These look good.
I'm interested to hear your thoughts about how you think NFTs will evolve moving forward. Is it a sustainable "model" as it currently stands? Does it need to be any different?
I'm asking mainly because I originally wanted to let users on liketu mint NFTs, not of their posts, but any pictures (including any art or digital art). I came to the conclusion at the time that it wouldn't likely be value accretive to the seller, or the buyer if the line in the sand was just NFT-tise anything. After-all, the point of digital scarcity is that .. it is scarce..
But, I have also expressed elsewhere that I believe we must do more (not just at liketu) but Hive broadly speaking, to encourage dollar voting through paying for content. Thus, we implemented the premium subscription paywalled feature. After-all, there is a vibrant and growing appetite for creators to sell premium content to consumers, and the consumers don't necessarily expect a "ROI" on the content they're paying for, but it is good to know that they could potentially pass it along if they wish, as well as earn some bragging rights within their niche communities.
Of course, what we have now is just one example of how people might pay for premium content, and minting / selling NFTs is another. The question is, how to make it a value proposition to both sides of the equation.
Thank you for the comment. Very thought provoking.
IMHO, I don't think NFT's are sustainable as 2D unique pictures, unless there is some utility behind it, such as owning an NFT that gives access to a content creator's library or owning an NFT to hang in your metaverse gallery. In the end, the value of owning that NFT depends on the buyer's perceived value of it.
I'm reminded of a project, clout.art, that takes your Instagram posts and turns them into NFT's. The content creator can monetize their posts that way. I suppose if Liketu adopted a similar model, members can sell their posts as NFT's if their fanbase is strong.
I think where the aforementioned model can really take off, and people start finding more value in Liketu NFT's, is if the NFT can be implemented across HIVE or a HIVE metaverse, where they can showcase or flex their NFT's.
For now, without a gallery or metaverse to display ownership, I think NFT's will hit a stumbling block.
The problem with turning every post into an NFT is exactly as I described in my original comment. The best kind of "trade" whenever there is any exchange, is one where both sides see what they are foregoing as atleast as valuable as what they receive in exchange. Creators of course will sell their NFTs and sometimes for a lot of money, but what immediate value (purposefully ignoring the speculative onwards resale value) does an owner get? Is it social credit? Clout?
What i'm interested in, is balancing the equation. There are plenty of people who are willing to pay large sums of money for "exclusive" content. Whenever I have purchased a creators NFT, be it art, a fancy picture or something else, it's always with no expectation of ever reselling it. It is effectively a consumable except that it is not "perishable."
I think that selling NFTs as an access "pass" to something makes more sense. But then we're out of the realm of selling "content" itself as the NFT.
If we created NFTs of some sort, I think it would have to be more than just a creators post, or a picture. Integrating galleries in the same way opensea does it is not very hard. Especially if we used something like HIVE-ENGINE for the NFTContracts, having a trophy or gallery would of course be there too.
The message i'm getting though, is that NFTs (in their current form at least) are only valuable if a) the consumer inherently values it (not speculatively) or b) it has the potential to be perceived as valuable, bolstered by things like flexing on galleries, publicly etc.
I lean more on the passes as being truly value accretive for both sides, but that would some what jeopardise the "I sell my art for a fortune" people, as well as those aspiring to achieve that dream.
I will also add, that I am quite a prolific buyer of the Punk NFTs :
https://peakd.com/hive-167922/@themarkymark/hive-punks-market-volume-breaks-114-000-hive
Along with others outside the HIVE ecosystem, I have never bought them with the expectation of a return on investment. I have always purchased them either as trophies, or as consumables. Some photos for instance, I have bought on Opensea from creators I like are essentially a "tip" to the creator as a show of appreciation for their content. Nothing more.
Certainly, for the most part, owning a Crypto Punk or BAYC gives the owner social credit. And some collect, just because they like them, such as yourself with Hive Punks. A gallery is clearly a place to display your own enjoyment, but is also used to flex their social/digital prowess.
However, I think a gallery can also include NFT's with utility to display alongside NFT art. NFT's with utility may not be artwork in a traditional sense, but they hold as much value. If someone saw a Liketu member with an NFT that provides access or had access to a special event, in that member's profile/gallery, it provides that member social credit. I liken it similar to badges or achievement awards.
I don't think NFT art and NFT's with utility have to be mutually exclusive within the same space. That's not to say there won't be some speed bumps trying to find the right balance.
I was quite interested by the IreneDAOs lately because they are in a way both "art" and "utility"
The issue of course, is that they're more akin to securities, especially when they grant some kind of financial reward for holding them. The value of them then, will essentially boil down to the popularity of the person issuing them, along with their ability to raise other metrics of "value," similar to how a company would pay dividends to their holders from profits earned in their activities.
We are in agreement that a gallery is an important place to show-case any and every NFT you own. But I don't consider that a core value proposition, instead a value add. Utility is one example of a core value proposition, but outside of speculation or hype, I'm still unable to see value beyond an individual buying them if they really liked it.
It's sort of like asking someone if they would buy a Rolex, but can't tell anybody about it. Are you buying the brand, the recognition, the social credit, or is that some what baked into the product itself?
Back to the point of the whole discussion though, in what way would you see Liketu offering meaningful NFTs which go beyond 2d pictures. We discussed the gallery pass model, that's something I have considered before as an extra "vip" kind of tier in our existing tiered content streams, but what else?
Great question. Just off the top of my head, collecting NFT's, then possibly burning them, to get access to an exclusive NFT, exclusive access to content or a Discord membership, or a raffle for a Hive Punk or Splinterland card.
What I like about the HIVE community is the level of engagement and the community helping each other, and so however Liketu changes to implement NFT's, should help support engagement.