In the new episode of the Open Metaverse Podcast, Animoca Brands' Senior Tokenomics Analyst Mehdi Farooq welcomes Andrew Steinwold, the Managing Partner at Sfermion to talk about NFTs and Metaverse.
Read our notes below to learn more.
Andrew’s Origins Story
Got involved in Bitcoin in 2013.
Blockchain is not just digital money it can be used for so many different types of applications it's going to radically transform the internet and society.
Dove deeper into NFTs due to his wife.
You can't have a virtual environment that people are living working and playing in which is like the metaverse if you don't own any of your stuff.
NFTs represented the ownership layer for all the regular goods, not talking about the money which is a more crypto angle, like crypto is the money of the metaverse while NFTs represent all the goods.
Surprising NFT Themes from 2022 / Future Themes
From 2019 up until 2022 the NFT market was driven by narrative and the narratives would switch often so every quarter.
2021 and then going into 2022 kept that narrative strong that that kind of brand media entertainment IP.
He expected there to be more shifting narratives, so there will be an art narrative and a virtual land narrative.
More of an emphasis on trading versus a kind of buy and hold, sitting on things long-term.
There are just a lot more traders in 2022.
Thoughts on Royalty fees
They thought that they would eventually trend to zero. Most fees in general tend to get cheaper over time.
They didn't anticipate the Open Sea move which on one hand is incredibly intelligent from a business standpoint.
Future NFT / NFT Marketplace Trends
He doesn’t know the answer. There are so many things that catch him by surprise in this market.
There are a lot of things you just cannot anticipate.
Going forward in 2023 he thinks we're going to continue to see a lot more people in the traders going to get more advanced.
Once you get involved in the NFT space whether it be from a trading point of view purely targeting ROI whether it be from a community standpoint, social standpoint, a status standpoint, there are all these different reasons to stay involved in this market.
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NFT Selection Criteria
There are different ways to slice and dice it and the NFT market itself is made up of separate sub-markets. So you have virtual lands, art, gaming items, and collectibles.
Art is really about artists' reputation and brand.
Gaming items are really all about utility.
For Collectibles, it's really narrative and marketing it's really just eyeballs.
Virtual land is not a Next Generation social media network it's a more immersive social media and social media that you can experience with your friends.
Thoughts on Web3 Social / Reputation Layer
He is a hardcore decentralization maxi that's where he wants us to go and want the world to be that way.
Facebook actually probably a net positive for the metaverse and Reddit adopting NFTs even though they're kind of like in a quasi-centralized fashion.
Decentralization for Mainstream Adoption
Most users don't care about owning their stuff, which is sad.
He wants people to be so into blockchain decentralization and ownership but in terms of mass adoption, he doesn’t see the requests from the users right now.
Exciting Projects
Atmos is really exciting.
He is excited about metaverse Native Esports.
More just based on infrastructure, NFT Bank is by far the best.
Hume is creating MetaStars like metaverse influencers.
User Journey from Web2 to Web3 (Mr. Beast)
1% of the human population is watching Mr. Beast on his main channel.
Mr. Beast should come up with some idea on how to launch certain NFT projects whether it be a loyalty program or whether it be a game because he has an audience worldwide.
That's the only way going forward that he's going to be able to monetize his global audiences through NFTs.
The intersection of Crypto, NFTs, & AI
AI has reduced the cost of content generation. Content creation just became exceptionally cheap.
He is personally very excited about what's going to happen with content and NFTs, blockchain, and AI.
Favorite “X-to-Earn” application
He thinks STEPN is awesome because there's a health component.
Favorite meme
Short-form video and has kindly taken over memes.
Metaverse to him is more about the experiential internet.
In the very near future non-invasive brain-machine interfaces are going to be able to activate every sort of sense that you have.
Are we living in a simulation?
He thinks it's likely.
Check out these important links
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