Guest:
Zack, Founder of MadMen @zackery_mad
Daniel Hyunwoo, TalenTale CMO@0xdhl64
Grace, TwitterScan CMO@0xgracee
喵奏, Riverman Co-Founder@nyakanade
Ran, OddOwl Club CIO@OddOwlClub
Host:
Anita, KNN3 Global Market Manager@knn3network
Shine, Nswap Social Media Manager@Nswapcom
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Q1：What's your idea about the current NFT market? How do you foresee the NFT future, especially for the web3 social ecosystem?
Zack@zackery_mad：
This question can be answered from two aspects:
1）At present, there are mass application projects but the exploration experience is difficult, mainly spread through KOL. The majority of NFT projects are PFP collections, with less utility deployment.
2）Users are getting smarter, most of them maintain an observing attitude. On the social side, some leading NFT already have social users, such as the BAYC community and sense of belonging. In addition to social attitudes and collections, NFT is an identity pass, exclusive access. We’re expecting more usage and scenarios in the market. An example worth learning from is 🍃 lens protocol, every post, comments on lens can be a NFT, and can be curated or collected by others. We should think beyond the boundary of graphical collection.
Ran@OddOwlClub：
I think we all agree that we’re in the bear market and learned some variables since it's so much younger than cryptocurrency. We are facing a situation that we have never encountered before. But I think it is also a good time to simmer down, especially to look for new opportunities in web3 social, and we've been working toward that end. From my point of view, one of the best ways to restore confidence and boost web3 social is IRL: in real life. You know, when I got stuck, I got a rug, I got upset, and I swear that I would never touch it again, and I started to drink and eat and meet up with other bodies, and listen to their miserable investment stories, I felt better off the best and we start to talk about the next diamond project all over again. Well, I am not joking around, the market might be frustrating but if you go back to reality, there are a lot of things that could cheer you up, and NFTs are not just on-chain assets, they're actually bonding us together and a lot of NFT holders love to go IRL with their fellow holders and talk funny stories. So, I'd like to say IRL social has a big impact in the future.
Daniel Hyunwoo@0xdhl64：
I think we all agree that there's no doubt that NFT plays such a crucial role building the current web3 ecosystem. Many projects launch their projects and require people to take some sort of section like entering online spaces or getting access to social events. For other people, purchase NFTs and show off their profile pictures on platforms like Twitter. People will know who you are and we'll see you as someone involved with recognizing the same community. So you can feel some sort of connection with the NFT profile picture. So, nowadays NFTs play such an important role with your involvement status and relationships with other people. Thus, it's really important how you represent yourself. In the future, I think NFTs will play a critical role in the web3 social environment, so the TalenTale team believes that the professional spirit of NFs will eventually represent people's identities in the future of the world. User-generated assets will replace user-generated content and resumes will no longer be taken for free in the future. Resumes will be replaced by our TalenTale NFTs where people just need to input numerous proofs of web3 footprints within a few simple steps.
喵奏@nyakanade：
There’s no doubt that the NFT market as well as the whole crypto market is in a painful process of decaying. The number of active users is shrinking which means there are less space for traditional NFTs to live.
Yet we think we should focus on some new types of opportunities, such as social-fi+ NFT, social game+ NFT.
In the near future NFT will develop many non-financial functions. These functions will also help us to build a new steady system of crypto economy.
And back to your question, social apps are apparently a good type of application that draws more non-crypto users into our system. This has also been proved in Web2.
Q2：Some people regard NFTs as tools for incentives or for speculation. What's your idea about NFT deployment? Do you think the application of NFTs can be widened?
Zack@zackery_mad：
As a means of value storage, NFT is very common in speculation and trading. However, NFT bears more usage than simply a store of value. As I mentioned before, there could be a lot more scenarios suitable for NFT. Social is definitely one of them, and also tickets and passes, in-game assets, and basically anything proves the ownership. For instance, 🪐yuliverse project is one good example to interact with web2 world.
Daniel Hyunwoo@0xdhl64：
NFTs are currently being used mostly for collectibles. That's where the discussion is taking place. We see so many NBA sports cards being sold for around a million dollars. But NFTs have more potential for use cases, they remove immediately for transactions or you can create new markets promptly. Specifically, I think they can be used to represent physical assets. Realistic properties being represented by NFT methods have long been talked about. NFTs have more influence on IRL, and really help people who are not involved in web3 space and get familiarized. We’re here now because we are either involved in web3 builders or investors or in a community but the reach is not high. There potential for people out of web3 to get acknowledged with web3 by NFTs. the marketplace will definitely change, whether you’re interested in web3 or not will be impacted. NFT applications will definitely be widened, one of the problems is the NFT licensing problem.
喵奏@nyakanade：
Nowadays NFT is already out of the history track, when it was invented, ppl were not using it for "money-making" purposes. It can absolutely be expanded to a larger range. SBT, soul bonding tokens are good examples. Through NFT, we can achieve much more impressive products serving not only financing but those needs that are not that relevant to ‘money making’. And I must say that a ‘profit-only’ NFT market can be boring as hell. I mean when it comes to pure money making, Defi works much better.
Ran@OddOwlClub：
NFT should be playing the role as an usher to onboard more users. Right now, NFTs are just small gadgets among very few people. I read the report from a16z, there are around 755 million active ethereum users today, that means today’s level of web3 adoption is about the level of internet adoption back in 1995, so there's a huge population for us to reach. I believe since we have had so many IRL events and got really good feedback, and NFTs displayed in IRL spaces can be a very persuasive method to attract new users. Imagine that there's a big screen displaying Ape in a downtown bar, people get curious, they would ask about it, and take a photo of it and send it to their friends.Me personally have told a lot of people to install a wallet to get POAP. by far, i think this is the best way to reach out to new users
Q3：Now some people think NFTs are a symbol of social status. For instance, if you own a BAYC, you are immediately in the “elite club”. Do you think this privilege should be encouraged?
Zack@zackery_mad：
Why not, that's cool to be treated as a privilege. But it should not be confined to the elite site. The target audience of NFT is the public, for example, Mad3 is naturally friendly to the public. NFTs should be used by the masses, not just like traditional auction houses/companies where the entry level is much higher.
Daniel Hyunwoo@0xdhl64：
I think we shouldn’t distinguish people by thinking of NFTs for social or financial reasons. I don't doubt that a lot of people think NFTs weigh both social and financial status, but I don't think NFTs can define someone’s social status. People hold NFTs because of different reasons, rather than categorized by hierarchy. The bottom line is social class can influence some purchases behaviors, but cannot fully represent one’s status.
The privilege sense is also very artificial, the success of BAYC can be traced back to a relatively long story in the early stage, but right now, there are millions of projects. That’s difficult to manipulate.
喵奏@nyakanade：
Real billionaires never show off, only pennies people blow off themselves. rich ppl buy Hermes like they buy food in the market. When the 2 people are carrying the same Hermes bag walking in the street, could you tell the difference between them? People get their social class through what they do, not just what they own. A hero gains his honor from heroic deeds, not just some superhero costumes.
In this way, we should make a thing clear: it’s not owning a BAYC makes you a crypto elite but buying one, which may work better when buying a high price one. That deed proves you are rich, excellent in crypto and deeply involved in this revolution.
Ran@OddOwlClub：
I do agree that holding some NFTs should be beneficial, because that is the value of it, otherwise it's just jpg, you pump it and dump it. That's why we have privilege for holders. For example, the BAYC project has some offline shops, restaurants and bars where you can walk in there and show your NFTs in your wallet, then you can get free drinks or special discounts. There will be more places like that, some kind of so-called brand membership. Users are not just holders but also owners, it is the users who make those places look awesome, web3 is a trading topic and we need to bring more customers or visitors that makes the tours look fantastic.
On the other hand, I don't think NFTs are designed for the elite, they’re meant to be popular for the public, so we shouldn’t encourage that some beneficial perks be given to NFT holders.
Q4：How do you imagine the NFT world is going to look 20 years from now?
Zack@zackery_mad：
In the future, the NFT threshold will be more friendly and more integrated with offline interactions. Humans will keep doing non-fungible conversations continuously. To fulfill, to distinguish from others, to complete his/her persona and character, and to identify his/her belonging/fraternity. Therefore, everything could be non-fungible or semi non-fungible.
Daniel Hyunwoo@0xdhl64：
The web3 space including NFTs have grown a lot in the past, even monthly or weekly. The new chapter of the internet is ever-changing.
Regarding the near future tho, I think the NFTs would play a more integrated role in our life. Nobody really knows the full potential of NFT, which its use cases are diversified in developing as we speak. But the specific innovation terms in the future of NFT i think are the identification and verification spaces. Twitter, for instance, is at the forefront of developing their in-house NFT verification mechanism that allows their users to demonstrate ownership of digital assets.
Compared to the physical passport that we carried around, within lots of risks, digital assets will actively protect our virtual identities. We will be the real residents of the metaverse.
喵奏@nyakanade：
Personally, I'm a very practical person, I make predictions rather than dreams. But NFT always brings up more surprises.
So I'll incite a saying as an end for my today's speech, "The metaverse of the future will transform how we work and our sense of self — and what we see now is only scratching the surface."
Ran@OddOwlClub：
From where I stand, I'd like to say NFT will play a significant role in social activities, and shake the way we interact with people. Social media has made it easier for people to connect their social life online but the benefits of socializing IRL still exist. For example, face to face interaction is still the best way to build strong relationships. NFTs are all about communities where great places to bond people together. In the future, NFT can be your identity, your voice, your certificate and stand for your vote that cannot be manipulated by certain politicians and help you find your kind. So, the possibility of NFT in the future can be infinite. Just keep building it!
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