THREAD 🧵
Why are owners of @GutterCatGang cats buying digital “vials” of “juice” that create new cats from existing cats and cat sacrifices?
And why should #web3 watchers care?
TL;DR: This is actually sophisticated market and product engineering at work. 👀
/1
Why are owners of @GutterCatGang cats buying digital “vials” of “juice” that create new cats from existing cats and cat sacrifices?
And why should #web3 watchers care?
TL;DR: This is actually sophisticated market and product engineering at work. 👀
/1
https://twitter.com/gitknocked/status/1568718078401200128
Earlier today, @GutterCatGang dropped a new NFT.
It was not a new cat avatar collection. But a product that could be purchased and then used by cat 🐱 holders to create “clones” of their cat with new features.
Old Cat + Sacrificial Cat + Juice = Old Cat + Clone Cat
/2
It was not a new cat avatar collection. But a product that could be purchased and then used by cat 🐱 holders to create “clones” of their cat with new features.
Old Cat + Sacrificial Cat + Juice = Old Cat + Clone Cat
/2
https://twitter.com/guttercatgang/status/1568668922991505408
As @GitKnocked has so aptly summarized:
This allows GCG to raise more money without diluting the number of total NFT's in the ecosystem:
1: Release "Vials"
2: two clones and one vial burns one of the clones and replaces with an "Upgraded" clone (D2)
/3
This allows GCG to raise more money without diluting the number of total NFT's in the ecosystem:
1: Release "Vials"
2: two clones and one vial burns one of the clones and replaces with an "Upgraded" clone (D2)
/3
https://twitter.com/gitknocked/status/1568731766826930178
This does a few interesting things:
1. It creates demand / buying pressure on the market for GCG avatars , because 2 are needed in order to use the vial to create a clone.
2. The sale of the vials raises capital
3. It removes low-cost GCG avatars from the market.
/4
1. It creates demand / buying pressure on the market for GCG avatars , because 2 are needed in order to use the vial to create a clone.
2. The sale of the vials raises capital
3. It removes low-cost GCG avatars from the market.
/4
This NFT vial/juice clone creation is one illustration of why digital assets are so interesting:
There is a vast potential for value creation through creative new “products” like this.
/5
There is a vast potential for value creation through creative new “products” like this.
/5
This really reminds me of creative financial instruments.
Evokes Wall St tech/math quants building derivative financial products to create value out of thin air. But - hopefully - not doing it in the shitty way than what came to roost in ‘08 that obliterated the economy.
/6
Evokes Wall St tech/math quants building derivative financial products to create value out of thin air. But - hopefully - not doing it in the shitty way than what came to roost in ‘08 that obliterated the economy.
/6
It’s a fascinating way to create value and evolve assets and a brand.
And this is not limited to “vials” of cloning juice. That is one early technique that’s been used here.
But because there are digital assets there are so many possibilities.
/7
And this is not limited to “vials” of cloning juice. That is one early technique that’s been used here.
But because there are digital assets there are so many possibilities.
/7
With dynamic NFTs, the NFT - whether the art, utility or IP rights - can evolve and change over time.
You can program in these changes to the asset over time or based on outside events.
/9
You can program in these changes to the asset over time or based on outside events.
/9
For example, if you’re a holder of the NFT on it’s 3 year anniversary, the NFT gives you an extra digital asset or changes in some way.
Or if some event happens in the world, the asset and it’s underlying value changes.
/10
Or if some event happens in the world, the asset and it’s underlying value changes.
/10
Dynamic NFTs really are only limited by our own imaginations:
Here is another example where the NFT changes based on outside events. In an NFT project tied to a particular charitable cause. If the charity is funded, all the NFTs in collection get a new utility o new NFT.
/11
Here is another example where the NFT changes based on outside events. In an NFT project tied to a particular charitable cause. If the charity is funded, all the NFTs in collection get a new utility o new NFT.
/11
With a hat tip to @motherhoodmag, this is also like … how does Apple create demand for the next iPhone…how do you do that with digital assets? This is one way. Super interesting, IMO!
/12
/12
And this is all value creation through creative #IP strategy on some level!
On one level we’re talking about cat pictures & digital juice.
But on another, we’re talking about a fascinating case study in economic/tech/IP/biz strategy for a brand new asset class. 👀
/13
/END
On one level we’re talking about cat pictures & digital juice.
But on another, we’re talking about a fascinating case study in economic/tech/IP/biz strategy for a brand new asset class. 👀
/13
/END
Huge credit to the awesome @GitKnocked for helping me sus this out in a convo with him earlier today.
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