a blog about the NFT space
Ok, so the infamous crypto crash is old news at this point, having occurred weeks ago. There is much more in-depth analysis out there than I am going to give right now, such as this Coin Bureau video. I recommend Coin Bureau to anyone curious enough to actually take the time to listen and learn about crypto world - Guy provides daily in-depth coverage of the space in everything from video content on Youtube to weekly newsletters. Anyway, suffice it to say that there seem to be some different factors affecting the crypto crash, including some of the same ones affecting the overall market crash globally and in the States. At least we know that it isn't just crypto, but that it's tied to an overall greater economic trend in the world right now.
As it all pertains to NFTs, nothing has changed in my opinion about them or my approach to ownership. I may be different than some, because I don't actively buy, trade, and sell NFTs, therefore I didn't have a position that caused me to lose lot of money I was counting on when NFT value largely tanked along with the crypto market recently. I am a hodler, meaning I hold my NFTs. I have selectively purchased ones I believe will be valuable in the long term, in 20, 30, or 40 years from now, including World of Women & VeeFriends. Could I be wrong? Of course. I don't think that I will be, but I could be, and that is actually part of the fun of investing in NFTs for me, it's a gamble to a degree, even if you have a more conservative approach to the market, as I do.
My position is this: I bet on the jockey. This is what I've been doing from day 1 in NFTs, and it's what I continue to do. For example, I believe in Gary Vaynerchuk, just as I do the World of Women team. These are real, doxxed people (all of whom I've met) who are actively building these projects with transparency. Gary has an amazing track record of executing as an entrepreneur, businessman and investor, and the World of Women team is one of the best in the young space, having already brought much value to holders while showing longterm vision. I'm in it for the longterm, and it isn't only about the money. It's about being a part of something positive, something new and exciting, and something transformative.
VaynerNFT ABCs of NFTs
Shoutout to VaynerNFT for dropping this great ABCs of NFTs guide with Reddit earlier this week. It's an excellent, attractively-designed guide that speaks in understandable language about NFTs, bringing data and research into the picture, as well as insight. It's a useful guide for everyday consumers, but also shifts to a high-level focus on how brands can use NFTs.
I highly recommend reading the guide in its entirety. Here's an excerpt from page 8 that shares future NFT use-cases:
"NFTs have garnered a lot of attention in the art and entertainment world. But with the emergence of Web3 and the Metaverse, the increased consumer appetite for virtual merchandise, and the shift towards the idea of digital ownership, NFTs are expanding way beyond digital art. We’re starting to see it spread into music, entertainment, sports, and live events—and provide value and utility beyond simply a digital collectible. While it’s still early stages, some real-world applications for NFTs could include:
Alright, that's all for this time, folks. Thanks for reading, and good luck out there if you're just dipping your toe into the space!
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Martin Rees. I joined the NFT space on August 1, 2021 and haven't looked back. Here is where I write about it.