Welcome to the Club
NFTs are all about the community
This article is a continuation of a series about NFTs. If you have never heard of an NFT, I suggest you check out my other article about them here. If you already have some experience, this piece about the digitalization of our world can shed some light on the digital art renaissance.
Yeah, I did it. I minted some NFTs.
Four days ago, I joined the LASC community, and so far, this is what I have done:
Met and had a conversation with at least 100 new people. 🗣️
Discussed possible collaborations with fellow crypto-focused writers.🤝
Learned a metric ton about NFTs and the possibilities they bring to the table. 🤓
Streamed a 3-hour concert featuring our community DJ, DJ A$tro. 🎧
Made a VR art gallery- Which I have to say is pretty damn cool. 🖼️
Became an unpaid hype intern🎉
Watched ETH pump last night with a group of fellow onlookers. 🚀
The developers also have a lot of exciting ideas for the project. Such as a community currency called $SCC that you earn. Participants can redeem the currency for customized merchandise and wearables with your avatar front and center. SCC is also planned to be backed by 50% revenue sales off royalty fees from secondary market sales. Later stages are opening a casino with access granted to fellow lonely aliens looking to unwind.
So what? It’s Just a Picture
While I minted them because I thought they looked interesting, I was astounded at the community that began developing.
It’s like a BNI (business networking international) group on steroids.
Just like joining a country club, business gets done on the golf course. It’s exclusive. It’s expensive. It allows you to rub elbows with other individuals that are in a similar socioeconomic standing. All the while, you're shooting the shit with your peers and having a good time.
With an eclectic mix of people that are all interested in providing value to the community, networking can produce results. This club is subject to exclusivity, which follows more closely to a Veblen good. Veblen goods will increase in demand as the price increases due to the good being seen as a status symbol rather than a commodity that has a use.
While some may think this is bizarre, I think this idea is fascinating. I enjoy climbing the social ranks and being part of a club that only allows 10,000 members. The camaraderie is infectious, and it brings in a whole new category into the expanding digital asset market- The hobbyist collector.
This is Not About Cryptocurrency
The people I am meeting are not all tech-savvy; they collect shoes, trading cards, hats, or sports memorabilia of some kind. I have seen people come into the chat room and ask, “How do I use Ethereum. I want to get one of these aliens.” To me, that is what’s beautiful about ETH; eventually, you won’t even see it operating behind the scenes as UI integration makes it less complicated.
Some say that NFTs will transform the internet; others say it’s a novel fad. We know for sure that the amount of attention is pulling both investors and artists onto the stage. Crypto investors with “new money” want to jump all over this opportunity because they understand the concept of digital ownership well. The artists are joining since they finally have an excellent way to distribute digital rights without having to watermark all of your hard work.
As many congregate around the fanatical draw of NFTs, there seem to be two camps with diverging thoughts on the digital art landscape. The mystery of whether a post-COVID world will spark a change in how we socially interact. Will it change the consumption of art by the loss of in-person exhibits, or is it only a passing fad subject to the public’s flighty perception? Only time will tell.
Either way, I relish seeing the expansion of the ecosystem into an area that isn’t directly tied to technology. So I minted some aliens and now have a new community to call home.
I also customized my newest profile avatar to fit the current state of the market. I’ll have to get a fast-food job soon.
Musk up to his usual nonsense. Flip-Flopping like the best of them.
Elon Musk Says SpaceX Has Bought Bitcoin, Personally Owns Ethereum, Dogecoin
Speaking at an online conference called 'The B Word,' Elon Musk said that his aerospace tech company SpaceX has invested in Bitcoin.
"I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin," he said, revealing that he also personally owns Ethereum and Dogecoin. He did not disclose the amounts that he or his companies have invested, though did say that he owns significantly more Bitcoin than Dogecoin or Ethereum.
According to the official website of 'The B Word,' the conference “aims to explain how institutions can embrace Bitcoin and how we all can support the network.”
The Ultra-Rich Are Turning to Crypto After Driving the SPAC Boom
Firms that manage the wealth and personal affairs of rich people are increasingly looking to make bets on crypto.
That’s according to Goldman Sachs Group Inc., which found that nearly half the family offices it does business with want to add digital currencies to their stable of investments.
The bank reported that 15% of respondents in a recent survey — which included responses from more than 150 family offices worldwide — are already invested in cryptocurrencies. Another 45% would be interested in diving into the space as a hedge for “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”
Polygon’s Nailwal: NFTs in Gaming ‘Bigger Than Hollywood’ in the US
Polygon’s co-founder sees non-fungible tokens (NFT) and gaming as the way people are drawn to the blockchain. The India-based Ethereum layer 2 company recently said it was leaning more into blockchain-based gaming and NFTs by launching a project called Polygon Studios.
Sandeep Nailwal, also Polygon’s chief operations officer, said on CoinDesk TV’s “First Mover that “very few people understand that even in the U.S., [gaming] is bigger than Hollywood, [the National Basketball Association] and multiple other industries combined. Play-to-own and various other models that are coming in are going to disrupt the business models in the gaming industry.”
He added, “We all believe that NFT is the gateway to bring masses into the blockchain.”
That’s all for the free weekly Crypto Crier. If you enjoyed this article, please like and share. If you have any questions, please leave a comment, and I can answer your questions further. As with all of my writing, this is not financial advice and is my opinion. I cannot stress enough how important it is to do your own research on all financial endeavors. I hope that these newsletters can help investors realize the current financial systems’ downfalls and usher in a more equitable system without middlemen.
Let’s build something together.
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Great article, fellow Lonely Alien!