Thread
I don't tend to write long threads, but @doodles launching #Doodles2 on @flow_blockchain has caused such an uproar. I wanted to provide my personal point of view, as someone who in 2019 said in interview that @NBATopShot was the chance for #NFTs to reach the mainstream...
Just for some transparency these are my current holdings of related assets:
0 #FLOW - I previously held lots but sold last year
100 @doodles, 150 dooplicators & 1,000 genesis boxes.
35,000+ #ETH #NFTs
Approx 17,000 @NBATopShot moments.
0 #FLOW - I previously held lots but sold last year
100 @doodles, 150 dooplicators & 1,000 genesis boxes.
35,000+ #ETH #NFTs
Approx 17,000 @NBATopShot moments.
My experience:
5 years collecting #NFTs
Minted and traded the majority of major collectible projects on #ETH
Alpha @NBATopShot player, minting a lot of early moments and then in December 2019 purchased entire accounts from collectors.
No crypto experience prior to #NFTs and 2017
5 years collecting #NFTs
Minted and traded the majority of major collectible projects on #ETH
Alpha @NBATopShot player, minting a lot of early moments and then in December 2019 purchased entire accounts from collectors.
No crypto experience prior to #NFTs and 2017
Personally I am not a crypto maxi, I don't believe that bitcoin is going to replace the U.S dollar.
I do however believe that there are genuine use cases for #NFTs and their application. I'm not going to break down this list in the thread. I'll save it for the 📖...
I do however believe that there are genuine use cases for #NFTs and their application. I'm not going to break down this list in the thread. I'll save it for the 📖...
The onboarding experience for @NBATopShot in 2019 (even with all of the famed withdrawal issues etc.) Was so far ahead of anything on Ethereum - and still is, yes at the sacrifice of a decentralised experience..
Some major speakers in the space dislike this, I think, alongside regulation, some degree of centralisation Is absolutely required for #NFTs to grow, much like it was back in 2019. They tend to point out reduced price averages on blockchains that aren't on ethereum, they are...
completely ignoring the point of what #doodles2 is trying to do. Which is take the step into the mass market, building an entertainment franchise, evolving IP via the blockchain and web3.
This requires incredibly easy onboarding, not a computer science degree and @MetaMask.
This requires incredibly easy onboarding, not a computer science degree and @MetaMask.
There are cries for a totally decentralised approach, this is such a barrier for new entrants. Even seasoned veterans and project founders lose millions in assets from an approved malicious transaction. @kevinrose's news tonight is horrible, but will now dominate headlines...
And further put off newcomers.
There is also a misbelief in the space that @NBATopShot failed as a product.
In fact it succeeded in a way no other project has done apart from arguably it's sister project @CryptoKitties.
There is also a misbelief in the space that @NBATopShot failed as a product.
In fact it succeeded in a way no other project has done apart from arguably it's sister project @CryptoKitties.
Yes it 'failed' collectors who purchased moments during an unrealistic and ridiculous price hype cycle. This doesn't mean the product team at @dapperlabs failed at enticing the masses to #NFTs for the first time.
Some of the first @BoredApeYC major collectors were... NBA players
Some of the first @BoredApeYC major collectors were... NBA players
In fact a large amount of early @BoredApeYC owners and minters arrived from @NBATopShot, for some it was their first #ETH #NFT!
For years I've said that the @beeple auction and @NBATopShot alongside COVID-19 and the rise of generation @instagram are why we lived #NFTs in 2020/21
For years I've said that the @beeple auction and @NBATopShot alongside COVID-19 and the rise of generation @instagram are why we lived #NFTs in 2020/21
For any future 'waves' to arrive, we have to prove to the outside world who read regular 'hacking', 'stealing', 'massive loss' articles in the media that in fact #NFTs or digital assets don't mean money laundering, they can provide an additional benefit to an experience..
Couture Fashion that includes a digital version, and accompanying experience that can be traded until used.
Ticketing systems and entrance based on ownership of assets.
Full tracking of any asset from point of origin to current location.
And many many more.
Ticketing systems and entrance based on ownership of assets.
Full tracking of any asset from point of origin to current location.
And many many more.
Let's take @yugalabs' @OthersideMeta launch on Ethereum as an example. The first 100,000 of a total of 200,000 #NFTs in the collection were either gifted or sold for $APE. 100s of millions of dollars were burnt in gas costs for minters, with a current unique ownership of 33%.
The cost of each piece of land to mint was around 2.5 ETH in $APE iirc for non-ape owners, it was many thousands of dollars.
This meant buying into this 'wider reaching' collection could still only be achieved by those with a large amount of disposable income.
This meant buying into this 'wider reaching' collection could still only be achieved by those with a large amount of disposable income.
Outside of our #NFT bubble there was no attempt to reach a broader audience, the collections are just recycle amongst those already heavily invested into the eco-system. There is little attempt to reach mass appeal beyond news stories about big amounts of money lost or made.
I've heavily invested in @doodles much like I did @NBATopShot because long-term I do not believe that approach is healthy or sustainable. Yes original ape owners are doing well, but what about those speculative otherside land purchasers who didn't hit the RNG jackpot...
The different approach from the @doodles team angers some collectors and holders because they see 'rival' collections seeing quick gains. This is an understandable reactIon, but a highly speculative project can go down as quickly as it can up.
The team themselves have admitted they are still ironing out their plans for original doodles collectors, but I personally feel more comfortable with a team striving for something bigger rather than just adding an extra layer to an existing pyramid.
So before I ramble any further, to sum things up.. the last cycle did not just happen because the world suddenly got excited about decentralised ownership of digital assets, whilst that may be the dominating contributer for some, it certainly isn't for many.
Situation + onboarding with a sprinkle of speculation on top to drive things into the WAGMI madness we all took part in.
Sorry for no shiny images I just wanted to put this out there.
Sorry for no shiny images I just wanted to put this out there.
