This panel focused mainly on all of the different business models that can be implemented with NFT. In this panel, we had David Hoppe, a Managing Partner at Gamma Law, Anjan Wood, part of the Investment team at ParaFi Capital, Marissa Kim, Managing Director at Quantum Global, and Rachael Chu, Core Contributor at SushiSwap.
Rachael Chu spoke on how artists and creatives would have better control of their work, meaning that artists would be able to benefit from a more decentralized marketplace. “In the past artists have been working for gatekeepers, present artists are working for giants like Google, in the future NFT bring about this ethos that work is ultimately for itself and people own their own IP” stated Mrs.Chu. She touched on her company’s new project entitled Shoyu which is a marketplace and metaverse all-in-one.”Our first 100 artists launching on Shoyu are not that big they are just underground artists” stated Rachael. The entire reception of Shoyu was very positive and received well by all on the panel, “ It’s just really really beautiful, it’s almost what you might say is the other side of the spectrum in terms of crypto” stated David Hoppe. Marketplaces have seen a lot of growth in the past year with Axie Infinity having its very own marketplace on its own Ronin wallet platform. this marketplace has been responsible for the humongous growth with more than $2 Billion in trading volume according to the Dappradar report(https://dappradar.com/blog/dapp-industry-report-q3-2021-overview)
Marissa Kim touched on Web2 tools such as Twitter and TikTok and gatekeepers. Marissa stated, “From my perspective creatives have always relied on gatekeepers to fund their work or distribution, web2 tools basically connected users to their communities through Twitter and TikTok, all of these platforms that basically gave them the ability to connect more deeply and directly with their fans and their communities, but I think with NFTs what you’re getting is digital scarcity and then you also have that combined with programmable smart contracts which allow the creators to monetize their work and also kind of share in the value creation with their community which is really compelling” She touched on the evolution of the web and web3 by stating “I think the evolution of the web and where we are with web3 is going to be a great time to be a creator.” She stated how NFT sales now are like version 1 and that monetization is not as prolific now as it could be in the future.” I think people are creating collections like bored apes and it’s kind of a one-time sell, you’re not really monetizing future revenue streams, so it’s kind of the V1 I think of the NFT space, I think you will see in the future a kind of evolution where you are selling the assets beyond the Initial sale and future sales”
It was also noted how currently it is difficult to implement the smart-contract-styled businesses in with current business models, such as Spotify being unable to work with artists that have put their projects on a blockchain.
Anjan Wood described how he believed the next version of NFT would need serious utility and that creators and fans aren’t getting any long-term benefits with the current models. “ It’s very easy to create an NFT today but a lot of the activity around collections like Bored Apes, Cryptopunks and art blocks, and these collections aren’t being collected by mainstream customers” He stated how there are still some Web2 utilities and companies that may be useful in the growth of the NFT market.”I think maybe the next north star should be how do we get the next 100 million people interested into NFTs I personally don’t think it’s going to be through a crypto collectible , I think it will be a combination of mainstream artists, collectors but also web2 companies”
Phillip Seifert, marketing lead at imToken was the moderator with guests Matty Soudagar, a blogger and investor, Boburjon Muydinov, head of business development at Division Network, and Chris T., founder, and CEO at NFT Plazas.
The conversation was touching on projects such as Decentraland and how viable they are as investments. Each speaker commented on how they purchased certain aspects of virtual real estate and how there is more freedom to do what you want with the land that you purchase. The purchase of land in the metaverse would be considered to grow in value with the number of people invested in the project.
Chris T. made a point to speak on how his first situation with buying digital land turned into something very interesting. “In terms of buying real estate on a digital format what could you do? You could build a building and start a business on top of that. There is nothing to stop you from doing anything, you don’t have to apply for planning you can literally do anything you want. I built a building in Decentraland and somebody put a huge Donald Trump poster and placed it in front of, my property, I can’t stop that, didn’t apply for that but that’s fine as well.” The poster couldn’t be moved and it is one of the issues that are being faced now with this type of project.
The main focus on digital real estate is the community and Chris also stated how you don’t necessarily need to own the land but your skills could help you become part of the community, such as a person who buys the land and opens a virtual club. That virtual club owner would need a virtual DJ, virtual bartender, virtual talent, virtual bouncers( which would probably be something like a digital security effort).
When asked what someone should do with digital real estate Matty was clear in saying “you could purchase the land to hold, use it for marketing or build on it.” Another note in purchasing land would be that it would be better to buy land that is further out instead of right in the center of everything.
The main point that kept coming up was early adoption, the earlier you get into the project the better. The best thing is to do your own research and also check out their sites. You can find Decentraland here and Division here
The second day of GeckoCon talked more about ownership and how artists and other creators could benefit from NFT in future versions and business models. Erasing the need for gatekeepers and web2 protocols would see creatives engaging more with their clientele and even the buyers benefitting from their purchase of the art. The future isn’t just about gaming but of creating a fair system for all to benefit from less gatekeeping and more direct immersion and cooperation.
In a panel about NFTs and producers Jason” Vandal” Schadt, Founder at DAOrecords was joined by Aaron SpazeCraft Lazansky-Olivas, Cultural Producer at Soh Nup Ink|Edu, and Doc Reed, Music Producer and Founder at VOX virtual venue.
For this panel, each artist expressed their complete happiness at the state of the metaverse and how it will open doors for artists to use their platforms and NFT to gain better autonomy over their craft and their overall message.
Day 2 had many more panels all focused on the metaverse and autonomy for artists as a whole. The overall feeling is one of excitement and awe as the future looks brighter for everyone with the inception of web3 protocols and better more utility-based NFT.