Sometime soon I hope to be sharing some thoughts on Non-Fungible Tokens, aka NFTs, and how they might actually be applicable to creators, artists, and makers (and not just those Lebron James highlight reels that are simultaneously on YouTube and worth a bajillion dollars in NFT form).
If there’s a better way for creators to monetize their work via NFTs, I (we!) want to understand it. I actually think it’s in here somewhere (at least smarter people than I keep saying it is), but there are a lot of details. And when I say a lot, I mean imagine an acronym tsunami crashing into a small island of crypto-term shacks inhabited mostly by got-rich-quick (maybe) geniuses who have something to sell us. We have to approach this with equal parts curiosity and skepticism.
With any emergent idea, we have to tackle what’s going on from multiple angles. This week I’m highlighting one podcast I think is helpful for anyone who is wondering about NFTs to hear now, because it will help temper any excitement and turn up their BS filter. I’m also adding several additional links at the bottom of this email to publicly share some other resources I’ve found helpful.
If interested, do listen to Lochhead on Marketing episode 103: “Digital Products, NFTs, Clubhouse, Oh My with Jason DeFillippo.” This will give you a good high-level overview of the skepticism required to look at NFTs and some other recently trendy items. This is a good reality check to start with.
If still interested, know that I am also still personally intrigued with how individual, non-celebrity creators might put these to use. Even DeFillippo drops some clues in his anti-angle. If there’s a way for regular people to make this technology work to better monetize the things we do, the time to explore it is now. Here are some other NFT resources I’ve found helpful:
Decrypt’s “Non-Fungible Token (NFT): Beginner’s Guide”
Ernest Wilkin’s, “NFTs and the DNA Rule”
Christopher Lochhead, “The Future Just Changed and Most People Just Missed It”
Seth Godin, “NFTs are a Dangerous Trap”
Justin Paterno, “Web 3.0 is a Network of Formats and Formats will Build the World”
Stay tuned for more on this topic. And, if you have any thoughts, resources, or specific questions on this topic – let me know.