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LEDGER OF RECORD by LoreAuthor: Ryan Myher
Web3 Markets & Makers Building The Future of Technology! Brought to you by Lore, building google for web3 Language: en Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Episode 5 - NFTs. The Past, Present, & Future
Episode 6
Tuesday, 7 February, 2023
Hey there, this is Ryan on Episode 5 of Ledger of Record. Ledger of Record is brought to you by lore, the first natural-language block explorer enabling anyone to be a voyager for on-chain data. Start exploring now at Lore.so!This episode is about NFTs - where we are now, and where we have to go. It would be a crime to start this episode without talking about the two platform overviews that are so strongly correlated to NFTs.Probably the most famous, Opensea. Opensea allows creators, artists, and collectors to monetize their digital creations in a way that was previously not possible. With Opensea, the ownership and authenticity of each NFT can be easily verified, and the market operates 24/7 without the need for a middleman. The platform has gained popularity due to its user-friendly interface and growing community of users, making it an exciting and innovative way for people to invest in and showcase their digital assets.During the NFT bull run around January of 2022 there were 2M unique NFTs sold just on Opensea alone generating 4.8B - since then the market has taken a massive hit with numbers last month at roughly $446M in total volume & 1.1M NFTs being moved.LooksRare came onto the scene with a splash. Looksrare also offers a very intuitive platform for creators, artists, and collectors to buy & sell NFTs. They are positioned as being community-first means that LooksRare rewards, empowers, and gives back to the platform's users and creators as they participate in the ecosystem. I am excited to watch the platforms carve out their nicheEbays expansion into NFTseBay now allows "trusted sellers" to list authentic NFTs on its platform in specific categories like music and trading cards. As it becomes more comfortable with the asset type, eBay plans to relax company policy on the sale of NFTs to allow a broader range of products going forward.Perhaps the most eye-catching element of eBay's venture into NFTs is that it only accepts fiat currencyCrypto artKike Crypot Punks and the traditional PFPMusicMusiccan be purchased as an NFT, usually in the form of an MP3 or MP4 file. It's worth noting that purchasing a music NFT doesn't give you ownership of the actual song, but a representation of it. Trading cardsTrading cards and NFTs are a logical pair, as rarity and value can easily be determined by the representative NFT, kind of like a card's serial number.Something I am looking forward to in the future. NFTs are considered assets or passes into elite clubs. Something that makes a ton of sense to me is rental markets for NFTs. Lets use bored apes as an example - there are 2 archetypes here. 1. Linda who owns say 4 bored apes because he loves the mission and thinks they will appreciate over time. Though this may be true he doesnt want to pull a line of credit out against them and has no way of gaining liquidity2. Mike is someone who cant afford to buy one outright but wants to be a part oif the community for a year, getting exposure to VIP events and other Bored Ape exclusive content. They would be interested in renting one of Lindas apes for 1 year to gain access to thisI think there is a huge opportunity space here.This is an ever evolving space and I am sure I will be talking about it again soon on Ledger of Record.
