While NFTs have experienced immense popularity in the art and entertainment spaces as a way for creators to connect deeply with consumers, they have also proven to serve as an unprecedented revenue source. With knowledge of this new income stream becoming widely known and accepted, the possibilities for new business Session opportunities are endless within, and reaching beyond, the realm of NFTs. Panelists will examine exactly how NFTs can revolutionize traditional markets, as they allow for transactions beyond the exchange of digital collectibles.
- Moderator | Justin Roberti
- Richard Li, 4k
- Nick Emmons, UpShot
- Brady Gentile, Hedera Hashgraph
- Matt Lockyer, Satori & NEAR Protocol
The panel was comprised of a diverse group of creators all working to contribute to the decentralized economy in their own ways. While there was acknowledgement that a significant part of the underlying infrastructure still needs to be built, the participants across the board agreed that NFTs will represent a core pillar in the new age economy.The underlying technology and innovations mean that creators and fans alike are finally empowered to connect with each other, without the having to go through “terrible web2 platforms” where there was a lack of power, lack of data, and limited monetization opportunities. The value of peer-to-peer marketplaces come from consumers being able to forge relationships with creators and owning a piece of their work. Similarly, DAOs represent a decentralized investment vehicle that is the antithesis of centralized governance architectures that are not agile and not responsive to the needs of the citizenry.
Looking ahead, the use cases of NFTs range from healthcare (i.e. an NFT containing your personal data, giving consent for clinical trials in one example, and in tracking vaccine adoption in another example); to simply combining the value of digital and physical assets (i.e. producing physical, bespoke sneakers for CryptoPunks and Bored Apes).
Overall, the panelists were bullish of the proliferation of NFTs in commercial and societal use moving forward, and believe that soon we may move beyond this early adoption phase.