Richard Patey & Morgan Linton Discuss NFTs
For the final session for Own Your Future 2021, both Morgan and Richard brought some unique perspectives to the burgeoning space of NFTs.
Starting off, Morgan defines Web3 as a way to interact over the internet.
Richard’s started in the Web3 community through a newsletter that rewarded paying subscribers with an NFT badge, giving them access to a private discord, which was the first time he connected an NFT to a discord.
Richard and Morgan then launched the bankless DAO, a movement to get more people into crypto and become bankless.
When it comes to NFTs, the big question is, is it all speculative or are there real world economics in play?
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Like most things in the digital landscape the answer is not simple, some parts of it are highly speculative, whereas other aren’t. It’s possible that in 10 years 90% of NFTs could be worthless, whereas others could grow in value and become a ‘legitimate’ asset class.
For many in the NFT and cryptocurrency space, the uncertainty is what excites them. How can you determine which are speculative and which will become true digital assets?
The biggest piece of advice when trying to determine its validity is how valuable the community is to members and to you.
What is the utility of the NFT? This is essentially the access economy.
The second part of the value of NFT comes from the IP. Unlike owning other pieces of art, you can use your NFT for commercial gain as you have commercial rights. This is very unique and a big part of the Web3 ecosystem that’s forming.
Watch more from Own Your Future 2021 here.
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