NFT's: A new economy.

After following it for awhile, we're very excited about the increasing popularity of NFTs (nonfungible tokens).

Unfortunately, the main topic around NFTs is the price, which is probably because people find power in numbers; it's something we people understand. I’m not personally interested in the numbers game or the discussion of whether it's a bubble or not. Having an opinion about such things is useless. The market will decide for its own, and the market is always right.

Where the group drives Bitcoin's price, the price of one NFT is not driven by the group - at least not directly. What Bitcoin and NFTs do have in common (and why we like it) is scarcity; each token is unique, decentralized, and creates a new economy. In the last couple of months, the inevitable move towards an economy driven by tech has accelerated, and NFTs make this shift even more apparent. Where big tech was winning, this recent shift creates a lot of possibilities for individuals. In an excellent post, Jarrod Dicker gives this new movement a name - “The ownership economy”:

A new media structure will be wholly owned by the creators, operators and consumers themselves. It will be a product of both the public and its producers and will not limit participants to a single company.

We are moving toward a world of nomads, traveling from tribe to tribe to work on what and where each individual is excited, and in a completely transparent way.

NFTs are transparent & unique.

From day one, it's clear who made the NFT, who owned it, and who the current owner is. The knowledge of authenticity itself is a massive part of the value; with digital arts or goods, we now have the blockchain to verify these variables.

In the creative industry, ownership is a huge problem, and many artists and other creatives get screwed over by certain corporations. It is currently a messy, non-transparent world.

The tools that are available today make sure the creator has control. And if you wish to sell something you made, it is available to everyone. If not one person is in control, everyone is. This is why NFTs will be huge.

Freedom for the individual to collaborate.

We are moving to a world of creators breaking free from gatekeepers. Over the next couple of years, we will experience what happens when hundreds of thousands of individuals start to build a network of collaborators. We will live in a world where individuals who think for themselves are working together.NFTs are the internet native version of art (and the definition of art here is something a person, or group of persons, creates).Everyone can become part of the #NFT community by selling or buying an NFT from people with skin in the game. It's not a community built on top of opinions, but a community built on top of action and creators.

Owned by no one, and everyone!

NFTs are auctioned via various marketplaces but are not owned by them. If you buy something in a game, (for example, when you buy a new skin in Fortnite), you don't technically own it. Even though you bought it, it is not yours. It is virtual. If the company goes bankrupt, the item you purchased is poof! Gone!

One recent discrepancy in the neutrality of ownership is that OpenSea (an NFT marketplace) blocked an artist with the name "Pest Supply.” The NFT community was not happy about this, because this means (at least, this is our current observation) that there are still gatekeepers. But we have confidence that the community will go to places where it's truly decentralized; it's inevitable.

When it's designed as supposed to, NFTs will always exist, and it's yours. Popular games will start to adopt NFTs, where you can buy items for your online characters, and in this way, this online character becomes more a part of your identity. Now the item that you bought is yours, just like your car, your paintings, or your shoes. You will become more attached to it, you will create a relationship with it, it will become part of your status.

Now it's easier to understand that the online world can become just as important as the offline world, or perhaps that both planets will merge into each other.

But maybe, we are already there.

Do you want to collaborate?

We like to work with people who have skin in the game, on ideas that have a positive impact, and with people who enjoy what they do.

Ready for your next adventure?

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