Lex Sokolin, a CoinDesk columnist, is Global Fintech co-head at ConsenSys, a Brooklyn, N.Y.-based blockchain software company. The following is adapted from his Fintech Blueprint newsletter.
We can borrow the analogy of an “ endgame “ from video games. The majority of players will buy the game and play it some part of the way to the end, and some portion of people will finish the full content. However, there will be a dedicated subset of people for whom the game becomes a social environment, with markers of status and wealth determined through digital labor. These players will outrank the vast majority of normal people, and interact with the game on another level.Few understand the nerd top 1%.
Incumbent media and enterprise IP networks
Efforts like Palm from ConsenSys, featuring the art of Damien Hirst, as well as the continued growth of Flow and its institutional partners are symptoms of this vector of change. Getting Eminem to “drop” on Nifty Gateway or Snoop Dogg to be involved with Nyan Cat is the same thing. Familiar creative output — whether packaged into media conglomerates or well-known celebrities — will keep pouring into Web3.
Generative art and blockchain-as-medium
For example of things in this nature, look at Async Art (and Async Music), Art Blocks, EthBlock.art, EulerBeats, Hic et Nunc, as well as the Murat Pak Fungible drop on Nifty Gateway. These are not mere translations of videos anchored to an encrypted identifier. Rather, the works use the medium as an input.
In the case of Async, both the visual pieces and the music pieces are cut into layers that can be owned by different entities. They may choose different states or components of the whole and force exchange around it. Investment funds or communities may battle out for some particular permutation of an art piece or song. This outcome uses ownership as part of the medium.
Digital Museums, DAOs and the Metaverse
This is far from the only art DAO — examples include Flamingo DAO, BeetsDAO, $WhaleDAO, among various others. Such groups own gallery vaults of culturally relevant digital objects, sometimes with the vaults being fully tokenized and traded as pseudo NFTs.
What it means to own NFTs: IPFS and multi-chain support
Integration into DeFi and portfolio management
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Originally published at https://www.coindesk.com on May 4, 2021.
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