A game-changing digital ecosystem where artists and collectors are challenging mainstream culture and finance.
Cypherpunks + Metaverse pioneers + Gamers
Powered by digital contracts on the blockchain, Ethereum NFT (Non-Fungible Token) is a thriving sub-community of digital art and gaming that grants their members more ownership and status than traditional finance. This community controls the value of NFTs, making them a marketing medium of the future.
NFT mania is spreading into both real and virtual worlds.Similar to conventional gaming communities, NFT communities' identity revolves around freedom, credibility and self-expression; ultimately seeking mainstream legitimation of NFTs and cryptocurrency. Members express their social personality through exclusive avatars, which have become status symbols for celebrities willing to pay top dollar. Media mogul and crypto-currency entrepreneur Gary Vaynerchuk purchased a $3.7 million CryptoPunk, the fourth-highest price ever paid for this rare collectible. One of the largest Ethereum games, Axie Infinity, empowers players by endowing them with a greater sense of co-creation. This gaming model has helped communities in developing countries by enabling members to earn a significant income simply by playing.
NFTs, like CryptoPunks which are limited to 10,000, often come with access to exclusive communities. On Discord channels, members are highly engaged, friendly with each other, participate in online events and geek out together. Scarcity also plays a big role in the value of NFT since social cred is conferred by exclusive ownership.
Artists and collectors have developed their specific lingo on Twitter and Discord to trade. These collective norms and behaviours demonstrate this group’s high level of cohesion and engagement. While the technology is still not very accessible to the general public, the NFT community is rapidly adapting to reach a new audience by establishing some form of legitimacy and market understanding.
The legitimacy of the NFT is the first step for this community to really start mobilizing and to have a greater impact. According to Ethereum co-creator Vitalik Buterin, NFT has the potential to become a driver for social good. The first approach would be to donate part of the proceeds from NFT sales to charitable causes. The second would be to work with social media platforms to embed NFT displays in users' profiles, allowing them to display their investments. Some charities have already reaped the benefits of this emerging market. Artists on the NFT platform Art Blocks have raised an estimated $23.5 million for charity in August alone, putting the total funds raised through the project at over $26 million. For most projects, artists’ donations varied between 10 and 25% of the total sales of the art.