Read on Twitter
NFTs: A brief primer about the new creative economy for brands and creatives, a thread inspired by @jamieburke of @outlierventures. Follow the white rabbit and your world will change.
The simplest way to view NFTs is as digital collectibles. Unlike Fortnite skins or Kindle books, both digital collectibles even if that may surprise you, NFTs are fully controlled by their owner rather than Epic or Amazon
As with a physical toy or book, the NFT version can be used, traded, gifted or destroyed without the permission of the original vendor or creator (*but itâs not quite this simple). Yet itâs still subject to intellectual property law.
NFTs can represent anything you can think of, even physical items. They already represent art, music, game items, insurance, domain names, loans, stocks, financial assets, and much more.
To understand why NFTs are going to revolutionise many sectors we must look deeper. Here are 3 features which allow NFTs to unlock previously unrealisable value. Donât worry about how, itâll distract you from whatâs important.
Physical items are limited by regionality. Theyâre wonderful in person, to hold and touch and admire, but only when youâre there. Regular digital items exist only in regional and platform silos. NFTs are completely borderless and interconnected.
Physical items are copied. Authenticity relies on trusted parties prone to fraud or error. Digital items are controlled by easily abused private databases which may cease to exist. NFT ownership is trustless and permanent, with no fraud ever. Provenance is inherent in NFT design.
Physical item value and utility is constrained by purpose and location. NFTs exist in a global decentralised economy with far reaching consequences. From trustless royalty streams to being used as collateral for loans, all NFTs have tangible, accessible value.
To learn more follow great minds such as @AndrewSteinwold @gabusch @xanderatallah @alexgausman @jamie247 @pierskicks @nonfungibles @DCLBlogger @pranksyNFT @cloudwhiteNFT @NateAlexNFT @j1mmyeth @coin_artist @Cooopahtroopa
My old article about NFTs from before the term even existed! https://medium.com/ownage/cryptoproperty-6-reasons-the-blockchain-will-revolutionise-game-content-37b249556200
Addendum - I have over simplified massively. Things are more complex, nuanced and hugely immature. Tech has 5 years more to go and needs support from the likes of apple, sony, epic etc but I have no doubt it will happen unless regulators get in the way
This thread aims to do away with the complexities, pitfalls and technology as they disrupt the creative process and block imagination. Adding @blockchaingmg @borgetsebastien @m3mnoch to the reading list
