4 Ways You Should Take Notice of Digital Assets in Web3

Art & Music

Throughout the conference, there was an emphasis on art and music. Digital art hung from the walls with vivid colors and imaginative movement. Musicians performed on the second day to a crowd of supporters and enthusiasts.

Why are art and music so important to Web3? The reason: Ownership.

NFT Art - No, You Can't Right Click Save This

During the panel "NFT Art - No, You Can't Right Click Save This," five artists were on stage to tell their stories of how they went from struggling to success by using NFTs.

With NFTs, they store their original creative work on the blockchain. The blockchain creates a "certificate of authenticity" forever attached to the art piece.

Each time it is resold to a new owner, the artist receives a royalty payment.

Kelsey Johnson explained that NFTs allow her as a photographer to control and earn money her way. While this is a more significant challenge because she is doing her marketing and making all the business decisions, it gives her freedom to produce the art that she believes in.

Jasti, a nervous but charming 16-year-old, smiled with pride on stage as he explained how NFTs allowed him to earn money and gain publicity to build his brand. He is now creating physical canvases to sell along with the digital version as an NFT.

During the conference, a large, blank canvas was available for all attendees to autograph and doodle.

On the last day, Gabe Weis drew his signature design on top of the canvas. He created an NFT of the piece and made 100 copies for sale. Each of us, as participants, then had the opportunity to purchase the NFT as a memory of the event and to support Gabe's work.

(My signature was partially covered up… oh well.)

You can feel the energy of these artists as they tell their stories and share the importance of ownership in their work. With the support of their fans, they can market their work and create a brand that is saved on the blockchain forever.

Gaming

I admit I am not a gamer and didn't think I would be interested in that portion of the panel discussion. However, my mind changed as I listened to Yu-kai Chou and Gareb Shamus.

Gamers spend much time creating their character, completing levels, and accumulating loot. With blockchain technology, gamers can own their avatars' identities and collected assets. Players will no longer worry that one day the game may no longer be supported or shut down, thus losing all that work in building the character.

Make it stand out

In the metaverse, Yu-kai and Gareb create experiences where you own your character and build a virtual city to recreate and store real-life memories.

They describe it as an infinite game that never ends. It allows you to go back in time to relive your memories in the immersive world of the metaverse.

For many young kids, the metaverse and buying digital assets inside their games are commonplace. Blockchain technology will be widely adopted when this generation expects it to be there. Gen Z will want their game characters and loot to be theirs forever. Beyond gaming, this generation will easily collect, trade, buy, and sell assets with digital wallets without much thought or concern.

Memberships

Memberships are the key to adding additional value to an NFT. They unlock and give access to communities with a common purpose. For business owners, by moving towards a community rather than the audience, you create more substantial support and feedback for the goods and services you provide.

Customers like having a voice and want to contribute to the success of their favorite brands. With the ability to give feedback and direction to take the next shoe design, the drink on the menu, or the experience during the concert, you will build more loyalty and enthusiasm for your business.

However, the key to a thriving membership has a communication hub to ask questions, hold discussions, and allow for contributions. As many panelists and attendees discussed throughout the conference, Web3 is interactive and energizing. Tokenizing a community provides for organization around shared values and principles.

Books & Film

If you are an aspiring fiction writer or filmmaker, NFTs unlock a whole new experience.

Jake Fraser, with Mogel Productions, works with filmmakers to raise capital for their projects by selling NFTs. The person who owns the NFT may help guide the storyline, attend screening events, have dinners with the cast and crew, or receive props used during the filming.

With the fan providing that initial financial support and enthusiasm for the project along the way, this adds immense value. Once the film is ready for the public to view, the buzz created around the NFTs will hopefully jumpstart the project to success.

Nifty Lit and Founders Live

A new business called Nifty Lit, won the Founders Live pitch competition. Nifty Lit will also create NFTs to encourage community engagement for its holders and provide financial support to the writer.

After a 60-day reading period on Nifty Lit website, the books and publications are available only as unlockable content to owners of the respective NFT.

The Take-Away

We are all in this together with Web3. The comrade and enthusiasm throughout the conference were overwhelming. I spoke with so many people about their ideas about blockchain technology gave me a very optimistic view of how the world will look in the future.

As attendees, we understand that we are early adopters. Many of the new businesses are still in development and testing their concepts. They welcome collaboration and partnerships to build momentum. Not all ideas will work, but if that failure brings us one step closer to success, then it is worth the lesson.

The first step for a business into Web3 is gathering your community together. Who are they, and how will they best support your brand? Building a solid foundation will prepare you to use digital assets, blockchain technology, and even the metaverse.

Web3 entrepreneurs are working tirelessly, building companies you will want in the future. Be patient and learn as much as you can now. I can't wait to see where we will be at the next NFT Seattle.