I’ve been eyeballs deep in NFTs for the past 16 months.
We’ve entered into a brutal bear market.
It’s my first one.
Here’s why I’m not worried about the future of NFTs.
1) Digital Assets Continue To Normalize:
Understanding that you can own things digitally requires a mental shift.
Web1 (the OG internet) was the information superhighway – initially built for consumption. But then Web2 (social media) came around and added the ability to CREATE.
Owning pieces of the internet has never been in the Web1 or Web2 conversation.
So I empathize with the NFT doubters.
But only to a certain extent.
I experienced a drastic “aha” moment regarding digital ownership in July 2021.
I conceptually understood Web3’s value proposition at the time but still didn’t truly “get it.”
It only clicked once I started buying NFTs and participating in the space.
A layer of understanding emerged in my brain when I completed my first transaction and gained full ownership over my first NFT.
I felt a strong sense of ownership over the asset.
I felt a part of the community the token represented.
I knew right then and there that blockchain technology was here to stay.
I knew that others would experience an “aha’ moment about NFTs – just as I had.
It was only a matter of time.
2) Artist Royalties Make An Undeniable Argument for NFTs:
NFTs allow artists to:
• Transact DTC without a middle party.
• Perpetually earn royalties.
• Make a living off their art.
• Foster communities.
These arguments are damn near impossible to refute.
Who doesn’t want to empower artists?
Well, NFT Exchanges, it appears…
Earlier this year, many exchanges turned their backs on the Web3 community and refused to pay creator royalties.
This decision pissed a lot of people off – myself included.
The move away from paying royalties ran against the ethos of Web3.
Luckily, the debacle settled in favor of paying creator royalties.
Eventually, I’m sure NFT smart contracts will include royalty payments, thereby removing the exchange’s discretion.
But until then, royalties are currently safe on exchanges.
3) Web3 is the Backbone of Next Generation Storytelling:
The creative nature of NFTs makes them perfect for storytelling.
Web3 links holders on the blockchain.
The tech allows Projects to token-gate writers’ rooms and easily involve their communities in the storytelling process.
Community involvement will be the next step in visual entertainment:
Community Ownership (NFTs)
Story Participation (Token-gated Writers’ Rooms)
Next Generation Storytelling.
⬇️ TLDR ⬇️
The Future for NFTs Looks BRIGHT.
• Digital Assets Continue To Normalize.
• Artist Royalties Make An Undeniable Argument in Favor of the Tech.
• Web3 is the Backbone of Next Generation Storytelling