How will NFT’s empower people and society in the future?
Non-fungible tokens , which allow individuals to own their digital assets and move them from place to place, are changing the interaction between consumers and digital goods, brands, and platforms.. They focus on the rise and popularity of the Bored Ape Yacht Club NFTs and the new model of brand building created by owning those tokens.
STEVE KACZYNSKI: I think that this case is representative of the big question that people ask, and I think starting off with this case is actually really important because it was a very public facing one. As Scott mentioned, you would see these large scale music stars like Snoop Dogg and Eminem buying and utilizing these in their music videos and around the web. There was a ton of these influential personalities who were buying them.
BRIAN KENNY: Okay, that that’s really helpful. Steve, I’m going to come back to you for a second. This is a broader question and it gets a little bit to the notion of the amounts of money that are being paid for these NFTs, the age-old question of what makes art valuable.
STEVE KACZYNSKI: And if I can build one piece on top of that, I would add in, to your point about artists, one of the nice functions of NFTs is that they are a programmable software. So, if I sell you a piece of art and then you sell that to someone else, you reap all of the benefits.
STEVE KACZYNSKI: Yeah, absolutely. Our friend, Adam Hollander, has a great analogy related to this. Which is, imagine you go into a museum and you see a beautiful painting on the wall. You can take a picture of that painting, but that picture isn’t worth anything, right? You can buy a print in the gift shop, but that print isn’t really worth anything at all either. The reason why the one on the wall is worth so much money is it’s the original.
All of a sudden we hear a voice and it is Chris Rock, the famous comedian giving a set followed by a performance by Beck, one of the big artists and Lil Baby, who was a popular artist, who was a little before my generation, but the kids sure seemed excited about him. And so we saw these sort of things. And last year they had different LCD sound system and Eminem and Snoop Dogg and Future and all these other big performers.
BRIAN KENNY: I may need to get the number of that restaurant because we wanted to do a show on the road too, so I’ll talk to you about that after we’re done. Scott, let me come back to you. Let’s talk about the business side of the Bored Ape Yacht Club. How are they making money? How is this sustainable? What are their business objectives?
In the book we talk about an NFT staircase. So, from on a top of ownership is built utility and then identity. You come to identify with the brand and think of it as a core part of yourself and present it as such in digital and maybe even physical spaces. I cannot tell you how many Bored Ape friends I have who are constantly wearing Bored Ape merchandise.
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