NFTs: The new “social media playbook” – Cryptocurrencies

* By Eric Lam

It is impossible to know whether GameStop’s transition from non-functional to non-fungible tokens (NFTs) will pay off in the end, but it certainly is a symbol of change. After all, after NFTs, a thousand ventures can succeed, but another thousand can wither.

These unique digital devices – often associated with animal art and “carpet pulling” tricks – are state-of-the-art technology and help connect producers and fans through removal of intermediaries.

So where do companies fit into the new world of NFTs? From my experience, they are still trying to solve this. There are many different strategies for using NFTs, just like there are a few “social media playbooks”.

Of course, companies in the crypto sector such as Autograph, OpenSea and Dapper Labs look to the future of NFTs with optimism. But traditional companies too, like Universal Music, have signed up with a new NFT band and bought their own Bored Ape.

Traditional arts organizations such as the UTA and the CAA are beginning to sign off on NFT projects and discover how they can use this IP (IP) technology to create additional artwork from it.

That is, big companies are consuming really non-fungible tokens. But that is not all. This heritage was created less than 10 years ago, so people are still trying to decide.

Creating a thesis and flexibility is the only way for companies looking to invest in digital marketing. Whether creating their own NFT businesses or participating in popular activities, companies are involved in the growing NFT ecosystem.

As this space shifts, new ventures begin to experiment with technological limitations and show the world their true power and potential.

New models

Like many other video distractions of the internet age, NFTs are changing the way you choose to interact with other people and brands. The differences of the World Wide Web are more selective, more interactive, and more manageable.

The logic is playing field in the field of NFTs, which allow insurers to obtain the company products they are passionate about.

Many projects utilize the capabilities of NFT technology and strengthen the relationship between the brand holder and the designer.

Activities such as the Bored Ape Yacht Club (BAYC), managed by Yuga Labs, transfer ownership rights to property to their customers. If you buy Bored Ape and want to make a movie about it, you can, because it’s you.

Jenkins Valet is another type of NFT project that has benefited from this new owner. Recently developed by one of the members of the BAYC community and launched by the company Tally Labs, the vision for this project is to develop a licensed syndicate of collectively funded intellectual property. property.

Jenkins’s Valet is an actor in the world of BAYC, one of the most successful NFT projects to date, with new values ​​of more than $ 4 billion after a fundraiser led by famed venture capital firm Andreessen Horowitz. Jenkins has grown rapidly into her name.

Mostly in Hollywood, companies like UTA and ICM sign contracts with artists, performers and other artists to represent them in various mediums such as film and television. Jenkins unveiled a new vision: sell 6,942 NFTs that give regulators permission to share their intellectual property rights with the brand, and Tally Labs, running the 6,942 members, will create new IP addresses around the tokens.

The creators of Jenkins’s Valet have signed an agreement with the CAA, one of Hollywood’s largest think tanks, to manage their new intellectual property. They hired the best writer Neil Strauss to write a book based on this intellectual property. Sales of the books will reach the community. Tally Labs is looking to get into podcast and other commercials soon.

The company is primarily developing Web 3 organization technology where, for the price of NFT, who can act as an agent, can authorize their own non-fungible tokens or exchange with others that hold NFT assets, but they do not. contains Jenkins’ Valet token.

It is a cross-community organization that can move towards the entertainment industry, contributing to the growth of creativity and impact on the industry. It is not surprising that companies, including ordinary people, are looking for investments in NFTs: every new venture only supports the entire industry. It can be a free way to generate revenue and improve your goals.

The Ape Yacht Club, which has accomplished something special and started this venture, is experimenting more with cryptocurrencies, with the goal of benefiting its communities.

BAYC is developing a game play-to earn, which allows people to play using their NFTs from the Bored Ape collection. They also announced ApeCoin (APE), an ecosystem-based cryptocurrency that holds swaps for additional products. ApeCoin can decide on exchanges such as Coinbase or FTX.

Some Bored Ape holders can win up to $ 100K and BAYC can make sure that only real fans (who have tokens) get their share by using data from smart contracts to identify and prove Ape members.

The future

The independence of NFTs has the potential to re-establish the interaction between developers and fans, as well as the potential for future participation in the financial benefits of a project. That is, NFTs mix cryptocurrencies, culture and relationships.

Non-fungible tokens are not just art, they are a new medium through which developers can make financial transactions with their sponsors. This can be used for crowdfund companies, representing independent music services, and so on. The creative opportunities are endless.

One company can supply 1 out of 50 NFT toys. The other would put these items in the game itself and allow users to connect their virtual wallets into the video game, allowing those items to be carried to the game next.

As manufacturers and entrepreneurs experiment with blockchain technology and NFT, there is a high probability that operations will become more and more uncertain and their profits will increase due to the impact. , which is set up first.

Observing the site can help you understand these tasks as they arise and position yourself to be more effective as they present themselves.

Like Amazon and eBay, which are caused by the dot-com bubble, the same thing will happen with NFTs. Despite the violence, the boom and bust cycles are not only a sign of a withering economy, but one that seems to be thriving.

* Eric Lam is the Managing Director of Mirana Ventures and the NFT Strategy Lead of Universal Music Publishing Group.

Leave a Comment