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Weekly Learnings #20
5 things I've learned this week: Debunking NFT skepticism, celebrating 200 episodes, appreciating digital art...
beast.eth
September 25, 2023
Hi fam,
NFTs aren’t worthless!
Today, we’ll explore why we’re not going to 0, what people think of NFTs in 2023, and how to solve it.
I’ll also walk you through 5 things I’ve learned and found fascinating this week.
Enjoy!
'we got that rolling stone article out saying nfts are dead so grab a cryptopunk tonight while they're under $80,000'
— sartoshi (@sartoshi_rip)
2:35 AM • Sep 23, 2023
NFTs are — finally — worthless
Rolling Stone magazine shared a study that says 95% of NFTs are now worthless.
The news went viral — over 32 million people saw it. The comments went wild.
I read them all to see why people hate NFTs:
A new report shows that nearly all NFTs are now practically worthless
— Dexerto (@Dexerto)
1:39 PM • Sep 21, 2023
3 reasons why people hate NFTs
Misunderstanding of the technology
Humans are scared of change
Human psychology
1. Misunderstanding of the technology
People think of NFTs as a product rather than a technology.
Gamers worry NFTs will replace gaming skins — the skins they love — rather than giving them new infrastructure that allows gamers to own skins.
Adam Hollander’s response is spot on:
“Getting mad at NFTs is like getting mad at Amazon Web Services because one company used it in a way you didn’t approve of”
They say big games will never shut down — so we don’t need to own things. To its irony, Call of Duty just did shut down Warzone and deleted all the skins and achievements gamers spent time and money on…
Call of Duty shutting down Warzone and basically deleting all player skins/achievements is robbery
If Counter Strike would've done this with the launch of Counter Strike 2 there would be a riot
On chain, verifiable asset ownership is needed in video games!
— XSET Brycent (@brycent_)
5:43 PM • Sep 21, 2023
I also realized people are still right-click-savooors. 😭
2. Humans are scared of change
The only constant in life is change, yet change is something we're scared of.
It’s always the same: new technology comes, and the majority ignores it — until they become those who regularly use it.
We’re early
Did you realize how subtle changes are in consumer products?
iPhone’s interface still looks the same, and the bigger changes happen slowly over generations, so people can adapt rather than panic.
Also, it’s super hard to imagine a transformative technology unless you’re deep in the process…
3. Human psychology
We’re social beings, and there’s always a lot of emotions around money.
Many missed the NFT 2021/2022 trend, and articles like this give relief to those who didn’t join. Or even a false sense that they were right.
Also, many collectors turned arrogant after making 100x on a jpeg — showing off the money rather than cheering for the tech and purpose.
So, how do we get over it?
I hear and I forget. I see and I remember. I do and I understand.
We need use cases. 🙏
Words can help only a little in the early stage of a paradigm shift.
We need Web3 games that are fun to play. Products that make customers’ lives better and solve real problems. Seamless and affordable transactions. Live experiences that enhance our digital lives. Digital art…
The more practical use cases we have the faster will people get it.
The Web3 technology is getting better
The good news is that there’s progress in technology.
New token standards like ERC 6551 and ERC 4337 bring new use cases to NFTs, games, and crypto projects.
They’ll also simplify things — no more seed phrases over a piece of paper, for example.
Over 2.4k Lens profiles are ERC-6551 powered, meaning that these profiles hold NFTs directly. In Lens V2, creator revenue can be seamlessly directed into the profile
— Stani.lens (@StaniKulechov)
11:46 AM • Sep 18, 2023
It’s a long game, but we’re moving forward… 🫡
What else I’ve learned this week?
1. We crossed the 200th episode of Grateful Show!!!
Here’s what I’ve learned co-hosting 200+ episodes:
Surround yourself with people with a growth mindset
Help others to connect with one another and grow
Your authenticity is your benefit - keep it real
Counting each episode helps to stay on track
Spaces are the best way to build an authentic community
The celebration was wild — you can listen to it here. 🎉
2. Marfa: the digital art celebration
Digital art is the most obvious use case that benefits from the NFT technology.
I talked to people who joined Marfa this weekend and left with an impression of a digital renaissance.
Great stories. Great vibes. Creativity. Gratitude.
🏜️The sun is setting on Art Blocks Marfa Weekend 2023.
A huge thank you to all of the incredible artists, dedicated community members, sponsors + partners, and tireless team members for making this experience one for the books!
#abmarfa23 🌅
— Art Blocks (@artblocks_io)
1:36 AM • Sep 25, 2023
3. Grails survive any market
JBond had a great point on the value of collectibles.
Same as most startups fail, most things lose value.
But there will always be that 1% that turns into grails.
Let’s focus on that 1%.
95% of NFTs are now actually — finally — totally worthless
Along with…
99% of Pokemon Cards
99% of NBA cards
99% of comic books
99% of art
Most collectibles don’t have resale value…
But the 1% (Charizard, MJ rookie card, Picasso, Cryptopunks, etc.) will always have value
— JBond (@jbondwagon)
2:20 AM • Sep 23, 2023
4. LEGO almost didn’t make it
Did you know that LEGO went almost bankrupt in the early 2000s?
Whiz shared a great thread about the journey of Lego and how the IP licensing eventually saved them.
Many NFT projects bet on IP. It’s good to see the parallels.
1/ Playing with LEGOs is a cherished part of many people’s childhoods. But did you know that LEGO almost went bankrupt in the early 2000’s?
Here’s a look at how licensing & media tie-ins helped transform LEGO into one of the most popular and successful toy companies in 2023.
— WHIZWANG ☕️ (@whizwang)
2:08 PM • Sep 21, 2023
5. NFTs 157x?
The market cap of the entire NFT space is only $7 billion. Still so small — a lot of upside ahead!
Crypto market cap: $1,100B
NFT market cap: $7B (0.64%)I assure you all fungible tokens are not 157x more useful to human society than all nfts.
— 6529 (@punk6529)
10:09 PM • Sep 21, 2023
I hope you enjoyed this newsletter and learned with me. If you enjoyed it, please share it with your friends to grow together 💙
Have a great new week.
Beast
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