I Promiseâ¦ NFTâs Are Not Dead
Iâm not sure people understand how early on we are in this NFT movement.
The total Top Shot market cap is at 605 million dollars.
At one point, it was over a billion dollars, so naturally, people are showing concern.
Did I mention that we are early?
Clearly, the public perception is that NFTâs are dead. But I am here to tell you they are not. We are seeing a pullback. We are seeing similar reactions to the dot.com era, where 99 percent of websites failed. But the one percent that survived (Amazon, Google) became monsters.Â
Quick reminder, we are early.
What is important is that NFTâs, celebrity cash grabs are goneâ¦ which weâve been saying. But the tech of NFTâs is going to be the thing of the next decade. As of now, all people know are the youtube clips they are watching. But we are still so early, people donât understand what this wave can be.
The general idea from Top Shot fans is that it re-engaged them with the NBA. Who captures your attention? That is what matters. The MLB does a terrible job with it. The UFC is making a Dapper Labs productâ¦ and is asking you to pay for the viewing experience and give them your time. With the NFL, they own Sunday and Mondayâ¦ but even our generation watches RedZone. Once again, the tech and utility of NFTâs are an attention and engagement capture.
Over the next decade, the competition will be over peopleâs time and attention.
To finalize things, we are super early in this. It could be five years before we see the fruits of NFT technology.