Blockchain and cryptocurrencies are changing the world right under our feet. At the forefront of that evolution are non-fungible tokens, or NFT’s. However, right now NFT’s are most associated with pixelated characters, overpriced art, and games. We were promised revolution and all we have are non-fungible toys?
The
mainstream view of NFT’s has been that of avatar pictures and
generated image collections, not to mention the
astronomical values that people have been placing on these images. This has generated ridicule and disbelief which, let’s face it, is probably somewhat deserved. I am not going to justify a jpeg being worth millions of dollars beyond two facts. First, someone wanted to spend that much on it and who am I to stop them. Second, it is what the NFT and even the silly jpeg represent that is so very exciting. Third, there is some seriously cool, digital art being sold and I think it being unique adds to its value.
In 2010, Chris Dixon stated that the next big thing would look like a toy. I think that blockchain and, especially, NFT’s fit this bill. At first glance, why do we need something like this? Everything can already be done to satisfaction. Like the recent Larry David commercial points out, things can be done better and crypto does better but do we recognize it? We have to look past where we are and see how things can grow. Technology improves. You cannot judge a technology by its original state but rather by its potential. After all, my babies can barely hold their heads up, but they have enormous potential!
Just like the internet, our usage of web3 and NFT’s will evolve over time. Games often drive innovation. For example, many people did not see the need for the iPhone or have a desire to have a full phone screen. Yet, games like Angry Birds and Fruit Ninja paved the way for more and more complicated apps. Those games and silly pictures paved the way for layers of more complicated uses. We will push the boundaries of smart contracts to do a little more, then a little more, etc, etc. Sometimes the next big thing looks like a toy because the first use case is as a toy.
There are
many use cases for NFT’s already in development and I am sure that there will be many more as innovate begets innovation. There will be a lot of ideas, some good and some inevitably bad, some will wildly succeed for no reason and others will fail for no clear reason. Still, we can be excited for the journey!
I am deep diving into this world now and will be announcing some projects in the weeks and months to come. I want to explore the medium as an art forms; as a foundation for community; and iterate on the possibilities connected to the underlying smart contracts.