NFTs are very early in the irruption-installation phase of Perez' hype cycle.

I'm optimistic they are going to work with mainstream audiences, but what is the wedge?

If I had to guess, it'll play out as follows

1/ Irruption becomes frenzy alongside the backdrop of a crypto bull market. Digital artworks sell for $MMs, grabbing headlines, creator and collector attention.

2/ Developers rush in, building new marketplaces and experiences around issuing, collecting and trading NFTs.

This is clearly happening right now. New marketplaces and subniches are popping up daily. My fav as of late is @artblocks_io for generative art.

3/ One of the new developers builds an experience that is social first—as in: content primary, market secondary.

But because markets are present, users can make $ alongside creators who they support, a powerful incentive.

This drives exponential growth in # of NFTs?

4/ These NFTs are more than "traditional" collectors items— they are programmable assets.

The blockchain becomes a "universal media library" that developers can build on and remix. https://twitter.com/jessewldn/status/1301669871789445122

In turn, creators and collectors want their work in the "universal media library" because provenance and attribution are baked in, allowing them to capture the value of reuse as work goes viral. https://twitter.com/jessewldn/status/1321447490370080769?s=20

Developer integrations + creator/collector demand drive a positive feedback loop that make NFTs a standard for digital media. https://twitter.com/jessewldn/status/1321239372449153024?s=20

1+2 are happening today.

3 is intentionally high level, as the specifics aren't totally clear, but people are working on this! (if you're one of them, hmu!)

If DeFi is any indicator, 4 (composability) won't be far off :)