I'm a believer in the long-term potential of NFTs.
but I also know there are many open questions and grandiose claims today
vision is important, but the devil is in the details.
Here are 20 Q's about NFTs I'm thinking about:
but I also know there are many open questions and grandiose claims today
vision is important, but the devil is in the details.
Here are 20 Q's about NFTs I'm thinking about:
Provenance
1. What happens when an NFT is issued on multiple blockchains?
2. If the original media is destroyed (e.g., tweet deleted) what does that mean for the NFT holder?
3. What will standard metadata and best practices look like?
4. Should metadata always be on-chain?
1. What happens when an NFT is issued on multiple blockchains?
2. If the original media is destroyed (e.g., tweet deleted) what does that mean for the NFT holder?
3. What will standard metadata and best practices look like?
4. Should metadata always be on-chain?
Rights Management
5. How are digital rights managed in a world where NFTs are issued on-chain?
6. What happens when IP develops after the NFT is minted. For example, an NFT is created and then the IP becomes really valuable down the line.
5. How are digital rights managed in a world where NFTs are issued on-chain?
6. What happens when IP develops after the NFT is minted. For example, an NFT is created and then the IP becomes really valuable down the line.
7. What does ownership of an NFT actually get you. What’s next? Commercial rights? IP rights? Bragging rights? [one of the most interesting questions to explore IMO)
Custody / Safeguarding
8. How will “institutional custody” evolve. For example, a Beeple piece worth $69M should not sit on a casual
wallet
9. Fraud is going to be rampant in NFTs - how do we ensure everyday users can safely buy NFTs?
8. How will “institutional custody” evolve. For example, a Beeple piece worth $69M should not sit on a casual
wallet
9. Fraud is going to be rampant in NFTs - how do we ensure everyday users can safely buy NFTs?
Role of Marketplaces
10. How do marketplaces define their moats when they are open platforms - creators can sell cross-platform?
11. Will rent-seeking remain at the marketplace level or move to curation?
10. How do marketplaces define their moats when they are open platforms - creators can sell cross-platform?
11. Will rent-seeking remain at the marketplace level or move to curation?
12. How will the economics differ from today’s marketplaces? For example, Web2 marketplaces can take 35%+ of sales. NFT marketplaces are charging anywhere from 2-15%
13. Will the prevailing model become synonymous with web2 [value to marketplaces + aggregators]?
13. Will the prevailing model become synonymous with web2 [value to marketplaces + aggregators]?
Revenue
14. Which use cases would fractionalization make the most sense?
15. Can & should royalties be paid to multiple parties?
16. Are NFTs for consumption, investment, or both? What are the implications?
17. How will creators leverage NFTs as a distribution channel?
14. Which use cases would fractionalization make the most sense?
15. Can & should royalties be paid to multiple parties?
16. Are NFTs for consumption, investment, or both? What are the implications?
17. How will creators leverage NFTs as a distribution channel?
Pricing + Financialization
18. Which factors will play the largest role in pricing of NFTs? Demand, willingness to pay, provenance, IP integrations.
19. Will price discovery be driven by experts or broad-based users?
20. Will NFTs as collateral become commonplace?
18. Which factors will play the largest role in pricing of NFTs? Demand, willingness to pay, provenance, IP integrations.
19. Will price discovery be driven by experts or broad-based users?
20. Will NFTs as collateral become commonplace?
I could keep going!
Point being...it's early. there's a lot of exploration to do. this is exciting.
Point being...it's early. there's a lot of exploration to do. this is exciting.
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