This is #3 of 8 “flash content drops” in collaboration with MOMA artist & entrepreneur Paul Budnitz (CEO, Superplastic). We cover The 3 Types of Intelligence, the Future of NFTs, the “Creator Brain”, and How to Stoke Risk-Taking. You can follow me on twitter to get them.
The NFT Universe in 2030
“(Most) fine artists who just tried to plunk their work online mostly failed.” — Paul Budnitz, Founder & CEO, Superplastic
In fundamental ways, NFTs are like anything else. You have to think long term, to innovate and you have to go beyond just seeing them as static works of “art”.
You have to make something fans really want long term.
So let’s look at the art world and how that’s likely to evolve…
The big question for most art collectors is: “How do I know what is valuable so I know what to buy?
Traditionally in the art world “value” is created by the few: collectors, gallery owners, museums, and sometimes the artists themselves.
But with crypto it’s a lot more decentralized. You have “whales” who are big collectors who buy the most art, but also millions of fans who collectively affect what’s popular and what ultimately has value.
And of course traditional galleries and auction houses (like Christies) have gotten involved.
If a traditional gallery or artist gets into the space, they need to figure out how to appeal to these new tastemakers.
Damien Hirst and Tom Sachs have done killer jobs at this by:
→ gamifying their drops
→ making art that appeals to wider audiences, and
→ using their names as brands to draw in fans.
Other fine artists who just tried to plunk their work online mostly failed.
In 2030, here is where I see the NFT & creator space heading:
→ Synthetic art created by Synthetic artists…
→ sold to decentralized art collectives…
→ on public blockchains…
→ using public tokens…
→on chains that use close to zero energy.
And at the same time…
→ Small run handmade art created by talented individuals to small groups of avid fans…
→ on mini-blockchains that they control.
Watch Hirst, Sachs, and what we’re doing at Superplastic, and it becomes hard not to see the future of NFTs as reordering how art is made, valued, bought, and sold.
Groups/people to watch in this space:
→ Bored Ape Yacht Club
→ Tom Sachs
Stay Tuned → Coming up at 2pm today — The Nonsense Hiring Myth Startups are Told (2 min read). Follow Elizabeth on Twitter to get this content drop.
Contact Superplastic or Elizabeth:
→ If you or someone you know wants to meet Superplastic, they are hiring!
Elizabeth Bailey Weil
Founder and Managing Partner, Scribble Ventures (Scribble.vc). Previously Andreessen Horowitz, Twitter. Investor: SpaceX, Slack, Coinbase, Figma, Clubhouse, Calm. Letterpress printer (@paperwheel). Ultramarathon runner. Mom to @thirdweil and twins.