Too many are starting projects to make a quick buck – not enough operators building their own Sesame Street, Pokémon, or Hello Kitty. I’m committed to building VeeFriends IP for the rest of my life.
I know there are many of you out there who might be considering starting your own NFT project. If you’re one of those people, I don’t want you to be scared or discouraged, but what I do want is for you to understand the macro picture of what that means, and the responsibility you now have to be a real operator and execute for the community investing in you.
Where NFTs are Headed in 2023 and Beyond
Of course, no one knows exactly where the market will go next, but I do have some ideas. For now, my team has asked me some questions below about where I think NFTs are headed next.
What do you anticipate changing or staying the same in the NFT space in 2023?
My intuition is that we’re gonna still be in a frosty situation, so I think that’s gonna stay the same. I don’t see the macro economic landscape changing enough to make me think we’re in for another run, but I think what’s gonna change is that we’re gonna have more meaningful projects.
The people that are gonna build new projects or build on top of their current projects in 2023 are the ones who are incredibly committed to the macro technology of blockchain and consumer blockchain and NFTs – and so, I’m gonna be keeping an eye out for the projects of 2023 because I think that they’ll be grounded in more meat, more steak, more truth than the projects of 2021.
What’s your early take on regulation in this space, and do you think that’s the next step for NFTs to become practical?
My stance on regulation has stayed the same… I’m thrilled with regulation, I grew up in a regulated industry – the alcohol industry – so, I’m incredibly ready at any time for the government or governments around the world to put out the regulation. Guessing government actions is not something I’ve ever been good at or really spent a lot of time and energy on, so in closing… where regulation is concerned, I’m standing by and ready to execute against.
What brands/corporations are getting NFTs “right” right now?
In March 2021, I said that my intuition was that big corporations would leverage NFTs poorly because there’s gonna be too much supply for projects to be successful at scale just on the merit of the creative.
Today, my opinion remains the same. It’s hard for me to answer this question because the projects I’m most knowledgeable and excited about are the ones that Vayner3 is involved with, and I’m not gonna score my own homework. And to be frank, I’ve been so heads down with operating VeeFriends, I’ve not been able to pay attention to brand NFTs.. I haven’t even been able to pay attention to the overall NFT space in the last six months because I’m super focused on mine.
What advice do you have for people who have invested in NFTs over the last 2 years, who are now scared of where the market is going?
To this one, I have several responses and things to keep in mind…
A, you don’t lose money on an NFT until you actually sell it.
B, you might actually want to sell an NFT for a loss because you’re offsetting other capital gains.
C, if you are so about that life and about NFTs and the blockchain and all committed to this, you don’t bail just because of eight bad months. I’ve had eight bad seasons with the Jets, I didn’t leave. 😉
D, if you’re looking to put more capital into play, learn from the mistakes and successes of the last 18 months, and really re-read this entire blog post one more time. Pay attention to the operator.
E, don’t leave the space even though you’re not selling or buying. Spend this next year getting obnoxiously educated on the history, the current technologies, and the attention. There are many companies that I follow for three years before I buy their stock.
Why I’m Empathetic to NFT Critics
Even with all the claims about NFTs being a “fad” or a “scam,” I’m still empathetic to those who don’t believe. I’m empathetic because I understand the fear behind that perspective.