The Everything Token by Steve Kaczynski & Scott Duke Kominers

Author:Steve Kaczynski & Scott Duke Kominers [Kaczynski, Steve & Kominers, Scott Duke]
Language: eng
Format: epub
Publisher: Penguin Publishing Group
Published: 2024-01-23T00:00:00+00:00

ONE SIZE DOESN’T FIT ALL

So is the optimal NFT project big or small?

Yes. We’re a bit wary of sounding like we’re claiming that NFTs are perfect for all applications—they’re very much not. But they really can be value-creating at both large and small scales.

The examples we’ve covered thus far illustrate how NFTs can replace (or at least reconstitute) numerous categories of digital assets we already have—music files, electronic tickets, digital identity records, and the like—and also lead to a massive scale-up in the creation of digital assets as products, such as NFT Pokémon cards or Star Wars collectibles.

At the same time, NFTs stand to transform the emphasis of brand engagement by enabling companies and creators to build community among their megafans. NFT-based community building can work for Starbucks and Louis Vuitton, and also for your local noodle or donut shop.

Such activity will become more universal and valuable as digital wallet technology becomes more robust and accessible to consumers. In many cases, this will happen through customers acquiring their first few digital assets from some company or brand they already love and engage with frequently—hence why the likes of Nike and Reddit have been so successful in bringing new consumers into the NFT space.

And in parallel, the potential opportunity associated with any given NFT project expands as more platforms can interface with Web3 assets. Twitter was a bellwether for this in 2022, and as we were writing in 2023, many more platforms were beginning to integrate ways of displaying and interacting with NFTs.

Finally, from the perspective of an individual company, we should emphasize once more that there are many ways to win with NFTs. But depending on your goals, how you want to engage, and the scale and composition of your audience and market, your NFT strategy may be very different. That’s where we’re going next.

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