Source: coindesk
Compile: NFT Observer
For the longest time, people have built on common interests. Collecting magnets, trading cards, or exchanging sports jokes have all become the currency of society. But could non-fungible tokens (NFTs) do the same for digital items?
Media mogul Gary Vaynerchuk agrees.
VaynerX chairman and VaynerMedia CEO Vaynerchuk said that while the current state of affairs surrounding NFTs reminds him of the hype associated with internet stocks in the early 2000s, there is a good chance that unique digital tokens will be the driving force behind social currencies in the near future. the power of.
“This is going to be the biggest era of intellectual property ownership,” he said in an impassioned talk on Monday’s Consensus 2021. “It’s going to generate more revenue for sports teams than TV rights.”
While sports stars have long benefited from lucrative sponsorship deals, once they realize their dominance in a "billion-dollar" market, it will be a complete game-changer, including the possibility of collectibles being bundled with publishers for licensing royalties, Vinerchuk said.
While "a lot of things ended up not being worth what they are today," Vaynerchuk said, the impact on intellectual property was far greater. IPs, he predicts, could be NFT-native and then built into add-ons that include concert visits and even access to popular restaurants.
Vaynerchuk likened NFTs to physical collector's items, such as the original Mickey Mouse painting by Walt Disney above. (Library of Congress)
Vaynerchuk said that in the same way that "Pokemon uses card games, 'Odaily Wars' uses movies and Harry Potter uses books" to build other forms of IP, NFTs can serve as the centerpiece of several lucrative ventures. "The original Mickey Mouse painting is a collectible asset," and NFTs could play a similar foundational role in future media empires.
"The real crazy opportunity is building Power Rangers, Pokemon or Transformers for the digital world," he said.
NFT artwork and collectibles rose to fame this past March, with one of the most notable auctions happening at Christie's in March, which sold Mike Winkelmann's work (commonly known as Beeple). Sales on Dapper Labs' TopShot platform reached $575 million through the end of March, with basketball legends Michael Jordon, Kevin Durant, Andre Iguodala and more Invest, this unique digital token has also become a hit in the fantasy sports space. And actors Will Smith and Ashton Kutcher, among others.
In February, Vaynerchuk participated in a $50 million funding round for NFT-powered fantasy football and collectibles platform Sorare. In a chat on Monday, he revealed that his $25,000 investment in Sorare is smaller than his holdings in NFTs, but expressed his sincere view of sports as a major expansion opportunity for digital token issuers to leverage additional revenue streams.
Pointing out that, like cryptocurrencies and Tesla shares, NFTs represent an alternative investment class, Vaynerchuk said those looking to make money on digital collectibles will be looking for a needle in a haystack as the market is flooded with money.
“The cat has hollowed out,” Vaynerchuk said, adding that not all NFT projects will, though, by the time the token economy grows large enough that the hottest restaurants on New York City’s Upper West Side start minting tokens. Can survive the hype cycle. The 58-year-old on the Upper West Side will buy NFTs. "
