1/ How #NFT collectibles are reframing culture.
Ft. insights by @punk4156 @Kevin_Kelly_II @RaoulGMI @garyvee @ysiu. Only on @RealVision.
2/ Most consider NFTs as either:
• Cool, unique PFPs (profile pics)
• Digital art to accumulate $ETH
• A ticket to be part of an 'inner circle'
But this is just the tip of the iceberg.
3/ NFTs are a convergence of:
• Arts & aesthetics
• Economic value & incentives
• Identity, community & culture
• Community governance & decision-making
This convergence is reframing culture. How?
4/ NFT collectibles were born in 2017 on @ethereum with @larvalabs's Crypto Punks — #Punks are to NFTs what #Bitcoin is to the blockchain.
larvalabs.com/cryptopunks
5/ Punks bootstrapped *digital identity* — you could now directly *own* your *unique* digital self. As Punks were released for free, they were not designed to be monetized, but just as a collectible, aesthetic vehicle.
6/ The NFT craze of 2021 — with Punks sales topping $0.5B, and @BoredApeYC floor price at $250k — clearly added an economic value to collectibles.
In the new @ethereum economy, your digital identity could now be monetized, fractionalized, and traded.
coindesk.com/tech/2021/10/29/heres-why-a-cryptopunk-sold-for-530m/
7/ The price feedback changed a few things:
• Strong incentives for the masses to jump in
• Definitive collections = not everyone gets in
• You own the original = culture of inner circle
The keyword here is *culture*. Let's unpack this.
8/ The more copies of the original, the more the community instantly appreciates it, the more the original becomes valuable and becomes an intrinsic part of the culture.
Just like with the Mona Lisa, and its Banksy's (and many other) version(s).
9/ Punks paved the way for multiple imitations (e.g. @galactic_punks @picassopunks @3DPunks_ @astroboy_nft , but also @BoredApeYC), each with their own nuanced identity/value, but also reinforcing the value of the original.
This dual identity/economic value loop creates culture.
10/ NFTs change the game because they are *composable* (CCO). Remixing the original is key to the value/culture creation process — reconfiguring/proliferating copies adds nuance/originality to the culture, scaling it to a long-tail of communities/niches.
realvision.com/shows/the-interview-crypto/videos/anonymous-punk4156-speaks-on-next-generation-nfts?source_collection=2099f004c67d41e0a99cfd5187cb674e
11/ The more cultural niches out there, the more value will be unlocked in each chain economy because cultures become *composable and tokenizable* — you'll be able to build on/invest in these cultures, by owning the related NFTs/tokens.
realvision.com/shows/raoul-pal-adventures-in-crypto/videos/how-nfts-are-changing-the-world?source_collection=2099f004c67d41e0a99cfd5187cb674e
12/ As NFT collections multiply, communities define their own cultures made of:
• Ethics: beliefs members stand for
• Aesthetics: literature/imagery/personality/style
• Economics: support specific chains/protocols/tokens
• Governance: decide how to organize the community
13/ When you buy an NFT, you're buying a specific moment of culture in time, which contains value in the first place because the culture that represents is dear to you, whether that's for its utility or aesthetics.
realvision.com/shows/raoul-pal-adventures-in-crypto/videos/culture-an-asset-class-revolution
14/ Owning an NFT means then embracing cultural identity. Eg:
• Crypto Punks: '@ethereum's OGs/maxis'
• @BoredApeYC: 'rock stars w/an attitude'
• @galactic_punks: '@terra_money's OGs/maxis'
• @nounsdao: 'fair governance'
• @FWBtweets: 'power to the creators'
15/ We're still early, but as the #metaverse mature:
• L1 chains become sovereign states (country)
• Tokens become the currency of each sovereign state
• DeFi protocols become community-led companies
• DAOs become community-led governments (councils)
realvision.com/shows/raoul-pal-adventures-in-crypto/videos/where-the-hell-is-this-all-going
16/ NFTs become then the cultural/identity layer to access the state economy (passport):
• PFP: embracing aesthetics of the culture
• Twitter/Discord: embracing its literature
• Token HODLing: supporting its economy
• Governance DAO: actively contributing to the community
17/ Culture and community become then synonyms. Owning an NFT shows you have social currency, skin in the game into that culture. Just like a 'certificate' that you've done a culture test and you've passed your 'citizenship application'.
18/ Blockchain domain names like ENS and @tns_money are already merging PFPs with wallets to create this identity layer:
• Collectibles = your avatar
• Domain name = your wallet address
• Important links, docs, resources (eg. Twitter, site, etc.)
nftcalendar.io/news/from-art-to-vaccine-passport-nfts-can-be-a-gamechanger/
19/ Ultimately, owning an NFT means investing in the culture of its community/ecosystem.
• NFTs and tokens make culture investable/ownable
• These investments can be chosen and are reversible
• NFTs + token + DAO = community as an economy
realvision.com/shows/the-interview-crypto/videos/culture-and-social-tokens-are-the-future-of-everything?source_collection=2099f004c67d41e0a99cfd5187cb674e
20/ Imagine owning an NFT/token of @OfficialASRoma, and based on your ownership/contribution to the community, you influence the token price, and get universal basic equity (which pays you yield, more sustainably than a universal basic income does, because asset > income).
21/ That's why this year global brands have been rushing to own/issue their NFTs: to turn their customer base into communities.
Social tokens will be better funding vehicles than IPOs, and also more (financially) rewarding to members than owning stocks.
cointelegraph.com/news/why-are-major-global-brands-experimenting-with-nfts-in-the-metaverse
22/ And that's why #genZ — who are already living in a world where financial currency is just a mean to accumulate more *social currency* and digital identity in their community — are turning to NFTs (just like millennials did with social following).
realvision.com/shows/the-interview-crypto/videos/gary-vaynerchuk-the-turning-point-of-a-new-era-for-digital-assets
To recap:
• NFTs make culture/community an investable asset
• Owning an NFT/token means accessing/owning culture
• With strong incentives to contribute to it
The more you contribute to the community/culture, the more value you create and earn, for yourself AND the community.
You can read the unrolled version of this thread here:
typefully.com/u/matteo_titta/t/Rvjwvl2fpI4e
Written with @typefullyapp.