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NFTs (Non-Fungible Tokens) have exploded in popularity over the past several months.
With major brands getting involved – from Nike and the NBA to Taco Bell and Coca-Cola – many people are placing big bets that NFTs aren’t just another flash in the pan.
And even though the first wave of NFTs have primarily revolved around ownership of digital art, the possibilities for future use cases of NFTs go far beyond mere jpeg ownership.
In this episode, you’ll get a high-level view of the relationship between NFTs and the underlying blockchain technology, what makes an NFT project truly valuable, and some tips for getting involved in the space.
SHOW NOTES:
00:00 | Introduction
00:24 | The Relationship Between NFTs, Web3, & the Blockchain
09:29 | Tom’s “Hard Sell” on NFTs
20:11 | How to Get Started Creating an NFT
27:44 | Will There Be An NFT Crash?
32:21 | Connecting NFTs to Physical Goods
QUOTES:
“We are truly at the tip of a very large iceberg that is only going to get more phenomenal from here.” [09:06]
“The reason that I think NF T’s are so powerful is that it gives people the ability to create something where the community gets to capture the long tail value of that item.” [14:49]
“Without that kind of community interaction, that kind of community support, that kind of community fervor, if you’re wearing a Gucci sweater, you’re counting on Gucci to build the brand recognition, and then the occasional Instagram post when you post it, versus when there’s a huge community of people that get around something and begin to buoy it up.” [18:50]
“It’s… looking at this as a long term play, being in this for decades, and really understanding what you’re building, how you’re doing this with the community, and having the execution track record of being able to sustain things and grow things over long periods of time.” [30:43]
“If you think about it from a community first perspective of wanting to do something cool to reward the people that buy into you and your new product and what you’re doing, and you’re making sure that the bulk of the value ends up going to them, then they’re more likely to support you, support the brand, buy the next thing that you do.” [35:17]
