📹 Innovative Entrepreneurship: How Web3 and NFTs Are Changing the Game w/ Eric Mchugh Ep 37
(00:00) – Introduction Eddie introduces the episode’s focus on how Web3 and NFTs are revolutionizing entrepreneurship.
What kind of people like streetwear?
Streetwear consumers are predominantly young, with over 60% under 25, and with an average annual income of $40, 000. They have the means to spend on their favorite brands, with 56 spending $100-$300 on a single item. Asian consumers spend more, with 32 spending $500 or more per product. They connect directly with brands both offline and online, with 53 buying from the brand’s store and 42 from its website. Social media is their top source of influence, followed by other young urban people.
Successful brands have strong links to the cultures from which streetwear grew, with musicians having the most credibility among consumers. Streetwear’s young fans consider themselves socially conscious, with 70 stating social awareness and brand activism are important to them. The growth expectations for streetwear are robust, with 76 of industry respondents expecting the market to continue growing significantly over the next five years. To succeed, brands should focus on authenticity, scarcity, democracy, affordability, and seamless online and offline activity.
Why should artists use NFTs?
Non-fungible tokens (NFTs) are a unique and verifiable way of creating and selling digital art on the blockchain. They allow artists to create and sell unique and scarce digital works without the risk of duplication or plagiarism. NFTs also allow artists to retain copyright and royalties, set their own prices and terms. However, they also pose challenges such as environmental impact, legal issues, and market volatility. Unlike fungible tokens, NFTs cannot be exchanged for another of the same kind.
They have their own identity and history, which can be traced and verified on the blockchain. NFTs can be created, bought, and sold on platforms like OpenSea, Rarible, or SuperRare using smart contracts and cryptocurrencies.
How do brands benefit from NFTs?
Brands are increasingly using non-fungible tokens (NFTs) to enhance brand awareness and increase audience reach. These innovative methods can lead to new income streams, increased brand loyalty, brand culture, fundraising, and a loyal digital community. Some of the best ways to use NFTs for brands include collaborations with NFT artists, creating digital assets, linking NFTs to products, offering prizes, minting and auctioning special events, and creating memorabilia for specific ad campaigns, launches, or significant milestones in a brand’s history.
By collaborating with NFT artists, creating immersive experiences through 3D virtual reality, creating digital assets, linking NFTs to products, offering prizes, minting and auctioning special events, and creating memorable NFTs, brands can effectively engage their audience and drive growth in the digital world.
What does NFTs basically deal with?
Non-fungible tokens (NFTs) are digital tokens that represent ownership, ranging from digital images to partial ownership of interstellar spaceships. They are immutable, secure, and do not require third-party intervention. NFTs are an evolution of cryptocurrency, enabling digital representations of assets in modern finance systems. They are a step forward in reinvention of infrastructure, enabling sophisticated trading and loan systems for various asset types.
The concept of digital representations of physical assets and unique identification is not new, but when combined with tamper-resistant blockchain, smart contracts, and automation, NFTs can be a potent force for change.
How is NFT used in the fashion industry?
The increasing demand for ownership and authenticity in the fashion industry is driving the use of New Futures (NFTs) in digital fashion. NFTs can help avoid counterfeiting and replication, while also ensuring the originality of a digital product. As fashion consumers become less tied to specific brands and increasingly buy from fast-fashion companies, the importance of maintaining the integrity of item data is increasing. NFTs have become a top priority for brands as they try to overcome the global counterfeiting wave.
They provide a certificate of authenticity, benefiting both the brand and the consumer who is confident in the product purchased. NFTs offer an alternative to overconsumption in the fashion industry, and the advancement towards Web3 presents challenges in sustainability. However, with the crypto world becoming more green, brands can reinvent product consumption by providing unique experiences in the metaverse or real life.
Why have NFTs become so popular?
NFTs (Non-fungible tokens) have revolutionized the digital collectibles market, with popular items like NBA Top Shot snippets, CryptoKitties virtual cats, and CryptoPunks avatars fetching millions of dollars. The NFT-based and blockchain gaming market is emerging in the crypto world, with popular games like CryptoKitties and Axie Infinity. CryptoKitties involve collecting, raising, and breeding unique digital cats, while Axie Infinity involves collecting fish for NFT-based pets called Axies to fight other players.
Both games use the Ethereum blockchain, with tokens (SLP and AXS) having an ERC-20 standard that can be exchanged with other cryptocurrencies. This play-to-earn system has led many people to consider NFT games as investments or primary income sources, as demonstrated in a documentary.
How do people benefit from NFT?
Non-fungible tokens (NFTs) are unique digital objects that can be used in various contexts across different businesses. They can be used to prove ownership, designate property to specific funds, and create an open ownership structure. NFTs can also be used to represent and sell digital art, such as paintings, illustrations, and GIFs. NFT developers and DApp developers often work together to create applications using NFTs, with NFT developers creating smart contracts and technical infrastructure, and DApp developers building user-facing applications.
Working with a reputable NFT marketplace development company can provide numerous benefits, including access to experienced and skilled developers. NFTs can also change the licensing process, allowing artists and creators to sell their work without having to discuss theirward rate with license companies. By listing their original works on an NFT marketplace, creators can set their own terms and avoid scams.
How do people benefit from NFTs?
Non-fungible tokens (NFTs) are unique digital objects that can be used in various contexts across different businesses. They can be used to prove ownership, designate property to specific funds, and create an open ownership structure. NFTs can also be used to represent and sell digital art, such as paintings, illustrations, and GIFs. NFT developers and DApp developers often work together to create applications using NFTs, with NFT developers creating smart contracts and technical infrastructure, and DApp developers building user-facing applications.
Working with a reputable NFT marketplace development company can provide numerous benefits, including access to experienced and skilled developers. NFTs can also change the licensing process, allowing artists and creators to sell their work without having to discuss theirward rate with license companies. By listing their original works on an NFT marketplace, creators can set their own terms and avoid scams.
What are key benefits of the NFTs?
NFTs (Non-fungible tokens) are a type of digital asset that have a higher value than tangible assets due to their immutability and ability to create a clear record of ownership and transaction data. They can also be used to represent and sell digital art, such as paintings, illustrations, and GIFs. NFT developers and DApp developers often collaborate to create applications using NFTs, with NFT developers creating smart contracts and technical infrastructure, and DApp developers building user-facing applications. Working with a reputable NFT marketplace development company can provide numerous benefits, including access to experienced developers.
Non-fungible tokens can be used in various contexts, such as changing the licensing process for artists and creators. By listing their original works of art on an NFT marketplace, creators can set their own terms and avoid scams, as transactions are carried out in accordance with smart contract provisions.
Why is streetwear important?
Streetwear is a unique and distinct fashion movement that originated from the ground up, with streetwear being the seed to all other fashion. It is not just a fad or a passing trend, but a passion and vision for the youth to stand out from the rest. Streetwear represents a lifestyle, a sense of individuality, freedom of expression, and an anti-authority outlook. It is more than just clothes; it is an expression of the wearer’s identity and a culture that cannot be taken down or trashed upon.
The true origins of streetwear are questionable, as it encompasses elements of surf, skate, and hip-hop culture. However, a general consensus exists that streetwear is a unique and effective form of self-expression for the youth, promoting a sense of individuality and freedom of expression.
📹 What are NFTs?
In the past year a new trend in the crypto world has boomed: NFTs, or non-fungible tokens. They started as a way for digital artists …
I’m disappointed in The Economist. This magazine does great work on serious issues like diplomacy and climate change. There is no talk about how people are being scammed with crypto and NFTs in pump and dump schemes. Why why only talk about the positives and potential benefits?! Blockchain is probably going to be a part of the future but crypto and NFTs are awful.
I would have liked to have seen you cover the fact that numerous artists on twitter (and I’m sure elsewhere) have had their art stolen and put up for sale as NFT’s without their consent or knowledge because there is so little regulation. They’ve usually only found out when their fans ask them why they got into NFT’s. Then through no fault of their own they have to start contacting NFT sites to essentially claim back their own work, sometimes for dozens of individual artworks going back years that they’ve publicly shared either on sites like twitter or in their portfolios. And there’s nothing stopping another party just doing it again.
Your explanation is realistic and straight to the point. This major dump is quite hurtful and a disaster for holders but on the other hand there are many ways of manipulating the market. I am glad as a smart investor I am putting my hard earned savings into the most. Don’t just hold you’d regret it, better said the only transparent market there is day trading. Big thanks to Mrs Clara Greens for helping me gain over 7BTC with her method lately..
How do u get NFTs wrong in the first 60 seconds? NFT media do not live on the blockchain, the NFT is a token and not a piece of digital media. The token lives on the blockchain but the media can live anywhere. The media also isn’t unique as digital media is impossible to make unique given how easily they copy and paste. Please do better with your layman explanations about NFTs in the future.
The most outrageous example of why NFTs are something that needs regulation is the sale of a NFT from the ‘virtual’ artist named Beeple for 69 million dollars. His work had been selling for 100 bucks a pop before this transaction. All the more power to him, but what this sale has done is unhinged an entire commerical industry. This astounding sale, which has made an experimental artist rich beyond his wildest dreams, has also tanked the art industry at large. It has discouraged believing in any piece of art at an art auction. Anything worth believing in from the past is now very questionable.. How could anyone buy a Picasso now, knowing that an untried, unknown artist could sell his virtual doodles for millions more? The digital revolution is wonderful, but it is like what has happened during lockdown fever with the pandemic: everyone can work from home but suddenly across our world we see that business after business is going under, local restaurants have been torpedoed. City blocks look like boarded-up, war-torn cities. We must welcome all new technology, but we must not let our society crumble because of it.
The Economist: “NFTs are over hyped and over priced.” “They have a huge carbon cost.” Also The Economist: “Let’s sell our own!” I knew I shouldn’t have watched this trash article. How are you gonna straight up say it’s terrible for the environment and still take part in the bs?? But hey, this is The Economist… First and last article I watch.
Very disapponting article, contributing to the hype instead of a proper analysis of it. The underlying technology has myriads of issues that being tapped over as “needs more innovation, but look at all potential it has”. That is the functional aspects of it, not mentioning security, privacy and ethical problems.
Lot of talk about theoretical possibilities without taking a critical look at the serious technical difficulties. Why is the economist selling the vision of the most idealistic people, who have a self interest in hyping up this technology? At the current stage NFTs and Crypto currencies are mostly used for scams, fraud, money laundring and illegal business transactions. I can’t believe, how uncritically you report on a very controversial and complex topic, that needs serious inquiry and research. perusal this article doesn’t even give a basic insight in what an NFT is on a technical level and what their very real limitations are. Like what does it mean to put a personal legal document on a decentralized blockchain? What happens if the servers are took down or the content to which the hyperlink of the NFT refers to is changed? Many other important questions like the could and must be asked, before telling a story about the hype, that surrounds a thing and whether it is legitimate or not. This content fails to address the very uncertain future of the technology it tries to cover. Bad journalism
Thank you for covering the topic in this article, really trying to up my knowledge regarding NFTs. It is crucial to distinguish short and long term projects, there are hype projects which can never live for a longer period time and either damage you or build you, all in short term. However, there are insane projects with longer development plans – for example Meta Triads combines fashion, metaverses and physical world. All while providing ownership of a project to it’s holders, crazy stuff must be coming in 2022 overall with the utility NFTs.
Thanks for a decent review. Personally, I am waiting for more updates from Monsta Infinite. It has some similarities with Axie and in the game. The essence is very simple with mini game, Tapwa by moving runes on match-3 and with a little investment, you can earn STT by tributing items in the game as well
Sharing ideas online has been a real catharsis for me and a wonderful complement to journaling. Money and investing are a topic that can be hard to discuss with family, friends or co-workers. The older we get, the more discreet people tend to be about their financial situation. It can come from shame, fear, or simply the desire to be considerate.Most individual investors turn to books, financial advisors or online platforms meeting the name above is the sweetest ever happened to me
NFT is Digital Assets in very safe secure smart contract in blockchain Ethereum… Some Happens now that Hacker stole some NFTs is because They do not Break The Power of Digital Smary Contract, IN THE FACT, THE HACKER TOOK the ID and Password to steal it.. It is like hackers in local and international banks.. So we must be careful in keeping our Password and Pin.. As like we keep our password and pin for our Bank ID, Computer, and Handphone, We also keep our digital too…
Mexico now has blockcahin generated University (and Advanced) Degrees, just got my MBA digital certificate. Im glad Mexico took that direction, this will lead to a super-controlled academic environment (as opposed to fake academic degrees being around). Since 2012 Mexico has been implementing (and constantly improving) blockchain in its tax system (invoices), honestly is amazing how controlled it is.
I’m here to try to understand NFT’s from a microeconomic perspective. I see the future potential of NFT’s as a technology – if and when they are used as tokens of ownerships of rivalrous or excludable goods. I’m still to be convinced however, that currently existing NFT’s can justifiably have a price from a microeconomic perspective. They are all, to my understanding non-rivalrous and non-excludable, and as such public goods.
you don’t really clarify that the NFT does not contain the art. The image (file) is not on the blockchain. The NFT is a hyperlink pointing to the localized image. This means that the image can be lost or changed. The technology is flawed. There is no point of decentralizing the hyperlink when the asset is still centralized.
Considering that we are living in an inflationary environment where all asset prices are trading on the higher side of their respective multiples, it is possible that NFTs too are trading at the higher end. Therefore even if they are legitimate work of art, they should and must be purchased at their proper value. We are yet to see the effects of a tight monetary environment on this new digital world.
GameStop NFT marketplace is going to be a game changer. GME and Microsoft are close buddies. Microsoft resently bought Blizzard and are gonna utilize the NFT utilitys via Gamestop Marketplace. Nearly 100 billion was spent on “in game” items last year and not one of those purchased items has any tangible value because they aren’t truly owned by the player. That will change now! Gamestop have partnered with Loopring + Immutable who will work togheter on eth lay2 network to make carbon free and commission free NFT trading on the GameStop marketplace. Power to the Player! 2022 is going to be lit!
I believe that the inflation is already priced in crypto market since the end of last year. These manipulative rats are always 2 steps ahead of everybody because they are market makers. I hope I’m wrong and they won’t keep dumping it on retail investors as always. Those who hold the longest will profit the most, I trade and hold profits keep up the great work! and also Ray F Johnson has been doing a great job reviewing all chart, trade and techniques on BTC which has enhance the growth of my portfolio to 10 BTC lately
Why would someone pay for art anyway? I remember “The Comedian” (duct-taped banana on a wall) was sold for more than $120k and the buyer is just getting a certificate for the right to display the art—the duct-taped banana on a wall! All I can say is that the current world is very different from the one we grew up in.
Can any economist explain to me what is the “utility” of the NFT that gives it its value or is its value completely non intrinsic . I have never understood this If I buy a car the car has value because I can use it as transportation I could buy a carolla or a ferrari to achieve this utility of which has different “value “
“Prior to NFTs, virtual goods could only be borrowed from centralized services. NFTs are digital goods that users can genuinely own. Genuine ownership enables markets. Critics call this “financialization.” But markets are just a byproduct of the core innovation.” – Chris Dixon “Property rights means you have the ability to truly own your assets and are free to do as you please, a concept that was not truly possible in the digital world before. Private property rights is the foundation of capitalism which is built on the exchange of goods and services between different parties. What would the value of your house be if you could not rightfully own it? Private property rights permits you to innovate and create new industries/business on top of the foundation of others creating new value eg. @Uber (and many other industries) could not exist without private car ownership meaning that ownership of cars is itself a platform NFTs represent this in the digital context and the metaverse as content creators become asset creators and as a result their own platforms ie. content is the platform.” – Yat Siu
This really did a great job of documenting the appeal, risks, and possible promise of nfts. I’m excited about the future of nfts. It appears the possible collaboration of Microsoft, immutable x, loopring, and gamestop may be on the cusp of solving said issues while giving a customer focused marketplace for gaming nfts. The future looks bright