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NFTs: MOMENT 
MOVEMENT ?
A thread capturing my thoughts about the space after diving in head first the past few weeks
MOVEMENT ? A thread capturing my thoughts about the space after diving in head first the past few weeks
It is clear NFTs are having a MOMENT. They are enabling provenance (history of ownership) and authentication around unique digital objects (be it art, music, or anything, really) via blockchain. They are also empowering creators to capture more of the value in secondary markets.
Today, NFT growth is driven mostly by use cases of buying/selling digital art/collectibles. This growth is amplified by existing subcultures that value scarcity, exclusivity, and taste. Proof points, see no further than some of the headlines from the space in the past few weeks:
- @ChristiesInc sold @beeple's "Everydays: The First 5000 Days" for $69M (the power of memes can be felt so hard in that final sale price)
- @Sotheby's is "collaborating" with cryptonative stalwart @muratpak to release a new collection on @niftygateway.
- @Sotheby's is "collaborating" with cryptonative stalwart @muratpak to release a new collection on @niftygateway.
- @eulerbeats sold their Enigma 25 LP collection (a pioneer in the area of revenue-generating NFTs) for $3.13M, 4 of the Euler LPs were acquired by @BeetsDAO, a closed investment group that raised over 300 eth in a week to bid on the project (disclosure: I am a founding member)
- CryptoPunks by @larvalabs, the current gold standard when it comes to premier NFT projects, are taking over Miami in a local OOH "exhibition" curated by @gmoneyNFT
- Meanwhile, @ChristiesInc is planning to sell nine CryptoPunks in a single lot at their 21st Century Evening Sale
- Meanwhile, @ChristiesInc is planning to sell nine CryptoPunks in a single lot at their 21st Century Evening Sale
New artists are diving into the space and dropping projects on platforms like @opensea, @withFND, @niftygateway, @SuperRare, and @makersplaceco daily. Venture capital is being raised. DAOs are being formed. Most importantly, NFTs are being purchased. And the NFT flywheel spins.
As the NFT flywheel continues to gain momentum, more communities from various geographies, sub-cultures, and disciplines are being drawn into the space. It is evident that the NFT space has enough velocity and critical mass to emerge in our collective consciousness as a MOVEMENT.
How would one define this NFT MOVEMENT? In my humble opinion, it is an overdue reaction and response to the current creator economy that is built on centralized systems of marketplaces, platforms, and gatekeepers that abstract too much value away from the original creator.
This NFT MOVEMENT that we find ourselves in is characterized by the creator community's awakening and ascribing to the notion that in an economy where creators serve as origin points of value, they deserve to play a more persistent, central role throughout every subsequent node.
So if we, the NFT community, are able to accept that the MOMENT evolving into a MOVEMENT, what next? Besides celebrating, what are we to do with this newfound responsibility?
In my humble opinion, we must adopt a charter to build this community in a way that fosters enough (both in terms of quantity and strength) connections among every creator, collector, and community member for us to be able to cement this MOVEMENT into a new MODEL.
If we can embrace the notion that creation is the genesis from which curation derives value, a new MODEL will emerge—one that provides a more equitable distribution of value centered around creators, championed by collectors, and facilitated by marketplaces.
In closing, it's my firm belief that we are moving towards a more decentralized creator culture (and therefore economy). Whether you are a creator, collector, or observer, we all have a role to play in this MOVEMENT. We all have the power to build or destroy. Choose wisely.
If you found this thread valuable, please consider taking a look at an artist or project on a NFT marketplace ( @opensea, @withFND, @SuperRare, @makersplaceco, @KnownOrigin_io, et al) and consider placing a bid on or purchasing a piece that speaks to you.
