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The Rise, Fall, And Inevitable Resurrection of NFTs

As crazy as this may sound, I still believe in the opportunity of NFTs.

As a reminder, NFT = Non Fungible Token.
Simpler = It’s the ability to create scarcity and provenance for a digital file/asset by attaching some unique code to it (we saw the explosion of NFT popularity hit digital art first).
Remember Bored Apes Yacht Club?
What about Beeple? He sold a piece of digital art, The First 5000 Days (which was a collage of over 5000 pieces of his art). It sold for close to $70 million at Christie’s Auction in March of 2020.
Back in August 2021, $2.8 billion was the monthly trading volume for NFTs.

It was a bull run… that has now crashed. Hard.

According to a new report by dappGambl that reviewed data from NFT Scan and CoinMarketCap, 69,795 out of 73,257 NFT collections have a market cap of $0 Eth, leaving 95% of those holding NFT collections – or 23 million people – with worthless investments.

It’s a good reminder for speculators, collectors and appreciators: It’s not how much you paid for something, it’s how much the next person is willing to pay for it that defines the value.

It’s not just a collapse of a new tech market.
It’s not really about the technology.
It’s about the people.
It’s about greed, pump and dumps, ponzi schemes, hypesters, and more.

This doesn’t mean it’s all things related to NFTs are nefarious.

This does mean that places like the U.S. Securities and Exchange Commission (SEC) has stepped in and started dealing with it.
There are now many examples, like Los Angeles-based Impact Theory being charged by the SEC that they conducted an illegal offering in which it sold NFTs worth $30 million in 2021.
There are other examples.

What happened to the NFT market?

What are the opportunities for NFTs?
Can NFTs survive this disastrous collapse and regain credibility?
I think it can… listen in to find out why…

What is Tech Tuesday?

Every Tuesday – for just a few minutes – I join Heather Backman (my old buddy from her days on CHOM FM and Jack 103) on the air at 95.9 Star FM to give a quick blast about the current state of technology, media and Internet culture.
We call it Tech Tuesday (and we do it in just a few minutes).

Once the segment goes live on 95.9 Star FM, I will post it here for you to listen in, learn, share and engage.

https://api.soundcloud.com/tracks/1625855376

Mitch Joel · The Rise, Fall, And Inevitable Resurrection of NFTs

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Mitch Joel

Mitch Joel lives at the intersection of technology, business transformation and consumer culture. He is the Executive Director of Next Era Institute, a strategic intelligence platform helping leaders understand the forces reshaping business, technology, culture and society. The Institute identifies which shifts matter, explores their wider significance and translates them into strategic direction and momentum. Mitch is also a globally recognized keynote speaker. He has delivered thousands of presentations across both B2B and B2C industries to organizations including Google, Walmart, LEGO, Shopify, Microsoft, Procter & Gamble and Unilever. Strategy Magazine has called him “one of North America’s leading visionaries.” Mitch built his career by working directly inside the waves of change that reshaped modern business. He founded and built a digital marketing agency that worked with some of the world’s largest brands and was later acquired by WPP, where he served as President of a firm operating in 25 countries with almost 3,000 employees. Mitch is the bestselling author of Six Pixels of Separation and CTRL ALT Delete, and the host of Thinking With Mitch Joel, one of the longest-running business podcasts in the world. His writing and commentary appear in outlets including Harvard Business Review, Fast Company and Inc. Magazine. He is a member of Dr. Marshall Goldsmith’s 100 Coaches and was named to the Thinkers50 Radar. Mitch also hosts Groove – The No Treble Podcast, documenting the oral history of electric bass players. Mitch is also Co-Founder of ThinkersOne, a platform that enables companies to bring personalized thought leadership from world-class experts into meetings, events and off-sites in focused 15-minute bursts.