06/05/2022 After a crash, what comes next for NFTs?

Short-term problems

Before unpacking what a version of that next arc may look like, it's helpful to understand the near-term needs of NFT projects.

Escape the crypto cult.Early NFT projects found success by catering to a small cadre of crypto-obsessed evangelists. But broader NFT adoption is only possible by expanding the pool of users to those less crypto-savvy.OpenSea, an NFT marketplace, is doing this with its acquisition of Dharma Labs in January, which will help new users more comfortably use traditional fiat currency rather than crypto to purchase NFTs.

Provide novel value.What can you do with an NFT? At present, not much. Utility will be the watchword of the second phase of NFT development. A maturing blockchain ecosystem should allow NFT holders a value proposition beyond the aesthetic. NFTs should integrate with existing applications in contexts such as messaging, payments, and gaming. NFTs could enable access to unique experiences or perks for ownership, among many potential applications.

Improve infrastructure.As laid out above, the promise of utility relies largely on more complete and capable infrastructure. Layer 1 blockchains such as Solana and Flow offer far better transaction speeds over ethereum. The next major challenge is interoperability, which can be accomplished by the dominance of a single chain or expanded cross-chain solutions. As interoperability grows, so too must cybersecurity safeguards to ward off the growing number of bridge attacks on these solutions.

The end of the beginning for NFTs: A theoretical case study

Such obstacles are by no means intractable. What is needed to push innovation further is a more clearly defined use case with a highly motivated and well-capitalized stakeholder to help drive forward progress. To this end, the sporting world offers a lens into a potential future for NFTs.

Sports fans around the world are characterized by passion for their team, an eagerness to engage in the community, and a willingness to spend on merchandise. Sporting teams and leagues, in turn, are always looking for compelling ways to engage with and monetize their fan base.

Sporting leagues worldwide are working hard to update their digital strategies in a saturated media environment. Such efforts can have huge payoffs: Following the release of Drive to Survive, a Netflix docu-series on F1 racing, ESPN saw a 41% year-over-year increase in viewership.

Outside of ticket sales, merchandise is the fundamental way that teams extract value from fans in a way that gives fans a way to demonstrate their loyalty. NFTs can support more sophisticated digital engagement between teams and fans, reinforcing traditional channels of monetization such as merchandise and ticket sales, and opening up entirely novel use cases such as metaverse partnerships and collectible trading. Startups are already emerging to pursue the sports memorabilia opportunity, such asAutograph, which counts Tom Brady among founders and achieved a $3 billion valuation following a $170 million early stage round in January.

Beyond memorabilia, NFTs have the potential to open the door to a broad range of digital experiences. For instance, imagine a Chelsea fan who attended the 2021 Champions League Final against Manchester City. While the memory of victory may always be present, the importance of that eventā€”both from a sentimental and a revenue-generating perspectiveā€”begins to fade after the final whistle blows.

However, an NFT-enabled ticket could provide ongoing opportunities across digital realms such asFortniteor Roblox, where an avatar could utilize unique digital assets connected to the NFT, say a Chelsea jersey, to earn discounts on merchandise or other experiences. NFTs could also connect to unique digital trading cards that enable access to unique sports-related gaming opportunities.

Arts

https://pitchbook.com/news/articles/nft-trading-crash-outlook-sports-gaming

Interesting NFTs
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its ā€œmindā€ dissociates into a conglomerate of structures resembling feathers, grain, teethā€“as well as a radial flower ā€œnodeā€, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads ā€œuWuā€. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figureā€™s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).
Lake Suwa in Shinano Province, from the series Thirty-six Views of Mt. Fuji
Katsushika Hokusai (1760-1849) Lake Suwa in Shinano Province, from the series Thirty-six Views of Mt. Fuji 1831 - Japan
The King
Part of a series of three artworks entitled "The Rulers". Inspired by the rulers of the animal kingdom, african mandalas & diamonds. A very complex digital illustration, each lion consists of hundreds of custom diamond shapes. Each background is an intricate custom mandala that compliments the lions facial features.
HUMAN ONE
be careful where you step.
POPZ PUNKS #108
POPZ PUNKS 108/110