Thread by @sanchans

1/ I had a great time hosting our #BUIDLCrypto chat on NFTs with @blauyourmind of @x0rart, @GxngYxngNFT of @Ghxsts, @dotta of @forgottenrunes, and @midnight426 of @ponderware - all who will be doing drops at the launch of @Coinbase_NFT.

🧵👇 (coinbase.com/buidlcrypto)

2/ “I don’t think they're a fad. NFTs are fundamental ownership of digital assets. On our computers, we use docs all the time, but we copy, paste, and transfer them. NFTs allow for fundamental ownership of a digital item. As we progress into a completely digital world…”

“...that's going to be an important use case. Right now it's manifesting itself in artwork & communities, but it's going to be the mechanism that we're going to use to represent real assets & ownership. It’s the beginning of a beautiful technological boom.” - @x0rart

4/ “Crypto is a primitive for digital ownership. To say that NFTs will be worthless is a miss to the point that we've created digital value. It’s a new coordination mechanism. There are lots of interesting ways that we'll see this play out over the next few years. - @dotta

5/ “NFTs as we see them currently may not exist in a couple hundred years but the concept will remain & can continue to trace back its origin, which is the whole point of the blockchain. It may look very different & we may not even call them NFTs in the future...”

“... but we have the building blocks to build the other things the same way that you don't type in IP addresses into your browser, even though the original websites were accessed that way. It'll grow and evolve.” - @midnight426

6/ “People have been changing their @LinkedIn profile pics to their NFT & they've been finding jobs b/c companies see the PFP & realize it's an NFT & that this person may be more forward thinking. We're at the tip of the iceberg & this is only the beginning.” - @GxngYxngNFT

7/ “One of the things that I love about the community is you don't buy and sell your #MoonCat. You foster it. You don't hold your #MoonCat, you cuddle it. People who hang on to their #MoonCats long-term have diamond paws. Liquidity has allegiance for the right NFT” - @ponderware

8/ “It's been the most authentic and incredible community I've ever been a part of. These are real friendships being formed. People don't even want to sell their pieces because they're having so much fun. It's not just a meme. It's a family at this point...”

"...Re: liquidity having no allegiance, NFTs have a hold on people that coins never had. It connects people & they see something special in the work, they can't let it go. People get huge offers. If it was a coin, they would sell it because it's just a number." @GxngYxngNFT

9/ “NFTs need to be more accessible. Everybody I've ever told about NFTs are excited about it, but they just have no idea how to start. That's actually one of the reasons I'm excited for the @Coinbase_NFT marketplace, because I think it's going to bring in a lot more people…”

“...Right now in the community we have hundreds of thousands of people. But with @Coinbase_NFT, it's going to become millions of people. So accessibility, ease of use, and sharing creators' work are important. It's going to be a really exciting time." - @GxngYxngNFT

10/ "The real pain points today are the UI/UX and wallets (custodial wallets vs. non custodial wallets). People are afraid to manage their own private keys. It alienates people. That's where @Coinbase_NFT can add a lot of value. - @x0rart

11/ “Imagine in 2012, the only way to buy bitcoin was if you understood how these things work and you knew how to do self custody, but then new innovation made it easy. The 68mm users of @Coinbase and many more on other exchanges are able to participate and buy crypto…”

“...With @Coinbase_NFT, you already have a custodial wallet with @coinbase and if you already have crypto in it, when you see an NFT, you should be able to buy it with the crypto that's sitting inside of that wallet and then custody the NFT in your @Coinbase account…”

“... I also want to recognize that there is a growing movement around self custody and we are very bullish on that as well. Coinbase NFT will also allow anybody to use any self custody wallet to participate as well” - @sachans

12/ “NFTs are the perfect bridge for non-crypto native companies to get into crypto because it makes sense to be able to look at collectibles and art more than tokens. It's already happening, and as we know, large corporations don't take unnecessary risks.” - @GxngYxngNFT

13/ We also had @3LAU join us as a surprise guest from the audience, and share his vision for NFTs, including "I think what's most exciting is shared ownership - when an artist can actually share their IP with their collectors and with their supporters so there's upside..."

"...that exists both for the artist and for the people who appreciate the art. And I think that that's the next iteration that we'll see in the NFT space, real IP ownership shared by artists and fans." - @3LAU

14/ “Things are only just beginning and it'll more often develop into something bigger and bolder as time goes on. And we might not recognize the NFTs of today in a hundred years, but we will definitely remember the impact it has had on society. “- @sanchans

15/ Catch us again on next Tuesday for another episode of #BUIDLCrypto. We will be discussing all things related to #DAOs with our next set of guests. (coinbase.com/buidlcrypto).

#crypto #coinbase #buidlcrypto