NFTs: Everything Is Cashable

Are NFTs annoucing the end of all-free on Internet (Photo © Shutterstock)

Neither a speculative bubble, nor a crazy moment in the Internet’s history, the “nifties” are a powerful movement with no end in sight. And that changes everything in business. Here is my explanation of what makes NFTs remarkable.

Did you notice that NFTs were received with indifference by the big tech companies, in full swing of an unrestrained competition to spread free content and catch larger audiences. In the attention economy where the product has no price because the product, that is to say the value, is You.

But a Non-Fungible Token (NFT) is a crypto asset attached to a virtual object. It is unique and non interchangeable. Nothing to do with mass-reproduced content. It’s a tamper-proof digital certificate of authenticity the ownership of which is traceable. It really has nothing to do with attention economics.

However, slowy it appeared to be a very useful tool to assure and prove the property to sell digital assets. Imagine! Being able to sell everything as good value. As if you were dealing with something rare, unique, even though your virtual object is still reproducible all over the digital planet to infinity!

A tweet, for example. The test was conclusive: Jack Dorsey got 2.9 million dollars for the NFT of his first post. To be honest, the very first post of the Twitter’s founder was historic. But who cares about having the property of “ just setting up my twttr ”? Not to mention that you can still find, read and copy this tweet on Internet for free!

A Piece Of Art

Here is an interesting reminder to understand the phenomena of NTFs : there’s a difference between property and “private” property.

The guy who explained this to me on my tv show gave the example of a painting. You may have the money to offer yourself a piece of art, but you may also find a satisfaction in lending it to a museum and seeing millions of visitors admiring your possession!

Can we compare this example with an NFT purchase? If we’re talking about a piece of art, why not. But with Jack Dorsey’s tweet? You tell me. Sure, most people still think it is a just a crazy thing to pay for an NFT. But let’s try to understand the market.

You may have heard about Sorare, a rising company in the world of NFTs. Sorare is a football virtual cards game you can collect or trade. It has been valued at 4.8 million dollars after exploding the fundraising ceiling for an european start-up in B-series, in September 2021. Sounds crazy too?

But it’s the perfect mix of success : it’s about football passion, collectors, bets, gaming. And the NFT finally allows us to put a good price on these treasures.

Healthy Business Models

Let’s say it, NFTs are annoucing the end of all-free on Internet.

After all, it is not such a big deal to pay in the digital world. The gamers are already used to buying virtual assets. And a lot of us are ready to spend tens of euros for living immersive VR shows.

Whether it is a valuable experience, valuable content, or anything that has cost the company money to provide it, this can now be sold at his real price in the digital world. Thanks to NFTs.

I’m saying “Thanks to”, because to many industries (arts, culture, media, ideas… ) the NFT is big news. It’s the comeback of healthy business models.

And to users and consumers, it means more transparency: the product is not you anymore.

For the EU it is also a stimulating perspective, a way for european companies to play on equal terms with one another again. As the product is not only the audience, but your product, you’re holding all the cards!

And to me, what does it sound like? I would say, it’s probably the beginning of all-paying – absolutely all-paying. Sure it’s a revolution. Not sure it’s only good news. For my wallet, first of all! And for my dreams of an Internet where not everything is just commerce.

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