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Now I Get Why Everyone is Excited About NFTs

For the last 6 months or so, I’ve been trying to wrap my head around NFTs, the Metaverse, crypto and all things web3. I decided to jump into this space because I suddenly saw that a LOT of smart people were moving toward these emerging technologies. Then I began to notice a huge talent drain; People at top positions in web 2.0 companies were leaving to join web3 startups.

All of this told me there was ‘something’ going on here that I needed to pay attention to.

So I dove in. When you start learning about web3, one of the first spaces to examine is NFTs. Honestly, it’s probably not the best entry point to learn about web3, because NFTs are so easily misunderstood. People are actually paying MILLIONS for a jpeg on their computer? How is this revolutionary?

I heard people say ‘Oh but it’s not just a file, you can get perks, you get access to a community!’ and all that sounded good, but in most cases it seemed like the NFT was mostly about the token itself. Whether that was a bored cat, a lazy dog, whatever.

And all of it looked like overhyped junk, if I’m being honest.
Then I saw this tweet from MetaFansNFT:

With Metafans, it’s not about the NFT, it’s about the experiences that unlock for you if you own a Metafans NFT. This tweet is from a Formula One race in Miami that MetaFans NFT holders were given special access to, just for owning a MetaFans NFT. MetaFans lets its NFT owners unlock special sporting experiences just for having an NFT from their collections. Sometimes they win a big discount on tickets, other times they win tickets and VIP access, all for being owners. The current calendar of events shows events in auto racing, The Preakness, and the MLB.

To me, this is a game-changer, and it shows the true potential of NFTs: As your entry point to both specialized experiences and a community of people interested in those same experiences.
And if you think about it, this could expand the concept of an NFT as your ticket to experiences to all areas of your life.

MetaFansNFT unlocks sporting experiences. But you could also have NFTs associated with:

  • Socializing/Dating
  • Work
  • School
  • Entertainment
  • Hobbies/Interests

We could, at one point in the near future, have an NFT associated with every major area of our lives. And this would allow us to have special access to not only customized experiences associated with that area, but access to a community of people who have the same interests and viewpoints as we do. And the NFT could unlock it all.

To me, this is getting back to the true potential of the internet. To give us the ability to interact with people that we could otherwise never talk to. If web 2.0 was about bringing everyone together (centralized) then web3 is about distilling us into smaller, more purposeful groups (decentralized).
Here’s an example: Let’s say you are obsessed with exploring caves in North Carolina. Sure, you love exploring caves in general, but there’s something about the caves in North Carolina that cannot be matched for you.

If you could join an online community that was focused on exploring the outdoors, would that interest you? Maybe.

What if you could join an online community that was devoted to exploring caves? Ok that’s got your interest.

But what if you could purchase an NFT that would unlock not only access to a community of 1,000 people who are devoted to exploring caves in North Carolina, but the NFT also unlocks your ability to JOIN community members on expeditions to caves in North Carolina? Of COURSE you would jump at the chance to be involved!

So keep an eye on the evolution of NFTs as a way to unlock specialized experiences and community access. I think this will be one of the areas that will be big for NFTs in the future.

 

PS: This post originally appeared as an issue of my newsletter Backstage Pass.  Backstage Pass is where I pull back the curtain and detail how companies are using emerging technologies to deliver amazing marketing and customer experiences.

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About Mack Collier

My name is Mack Collier and I am a digital marketing and content strategist located in Alabama. Since 2006 I've helped companies of all sizes from startups to global brands such as Adobe, Dell and Ingersoll-Rand, create customer-centric programs, content and experiences. A long-time internet geek, I've been online since 1988 and began using social networking sites in 1991 when I joined Prodigy. Today, I help companies understand how new technologies like web3, crypto and artificial intelligence can integrate with existing marketing strategies to lead to exceptional customer experiences.