When people ask me when will NFTs come back, I answer that the most important problem of NFTs today is we need better rails. If @MagicEden keeps building better rails, we'll create the foundations for new NFT use cases.
My thoughts + some alpha in the last paragraph👇🏻
When we’re in a bear, people often jump to building new use cases, but I stick to rails
People who think NFTs are dead often ask why there aren’t new retail users flooding in to buy tokenized real estate, tickets, and music. They are asking for use cases.
Use cases vs Rails
• Use cases: value props to pull people into NFTs despite high UX friction
• Rails: great tech to enable new use cases that will onboard new users
I have watched use cases fail throughout the ‘23 bear
Our team started @MagicEden nearly three years ago with conviction that NFTs are an asset class that will stand the test of time. People have tried to take on new use cases, but many did not succeed. Even if their ideas were good, execution was often not possible due to the friction of onboarding users.
There's still too much friction in consumer crypto today
In a typical user journey, users hear about a famous creator. Then, they must onboard to a CEX, download a non custodial wallet, navigate past a bunch of scams, and join a Discord or Telegram channel. Only early adopters could endure this much friction.
How can we be surprised that “mainstream” NFT use cases have not taken off?
That is why I think today’s NFT problem is first a rails problem, not a use case problem
In the early internet days, dialup, static website tech, clunky desktops all constrained what kinds of use cases were possible. But once broadband, javascript, mobile were invented, the use cases of the internet exploded.
We need a frictionless way of onboarding users and then the use cases will blossom.
I believe we are at the cusp of the “broadband” moment for crypto. With many innovations that are reducing friction: embedded wallets, passkeys, L2s, sponsored gas, etc. These are all major technological leaps that signal a big paradigm shift in crypto.
Magic Eden is going to build rails to help NFTs grow
We’ve finally built the strongest cross-chain NFT platform. The next big leap for us is to grow via Magic Eden Wallet. Imagine if Magic Eden Wallet added, say, passkeys, embedded wallet, sponsored gas for some experiences that will push the boundaries and delight all our users.
Imagine it, we’re building it 😉
My thoughts + some alpha in the last paragraph👇🏻
When we’re in a bear, people often jump to building new use cases, but I stick to rails
People who think NFTs are dead often ask why there aren’t new retail users flooding in to buy tokenized real estate, tickets, and music. They are asking for use cases.
Use cases vs Rails
• Use cases: value props to pull people into NFTs despite high UX friction
• Rails: great tech to enable new use cases that will onboard new users
I have watched use cases fail throughout the ‘23 bear
Our team started @MagicEden nearly three years ago with conviction that NFTs are an asset class that will stand the test of time. People have tried to take on new use cases, but many did not succeed. Even if their ideas were good, execution was often not possible due to the friction of onboarding users.
There's still too much friction in consumer crypto today
In a typical user journey, users hear about a famous creator. Then, they must onboard to a CEX, download a non custodial wallet, navigate past a bunch of scams, and join a Discord or Telegram channel. Only early adopters could endure this much friction.
How can we be surprised that “mainstream” NFT use cases have not taken off?
That is why I think today’s NFT problem is first a rails problem, not a use case problem
In the early internet days, dialup, static website tech, clunky desktops all constrained what kinds of use cases were possible. But once broadband, javascript, mobile were invented, the use cases of the internet exploded.
We need a frictionless way of onboarding users and then the use cases will blossom.
I believe we are at the cusp of the “broadband” moment for crypto. With many innovations that are reducing friction: embedded wallets, passkeys, L2s, sponsored gas, etc. These are all major technological leaps that signal a big paradigm shift in crypto.
Magic Eden is going to build rails to help NFTs grow
We’ve finally built the strongest cross-chain NFT platform. The next big leap for us is to grow via Magic Eden Wallet. Imagine if Magic Eden Wallet added, say, passkeys, embedded wallet, sponsored gas for some experiences that will push the boundaries and delight all our users.
Imagine it, we’re building it 😉
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