And the future of NFTs is: utility and access, not bored apes or crypto punks.
Constellation CEO Ben Jorgensen and our partners at Geojam had a great time attending the SXSW satellite event hosted by Abra (though they did nearly freeze on the uncharacteristically cold day). As expected, the panel Behind the Art: The Future of NFTs proved a lively discussion about the significant role of NFTs in the stakeholder economy. Here are a few notable points that stuck with us.
“Web2 is about me. Web3 is about us.”
Those inspiring words came from the CEO and Founder of Geojam, Sarah Figueroa, as she explained the significant role NFTs play in reigniting loyalty among music fans. NFTs can be silly, fun, and an easy entry point into crypto. But they’re so much more. Sarah says it’s about utility. “I think NFTs will have so much utility, which is why they’re so exciting.” If you think of their potential from a utility perspective, you can see how every industry can benefit “whether you’re in music or sports, or the entire creator economy.”
Geojam uses NFTs for governance and as an access token. An NFT represents a ticket into different places and gives you governance over the decentralized organizations on the Geojam platform.
“NFTs are allowing fractional ownership and inviting the stakeholder economy in a completely different way.”
Constellation CEO Ben Jorgensen continued the theme of NFTs as a ticket for access. His examples presented the possibility of partial ownership of an item or asset through a digital license. Or, an NFT can be the source of individual data ownership. For once, people can have control over their data.
A drastic shift in the balance of power like this gets overlooked when the NFT hype boils over around high prices and bored ape art. The reality: This kind of NFT potential paves a path to future possibilities. “That’s not just speculation on a currency traded on an exchange,” says Ben. We haven’t even cracked the surface. “All these things are evolving conventional business models in a meaningful way.” In this sense, NFTs are partly a catalyst for creativity and innovation yet to come.
Web3 was THE story at SXSW this year.
With a schedule heavy on topics around token economies, DAOs, the Metaverse, NFTs, and blockchain, SXSW is all-in on Web3 — and everyone’s there. The skeptics, the believers, the curious.
Web3 events matched the mood, too.
- A blockchain time capsule. The SXSW x BCL NFT Ledger is an infinite, immersive room-scale real-time visualization of blockchain data at SXSW. The moments captured will be live at SXSW sponsor Blockchain Creative Labs, who mints them into the World’s Largest Co-created NFT.
- A dynamic place where Web3 thought leaders exchange ideas. The BCL_WEB3_EXCHANGE offers daily fireside chats, discussions, debates, decentralized disruptions, and celebrity drop-ins, and the topic is always Web3.
- Immersible experiences with digital characters. Fluf World offered one of the most extensive exhibits at the festival. It included rabbit avatars and panels on Web3 and the metaverse.
- At least 85 unofficial co-working and networking Web3 events continue into this weekend, in addition to the official SXSW panel events.
We’ve got more events on the calendar, and we’re happy to be out on the road again. Hope to see some of you soon.
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