One of the goals of our new book, The Everything Token, is to unlock the commercial potential of NFTs. Currently, domestic and international brands are already using NFTs in some consumer-facing campaigns, but we believe that more brands can benefit from this technology. We don’t want local businesses to fall behind. NFTs provide them with the opportunity to attract fans and communities.
To that end, we’ve created a blueprint for builders—everyone from startup team members to small business managers to big brand executives—and we describe a five-step framework for a successful case: The NFT Ladder.
Ownership: This is the most fundamental bargaining chip of Web3. NFT uses blockchain to create digital assets whose ownership can be defined and verified independently of any platform or intermediary. This helps to create a market for commodities where ownership is difficult or impossible to define, including the now ubiquitous digital images, as well as game items, event tickets, and even health data.
This means that NFTs can outlive their creators and give people a degree of personal control, just as they are used to with physical assets: the wallet that owns the NFT can decide which platforms can access it and how it can be used.
For example, if you want to move your NFT art collection from one platform to another, all you have to do is disconnect your digital wallet from the first platform and connect it to the new one. This gives people a greater degree of psychological ownership of their digital assets, and it starts a powerful incentive loop where when you are the owner of a digital asset, you are incentivized to help build the associated brands.
Utility: Adding functionality beyond ownership to an NFT can further drive its value. Many tokens come with default functionality, such as displaying images, providing access to events, or enhancing gameplay in online games, but this is just the beginning. Since NFTs are embedded in software, new features can be added over time.
An online gaming NFT might also grant access to a game’s Discord server, or unlock a fan’s subscription to a publication, with utility reinforcing the value people place on the NFT and encouraging repeated interaction with the asset, which in turn can inspire brand attachment.
Crucially, with NFTs on public blockchains, third parties can introduce utility just as easily as the original creator, and combined with the token’s interoperability across platforms, a diverse range of contributors can inject ongoing value into NFTs in a wide range of online and even offline environments.
A person could use a digital avatar on multiple Metaverse platforms simultaneously without requiring those services to interact directly with the creator or each other, just as a person could wear a piece of clothing anywhere without the brand’s approval.
Restaurants could airdrop coupons for local sporting games to NFTickets holders, studios launching a new Morlocks vs. Mages role-playing game could target people who already hold The Witcher NFTs, and more broadly, NFT projects could be launched by tapping into networks of people who can identify various interests on-chain.
Identity: The combination of ownership and ongoing utility drives holders to derive a sense of personal value from their NFTs and ultimately form a sense of identity around them. Interoperability plays an important role here, allowing people to easily display a given NFT (or more accurately, its associated metadata or media) on different platforms as part of their public identity.
Instead, as more people begin to associate their digital identities with digital wallets, it becomes increasingly important for brands to issue NFTs to anchor their relationships in people’s online experiences.
Specifically, identity is a big reason why PFP (profile picture) NFTs have taken off, these NFTs are designed to allow people to express their imaginative identities and connect with others with similar images and aspirations. More on this next, but identity can apply to any NFT category.
Think of a favorite POAP (Proof of Presence Protocol) NFT to commemorate an event, or even an NFT attached to a slide you’re particularly proud of, over time we expect to see many NFTs that build personal ownership and identity around personal data, such as education and health records.
Community: NFTs have “network superpowers”, and each token implicitly connects holders together to form a network of people with common interests and experiences, which is like the type of network effects we are used to in Web2, except that the value here is generated by assets rather than platforms.
NFTs enable people to find their own tribe and then provide a basis for their collaboration. The more prominent NFTs are in different environments, the stronger the related networks will become.
Additionally, NFTs allow holders to engage in a two-way dialogue with brands. Some NFTs grant governance rights, just like in a DAO or decentralized autonomous organization, but even if these rights are not granted, NFTs can still anchor a community of brand supporters and give them ownership of brand assets.
We describe fan communities in the context of NFTs as having a “semi-permeable membrane” through which ideas and experiments can percolate from NFT holders, while the brands themselves can integrate the most successful ones.
Evolution: All of this combines to form a powerful digital brand building component. Through NFTs, creators and companies can build a community whose members personally identify with the brand and are incentivized and empowered to contribute to it. Connecting these people to each other and the brand can guide them to evolve in unexpected and exciting ways.
The summary here is just scratching the surface, the upshot is that as projects climb the NFT ladder, they have the potential to upgrade ordinary consumer interactions into multifaceted community experiences, and as a result, we expect NFTs to become ubiquitous in both online and offline applications.
As we explained at the end of Chapter 1:
NFTs can transform images into event tickets, event tickets into brand anchors, they will launch the next generation of customer loyalty programs, creating structures that benefit businesses and consumers in new ways, they will change the way we manage work histories and health data, and they can transform simply owning a product into a close-knit community experience.
By Scott Duke Kominers and Steve Kaczynski
Compiled by: Luffy (Foresight News)
Open letter from Yuga's new CEO: Setting sail again with a crypto-native approach
On February 22, Beijing time, the recently controversial Yuga Labs ushered in a major personnel change - co-founder Garga.eth (Greg Solano) announced that he will resume the position of CEO of Yuga Labs.
Upon taking back control of Yuga Labs, Garga.eth published an open letter on the X platform, in which he outlined the development plans of Yuga Labs as a whole, as well as individual projects such as BAYC, Otherside, and game development.
The following is the full text of Garga.eth’s open letter, compiled by Odaily Planet Daily.
I will once again serve as CEO of Yuga Labs.
Wylie (Yuga Labs’ other co-founder, often known as GordonGoner) and I are very grateful to Daniel (Daniel Alegre, former CEO of Garga.eth) for his contribution to Yuga Labs and for his guidance over the past year, and I am excited to be at the helm of the company again as it moves into its next chapter.
Looking ahead to Yuga Labs, we need to operate in a more crypto-native way across the company, and Wylie and I believe that a few things are top priorities:
The first is about the development of BAYC.
Thank you all for joining us for our first Bored Meeting last weekend. In short, our view on BAYC is that the value of BAYC lies in its online community.
It’s why ApeFest is so special, why Made by Apes productions have exploded in popularity, why the club itself is so popular, and why BAYC has been able to work with some of the biggest brands in the world.
Inside Yuga Labs, we want to give the BAYC team as much freedom as possible to pursue its vision, which requires both a more focused focus and more flexible operating space so that it can do all of the above and create more of the amazing things we’ve done before.
Focus and flexibility require autonomy, and we’ve taken the first step in that direction - BAYC LLC will be established as a subsidiary of Yuga Labs to handle all BAYC-related matters. The BAYC team already has some great members, but there are still some key positions waiting for the right people.
The second thing is about the development of Otherside.
In our vision, Otherside should become the "living room" of Web3, a default play and social space for everyone (no matter which community you belong to).
Otherside is a brave attempt and we still have a lot of work to do. Only if everyone participates and experiences it more frequently can we build it better together. As we build Otherside, our vision is to keep it open and able to continuously iterate.
I'm confident in the work the team is doing to get back to this program, and we'll be ramping up our community communications starting this week, starting with the Apes Come Home event, and increasing the frequency of our communications with the community over the coming year.
The third thing is about game development.
We need to focus more on the game modes that are effective for Yuga Labs. For us, there are two strategies:
One is to create crazy and fun gameplay that can be enjoyed by all those who are still young at heart. The crazier the better, and the more popular the better, just like Dookey Dash.
We want to open the door for millions of new users to flood into our ecosystem and create opportunities for creators, IP holders and professional gamers, and I’m excited to see this progress with our partner Faraway, a game development studio.
The second is to build “crypto-native” game mechanics and platforms, such as [redacted] (a confidential game mentioned in the BAYC roadmap).
We’ve been here for three years since the founding of Yuga Labs and we’re incredibly excited about what’s to come, and I’m incredibly grateful to every single member of the brand team here.
We still have a lot of work to do, and without this team and this community of Builders, we would not be able to achieve our vision. Thank you all for your support.
For those of you who will be attending NFT Paris, I will be there to see you there.
Written by: Garga.eth (Greg Solano)
Translated by: Azuma (Odaily)
The "operator" behind many hot projects, Bitcoin NFT project NodeMonkes welcomes a strong rise
With the support of multiple factors such as the team background and the golden shovel attributes, the price of NodeMonkes has hit new highs and is considered a strong competitor for the Bitcoin NFT leader. So, among a number of small pictures competing on the same stage, how can NodeMonkes quickly build community consensus in the short term and occupy a place in the hot Bitcoin market?
“NodeMonkes is not an organization, movement, council or DAO, has no utility, roadmap, events, merchandise, etc., but just likes to experiment and build cool stuff and enjoy it.”
As the second Bitcoin project to land on the well-known auction house Sotheby's, NodeMonkes is the first original 10K PFP series on Bitcoin, with a total of 10,000. It was launched by anonymous members Nodetoshi and Monketoshi, of which 80% is used for auction, 10% is used for the community, contributors and developers, etc., and the remaining 10% is retained by the team and the corresponding address is made public.
Magic Eden data shows that as of February 26, the floor price of NodeMonkes exceeded 0.4 BTC, surpassing Ethereum's "mutant ape" MAYC. The increase in the past week exceeded 150%, and the total transaction volume reached 1,900 BTC.
The team background is an important factor behind the rapid rise of NFT, and NodeMonkes seems to have a "strong dealer". In addition to being the founder of the popular Bitcoin NFT Bitcoin Rocks, Nodetoshi may also be the "manipulator" of the Bitcoin rune project RSIC.
According to Ordinals contributor @ordjingle, the minting funds for Inscription No. 126, the parent inscription of the RSIC rune allocation system, and Inscription No. 162 of BitcoinRocks came from one address. He also revealed that Nodetosh was one of the three early members of the Ordinals founding team, but later left for some reason.
Simply put, the NodeMonkes team is a team of experienced veterans.
The release of NodeMonkes also went through several "episodes". After NodeMonkes claimed that it chose to reject VC's $5 million financing and chose to launch the project in the form of Free Mint, it gained good market attention. However, it later changed the release method many times, from whitelist, donation to the final Dutch auction. The team's capriciousness also caused community FUD, which also caused the original Dutch auction price of 0.21 BTC to be sold out at 0.03 BTC after about 30 hours. The team obtained sales revenue of about 240 bitcoins (worth about 10.49 million US dollars at the time).
Judging from the on-chain data, the NodeMonkes team has not yet sold its NFT assets or auction funds.
In addition, the golden shovel attribute is also one of the important considerations for the value of NFT. According to public information, in the past, there have been airdrops from multiple projects including RSIC, NFT lending protocol Arcade.xyz, NFT project QuarkDuck, NFT project OCM and AI faucet inscription AINN, as well as whitelist benefits such as Bitcoin game project Bitcoin Cats and Bitcoin project Ordinal Eggs.
Whether it is the team background or the value empowerment, the strong surge of NodeMonkes is traceable. In the future, as more and more projects similar to NodeMonkes continue to develop, Bitcoin will be further promoted to become one of the indispensable parts of the NFT ecosystem.
Written by: Nancy (PANews)
Layout: Jonathan
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