Crypto Curious? Vida x Soho Works Session 2
Beyond the planet of the (NFT) Apes…
February’s VIDA x SohoWorks Crypto Curious session was a deep dive into the topic of Non Fungible Tokens (NFTs) kicking off with a 30 minute explainer on what they are, how to buy them, where to buy them and a list of do’s and don’ts.
Following this we went beyond the early-stage hype and the soaring price of securing a Bored Ape Yacht Club or Crypto Punk for your PFP (Profile Picture) to explore and discuss some of the more commercially-driven utility tokenised applications and services that perhaps point to the longer term future for NFTs.
NFT’s - Back to the Future
In 1999 you couldn’t go for a meeting without someone telling you their game changing website idea, what followed was the Dotcom Boom followed closely by the inevitable Dotcom Crash.
Brands & fans
Back in the early days of the internet
There’s a similar energy around right now. In the early days of web, social and mobile we saw a land grab to exploit passionate fanbases and memberships by adding a digital wrapper and charging a premium. Right now, driven by marketers looking to harness the next big thing, there’s been a bunch of branded NFT type token campaigns. These things are more about selling snacks and booze than real digital art but are driving mass market awareness nonetheless. Who knew there would be a Pringles NFT?
Exclusivity & utility
Flyfish Club, the self-styled “first NFT restaurant”
It’s true that a Bored Ape is potentially more than a PFP with many examples of meetups, creative collaboration and innovation all being driven by the community. But we are also starting to see commercial membership propositions being launched with a clear and more traditional, real-world value exchange built in from day one. For instance Flyfish Club, the self-styled “first NFT restaurant” and cocktail lounge is opening in NYC. Membership is an NFT which can be used by members, they can lease their membership out to others, or sell it on.
Music & the big names piling in
Snoop Dogg Avatars
If there’s a commercial application it’s pretty certain that the music industry will find it. And one of the first truly big moves was announced to coincide with Snoop Dogg’s participation in the LA hip hop legend’s half time performance this year. 10,000 Snoop Dogg Avatars were made available to buy in Metaverse game The Sandbox, and following his acquisition of Death Row Records, Snoop announced his plans to turn it into the world’s first NFT label, selling $44m worth of NFT stash boxes in the first week alone.
Metaframes.io
NFTs