Ever since GaryVee announced VeeFriends I’ve been reading more into NFTs. I mean PROPERLY reading into it. Not just reading headlines and tweets and assuming it’s a digital money laundering scheme.
NFTs might have some real potential and all it takes is looking at this trivial use case to realise it. I’m not talking digital art. That’s just signalling wealth which is how Nate Alison put in and that makes a lot of sense.
I’m talking concert tickets. Simply reading the subject line of Coinbase’s newsletter this week tipped me over the edge into to writing this post.
I always wondered why GaryVee was so excited about NFTs. Frankly, he’s excited about everything and there isn’t a more forward thinking entrepreneur with such a consistent level of enthusiasm. But looking at how he has always advocated community over everything this new technology was the signal he’s been waiting for.
This is my definition and main use case for NFTs. They are decentralised community cards that rewards you for being the first.
I’ll let you argue over the nuances of that definition but to me that seems like the best description of the true value of NFTs.
How much would you pay to be member #145 of a community you’re deeply invested in? Even if you cashed in your membership card, what if you kept some of the sell on value, again and again and again?
If you’re wondering why not just sell normal membership cards/digital tokens? Because humans love social hierachy. Being a “stan” is a nice analogy for this. We want to signal to others that we are true fans. It is why collectors items are such a massive business.
People that buy collector’s editions and pre-order items might finally end up with an asset that appreciates. Their loyalty and enthusiasm might finally be rewarded.
NFTs allow true fans to prove to the world they are the “originals”. (Not that family in that vampire series but I would wholeheartedly recommend watching it on Netflix).
There’s finally a way to digitally prove you are an original fan of an idea, concept, artist or influencer without having the struggle of proving authencity. Your dedication will pay royalties for years to come and the technology behind NFTs will stop scalpers haemorraging highly valued collector’s items.
NFTs have the potential to be the default for providing a Non-Fungible Token of Appreciation. Representing your membership as part of an online community that grows in value over time.
Above The Veil 