If VeVe doesn’t make their NFTs interoperable, they may be left behind.
Here’s why interoperability is the NUMBER ONE obstacle facing VeVe:
🔹 VeVe Has a Closed Ecosystem:
VeVe’s app is fantastic.
The UX is dreamy. 😍
I purchased my first comic book digital collectible last night. I spent the evening reading it in AR, and let me tell ya – I’m a fan!
It was such a cool experience.
But here’s the problem…
You can ONLY experience VeVe NFTs within their app.
You can’t showcase your NFT on:
- Facebook, or
All of which have integrated with blockchain technology.
This is a MASSIVE problem for VeVe.
🔹 Social Media Will Be the Catalyst For Mass Adoption.
Social platforms will onboard millions into Web3.
They’ll normalize digital assets.
- Snapchat, and
Will all have consumer attention.
So VeVe has two choices:
- Remain a closed ecosystem and compete with social media platforms for attention, OR
- Allow users to take custody of their assets.
Option 2️⃣ seems more likely because…
🔹 NFTs Aren’t as Valuable If You Can’t Use Them Where You Spend Your Time:
Like it or not, people spend most of their time on social media.
Behemoths, like Meta, recognize this.
Instagram recently announced that their new NFT Marketplace will have an OPEN ecosystem.
If you mint an NFT on Instagram, you’ll be able to:
- Make it your Twitter PFP.
- Sell it on OpenSea.
- Sell it on Coinbase.
They’re leaning into interoperability. It’s a brilliant move and compliments the ethos of Web3.
If VeVe continues to keep their ecosystem closed, they’ll have to compete with every social media platform.
Any they’ll lose…
VeVe has a lot going for it, including:
- A massive community of passionate users.
- Amazing UX.
- Beautiful art.
- Disney partnerships.
I’m BULLISH on VeVe. I really am. But they need to give people control of their NFTs!
If they don’t…
I fear they may be in trouble.
Here’s the TLDR 👇🏼
• VeVe is amazing.
• But their closed ecosystem puts them at risk.
• Since social media will likely be the catalyst for mass adoption, VeVe needs to allow for interoperability.
• If they don’t, they’ll have to compete with social media behemoths.