To me, the main benefit to NFT projects has been the creation and mobilization of a core network of fans who have an aligned incentive for the project to succeed. This same benefit is inherent within with a fungible token launch, and perhaps is even more effective.
The lower barrier to entry of a fungible coin (when compared to buying one of only 10k NFTs with a 10eth floor) allows for a much larger core network, providing an enticing solution to the cold start problem (especially for fledgling IP brands).
Additionally, there's something to be said for removing the excess expectations that come with NFTs; meaning that when people buy $100 of an memecoin, they usually aren't expecting utility like IP rights, access to future mints, etc.
Question for anyone reading this: there're a lot of ways we could design these culture tokens ranging from complex governance rights, to hybrid models that represent IP and also fund a sister-company-charity... to the simplest possible (no rights, no governance), a la meme coins. What do you think is going to be the best approach for future culture coins?
This idea has been vaguely rattling around my head since I read Chris Dixon's book in January. Thanks for sharing your perspective and giving me both clarity and more fun ideas to think about, Luca!
I fell into the NFT rabbit hole in 2020. I was drawn to the ideas of NFTs replacing copyrights and real estate along with endless opportunities for creators to generate income through sales and residuals. I love reading essays that are written for the average consumer. You're right. Most people don't care about chains and protocols. We need to be explaining real world use cases and teaching people how to navigate web3 in plain english.
I’m a newbie who just started analysing trends in NFT and cryptocurrencies. Your post quite fascinating as it seems like a great future for those who want to become ‘creators’. ‘Creators’ as in artists, engineers, writers, etc. It is such a warm post that gives people hope that they CAN do whatever they want to do for future and it will be bright. Thank you Lucas. I hope to see more posts like this more often.
I’m a newbie who just started analysing trends in NFT and cryptocurrencies. Your post quite fascinating as it seems like a great future for those who want to become ‘creators’. ‘Creators’ as in artists, engineers, writers, etc. It is such a warm post that gives people hope that they CAN do whatever they want to do for future and it will be bright. Thank you Lucas. I hope to see more posts like this more often.
To me, the main benefit to NFT projects has been the creation and mobilization of a core network of fans who have an aligned incentive for the project to succeed. This same benefit is inherent within with a fungible token launch, and perhaps is even more effective.
The lower barrier to entry of a fungible coin (when compared to buying one of only 10k NFTs with a 10eth floor) allows for a much larger core network, providing an enticing solution to the cold start problem (especially for fledgling IP brands).
Additionally, there's something to be said for removing the excess expectations that come with NFTs; meaning that when people buy $100 of an memecoin, they usually aren't expecting utility like IP rights, access to future mints, etc.
Question for anyone reading this: there're a lot of ways we could design these culture tokens ranging from complex governance rights, to hybrid models that represent IP and also fund a sister-company-charity... to the simplest possible (no rights, no governance), a la meme coins. What do you think is going to be the best approach for future culture coins?
culture is everything. 🫡
This idea has been vaguely rattling around my head since I read Chris Dixon's book in January. Thanks for sharing your perspective and giving me both clarity and more fun ideas to think about, Luca!
I fell into the NFT rabbit hole in 2020. I was drawn to the ideas of NFTs replacing copyrights and real estate along with endless opportunities for creators to generate income through sales and residuals. I love reading essays that are written for the average consumer. You're right. Most people don't care about chains and protocols. We need to be explaining real world use cases and teaching people how to navigate web3 in plain english.
it's not just that we want culture on chain...it's also that we realize it can also radically change the financial system a la Wall Street Bets.
"culture on chain" gives hope that we can collectively make things better for ourselves by connecting with a global network of degens.
wrote about this idea in my book, The NFT Survival Guide too.
I’m a newbie who just started analysing trends in NFT and cryptocurrencies. Your post quite fascinating as it seems like a great future for those who want to become ‘creators’. ‘Creators’ as in artists, engineers, writers, etc. It is such a warm post that gives people hope that they CAN do whatever they want to do for future and it will be bright. Thank you Lucas. I hope to see more posts like this more often.
I’m a newbie who just started analysing trends in NFT and cryptocurrencies. Your post quite fascinating as it seems like a great future for those who want to become ‘creators’. ‘Creators’ as in artists, engineers, writers, etc. It is such a warm post that gives people hope that they CAN do whatever they want to do for future and it will be bright. Thank you Lucas. I hope to see more posts like this more often.
Man that's a brilliant take, and I can see common grounds of thinking with Bolero. We should talk! Sharing that piece thought my twitter and lens.