According to nftnow co-founder MattMedved, the qualities of a good NFT are: art for art’s sake, community and the bonus of utility. NFTs can be anything, but those are the ground rules. RoadtoConsensus for Consensus2022:
Crypto-native culture drives so much of the space. And for me, I already knew a lot about the music industry, I knew a lot about music. I was actually enamored by the elements of discovery to learn this history. I've always been fascinated by history across everything – from music history, to real history in real life.
How do you feel about the fact that there are a lot of scammers trying to exploit the NFT space? How do you handle tons of NFT pitches you receive every day, some of which could be rugpulls in the making? As someone who wants to bring a billion people into Web 3 or NFTs, I believe that this technology is going to fundamentally redefine how creators and their communities create shared value together.
When it comes to utility, I do think that there are some really interesting and exciting use cases for NFTs, [such as] provable membership and immutable record keeping.I think the biggest thing is for founders to make it very clear that they are here to create value, and not extract value from the space. Oftentimes, that’s the reason why the space is so wary of projects that come from nowhere that don't have a track record.
When we're looking at projects, seeing that the founder is doxxed is obviously a reassuring factor because you know that they're not just going to drop off the face of the Earth. Anything they do is going to impact their reputation and not some projects. But NFT Now is a very anon-friendly publication. We never try to doxx anyone, we always want to protect people's identity so they feel comfortable.
When you say it's a signal, you mean like a signal for cultural belonging, right? Not a signal as in financial flexing. But I get just as excited when I see more day to day on some stories of artists quitting their day jobs to be able to focus on art. Artists being able to – digital artists especially – make a living off of their own creative vision and not have to be reliant on a client. Seeing how photographers are going from a services economy to a proper goods economy and building, collecting that kind of stuff. … Seeing independent musicians make far more out of NFT drops than they could have ever made.
What's important to note is that each of these different use cases have different creative and consumer priorities at play. I think one thing that's happening right now is because it's so new, because the space is so relatively small, and everyone's lumped together, there’s one town hall [instead of] 200 different town halls.
How do you feel about institutions and brands aping into the NFT space? What advice would you have for them?
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